If you use as much energy as a whole neighborhood to find out which number multiplied by X results in a number Y with at least N leading zeros, then you have to pay dear for your energy consumption.
You're literally stealing energy away, while keeping alive a ridiculously inefficient financial circuit that can only process a few dozens of transactions per minute.
I hope that a 30% tax on mining will be the last nail in the coffin for that absurd idea called proof-of-work - and IMHO the proposed tax rate could/should be even higher.
If miners show resistance at every attempt of reforming their coins to be more environmentally sustainable, then hitting them where it hurts the most (on their wallets) is probably the best solution.
All the computing power wasted in mining can (and should) be repurposed for things that benefit everyone.
https://www.theregister.com/2023/05/04/us_crypto_electricity_bill_tax/
Fabio Manganiello /
npub1v7…ukv0u
2023-05-04 08:15:01
Author Public Key
npub1v78mmuz20p6qd6nve30axhqu74avwn4f6z4grhug7755rat7wh3syukv0uPublished at
2023-05-04 08:15:01Event JSON
{
"id": "8b05954b69300108fef8a3eb274ae816f8361c0b7d853a1121280b8bff282d20",
"pubkey": "678fbdf04a787406ea6ccc5fd35c1cf57ac74ea9d0aa81df88f7a941f57e75e3",
"created_at": 1683188101,
"kind": 1,
"tags": [
[
"mostr",
"https://social.platypush.tech/users/blacklight/statuses/110309415404059425"
]
],
"content": "If you use as much energy as a whole neighborhood to find out which number multiplied by X results in a number Y with at least N leading zeros, then you have to pay dear for your energy consumption.\n\nYou're literally stealing energy away, while keeping alive a ridiculously inefficient financial circuit that can only process a few dozens of transactions per minute.\n\nI hope that a 30% tax on mining will be the last nail in the coffin for that absurd idea called proof-of-work - and IMHO the proposed tax rate could/should be even higher.\n\nIf miners show resistance at every attempt of reforming their coins to be more environmentally sustainable, then hitting them where it hurts the most (on their wallets) is probably the best solution.\n\nAll the computing power wasted in mining can (and should) be repurposed for things that benefit everyone.\n\nhttps://www.theregister.com/2023/05/04/us_crypto_electricity_bill_tax/",
"sig": "ee03f688f7e96042954b43b735dc51408f0cf51aacd587e81ae320f8593a10e103732a7f99d0278189bb1dd83cd85b345ae1bc15865b0904b394870fc4b4f6eb"
}