Author: Thomas Hartman 2021-03-14 14:32:18
Published on: 2021-03-14T14:32:18+00:00
In an email exchange between "LORD HIS EXCELLENCY JAMES HRMH" and an unknown subject, the issue of the high energy cost of mining Bitcoin was discussed. The author proposed a solution to curtail the cost by turning mining into a lottery with only authorized pay-to addresses able to mine valid blocks. This would limit mining to 50 people per continent to produce valid blocks at any one time for a period of 12 months, with four groups starting three months apart to transition. The author suggested that this could be overseen by a consortium and emphasized the importance of fighting for free markets in energy instead of making Bitcoin a centrally managed currency.In another email exchange between "Lonero Foundation" and "Devrandom", the issue of energy efficiency in Bitcoin mining was discussed. The author proposed a better cryptography layer to get the most out of hashing for validation. While some argue that energy expenditure has negative externalities, the author believes that the move to renewables will make this point moot. The author hopes to send their proposal soon and asks if they should use the Media Wiki format on GitHub to attach it as their proposal.
Updated on: 2023-06-14T19:11:32.712974+00:00