Completely untrue. The amount of money miners spend on bitcoin mining per unit time will never be higher than the value of bitcoin block rewards per unit time.
The block reward gets cut in half every couple years. Right now it’s $18M/day, and at its peak it was $60 million per day. Assuming the price of btc doesn’t shoot back up, that puts an upper limit on the amount of money spent by miners on electricity at $60M/day. To put that number in perspective, the US alone spends $3B/day on energy.
And as a typical cryptocurrency advocate, I always find it amusing when HN programmers, probably in the richest 1% of the world globally, talk about how the line going up even more just isn’t really that important. It already went up for you, maybe we should ask people in brazil or in the philippines or in subsaharan africa if they want their line to go up.
The block reward gets cut in half every couple years. Right now it’s $18M/day, and at its peak it was $60 million per day. Assuming the price of btc doesn’t shoot back up, that puts an upper limit on the amount of money spent by miners on electricity at $60M/day. To put that number in perspective, the US alone spends $3B/day on energy.
And as a typical cryptocurrency advocate, I always find it amusing when HN programmers, probably in the richest 1% of the world globally, talk about how the line going up even more just isn’t really that important. It already went up for you, maybe we should ask people in brazil or in the philippines or in subsaharan africa if they want their line to go up.