Re:El Salvador makes Bitcoin legal tender
by loup-vaillant on Wednesday June 09, 2021 @03:33PM
(#27452100)
Block space isn't the point. The price of a Bitcoin is. Raise the price, and mining will naturally spend more energy on it. Therefore, anything that raises the price of Bitcoin contributes to Global Warming.
[ Parent
| on HN ]
Re:El Salvador makes Bitcoin legal tender
by anonporridge on Wednesday June 09, 2021 @03:57PM
(#27452367)
Price of bitcoin * total block reward (new coins + fees)
The total value of the miner reward does increase with price, but because of halvings every 210,000 blocks it's a slower rate than the price increases on its own.
Note here, https://www.blockchain.com/charts/miners-revenue, that the current miner reward (in USD) is currently lower than it was at the peak of the 2017 bull run, despite the unit price being approximately double.