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A comment on One Bitcoin miner is buying 20,000 16nm wafers from TSMC per month. Parent comment

Re:One Bitcoin miner is buying 20,000 16nm wafers from TSMC ... by gambiting on Monday January 22, 2018 @05:52PM (#16208860)
The issue is not that the process has to be expensive. You are correct - we could generate billions of crypto coins within couple hours and beat bitcoin right away. But people want bitcoin. The same why people are willing to pay the price for a labour-intensive painting that took years to make over an identical reproduction that took 5 minutes to print.
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Re:One Bitcoin miner is buying 20,000 16nm wafers from TSMC ... by amalag on Monday January 22, 2018 @08:00PM (#16209854)
This is now shifting the goalposts. Before it was PoW is necessary to secure the network. Now it is we don't need PoW but it is artisanal.
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