Re:The problem with Bitcoin miners
by hiq on Monday May 16, 2022 @11:59AM
(#31399354)
> world governments would rightly shut it all down before the majority of our electric output went to mining BTC
They can regulate it otherwise, e.g. demand that miners use their own source of green electricity, and make other type of mining illegal, or demand that less than 1% of the total electricity production of the country is used in mining, outlaw the rest and fine illegal operations, etc. It doesn't have to be completely banned everywhere.
> BTC is guaranteed to fail at some point
You'd have to define what "fail" means here, especially given that many proponents of BTC argue in its favor for different (and often contradictory) purposes. What's the failing scenario you're talking about, once mining takes all the electricity it can (be it 100% of production or whatever regulations still allow it to take)?
They can regulate it otherwise, e.g. demand that miners use their own source of green electricity, and make other type of mining illegal, or demand that less than 1% of the total electricity production of the country is used in mining, outlaw the rest and fine illegal operations, etc. It doesn't have to be completely banned everywhere.
> BTC is guaranteed to fail at some point
You'd have to define what "fail" means here, especially given that many proponents of BTC argue in its favor for different (and often contradictory) purposes. What's the failing scenario you're talking about, once mining takes all the electricity it can (be it 100% of production or whatever regulations still allow it to take)?