Quote from: Gotottack on August 08, 2017, 08:39:46 PM

Yey more bitcoin miners. (insert sarcasm here)
To be honest, bitcoin mining is wasteful and it totally just doesn't do anything else but produce, well, bitcoins. Just think about it, a miner just mines bitcoins and nothing else really. It just tries to create digital gold which is totally useless in practical use but we value it based on how much we want to pay for it (supply and demand). No, russia has so much excess power, so why not just sell it to industries that will totally make use of it in better things. Though don't get me wrong, I love bitcoins. I really believe this is the future, but not how it is acquired.

Bitcoin mining doesn't only produce bitcoins... that is in fact a side effect of what mining is really about: processing the transaction. Without hashing power you don't process anything and your blockchain is useless.

Sure PoW has a lot of problems but guess what, it has been proved to be the only method to keep a crypto running with no downtimes for 7+ years record.

Until someone invents a better system, the more hashrate and the more competition between hashrate the better for Bitcoin, so I say bring it on Putin.