Oddbean new post about login | logout Adam Back: There’s actually enough unused hydro power that’s connected to the grid and ready to use that it could power the entire #Bitcoin network just out of the unused power. Of course there are lots more hydro resources globally both constructed and untapped, so even on the hydro side there’s a lot of upside. And of course, I think #Bitcoin is a great vehicle for providing the business fundamentals to fund building more power infrastructure, to drive economic growth for the future. https://chowcollection.medium.com/matt-odell-citadel-dispatch-e75-privacy-speech-and-bitcoin-with-adam-back-777e3fdf46a1
I dislike discussions of Bitcoin and the power required to secure the network. If it came down to it, the whole network could be secured by a single solar panel! The issue is there is always going to be competition to get the block rewards, and the only way to get a higher chance of ‘winning’ is to have a more efficient mining device or larger number of mining devices. More mining devices results in more energy being used. The energy use issue is down to greed for block rewards. Or am I completely wrong in my understanding? #bitcoin #mining #energy
I think it’s helpful to think of that lone solar panel as being a vulnerable military or political target, and instead figuring out how to get miners in every jurisdiction.
I guess it all comes down to the value of Bitcoin itself, which is broken down into its constituents. For example: - price of mining equipment - price of energy - value of the ideology If you can get all the items for less than market price, then mining Bitcoin is worth it. I expect once we get to a certain block reward, the value of the ideology will need to go up
It’s possible that the difficulty adjustment will always make it worthwhile for tons of people to mine
Mining scales up as bitcoin price goes up Difficulty adjustment occurs to keep a 10 minute block speed average Simple balance
Yes, So what are the individual price variables for bitcoin? - energy cost - equipment cost - bitcoin principal What other things drive the cost of Bitcoin?
dream: BTC mining follows earth's rotation - as night falls and energy usage decrease, unused hydropower mines BTC. then someone plots an earth 3D globe with red points on hashes' IP locations -> and night turns red on black. lots of water needs to flow, even when less energy is needed. In tropical rain seasons, lots of unused water flows through non-energy generating waterways. BTC mining could even make installing extra turbines profitable. And in dry times with not enough water flow... just stop mining. no one is harmed. plus... when I see an oil refinery burning unused gases... I think how much BTC could be mined from that.