Re:Bitcoin consumes more electricity than Argentina
by true_religion on Thursday February 11, 2021 @01:19PM
(#26105145)
> Even if Bitcoin transactions went to 0 tomorrow, the system would still consume more energy than Argentina just to keep everyone’s balance.
Do you have to do proof of work when there are no transactions?
My understanding was that the PoW was done to place transactions on the block chain. If nothing has changed, nothing has to be done. The entire system can be offline and archived if we have 0 transactions.
Re:Bitcoin consumes more electricity than Argentina
by contravariant on Thursday February 11, 2021 @05:17PM
(#26108150)
Sure, provided everyone agrees there have been no transactions and what the end result was. The PoW is necessary to ensure this consensus, but it would indeed become obsolete if people found a different way to form a consensus of the final state (ending bitcoin).
The point is that Bitcoin is designed to be inherently power-inefficient. Proof of work systems rely on the work being both difficult to calculate and useless.
Even if Bitcoin transactions went to 0 tomorrow, the system would still consume more energy than Argentina just to keep everyone’s balance.
Worse yet, it the power consumption goes up every year because the system incentivized it.