Re:Cambridge Bitcoin Electricity Consumption Index
by westurner on Wednesday February 10, 2021 @05:01PM
(#26095390)
Cryptoasset mining creates demand for custom chip fab (how different are mining rigs from SSL/TLS accelerator expansion cards), which is definitely not zero sum: more revenue = more opportunities.
With insufficient demand, a market does not develop into a sustainable market. "Rule of three (economics)" says that markets are stable with 3 major competitors and many smaller competitors; nonlinearity and game theory.
We've always had custom chip fab, but the prices used to be much higher. Proof of Work (and Proof of Research) incentivize microchip and software energy efficiency; whereas we had observed and been most concerned with doublings in transistor density.
FWIU, it's now more sustainable and profitable to mine rare earth elements from recycled electronics than actually digging real value out of the earth?
Compared to creating real value by digging for gold,
how do we value financial services?
https://en.wikipedia.org/wiki/Price_elasticity_of_supply
With insufficient demand, a market does not develop into a sustainable market. "Rule of three (economics)" says that markets are stable with 3 major competitors and many smaller competitors; nonlinearity and game theory.
https://en.wikipedia.org/wiki/Rule_of_three_(economics)
We've always had custom chip fab, but the prices used to be much higher. Proof of Work (and Proof of Research) incentivize microchip and software energy efficiency; whereas we had observed and been most concerned with doublings in transistor density.
FWIU, it's now more sustainable and profitable to mine rare earth elements from recycled electronics than actually digging real value out of the earth?
Compared to creating real value by digging for gold, how do we value financial services?