there is nothing inherent to the protocol that dictates such massive power use.
Yes there is, massive power use is the entire point of proof-of-work. If Bitcoin blocks could be produced without massive power use then the blockchain’s system of validation would fail and 51% attacks would be trivial.
That’s because there were just a handful of people mining the first blocks and there was no demand, so the price was basically zero.
The protocol is meant to promote decentralization, so I have no idea how a 51% attack would be an example of the protocol functioning properly. A 51% attack is a demonstration that the protocol is controlled by a single entity.
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ah yes the 10th place - still, Doge is estimated to use ~1% of the energy Bitcoin uses and it’s been in steady decline since the meme blew up.
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Yes there is, massive power use is the entire point of proof-of-work. If Bitcoin blocks could be produced without massive power use then the blockchain’s system of validation would fail and 51% attacks would be trivial.
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That’s because there were just a handful of people mining the first blocks and there was no demand, so the price was basically zero.
The protocol is meant to promote decentralization, so I have no idea how a 51% attack would be an example of the protocol functioning properly. A 51% attack is a demonstration that the protocol is controlled by a single entity.
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That’s not an “attack.”
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idk their methodology - source
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then there’s no reason to believe they got it wrong.
also they’re vague estimates, even bitcoin has a huge margin for error.
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what’s the problem of estimating based on mined blocks and difficulty?
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