Re: Mining Bitcoin Doesn't Need To Worry About Spending Electricity
⭐ Merited by dbshck (2)
While I dislike PoW, I hate the idea of PoS even more, Beorn style 
PoS introduced at this point in the Bitcoin code will turn it into a decentralized nightmare, exchanges getting so much power it will be far worse than bitmain.
Asic resistance is indeed just some crappy advertisement for coins.
It's pure idiotic to really believe it will work, and the entire concept is flawed from the start.
This socialist drama of giving the small guy a chance won't work even if we design an algorithm that can run only on a certain brand of gpu , x ram and z hdd space. Somebody with enough money will start assembling exactly this kind of miner with components bought in bulk from the manufacturer, at half the price the usual customer can do it and set up warehouses where he is earning x3 times more than the kid doing so in his bedroom.
And in the end the average miner will still drive out of business, it will just take a a bit longer. And the more profitable that coin is the more the incentive to develop an asic for it. I doubt somebody is planning to build some asic for HarmonyCoin for example (no idea what algo it runs on) when its entire market cap is not worth an 1060 3b card.
Do you have some estimates if BTC hits 50k $?
PoS introduced at this point in the Bitcoin code will turn it into a decentralized nightmare, exchanges getting so much power it will be far worse than bitmain.
But what is ASIC-resistance but another buzzword made by altcoins that want to claim that they are? If any altcoin has become "successful", ASICs will be made for them. Some altcoins that changed their mining algorithm because they "feel" like doing it in the name of "ASIC-resistance" are only prolonging the inevitable.
Asic resistance is indeed just some crappy advertisement for coins.
It's pure idiotic to really believe it will work, and the entire concept is flawed from the start.
This socialist drama of giving the small guy a chance won't work even if we design an algorithm that can run only on a certain brand of gpu , x ram and z hdd space. Somebody with enough money will start assembling exactly this kind of miner with components bought in bulk from the manufacturer, at half the price the usual customer can do it and set up warehouses where he is earning x3 times more than the kid doing so in his bedroom.
And in the end the average miner will still drive out of business, it will just take a a bit longer. And the more profitable that coin is the more the incentive to develop an asic for it. I doubt somebody is planning to build some asic for HarmonyCoin for example (no idea what algo it runs on) when its entire market cap is not worth an 1060 3b card.
In estimates are:
Bitcoin is currently using electricity worldwide at 2.55 gigawatts, equivalent to Ireland's electricity, the 118th largest country in the world by land.
this is equivalent to half a percent of the world's total electricity usage so don't worry about the electricity that Bitcoin miners use for the future is still safe.
Bitcoin is currently using electricity worldwide at 2.55 gigawatts, equivalent to Ireland's electricity, the 118th largest country in the world by land.
this is equivalent to half a percent of the world's total electricity usage so don't worry about the electricity that Bitcoin miners use for the future is still safe.
Do you have some estimates if BTC hits 50k $?