When Tesla revealed earlier this year that it will begin taking bitcoin as a means of payment for its services, bitcoin fans celebrated. As far as most people were concerned, that news signaled that the crypto market had reached new heights and that bitcoin had reached a new degree of acceptance.
Everything gets more efficient with time. It's like.. Just how things work. You're think that would be understood by now.
Examples of things that have become more efficient with time - Cars, medical procedure, internet speed, communications, air travel, shopping, banking, literally I could go on for days.
I don't know why, but crypto is just getting unjustifiably hated on without being given the chance to improve.
I guess new things are scary for people still. It makes some sense with crypto since the concepts are a bit more complex, but still... Did everyone understand the process of a triple bypass heart surgery when it first became a thing? Heck no! It provided a chance to save a life though. Was it risky? Yep. Did folks still do it? Yep. Now look, the procedure, like everything else, is more efficient, safer, and improved. Is it still a risk? Sure it is, but people take the risk. Why poopoo on crypto though?
I think that Bitcoin will naturally progress to becoming more energy efficient when we are able to scale renewable energy solutions. Bitcoin miners are incentivized by profits, so when renewable energy becomes more cost-efficient than fossil fuel energy, miners will naturally switch over, hence reducing Bitcoin's carbon footprint. Of course there are ways to make Bitcoin mining more energy efficient (of which I know nothing about), but lost in this argument is the government's failure to fast-track the switch to renewable energy.
Big picture, I see this more as a public policy issue rather than a Bitcoin issue (this is US-centric, as I'm not as familiar with other countries). Government subsidies & taxpayer dollars are artificially reducing the costs of fossil fuel energy, which makes it an easy choice for Bitcoin miners who are focused on profit margins. This is exacerbated further as fossil fuel energy costs don't take into account negative externalities (public health and environmental hazards) that will end up costing us trillions to fix in the future (if it's not already too late by then). By reducing the true cost of fossil fuel energy, R&D into renewable energy is stymied because research costs aren't offset by actual renewable energy demand (why would consumers of a profit-driven society purposely choose a higher cost option, when a vastly cheaper option is available?)
Until government policy properly facilitates renewable energy R&D and actually tries to transition off of fossil fuel energy, we'll continue to see these same problems, not just with Bitcoin mining, but with energy consumption in general.
Everything gets more efficient with time. It's like.. Just how things work. You're think that would be understood by now.
Examples of things that have become more efficient with time - Cars, medical procedure, internet speed, communications, air travel, shopping, banking, literally I could go on for days.
I don't know why, but crypto is just getting unjustifiably hated on without being given the chance to improve.
I guess new things are scary for people still. It makes some sense with crypto since the concepts are a bit more complex, but still... Did everyone understand the process of a triple bypass heart surgery when it first became a thing? Heck no! It provided a chance to save a life though. Was it risky? Yep. Did folks still do it? Yep. Now look, the procedure, like everything else, is more efficient, safer, and improved. Is it still a risk? Sure it is, but people take the risk. Why poopoo on crypto though?
Only Finny can save us.
Yes !!!
This really makes me feel amazing. I like crypto and ecological development, this is both !
I’m incredibly happy for how often we’re talking/analyzing/debating ways of using crypto without making as much damage to the environment.
Hopefully we change everything in a way crypto can develop more while being good for the planet.
I think that Bitcoin will naturally progress to becoming more energy efficient when we are able to scale renewable energy solutions. Bitcoin miners are incentivized by profits, so when renewable energy becomes more cost-efficient than fossil fuel energy, miners will naturally switch over, hence reducing Bitcoin's carbon footprint. Of course there are ways to make Bitcoin mining more energy efficient (of which I know nothing about), but lost in this argument is the government's failure to fast-track the switch to renewable energy.
Big picture, I see this more as a public policy issue rather than a Bitcoin issue (this is US-centric, as I'm not as familiar with other countries). Government subsidies & taxpayer dollars are artificially reducing the costs of fossil fuel energy, which makes it an easy choice for Bitcoin miners who are focused on profit margins. This is exacerbated further as fossil fuel energy costs don't take into account negative externalities (public health and environmental hazards) that will end up costing us trillions to fix in the future (if it's not already too late by then). By reducing the true cost of fossil fuel energy, R&D into renewable energy is stymied because research costs aren't offset by actual renewable energy demand (why would consumers of a profit-driven society purposely choose a higher cost option, when a vastly cheaper option is available?)
Until government policy properly facilitates renewable energy R&D and actually tries to transition off of fossil fuel energy, we'll continue to see these same problems, not just with Bitcoin mining, but with energy consumption in general.
Bitcoin is pushing the boundaries of renewable energy at this moment, hopefully this Bitcoin will continue to help this side of production.
Is it really possible to change Bitcoin's consensus mechanism from PoW to another one? How would that work?
Totally Agree with the last paragraph
Nice One
Bitcoin Will Bounce back stronger Next ATH Soon :)