Re:The Crypto-Chernobyl
by PragmaticPulp on Wednesday February 10, 2021 @08:23PM
(#26097117)
> The energy usage is for mining new bitcoin and collecting fees, not "7 transactions per second".
I think you've misunderstood. The mining fees you cited are for those 7 transactions per second. Miners collect fees for processing those transactions.
Focusing on the dollar amount of those Bitcoin or how many times a Bitcoin can be re-used is irrelevant. If anything, it's bizarrely wasteful that Bitcoin requires the energy consumption of a medium sized country just to continue confirming that your balance hasn't changed.
Re:The Crypto-Chernobyl
by ywei3410 on Wednesday February 10, 2021 @08:26PM
(#26097145)
Or, to put it more strongly, if no-one mined bitcoin tomorrow, you literally can't transact anymore. Bitcoin PoW /needs/ the energy consumption to function at all.
I think you've misunderstood. The mining fees you cited are for those 7 transactions per second. Miners collect fees for processing those transactions.
Focusing on the dollar amount of those Bitcoin or how many times a Bitcoin can be re-used is irrelevant. If anything, it's bizarrely wasteful that Bitcoin requires the energy consumption of a medium sized country just to continue confirming that your balance hasn't changed.