As usual, I enjoy our conversations. Thank you very much for responding again.
The legends
The greater the prize, the more people that pursue it. One classic example of this belief is the United States' California Gold Rush in the mid-1800s. Someone found gold, probably lying right in the street, and legends were born from the discovery. People from across the land and sea sought the fortunes discovered earlier on in California's history.
Fast forward more than 150 years and we're now in a new generation of a gold rush. Instead of metal, we pursue digital coins awarded from solving a math problem. And in the beginning, it was good and legendary. People across the land, sea, and continents looked upon the new system of currency and they too found that it was good. Contrary to the masses arriving within a newly founded state, people instead began to build fortresses to worship the new currency and the promises it gave to the faithful.
Energy Demands
We have greater energy demands from the Bitcoin network because companies have put a greater number of processors out there to mine the currency. One figure I read was that the network mines about 75 BTC/hour. Also, the system is built upon the Proof of Work Model (POW). In a straightforward explanation, the POW model allows for a secure and verifiable transaction without the use of a third party. If one miner solves a problem, that miner is awarded a BTC, all other miners work to verify that transaction to prove the work is valid.
Mining one BTC requires energy in the amount of about 1.57 homes in 2015. The value has risen since. A less energy-demanding form of verification is Proof of Stake which requires less energy. I do not believer BTC will ever implement the POS methodology unless something critical occurs.
I am glad to be among the legends of the digital coin even though I am not part of the legends that discovered gold earlier. I plan to build fortresses with you too, just as you said, and I believe in the promises it brings.
You can never tell what will happen in the future. Maybe, just maybe, something will happen and that will push Bitcoin into implementing the POS. We just have to wait and see, and be ready for the overturn of events.
Thank you for taking the time to explain this @scholaris
I appreciate
You are very welcome! You can't tell what will happen in the future, but you can certainly forecast it with some accuracy.
It's only noticeable to some groups now, but eventually, Bitcoin's power consumption will rise beyond something ridiculous. Either environmental or government groups will start to question it more forcefully. It could be that such attention drives BTC to a hard fork that may need to change its POW mode.
More importantly, will be the cost of a BTC under the POW model. If the net gain gets close to zero between mining a token and paying for the costs, it would have a greater impact on the future of BTC.
Hehhhehehheee...I think I know where this is going and you are not far away from the truth. It will definitely be people trying to question its power that will compel them to change their POW mode. I just hope such a change will be for the best.
I believe power consumption is enough of a hot topic that Bitcoin Miners will switch to Proof of Stake. We're in the era of "Climate Change". No one is immune.
Ethereum is already planning the switch. Bitcoin SUISSE is planning to follow the POS plan once Ethereum makes its official switch to POS.
Thats interesting
Change is upon us then
Thank you for taking the time to explain
.
Cheers