Yeah that’s correct.
> The phrase "stored on Earth" is a red herring. You don't need to store all possible passwords for those passwords to be possible to generate here.
A password used to protect a system must be persistently stored inside that system.
The number of passwords that can be generated on earth is greater than the number that can be persistently stored on earth.
For example, an iPhone must locally store a user’s unlock PIN code. However, it could theoretically generate a 20TB password for an external site in chunks without ever storing the full password locally.
Energy is a binding for password generation; but size is a constraint for password storage, which likely kicks in a lot earlier.