How close is the theoretical to reality? And how many hours to generate a Bitcoin? Markets will determine cost of energy and the value of Bitcoin. But not the amount of energy per coin. Which is?
Discussion
Theoretical is light years away from reality.
Markets decide the energy per coin because energy per coin is a function of number of miners. More miners equals more energy but NOT more coins and NOT more transactions.
So it isn’t a fixed amount. I have not read much. I knew it was complex computing. And there was a competitive nature to the way it works. I think you confirmed a lot of that. But I think then, the energy efficiency is relevant to the argument of the cost of bitcoins, and are they detrimental to the planet. Thanks for the replies.
No the energy is not a bug it’s a feature. The coins cost energy to make b/c you cannot fake energy. They cost more energy when more people participate because then there are real market forces.
While there is no empirical proof bitcoin causes better allocation of resources(you’ll just have to make up you’re own mind) assuming it does, the energy savings from less misallocated resources vastly outweighs the energy spent mining bitcoin.