⭐ Merited by pooya87 (2)
Please take into account that over time, new generations of ASICs are more effectively and beneficially in energy consumption and hashrate it can produce. In addition, with time, miners have gradually switched to new electricity resources and they aim at cheaper as well as more environmental friendly, renewable resources.
Anyway, take this discussion to look back at what satoshi wrote 12 years ago.
I know about difficulty retarget after each 2016 blocks but what satoshi wrote is true.
Anyway, take this discussion to look back at what satoshi wrote 12 years ago.
Right. Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating. In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I'm sure that in 20 years there will either be very large transaction volume or no volume.
The Proof of Work algorithm and the finite total supply of Bitcoin has pros and cons. It will not have an ending in between great success and failure. Just ends in one way or another. If Bitcoin price can keep jumping into another high level after each halving, miners will keep mining because they will still have profit. That in turn will make the Bitcoin network becomes bigger and bigger as we have been witnessing last 13 years. Else, miners will abandon and Bitcoin network will become less secure and even a dead one.I know about difficulty retarget after each 2016 blocks but what satoshi wrote is true.
Exactly. PoW may not be perfect, but it's the best thing around for the preservation of decentralization and censorship-resistance. Governments are still against PoW mining, not because it "harms the environment" (which is false), but mostly because they don't want to lose control. They want to prevent as much people as possible from using Bitcoin as an alternative to existing Fiat currencies.
By pushing cryptocurrencies to switch to PoS, governments will be able to make them centralized. We cannot let that happen for the sake of crypto/Blockchain tech. No one knows what the future holds for Bitcoin, so we can only hope for the best. Just my thoughts
Bitcoin is not the only project using POW so far, but the only thing the government is targeting is bitcoin, it shows that they know they can't control it, and they don't want to see it grow to threaten their power, not because POW is a waste of energy and a major cause of global warming.
Indeed, we cannot know the future of bitcoin if the government really wants to get rid of POW completely to secure their power, but let's hope it can last and will not be changed.