The point is: a CAPTCHA has to be something that is easy for humans and hard for bots. This is at best the same level of effort from human('s devices) and bots. And realistically, more, because bots aren't battery-powered. It can't work.
Do you know of any such things? Because I routinely find captchas difficult now.
In this vein, anything requiring ML/expensive computation is still a worthwhile addition, as today the primary purpose of a CAPTCHA is to slow down/rate limit bot-activity. Your single server use case is not really realistic -- it can be easily reverted (it won't come from 3600 IP addresses, otherwise the rate would be much lower), and 3600 times an hour is.. not a lot for a computer. So it seems to do its job well.
A decentralized CAPTCHA that reduces an attacker to one request per second is a lot better than nothing! Why are you dismissing this as useless?
At the end of the day, all CAPTCHAs can be circumvented by paying humans to solve them. So all CAPTCHAs have a price, and in this case it’s the price of the power used by the CPU as well as renting the CPU (or the depreciation on a CPU you own).
Downthread, emurlin has done the calculation for the actual cost of the deterrent and how bad it is compared to CAPTCHA: https://news.ycombinator.com/item?id=37056504
Actually no. The server CPU has lower GHz and server memory is slower due to ECC.
But server has lotta more bandwidth to handle concurrent processing.
This very case is far worse as it uses SHA-256, all that bitcoin asics love.
Sure, it is possible that your gaming PC beats the average server in terms of CPU frequency. But that's not what the average website visitor is using, and you can't scale the proof-of-work out of their reach.
PBKDF2, as an example on 100k iterations can easily pin a CPU core for a few seconds. This is part of why I always have my authentication services separate from my applications, it reduces the DDoS vector. Now, you can shift work to the client as kind of an inverse-ddos rate limiter.
Combine that with a websocket connection, where the browser is sending user events like mouse movement, touch, scroll, focus/blur and input/paste... the two, combined with event timing analysis can give you a pretty good guess if something is a real user. And if it isn't, definitely slowing down bots.