Gigi ⚡🧡 on Nostr: Bitcoin doesn't require vast amounts of energy to be mined, strictly speaking. Time ...
Bitcoin doesn't require vast amounts of energy to be mined, strictly speaking. Time is a strict required, energy is a byproduct of competition and fair distribution between competitors.
Bitcoin would be mined at the same rate if Satoshi's CPU would've remained the only entity mining it.
Energy consumption relates to interest and thus distribution of newly issued supply (+ fees). If nobody but Satoshi would've ever been interested in producing valid blocks, Bitcoin's energy consumption would be basically zero. Yet all 21 million coins would still be mined at the same rate, with the last fractions of a coin issued in the year 2140.
Bitcoin would be mined at the same rate if Satoshi's CPU would've remained the only entity mining it.
Energy consumption relates to interest and thus distribution of newly issued supply (+ fees). If nobody but Satoshi would've ever been interested in producing valid blocks, Bitcoin's energy consumption would be basically zero. Yet all 21 million coins would still be mined at the same rate, with the last fractions of a coin issued in the year 2140.