Oddbean new post about | logout
▲ ▼
Artur | 5 months ago (raw) | root | parent | reply | flag +1 
 Yes. We are paying for all the unused electricity that goes unsold and cannot be stored. Bitcoin provides a remedy for this inefficiency.
▲ ▼
Benewing | 5 months ago (raw) | root | parent | reply | flag 
 Not really. It's just using sometimes lower priced but not free electricity to inflate the hash difficulty. The exact same amount if bitcoin would be created with 0.00000001% the energy.