Re:Ethereum will use around 99.95% less energy post merge
by cm2187 on Tuesday May 18, 2021 @11:58AM
(#27196449)
Why does the energy moves with the price? Is it because of increased number of transactions?
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Re:Ethereum will use around 99.95% less energy post merge
by brazzy on Tuesday May 18, 2021 @12:05PM
(#27196615)
No, it's because competition between miners necessarily drives the hash rate and thus energy usage to scale up with the value of mining rewards and transaction fees.
Re:Ethereum will use around 99.95% less energy post merge
by cm2187 on Tuesday May 18, 2021 @12:15PM
(#27196818)
But if there aren't more transaction (as number of transactions), what happens when the hash rate increases? They hash incomplete blocks of transactions? Or does the same block gets confirmed by a greater number of miners?
Re:Ethereum will use around 99.95% less energy post merge
by est31 on Tuesday May 18, 2021 @12:19PM
(#27196886)
The second answer, although there is only one "winner" of each block's competition, so it's only one miner/mining pool which ends up confirming a transaction. It's controlled by a hardness parameter that's readjusted automatically in a regular fashion.
Re:Ethereum will use around 99.95% less energy post merge
by wcoenen on Tuesday May 18, 2021 @12:09PM
(#27196683)
Miners tend to increase their hashrate because that's how they compete for block rewards. However, the electrical energy a miner spends on finding blocks should not be more than the value of the block rewards, otherwise they would operate at a loss. This provides a ceiling for the energy expenditure.
Therefore, if the price of Bitcoin doubles, miners can afford to burn twice as much electricity. (Roughly. This is a simplification of course.)
Re:Ethereum will use around 99.95% less energy post merge
by lottin on Tuesday May 18, 2021 @01:17PM
(#27197878)
Why is proof of waste needed at all? What do you achieve by proving that you have wasted a certain amount of electricity?
Re:Ethereum will use around 99.95% less energy post merge
by DennisP on Tuesday May 18, 2021 @01:56PM
(#27198487)
Because the chain of transactions with the most accumulated waste is chosen as the "correct" chain. In order to double-spend, you have to cause a different chain to be the "correct" chain, so you'll have to waste even more energy than has been wasted by everybody else, over whatever span of time you're trying to roll back. Thus the more waste, the more secure the chain.
Proof of stake is a newer way of coming to consensus on one correct chain. It took people a while to figure out how to do it securely and efficiently.
Re:Ethereum will use around 99.95% less energy post merge
by lottin on Tuesday May 18, 2021 @02:27PM
(#27198940)
Okay, so the chain of transactions that is regarded as correct is the one that has been more expensive to create. Instead of wasting energy, the same result could be achieved by wasting other stuff, such as bitcoins themselves, for instance?
Re:Ethereum will use around 99.95% less energy post merge
by DennisP on Tuesday May 18, 2021 @03:07PM
(#27199487)
Sure. In fact, that's almost how Ethereum's proof-of-stake works, except it has a protocol that comes to consensus without wasting anything as long as people follow the rules, and only destroys stake when someone provably breaks the rules.
Re:Ethereum will use around 99.95% less energy post merge
by lottin on Tuesday May 18, 2021 @03:55PM
(#27200176)
If this is true, PoW is simply a stupid version of PoS and should be abandoned immediately.
Re:Ethereum will use around 99.95% less energy post merge
by BenjiWiebe on Tuesday May 18, 2021 @01:23PM
(#27197974)
If one didn't need to prove they'd done something difficult, then cryptocurrency didn't be a workable idea.