Re: Is this the reason the bitcoin price is not exploding right now?
PoW is one of Bitcoin's greatest strengths.
did you invest in asics bro?
No.
Hm... why do you think PoW is one of bitcoins greatest strengths? It feels stupid to pay miners 1.6 M bucks per day for burning electricity. It was a great invention back in 2009 but now we can all see its a flaw that might kill bitcoin. Especially when the difficulty is high enough so only big players will be able to profit from mining thus recentralizing the network to a few mining data centers
But wait a minute. We're not paying them to "burn electricty" we're paying them to find the next block and reify a set of transactions. There's a very real need for this. How else do you resolve disputes about who sent what to whom?