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A comment on Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014). Parent comment

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by shawnz on Monday February 15, 2021 @05:05PM (#26148122)
Bitcoin's energy usage is proportional to its market value so you might say it always uses the smallest possible amount of energy (given the current valuation).

We have yet to see if alternative systems like proof-of-stake can gain the same trust and replace proof-of-work while actually consuming less energy in practice. I'm hopeful though.

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Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by sudosysgen on Monday February 15, 2021 @05:19PM (#26148286)
Creating currency by itself does not create any value.
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Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by shawnz on Monday February 15, 2021 @05:32PM (#26148452)
Right, the creation of Bitcoins only redistributes the value. The value mining provides is actually in outcompeting potential attackers who might want to change the consensus of the network.
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