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10 sats \ 0 replies \ @rheedi0 OP 2 May 2022 \ parent \ on: The Semantics of Bitcoin "Mining" bitcoin
Excellent points and reference. I couldn't help tracking down the post I think you are referring to from the bitcointalk forums. I believe this is the one:
It's the same situation as gold and gold mining. The marginal cost of gold mining tends to stay near the price of gold. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange.
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