Post
Topic
Board Development & Technical Discussion
Re: Why exactly is Bitcoin clinging to PoW?
by
PrimeNumber7
on 16/06/2021, 05:01:06 UTC
PoW also makes Bitcoin a literal energy-to-money conversion machine, and having a system that can directly convert energy into money is a very powerful economic tool, especially over the coming decades as the world works on moving to renewables. You don't enforce renewable usage, Bitcoin naturally encourages renewable energy production because it makes the spread of renewable energy more economically viable - I should say it makes energy production in general more viable, but as the world is trying to switch to renewables this naturally favors the spread of renewables.
I am not in favor of moving away from PoW, but this argument is nonsense.

PoW miners need more than electricity, they also need ASIC machines that require technical expertise to design and build. ASIC machines require specialized chips that are in scarce supply.

Even "renewable" energy costs money to generate via building the medium of "capturing" the energy, such as solar panels, or windmills.

Probably most importantly, someone who has a large excess of energy, "renewable" or otherwise, can sell said energy to consumers of energy, as electric utilities do today. People are willing to pay for electricity because they need it to power things such as their stove, oven, lights, air conditioning, computers, and other devices that require electricity to work.