Quote from: PrimeNumber7 on June 18, 2021, 04:36:42 AM

Quote from: thecodebear on June 16, 2021, 03:01:03 PM

Quote from: PrimeNumber7 on June 16, 2021, 05:01:06 AM

Quote from: thecodebear on June 14, 2021, 04:12:06 PM

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.

You didn't in any way invalidate my statement that you bolded. As I said, Bitcoin is an energy-to-money conversion machine. This feature makes Bitcoin profoundly important for spreading renewable energy production around the world. Not sure what you were trying to argue in your comment, but you weren't arguing against this fact of Bitcoin. Also I don't think you realize what "excess of energy" means - it specifically means there is no one to sell the energy to, which makes that statement by you, in fact, nonsense.

Bitcoin is about as much an "energy-to-money" machine as a toaster is a "energy-to-toast" machine.

Someone who is mining bitcoin is not going to wait and only use "excess" electricity, they are going to do their best to get "priority" access to electricity. As bitcoin miners become more efficient, current ASICs will generate less revenue, so it is important for miners to have as close to 100% uptime as they can.

Quote from: thecodebear on June 16, 2021, 03:01:03 PM

Bitcoin provides an economy for that excess of energy, it also allows energy to be produced in places where there is no energy demand at all, but perhaps there will be in the future. It also allows new ways to produce energy to become economically viable when they normally wouldn't be. It not only fixes the excess energy problem, but it allows for the growth of new energy all over, and the development of new energy producing technologies. PoW is a truly powerful feature of Bitcoin.

There is already a source of near-unlimited, cheap electricity available. It is called nuclear power.

PoW is going to consume cheap electricity today. If there is a means to produce electricity that is expensive today, but might be cheap tomorrow, PoW is not going to consume that electricity until it is cheap.

I'm not sure why you think you're disproving the fact that Bitcoin is an energy to money conversion machine. But you're not. It's a simple fact. Nothing you said is even an argument against that fact. I'm not even sure what you're arguing about, or what you randomly brought up nuclear power. Seems like you're just having a conversation with yourself but for some reason quoting me.