News for hackers. Stuff that matters.

A comment on Running Bitcoin uses a small city’s worth of electricity. Parent comment

Re:Running Bitcoin uses a small city’s worth of electricity by ZenoArrow on Monday October 02, 2017 @06:20PM (#15388458)
> "A mining cartel can agree to keep difficulty and hashrate low."

Won't work. If a mining cartel agrees to keep difficulty and hashrate low, they're just making it easier for those outside the cartel to mine more Bitcoin.

[ Parent | on HN ]
Re:Running Bitcoin uses a small city’s worth of electricity by VMG on Tuesday October 03, 2017 @05:38AM (#15391233)
With unused mining hardware reserves they could smash outsiders by ramping up the hashrate.

Cartels usually don't last forever, but they can last for a while. In the case of bitcoin, it could reduce total energy consumption.

[ Parent | on HN ]
Re:Running Bitcoin uses a small city’s worth of electricity by ZenoArrow on Tuesday October 03, 2017 @12:04PM (#15393382)
In one comment you're suggesting a cartel should keep the hashing rate low, in another comment you're suggesting the same cartel should increase the hashing rate to keep out the competition. What are you really proposing? Keeping it low until any form of competition shows up? That competition is always likely to be a factor for as long as Bitcoin mining is popular.
[ Parent | on HN ]
Re:Running Bitcoin uses a small city’s worth of electricity by VMG on Wednesday October 04, 2017 @07:31AM (#15399719)
> Keeping it low until any form of competition shows up?

Exactly. This is similar to how price dumping works: https://en.wikipedia.org/wiki/Dumping_(pricing_policy)

[ Parent | on HN ]
Re:Running Bitcoin uses a small city’s worth of electricity by ZenoArrow on Wednesday October 04, 2017 @04:41PM (#15404420)
You're not listening. I'm suggesting it'll never work for Bitcoin as the available competition is ever present. A cartel gains nothing by mining at a slower rate.
[ Parent | on HN ]