Post
Topic
Board Development & Technical Discussion
Merits 2 from 2 users
Re: Ordinals and other non-monetary "use cases" as miner reward on 2140+
by
cryptosize
on 18/06/2024, 22:58:52 UTC
⭐ Merited by d5000 (1) ,ABCbits (1)
But I anyway expect a change in miner behaviour in the next 5-10 years. As electricity cost is about 70% of the cost of each Bitcoin mined (for the miners) and renewable energy share is growing around the world, I expect to switch them slowly from a 24/7 mining model to a model where they use a wholesale energy tariff (these are becoming more common now) to benefit from very low prices in times of high solar/wind production and thus at least turn off their gears voluntarily when energy is expensive, mining e.g. only 70-80% of the time but to a even lower price than now (< 5 ct/kWh is easy with this strategy, even < 3 ct is feasible. i.e. better than the famous Riot agreement of 3.5 ct). This model is much more likely to be adaptable all around the world (the "duck curve" is starting to look the same in several countries), so mining could decentralize again due to this evolution.
IIRC, what you're suggesting is already a reality in Texas.

Miners there don't work 24/7/365, but only when the state has a surplus of energy.

When there's high demand for energy (during heat waves or harsh winters), they switch off ASICs.

This is controversial and has been disputed by some forum members, but they haven't convinced me that my thoughts are wrong.
Why should we trust them? Are they the sole arbiters of truth or what? Roll Eyes

I've been saying for a long time that BTC + renewable energy + AI (to manage the grid faster and more effectively than human beings) will be the ultimate combo until 2050 at least.

How it started:

https://www.weforum.org/agenda/2017/12/bitcoin-consume-more-power-than-world-2020/

How it's going:

https://www.instagram.com/worldeconomicforum/reel/C35FfRytPtJ/

 Grin

Net Zero/Greta fanatics still cannot believe that Bitcoin/PoW is more ecological than they thought! Cheesy

Imagine if BTC was centrally planned (like ETH) and switched to PoS:

https://cleanupbitcoin.com/

Bitcoin will help speed up the green energy transition. Few people understand this (even among the BTC community, let alone no-coiners). Wink

ps: I'm not saying Satoshi invented it for this purpose, nor that WEF had this planned from the get-go.