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Comment on Over 2 percent of the US’s electricity generation now goes to bitcoin

cheese_greater@lemmy.world ⁨11⁩ ⁨months⁩ ago

First of all I doubt the profits generated from this go towards anything or anyone worthwhile, second, doesn’t bitcoin mining cause diminishing returns individually and across the network? Like aren’t the problems getting harder and more expensive computationally?

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deafboy@lemmy.world ⁨11⁩ ⁨months⁩ ago
The mining difficulty adjusts automatically so that 1 block is produced every 10 minutes on average.

More miners join, more difficult and expensive it gets, to the point it forces the least efficient miners to be turned off, or seek cheaper electricity. If too many leave or the price of BTC raises, more people are incentivized to join.

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- assassin_aragorn@lemmy.world ⁨11⁩ ⁨months⁩ ago
  
  More miners join, more difficult and expensive it gets, to the point it forces the least efficient miners to be turned off, or seek cheaper electricity.
  
  So wealth continues to be concentrated by the wealthy while polluting a bunch.
  
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  - deafboy@lemmy.world ⁨11⁩ ⁨months⁩ ago
    
    So wealth continues to be concentrated by the wealthy
    
    You know the business is legit, when the only complaint is “BuT ThE RiCh!!”
    
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