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Post by Flying Monkeys on Feb 27, 2021 14:40:09 GMT
Interesting article about how its huge (and continually growing) energy requirement could be what sees its downfall (apart from being severely limited in its transaction processing capability to 5 txs per second). www.bbc.co.uk/news/science-environment-56215787 |
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Post by Power Ranger on Feb 27, 2021 16:31:13 GMT
Is Bitcoin here to stay? Could it just be a huge bubble that could explode?
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Post by yggdrasil on Mar 16, 2021 9:12:25 GMT
Interesting article about how its huge (and continually growing) energy requirement could be what sees its downfall (apart from being severely limited in its transaction processing capability to 5 txs per second). www.bbc.co.uk/news/science-environment-56215787Have to admit I struggle with the tech on this one. Do they mean the amount of time spent using computers to "create them"? |
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Post by Flying Monkeys on Mar 16, 2021 10:36:37 GMT
Have to admit I struggle with the tech on this one. Do they mean the amount of time spent using computers to "create them"? Yes - to create a coin, millions/billions of calculations need to be done. 'Miners' have rooms full of computers working all day, every day at maximum CPU usage. |
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Post by yggdrasil on Mar 16, 2021 14:45:18 GMT
Have to admit I struggle with the tech on this one. Do they mean the amount of time spent using computers to "create them"? Yes - to create a coin, millions/billions of calculations need to be done. 'Miners' have rooms full of computers working all day, every day at maximum CPU usage. Still don't get it, who are these miners and how are the coins created? Is supply finite? |
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Post by Flying Monkeys on Mar 16, 2021 14:56:02 GMT
Yes - to create a coin, millions/billions of calculations need to be done. 'Miners' have rooms full of computers working all day, every day at maximum CPU usage. Still don't get it, who are these miners and how are the coins created? Is supply finite? Miners can be anyone who wants to do it - any computer geek can do it. The administrators of the bitcoin system set a mathematical puzzle for all of the miners to try to solve, and they use the computing power they have to try to solve the puzzle the fastest. Whoever does that is rewarded with a coin by the administrators. When it is solved (it usually takes a few days to solve each puzzle), they start again with a new puzzle. So yes, there is a limited supply. And as each puzzle gets harder and harder, it requires more and more computing power (i.e. electricity) to be solved so the design of the system flies in the face of the general world desire to reduce electricity consumption. The key question for me is who the administrators are. Dunno. |
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Post by blacktothefuture on Apr 28, 2023 14:32:44 GMT
Interesting article about how its huge (and continually growing) energy requirement could be what sees its downfall (apart from being severely limited in its transaction processing capability to 5 txs per second). www.bbc.co.uk/news/science-environment-56215787 |
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Post by lunda2222 on Apr 28, 2023 21:30:24 GMT
That's a misnomer.
Mining bitcoins drains as much power, but once they are mined that's it.
Trading in bitcoins doesn't require nearly as much. Oridinary banking services are far more power consumptive.
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