Bitcoin’s Electricity Consumption : Will Bitcoin Halving Solve The Problem?
Bitcoin’s Electricity Consumption : Will Bitcoin Halving Solve The Problem? Will Bitcoin Halving solve the great electricity problem that nags the Bitcoin bulls?
Moreover, mining Bitcoin is extremely energy inefficient and has a noticeable effect on the energy infrastructure and environment.
Tesla CEO Elon Musk cited this reason as the main catalyst for Tesla moving their treasury holdings out of Bitcoin.
In addition, electricity consumption is an effect of mining participants and their hardware.
Furthermore, the only thing that changes as more or less miners get involved with Bitcoin is the difficulty.
As a result of the original coders, halving’s are a function of block number and effective time.
Because the difficulty changes as a function of target blocks per minute on a short-to-medium term (approximately every 14 days roughly, or every 2016 blocks at the idealized 10 minutes per block).
Lastly, at the end of the day Bitcoin is a lottery.
Moreover, miners guess the correct answer to solve the problem.
Furthermore, and how popular the lottery is, changes how many guesses on average it takes to find a winning ticket.
In conclusion, the halving’s would happen just the same if there were 1 miner or 7.9 billion miners. Moreover, how does the halving change the energy consumption if the difficulty always adjusts to reflect the electricity used?