I know PoW uses vast amounts of power, but people need to understand that there's a reason for that. A shift to PoS would probably make me sell all my bitcoin holdings, because I believe the PoW system actually benefits the power/electricity generation sector, and PoW is inherently more secure and leads to more decentralization.
I also believe that PoW mining will increase investment and R&D in the ever cheaper and more efficient renewable power sector.
I won't babble on any more after this (I've argued this point so much it's started to piss me off hah), but the key factor all critics of PoW mining miss out is that the supply & demand of power is the real culprit, not Bitcoin or any other crypto.
Basically, if there is cheap power that can be supplied/sold, then it will be sold. it doesn't matter who buys it, but the fact that bitcoin miners are buying it shows that other sectors can't utilize the power profitably. If they could, then they obviously would, because it's cheaper. If it can't be sold/transmitted far enough, it is wasted (one example is gas flaring). It could be stored, but this is inefficient and expensive; so that's why Bitcoin miners flock to the cheap power, it's a win-win for both sides.
The blame seems to be aimed at the consumer (bitcoin mining farms), rather than the supplier (electricity generation plants). And the main reason [in my opinion] is because Bitcoin mining equipment is far more mobile than other forms of power consumption. E.g. they can move to where the cheap power is, much more easily than other consumers.
You can't move a city, you can't move an electrical powered train system, you can't move the Paris fashion industry, you can't move Hollywood... you can't even move massive traditional server farms easily (a la Meta/Reddit/traditional banking systems). But you can move mining operations.
So in conclusion, the problem is not to do with Bitcoin at all, it's to do with a global power supply/storage/transmission problem. Again, if other people/corporations could access the cheaper power then of course they would, but they can't. And that's not the fault of Bitcoin, that's a problem with the current power grid system and how excess power can't be utilized easily by many other sectors/consumers.
Any counter-arguments to this would be appreciated, because I honestly can't understand the problem, and I've done a metric fuckton of reading about it. Am I wrong?
Peace, decentralized_bass <3
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments