It's not true! The article has just calculated the energy used based on the fee. So yes $20 is more than most households use. I calculate the energy used by taking the hash rate dividing it by the hash rate of one ant miner as this probably the most common and then you can derive energy consumption it's not perfect but it's nowhere near the $20 per transaction this is a fallacy as most of that is just profit for miners.
In fact the block reward covers all the cost the transaction fee are just a bonus for the miners as I calculate that $148677.31 get's used per block with the reward being 12.5 BTC. So clearly the block reward is what is driving all the hash consumption not the transaction themselves.
No problem :) I think it's important to remember that miners are primarily chasing the block reward. Sending always use to be free or nearly free as all your doing is sending a transaction over to the mempool and hoping that the person who mines the block includes it. Will be interesting to see what the hash rate is when the block reward halves.
build more efficient environmentally friendly mines? Better equipment?move to POS? Ditch Bitcoin and use other Coins? The money Revolution is quickly evolving.
I'm an avid RaiBlocks believer. The Tangled system (or however it's called) really enables an exponential system using only basic computing power to process transactions. Technology is going so fast Blockchain already faces huge innovation in its competitions. The abundance of new projects and ICOs comes with its lows (scams and useless projects being pumped by whales) and its highs. XRB is one of those.
Techno researchers will have to create technology that uses less electricity to mine for bitcoin. They may have to move to locations that have cheaper electricity! ⚡️⚡️⚡️🌈
It's not true! The article has just calculated the energy used based on the fee. So yes $20 is more than most households use. I calculate the energy used by taking the hash rate dividing it by the hash rate of one ant miner as this probably the most common and then you can derive energy consumption it's not perfect but it's nowhere near the $20 per transaction this is a fallacy as most of that is just profit for miners.
In fact the block reward covers all the cost the transaction fee are just a bonus for the miners as I calculate that $148677.31 get's used per block with the reward being 12.5 BTC. So clearly the block reward is what is driving all the hash consumption not the transaction themselves.
Ahhhh so that's how they tried calculating it. Interesting. Cheers for providing clarity around that Tony.
No problem :) I think it's important to remember that miners are primarily chasing the block reward. Sending always use to be free or nearly free as all your doing is sending a transaction over to the mempool and hoping that the person who mines the block includes it. Will be interesting to see what the hash rate is when the block reward halves.
never trade they will kill you at tax time keep hodling for atleast one year
build more efficient environmentally friendly mines? Better equipment?move to POS? Ditch Bitcoin and use other Coins? The money Revolution is quickly evolving.
I'm an avid RaiBlocks believer. The Tangled system (or however it's called) really enables an exponential system using only basic computing power to process transactions. Technology is going so fast Blockchain already faces huge innovation in its competitions. The abundance of new projects and ICOs comes with its lows (scams and useless projects being pumped by whales) and its highs. XRB is one of those.
Great content, keep it up
I have a friend who is developing products that utilize the heat so you kill two birds with one stone!
i like that ETH is moving to a PoS network, but how could bitcoin do this?
Techno researchers will have to create technology that uses less electricity to mine for bitcoin. They may have to move to locations that have cheaper electricity! ⚡️⚡️⚡️🌈
If BTC done with their huge energy consumption & huge transcation fee than nothing will be like btc
If energy is being wasted it should be stopped immediately