Re:Nvidia Limits RTX 3060 Hash Rate
by mlyle on Sunday February 21, 2021 @11:32PM
(#26220888)
> The cost imposed is proportional to the fee, since the fee has to pay for the electricity used to mine the transaction.
No. Miners get rewards for mining blocks, which pay for 80%. Transaction fees don't pay for the electricity used in a transaction: not even close.
> If you believe the electricity consumption in general has huge externalities
Well, sure, I believe that electricity is artificially cheap. I also believe that spending $50+ of electricity per transaction done is absolutely nuts. And that amount is steadily increasing...
Re:Nvidia Limits RTX 3060 Hash Rate
by Anderkent on Monday February 22, 2021 @07:54AM
(#26223921)
Hm, OK, I was wrong about the ratio of fees to reward. Good news is that reward is going to halve every 4 years so in 12 years it's probably going to be much more even.
No. Miners get rewards for mining blocks, which pay for 80%. Transaction fees don't pay for the electricity used in a transaction: not even close.
> If you believe the electricity consumption in general has huge externalities
Well, sure, I believe that electricity is artificially cheap. I also believe that spending $50+ of electricity per transaction done is absolutely nuts. And that amount is steadily increasing...