"Mining" for digital currency requires computation. Computation requires continuous electric power. In order to mine new "coins" the computation becomes more complex and time-consuming...and power consuming. Others have done this analysis. The requirements are growing exponentially due to the nature of the mathematics and there will come a time when we simply do not have enough electric power to keep the blockchain calculations going and it all comes to a stop. An EMP only hastens the end. A bitcoin is not worth the paper it is not printed on. Market volatility is very high, because there is no commodity value. I can't even use a bitcoin as a coffee coaster. A cowrie shell has more commodity value than a bitcoin. A bitcoin is fiat currency for the paperless society.
Elephant dung was once used as ‘currency’. We’ll see how this works out. I think we have a power struggle between AI and BTC. Both use enormous sums of electricity and more each day. Both will stress the grid and force upgrades. Both cannot exist in the same space as currently configured.
Not a bad analogy, except that you can't convert data back into energy. Bitcoin might be the scent of elephant shit...a hint of something being there that really isn't.
Here's an interesting analogy. Suppose someone made a currency from ice medallions on which beautiful miniature paintings have been made on them from water-soluble ink, each one unique. You trade them by moving them quickly from one refrigerated wallet to another. There must be continuous refrigeration power to keep them intact and valuable. And then the power system blows out and there is no power. All your currency melts away, worthless. (People sometimes make the utterly ignorant statement that "information cannot be destroyed." Burn a book in front of them sometimes and see if they think it has not been destroyed.)
In order to mine new "coins" the computation becomes more complex and time-consuming...and power consuming.
That's not true
In the Bitcoin protocol new coins are created automatically.
The only power used is a contest to see who gets those new coins
This is not really necessary, and could be shut down and alternative methods used for new coin distribution.
But it does have a good side effect it does make the blockchain ledger harder to corrupt.
Anybody who says that they have done the analysis and say the energy requirements will grow exponentially until the blockchain collapses are just clueless.
From Wikipedia (so corrupt, they even falsify raw data, right?):
"In 2021, a study by Cambridge University determined that Bitcoin (at 121 terawatt-hours per year) used more electricity than Argentina (at 121TWh) and the Netherlands (109TWh). According to Digiconomist, one bitcoin transaction required 708 kilowatt-hours of electrical energy, the amount an average U.S. household consumed in 24 days."
"By 2022, the University of Cambridge and Digiconomist estimated that the two largest proof-of-work blockchains, Bitcoin and Ethereum, together used twice as much electricity in one year as the whole of Sweden..."
"Mining" for digital currency requires computation. Computation requires continuous electric power. In order to mine new "coins" the computation becomes more complex and time-consuming...and power consuming. Others have done this analysis. The requirements are growing exponentially due to the nature of the mathematics and there will come a time when we simply do not have enough electric power to keep the blockchain calculations going and it all comes to a stop. An EMP only hastens the end. A bitcoin is not worth the paper it is not printed on. Market volatility is very high, because there is no commodity value. I can't even use a bitcoin as a coffee coaster. A cowrie shell has more commodity value than a bitcoin. A bitcoin is fiat currency for the paperless society.
Elephant dung was once used as ‘currency’. We’ll see how this works out. I think we have a power struggle between AI and BTC. Both use enormous sums of electricity and more each day. Both will stress the grid and force upgrades. Both cannot exist in the same space as currently configured.
I think the way that worked was that elephant dung could be burned for a fire.
And fire became electricity in terms of energy and heat? Just spitballing here. Bitcoin is the new elephant shit.
Not a bad analogy, except that you can't convert data back into energy. Bitcoin might be the scent of elephant shit...a hint of something being there that really isn't.
Here's an interesting analogy. Suppose someone made a currency from ice medallions on which beautiful miniature paintings have been made on them from water-soluble ink, each one unique. You trade them by moving them quickly from one refrigerated wallet to another. There must be continuous refrigeration power to keep them intact and valuable. And then the power system blows out and there is no power. All your currency melts away, worthless. (People sometimes make the utterly ignorant statement that "information cannot be destroyed." Burn a book in front of them sometimes and see if they think it has not been destroyed.)
Even if the source elephant has diarrhea ?
KEK
That's not true
In the Bitcoin protocol new coins are created automatically.
The only power used is a contest to see who gets those new coins This is not really necessary, and could be shut down and alternative methods used for new coin distribution. But it does have a good side effect it does make the blockchain ledger harder to corrupt.
Anybody who says that they have done the analysis and say the energy requirements will grow exponentially until the blockchain collapses are just clueless.
From Wikipedia (so corrupt, they even falsify raw data, right?):
"In 2021, a study by Cambridge University determined that Bitcoin (at 121 terawatt-hours per year) used more electricity than Argentina (at 121TWh) and the Netherlands (109TWh). According to Digiconomist, one bitcoin transaction required 708 kilowatt-hours of electrical energy, the amount an average U.S. household consumed in 24 days."
"By 2022, the University of Cambridge and Digiconomist estimated that the two largest proof-of-work blockchains, Bitcoin and Ethereum, together used twice as much electricity in one year as the whole of Sweden..."
They started out at zero.