Quote from: rat4 on Today at 12:47:18 PM

Quote from: j1792 on December 18, 2023, 01:05:12 PM

Because in the long run, energy costs will account for the majority of mining costs, and only when the benefits are greater than the costs will the miners work and the network will be safe. As the block reward is halved, if the price remains unchanged, the miners' income will also be halved. At this time, some mining machines may have to shut down. Bitcoin is unlikely to experience a price surge after every halving. Once the block reward reaches a certain level, it may pose a threat to the security of the entire network. To avoid this, we might have to set a minimum block reward for miners, like Monero does, but I don't think that solves the problem.

That's why I started Black PoS, but got a bigger picture since then.

Quote from: j1792 on December 18, 2023, 01:05:12 PM

I also think POS is far less secure than POW, and POS greatly weakens decentralization, which is the core feature of the blockchain.

PoW and PoC (capacity) give more time for decentralization, however the end game is quite similar: eventually, all matter-energy is owned, so one can't join a consensus without a permission like in PoS.

Quote from: j1792 on December 18, 2023, 01:11:59 PM

Could using non-computing devices solve this problem? Such as storage devices?

Why do you think the matter consumption is a lesser problem than the energy consumption, afraid of Universe's thermal death?

The problem is not the energy consumption itself, but rather the higher cost of maintaining the hash rate that comes with energy consumption. Based on the principles of mining competition and economics, the cost of acquiring mining machines cannot be reduced. In fact, it will be affected by the mining returns.

The question is how much it costs to maintain the hash rate, which ultimately counts towards the cost of maintaining the blockchain network. For an efficient blockchain network, this cost should be reduced as much as possible.

If we can reduce energy consumption, we can reduce the cost of maintaining the hash rate, which reduces the cost of running the blockchain. Although purchasing storage equipment may be as expensive as purchasing ASIC miner, the cost of keeping the storage equipment running is much lower than the cost of keeping the ASIC miner powered on. Due to the decrease in energy costs, mining machines will not have to shut down due to a drop in coin prices. And this could prevent the hash rate from declining.