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So Elizabeth Warren and Bill Gates are now pushing for regulations on Crypto due to the massive amounts of electricity it takes to mine and keep them going.
That’s something I never really thought of. It takes tons of electricity to keep these miners and thus the blockchain going. Could that be their Achilles heel?
Also, just wondering, who will keep mining, thus verifying the Bit Coin blockchain once the last coin has been mined?
Another one of Warrens concerns is how easy it is to lose and never get back if stolen.
So Elizabeth Warren and Bill Gates are now pushing for regulations on Crypto due to the massive amounts of electricity it takes to mine and keep them going.
That’s something I never really thought of. It takes tons of electricity to keep these miners and thus the blockchain going. Could that be their Achilles heel?
Also, just wondering, who will keep mining, thus verifying the Bit Coin blockchain once the last coin has been mined?
Another one of Warrens concerns is how easy it is to lose and never get back if stolen.
Electricity can be an attack vector for the viability of Bitcoin. New York is thinking about a multi-year moratorium on Bitcoin mining because of the power issues. Ethereum switching to Proof of Stake as the consensus mechanism should be an advantage for that chain.
The mining reward will continue to halve about every 4 years for Bitcoin but I think it will take a (few?) hundred years to get to zero. The idea is that transaction fees alone will become the reward, some people think this will be enough to secure the chain, some people think this will not be viable.
The energy consumption is why I won't invest in coins. Tangible problems for hypothetical solutions. Lots of talk around the potential benefits, but, like gold, there's very much real world environmental problems with using it. Personally, I don't want to pile money into a dirty business.
To me, the whatever benefits come out of all this blockchain madness will be reaped by another instance which figures out how to be scalable and efficient, something which the current ones are not.
There are several mines being built in the US that are all solar, a massive number currently use excess peaker plant electricity. These politicians are fighting a battle that crypto solved years ago. Mining is fast moving to renewables and the innovation is accelerating renewable adoption and innovation.
Speak of the Devil. Elon Musk just came out saying Tesla would no longer accept Bitcoin due to environmental concerns from mining.
Tesla CEO Elon Musk said Wednesday on Twitter that Tesla has “suspended vehicle purchases using Bitcoin,” out of concern over “rapidly increasing use of fossil fuels for Bitcoin mining.”
Lol seems like the Musk tweet is tanking btc at the moment. Dropped $2K in 15 mins.
It looks like it’s hitting Coinbase stock as well. TIMMMMMMBERRRRRR...
*Jumps out window*
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