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A comment on Square to invest $5 mln in Blockstream's solar-powered Bitcoin mining facility. Parent comment

Re:Square to invest $5 mln in Blockstream's solar-powered Bi... by kwyjobojoe on Sunday June 06, 2021 @06:10AM (#27412043)
Yes I in particle hate how when I buy groceries thousands of computers worldwide have to burn electricity running trillions of wasted computations aiming to find the correct random sequence that allows the retailer to accept my $50
[ Parent | on HN ]
Re:Square to invest $5 mln in Blockstream's solar-powered Bi... by lowkey on Sunday June 06, 2021 @10:02AM (#27413212)
They are using the Bitcoin Lightning network - a layer 2 solution that uses orders of magnitude less energy than standard Bitcoin.

Based on your comment history I can see you have a habit of hating on cryptocurrencies but it would be nice if you could at least get your facts straight.

[ Parent | on HN ]
Re:Square to invest $5 mln in Blockstream's solar-powered Bi... by snypher on Sunday June 06, 2021 @11:08AM (#27413713)
Is this like saying "I'm riding a public transit bus, it's already driving this way, so I'm not adding to usage or load"?

Lightning network relies on layer 1 nodes, right? So unless it reduces the load on the old dirty Bitcoin network, it's just lipstick.

[ Parent | on HN ]
Re:Square to invest $5 mln in Blockstream's solar-powered Bi... by lowkey on Sunday June 06, 2021 @11:57AM (#27413996)
Yes it is similar to the comparison between a single driver vehicle vs 50 people in a bus except Lightning can scale massively - to Visa/MasterCard country-level scale vs 6-7 tx/sec on Bitcoin layer 1.

If you can process 1 million times as many transactions per mined block that make it an innovative scaling solution - not sure I understand the lipstick analogy. Care to elaborate?

[ Parent | on HN ]