Author: Karl 2021-05-23 19:44:18
Published on: 2021-05-23T19:44:18+00:00
The increasing popularity of Bitcoin has led to a rise in fees and energy use. If this becomes an issue, block size could be raised to lower fees, but this would increase block rewards and energy consumption. However, if block size is increased too much, there may be no fees or security. Authorities can sign off on whether or not miners are engaging in environmentally-friendly practices, but they are bribeable. One possible solution is to code incentives for people to place and verify proof on the chain, and for the chain to pay people to investigate and prove miners' business practices. Another solution is for other entities in the locality to use force to require polluting entities to clean up or suffer significant consequences. As Bitcoin grows, people may need to be willing to enforce behavior themselves if they ask a locality to do so.
Updated on: 2023-06-14T22:10:20.966717+00:00