I worry at times that well-meaning bitcoin miners will choose to engage with politicians ranting about energy use, when it’s obvious those vampires have an agenda and zero interest in open, honest debate.
A simple “how energy is used isn’t your concern” should suffice to stop the political posturing in its tracks.
The micromanager class will keep pushing & pushing their way in convincing the public that they are the arbiters of all things in life, unless something changes.
I've only been in crypto for a few months and met them through brianna from NOAH. Today I made my first post telling a little where I'm from and how I started. When time allows me, I will tell how I got started and how I am getting my sats in games and participating in communities. I would like to be able to make my publications also in Spanish, which is my native language. Thank you
My action of the day is basically help hodlnaut in their case against Craig Wright. They're making collects, so, you wanna give a hand? Go to Defending BTC and put some sats ..
Why did I do it? IDK, tomorrow maybe I will be in his seat and today I can help him/her.
There's many people just posting links, which I think is ok, but it's not clear whether they're the author of that article or not. I like sending sats for good info on the internet, that's why I like SN. But I don't like much sending sats to copypasta links.
There should be a way to clarify if the post is authored or just re post, like a little colored tag. Or is it already like that and I'm not getting it?
You hold your Bitcoins on a centralized exchange?
Excuse me for saying this, but that's a bit strange
That's a great way to lose all your change!
My sats are safe, like cows on the range
I can see a light at the end of the tunnel, for stopping the use of pricing BTC in USD.
The alternative, we should consider switching to, might be kWh.
How many kWh can BTC buy?
I get that this is local, and more challenging. But, that's our out. That's the path to making USD obsolete.
🤔
Talk this through with me... using USD makes no sense to discuss the topic below.
30-day Average Transactions Value is $2.519B USD == ~$919B USD / yr
Annual block reward subsidy is $7.72B USD
7.7 / 919 = 0.84%
At first glance, one could calculate, that in order to replace the "value" of the subsidy, the average transaction would have to pay a recommended 0.84% in order to keep the chain as secure as it is in 2023 after the block-subsidy runs out.
But that's not the full picture. The full picture depends on how much energy USD can buy (as well as how efficient the miner technology is).
If in 50 years, USD buys 20x less kWh in the future, and Bitcoin is worth 20x in USD-terms, and fees don't rise, then the chain will be way way way less secure than it is today.
This method of calculation still uses USD as a common denominator between BTC and kWh.
Instead of asking "how many kWh can BTC buy", ask "how many kWh applied to a current gen ASIC can mine 1 BTC".
Example: 100 TH antminer s19 runs on 3.25 kW. In theory, it would take 6.17 years to mine a BTC (ignoring halvings, assume difficulty is constant). That's about 54,000 hours.
So 1BTC = (54,000hrs x 3.25kW) = 175,000 kWh = 175 megawatt hours = 7.29 megawatt days = 1.29 megawatt weeks
Seeing a lot of Bitcoin communities being drowned in GME, AMC, BBBY bullshit
Can't these people just shut up and circlejerk in their own little echo chamber? Bitcoin is built on sound technology and a vision for the future and don't trust, verify. Besides the memestocks being pure gamblinga and bitterness for the past, they are "speculate, no verifiable theories". This is incompatible with Bitcoin mindset.
Messing around with React, again 🙂 Today I'm working on integrating the lightning.gifts API into the UselessShit.co card generator so users can include a gift in sats along with a card 🙂
I feel that people don't feel like they're cared for. So if you need a hug, reply below and I'll send you a virtual hug and some words of encouragement.
USD.kWh.7.7 / 919 = 0.84%