New York faces a new legal fight over a proposed crypto-mining power plant
(www.theverge.com)
Comments (4)
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Problem 1 isn’t the environmental or health concerns.
It’s the fact they’re stupid enough to try and open in the Colder version of California.
...this is insanity....
Keep in mind that all this power is only needed because of greed, a constant competition of hash power.
If all humans on earth where trust able and didn't try to screw each others over all the time, the entire Bitcoin network could be mined by just a few nodes as difficulty is adjusted by the current hash rate at all time.
And with bigger block size the network would support larger transactions, all the way up to the limit which is the bandwidth of a single node. That means, even on a crappy 56kbit/s connection 4MB blocks would work. But let's assume 10mbit/s as every node has fiber these days, this would support 1GB blocks, which is more transactions than Visa and MasterCard combined.
Also more energy efficient as the transacting devices (which would have been powered on anyway) does all the heavy work, and the stores won't need digital terminals, a slip of paper with a send to address would be good enough.
...compelling addendum....