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0 pointstimbit424y ago0 comments

If Bitcoin dropped PoW and miners switched to other PoW cryptocurrencies, then that would be a huge reduction in power consumption worldwide because all the other PoW coins combined probably don't have the transactions Bitcoin does.

Additionally, the Lightning Network drastically cuts mining power consumption.

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Kbelicius4y ago

This doesn't makes any sense. The amount of energy any PoW coin uses has nothing to do with the number of transactions that are made.

pkulak4y ago

It absolutely does, since mining rewards are mostly from transaction fees.

Kbelicius4y ago

No they are not. For mining a block of BTC a miner gets a reward of 6.25 BTC. Transaction fees, by looking at the past few blocks, don't go much beyond 0.05 BTC. That is not even close.

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Kbelicius4y ago

This doesn't makes any sense. The amount of energy any PoW coin uses has nothing to do with the number of transactions that are made.

pkulak4y ago

It absolutely does, since mining rewards are mostly from transaction fees.

Kbelicius4y ago

No they are not. For mining a block of BTC a miner gets a reward of 6.25 BTC. Transaction fees, by looking at the past few blocks, don't go much beyond 0.05 BTC. That is not even close.

j / k navigate · click thread line to collapse