Re:Ethereum will use around 99.95% less energy post merge
by kelnos on Tuesday May 18, 2021 @03:10PM
(#27199538)
The money to build a mining rig and consume the electricity needed to run it is not even remotely permissionless. To add insult to injury, most miners ignore the externalities of that electricity use.
Re:Ethereum will use around 99.95% less energy post merge
by lmm on Wednesday May 19, 2021 @02:10AM
(#27205163)
> The money to build a mining rig and consume the electricity needed to run it is not even remotely permissionless.
Yes it is. You can manufacture your own mining rig, with no-one else's permission, without ever needing to so much as communicate with anyone who currently holds any bitcoin.
> To add insult to injury, most miners ignore the externalities of that electricity use.
Most cryptocurrency developers ignore the externalities of all the crime they're enabling, so it's not like the miners are any worse.
Re:Ethereum will use around 99.95% less energy post merge
by chrischattin on Tuesday May 18, 2021 @03:53PM
(#27200151)
It costs a couple hundred bucks to setup the hardware to run a Bitcoin node. As of today's exchange rate, you need ~$130k to stake ETH.
Re:Ethereum will use around 99.95% less energy post merge
by SwagtimusPrime on Tuesday May 18, 2021 @05:12PM
(#27201226)
It also costs a couple hundred bucks to run an Ethereum node. You are confusing running a validator and running a node, those are two independent things, just like mining and running a node.
Re:Ethereum will use around 99.95% less energy post merge
by drdeca on Tuesday May 18, 2021 @04:01PM
(#27200256)
Wait, to run a node (like, just keeping track of the chain), or to mine in a way that isn’t entirely ineffectual? Because the former doesn’t seem like the proper analogy to staking.
Re:Ethereum will use around 99.95% less energy post merge
by chrischattin on Tuesday May 18, 2021 @04:05PM
(#27200307)
You can mine with a Raspberry Pi. It won't be profitable. But, you'll be contributing to the security of the network.
Re:Ethereum will use around 99.95% less energy post merge
by drdeca on Tuesday May 18, 2021 @04:18PM
(#27200452)
What is the impact of a miner on the security of the network, conditioned on the event that it never successfully mines a block? I would think it would be 0.
The probability that a raspi ever mines a block (like, if it were to start now, not if it was going since the network first started) is negligible.
Therefore, I consider the probability that a given raspi would contribute to the security of the network, or, I suppose equivalently, the degree to which it contributes, to be negligible.
Re:Ethereum will use around 99.95% less energy post merge
by chrischattin on Tuesday May 18, 2021 @08:22PM
(#27203082)
The way I understand it, nodes help validate transactions in real time. They keep everyone else honest. Otherwise, whoever mined the block could inject whatever they wanted. Everyone on the network is validing transactions.
Re:Ethereum will use around 99.95% less energy post merge
by drdeca on Tuesday May 18, 2021 @09:30PM
(#27203543)
Sure, that's running a node. That's not mining. That's not analogous to staking. The analogy to staking would be mining.
The analogy to running a bitcoin node would be running some variety of ethereum node, not staking.
POS isn't permissionless -- you literally have to buy a stake from existing holders in order to participate.