On Sun, Jul 31, 2022 at 8:19 AM Jason Resch <[email protected]> wrote:
*> Running the bitcoin network isn't inherently energy intensive. The > entire network can be run on a single laptop.* I don't see how that could be possible, the entire idea behind Bitcoin is to be decentralized and have multiple miners competing to be the first to verify the Blockchain and get a reward in the form of Bitcoins, so you can't have just one computer doing it all. And every time there is a Bitcoin transaction 707 kilowatt hours of energy is expended, and the more bitcoin is used the longer the Blockchain will be and the more energy it will take to verify it. John K Clark See what's on my new list at Extropolis <https://groups.google.com/g/extropolis> uvv > > On Sun, Jul 31, 2022, 7:23 AM John Clark <[email protected]> wrote: > >> On Tue, Jul 12, 2022 at 8:33 PM <[email protected]> wrote: >> >> *> The aha on your energy observation seemingly would be resolved by huge >>> electricity making. I will list the electricity makings that are likely to >>> be ginormous if perfected?* >>> >> >> That won't help because the energy cost involved in making a bitcoin is >> also increasing and it's increasing exponentially; there will never be more >> than 21 million bitcoins in the world because if there are 21 million of >> them the energy needed to make another one is infinite. Bitcoin is >> inherently energy inefficient and its inefficiency can only increase. >> > > > Technically its energy efficiency should increase with each block reward > halving. This is because the energy that it makes rational sense to put > towards mining is directly proportional to the market value of the block > reward. So when the reward is cut in half, as happens every four years, > half the miners should go away and half the energy will be put into it. > > Running the bitcoin network isn't inherently energy intensive. The entire > network can be run on a single laptop. What makes it energy intensive are > the market forces driving more people than necessary into mining. This, can > also be seen as a design feature: the more valuable the network becomes, > the more resources are put towards securing it (more miners with more > computing power make the network more secure). > > Market forces are driving mining operations towards the cheapest/free > energy sources, such as when powerplants have excess power they can't > otherwise use for anything and would be wasted otherwise. > > Jason > > > >> >> Other than it's inventor Satoshi Nakamoto the very first person to ever >> mint a bitcoin was Hal Finney in 2009, back then a typical home computer >> could make a bitcoin in just a few minutes, I remember he said on the >> Extropian mailing list I was on at the time that on a whim he once left his >> computer on overnight minting bitcoins. He claims that after that he forgot >> all about it but soon after he was faced with huge medical bills because he >> was diagnosed with ALS, the same disease Stephen Hawkings had, and about >> the same time he started reading about the huge increase in the price of >> Bitcoins. Finney no longer used that old obsolete computer but he still had >> it at the back of his closet, and the Bitcoins were still on the hard >> drive, they were more than enough to pay for his medical expenses. >> >> Finney died in 2014 and to this day some people think he actually was >> Satoshi Nakamoto. It may be a coincidence that Nakamoto stopped posting and >> disappeared about the same time Finney got sick, or it may not be, but it >> would explain why although he owns billions of dollars worth of bitcoins >> not a single one has ever been spent by somebody who controls the Bitcoin >> account of "Satoshi Nakamoto". Even after this recent price collapse >> Nakamoto is still one of the richest men in the world, and yet he doesn't >> seem to have ever spent a single nickel of his vast fortune. It's weird. >> >> John K Clark See what's on my new list at Extropolis >> <https://groups.google.com/g/extropolis> >> 3ch >> >> >> >> -- >> You received this message because you are subscribed to the Google Groups >> "Everything List" group. >> To unsubscribe from this group and stop receiving emails from it, send an >> email to [email protected]. >> To view this discussion on the web visit >> https://groups.google.com/d/msgid/everything-list/CAJPayv1BHpiwwUQDPcqJ66kUxWDuiKLBEqEa%3DK9Zo7gHZryg5g%40mail.gmail.com >> <https://groups.google.com/d/msgid/everything-list/CAJPayv1BHpiwwUQDPcqJ66kUxWDuiKLBEqEa%3DK9Zo7gHZryg5g%40mail.gmail.com?utm_medium=email&utm_source=footer> >> . >> > -- > You received this message because you are subscribed to the Google Groups > "Everything List" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to [email protected]. > To view this discussion on the web visit > https://groups.google.com/d/msgid/everything-list/CA%2BBCJUhRzDCrdqyc5QKDTd5fmWjdDedBNsfM6kgutT4anFU1oQ%40mail.gmail.com > <https://groups.google.com/d/msgid/everything-list/CA%2BBCJUhRzDCrdqyc5QKDTd5fmWjdDedBNsfM6kgutT4anFU1oQ%40mail.gmail.com?utm_medium=email&utm_source=footer> > . > -- You received this message because you are subscribed to the Google Groups "Everything List" group. 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