• MindTraveller@lemmy.ca
    link
    fedilink
    English
    arrow-up
    9
    arrow-down
    1
    ·
    7 months ago

    I’m gonna pile on the “not happy” side with environmental concerns. You see, with Bitcoin, if crypto mining was as easy as just verifying the next block in the chain, it would be easy and the market would flood. You’d have hyperinflation. The system controls the rate at which new bitcoins are minted by artificially increasing the computational difficulty of the problem. And the end result is that crypto mining intentionally wastes power output comparable to that of a country.

    • sep@lemmy.world
      link
      fedilink
      English
      arrow-up
      1
      arrow-down
      7
      ·
      7 months ago

      Calling hashing “mining” was probably the most stupid thing in bitcoin. Since it have nothing to do with minting new coins. It is tru that miners get a bonus in addition to the fees of the block when successful. But that bonus is reduced regularly and will eventually go away.
      The power consumption used by hashing became quickly insane by companies chaseing a quick buck.

    • Victoria Antoinette @lemmy.world
      link
      fedilink
      English
      arrow-up
      1
      arrow-down
      8
      ·
      7 months ago

      the whole Blockchain could be run by two raspberry pis, and the cap is still limited to 21million. I suspect you don’t know what you’re talking about