Score:-2

Bitcoin energy waste

th flag

Reading learnmeabitcoin I found the following how bitcoin works:

The bitcoin difficulty self adjusts so that a block is solved on average in 10 minutes.

Solving a block requires the miner to generate hashes until it reaches a certain valid hash (for example a value lower than a target). This means that the miner will use all available processing power to generate random hashes in hoping that it will get a correct value. So this computation is completely random, having no real life usage, only delaying in finding new blocks.

And if more miners are added to the network, this difficulty is virtually increased every 2 weeks to maintain 10min between blocks, requiring even more power for meaningless hashing. So the more miners, the more wasted power.

Aren't there alternative algorithms that bitcoin can use for block mining other than virtually burning 100% available computing power?

Can bitcoin alter this in a future update, or it is stuck with this inefficient algorithm?

cdalxndr avatar
th flag
Why downvote? Please provide info to improve the question!
jjj avatar
cn flag
jjj
Maybe look at "proof of stake". That would be a solution, but I guess it will not change, because there is no majority for that.
cdalxndr avatar
th flag
@jjj So before change, the majority of miners will have to agree to that change? Is there a documentation somewhere, how does this work? They have a syndicate of some sorts?
jjj avatar
cn flag
jjj
Techniclly there is no need for a formal process. Some miners can just decide to accept other blocks. If some do and some don't, then it's a fork, so the blokchain just splits into two. The one with more support will probably called Bitcoin, the other one something else. I think for Bitcoin there is an evaluation process to make sure there is a large majority to support a change, but I don't know how that works.
Score:1
in flag

Bitcoin can't change. That is one of the problems with fully automated not managed by anyone systems. You can't change the rules.

On the other hand, Etherium 2 has another method where you need to invest virtual currency to get more. And no need to spend a ton of compute power.

PrincePolka avatar
cn flag
This is incorrect, it can and has changed
Meir Maor avatar
in flag
PrincePolka you will need to back up that assertion.
PrincePolka avatar
cn flag
https://bitcoin.org/en/version-history , Note I am merely disputing the statement "Bitcoin can't change." , I'm not suggesting the mining algorithm has or will.
jjj avatar
cn flag
jjj
When most miners agree bitcoin can change. Also happened in the past.
Meir Maor avatar
in flag
It's not practical, and can potentially cause a fork. Minor changes may be possible. I don't think major ones are practical.
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