Ethereum mining uses as much energy as a small country

OJC_GALANT · July 6, 2017

On 29.6.2017 at 8:19 PM, Teddy07 said:

Why do they change it if that will kill it? Doesn't make sense to me.

The miners aren't changing anything. Ether are changing the system at the cost of the miners.

PocketNerd · July 6, 2017

On 7/4/2017 at 1:01 AM, leadeater said:

Yea very similar but both are totally reliant on miners for the system to actually function; create, verify, processes, audit. None of those functions can work without miners in both Eth and BTC and it isn't going to change when moving to Proof of Stake either, but at least with that bucket loads of power won't be used.

To say mining is a waste of time and resources is a bit misinformed about how these work. I like the idea of Proof of Work a bit more than Proof of Stake (rich gets richer etc) so getting miners to do more productive computation does sound great but that would make it far too hard to control the difficulty of computation.

http://www.coindesk.com/information/ethereum-mining-works/

Wait, I thought "mining" basically involved processing the various financial transactions of their respective currency and rewarding miners at random?

This seems... needlessly complex.

OJC_GALANT · July 6, 2017

I wish countries started banning cryptocurrency mining. Just so I can finally add a GPU to my rig. Just make up some excuse like "They consume too much power" and I will assure you my vote in the next election lol

BachChain · July 7, 2017

1 hour ago, PocketNerd said:

Wait, I thought "mining" basically involved processing the various financial transactions of their respective currency and rewarding miners at random?

This seems... needlessly complex.

I believe that it's purposefully made complicated in order to prevent someone from forging transactions.