Author: Lonero Foundation 2021-03-16 18:22:48
Published on: 2021-03-16T18:22:48+00:00
Andrew provided an update on his BIP proposal and mentioned an interesting discussion that he had so far. Meanwhile, James HRMH proposed a solution to curtail the current cost of mining in kWh per block by turning mining into a lottery with only authorized pay-to addresses able to mine valid blocks. He suggested limiting mining to 50 people per continent to produce valid blocks at any one time and possibly requiring a consortium to oversee the lottery. James argued that this would be better than waiting for government intervention, as seen previously in China where Bitcoin was banned entirely when power was too cheap. Lonero Foundation also contributed to the discussion, proposing a better cryptography layer to get the most out of hashing for validation. They acknowledged the arbitrariness of their proposal but still wanted to submit it in a document using Media Wiki format on GitHub. In another email, Devrandom belabored the point that while the mining market will tend to expend resources equivalent to miner reward, it does not prove that mining work has to expend energy as a primary cost. They also argued that negative externalities will go away soon due to the move to renewables, making the argument for moving away from energy expenditure moot.
Updated on: 2023-06-14T19:09:03.195370+00:00