Bitcoin's #difficulty adjustment counters #Moore's Law. It ensures the electro-computational cost of hashing remains high, no matter how fast and efficient our computers become, by increasing the hashing difficulty ad infinitum.
Bitcoin ASICs chase an ever-receding horizon. No amount of ASIC efficiency will make the Bitcoin network use less energy. This high physical cost for producing Bitcoin or updating its ledger is a core feature, not a bug. We WANT it to be too physically expensive for any centralized entity to write the ledger. That is the primary #mechanism of Bitcoin's decentralization.
The 2nd-order effects of this are also highly beneficial for humanity. #Energy producers and chipmakers are financially incentivized to find better/cheaper energy sources and more efficient computers to gain a temporary comparative advantage in hashing. The end result is more abundant energy, faster and more efficient computers, and more secure ledger. #Mining
It's a win-win-win.
Twitter | Source
⚡️ @TutorialBTC
Bitcoin ASICs chase an ever-receding horizon. No amount of ASIC efficiency will make the Bitcoin network use less energy. This high physical cost for producing Bitcoin or updating its ledger is a core feature, not a bug. We WANT it to be too physically expensive for any centralized entity to write the ledger. That is the primary #mechanism of Bitcoin's decentralization.
The 2nd-order effects of this are also highly beneficial for humanity. #Energy producers and chipmakers are financially incentivized to find better/cheaper energy sources and more efficient computers to gain a temporary comparative advantage in hashing. The end result is more abundant energy, faster and more efficient computers, and more secure ledger. #Mining
It's a win-win-win.
Twitter | Source
⚡️ @TutorialBTC