The energy consumption of Bitcoin mining is a necessary cost for securing the network from "summary" of The Bitcoin Standard by Saifedean Ammous
Bitcoin mining is a process that involves solving complex mathematical puzzles to validate transactions on the network. Miners compete with each other to solve these puzzles, using vast amounts of computational power. This competition is what ensures the security of the Bitcoin network. The more computational power that is devoted to mining, the more secure the network becomes. Energy consumption is a necessary cost of this process. It is not wasted, as some critics may argue, but rather a vital component of securing the network. Without this energy expenditure, the network would be vulnerable to attacks and manipulation. The cost of mining ensures that miners have skin in the game, as they are incentivized to act honestly in order to reap the rewards of mining. The energy consumption of Bitcoin m...
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