US government tracking the energy implications of booming bitcoin mining in US.

Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

  • dhork@lemmy.worldEnglish
    0·
    5 months ago

    My main issue with Bitcoin isn’t even the POW vs POS angle, it’s the fact that the core devs see no problem with their current POW algorithm, which is not designed to put any bounds at all on energy consumption. But I also think they should have increased the block size, and you can see where that discussion went.

    • NotMyOldRedditName@lemmy.worldEnglish
      0·
      5 months ago

      Fuck the core devs is really all i have to add to that without going into it…

      Luckily things like Ethereum and others were born due to them.

    • TypicalHog@lemm.eeEnglish
      0·
      5 months ago

      I sometimes have a weird vibe like someone somehow crippled Bitcoin by making it not able to evolve and develop. I mean… If I wanted it gone and couldn’t just destroy it, I would cripple it. Idk, just feels sus.

      • General_Effort@lemmy.worldEnglish
        0·
        5 months ago

        Anything that makes bitcoin more valuable is a financial benefit to all people holding bitcoin. Anyone who has a brilliant idea is financially better off by making their own coin.

        Miners, who have money tied up in bitcoin-specific hardware, have a vested interest in maintaining the POW system or else their capital loses value.

        There are probably exchanges short on bitcoin that stand to profit from a decreasing price.

        So yeah. Someone crippled bitcoin. That someone is Satoshi.

        • TypicalHog@lemm.eeEnglish
          0·
          5 months ago

          Right… I don’t get what you’re saying. I like Cardano better anyways, it is using a provably secure Nakamoto based PoS, has a more decentralized block production, will transition to a fully on-chain governance this year most likely and genesis keys will be burned AKA it will finally be decentralized in all aspects. It’s based UTXO like Bitcoin but with SCs (which are not insecure like EVM and Solidity). It will also have L2s and sidechains, Hydra (like LN with SCs). And on top of that we have a plan to scale L1 without compromising on security or decentralization (Input endorsers). Also Mithril will allow light nodes and wallets with full node security. I could go on and on. Best case scenario - Cardano becomes the main blockchain of the world, worst case - it coexists with Bitcoin.

    • NotMyOldRedditName@lemmy.worldEnglish
      0·
      5 months ago

      I have really high hopes for something like proof of work

      I just realized I wrote the above, but if it wasn’t clear, I meant proof of stake.