Reply to post: Re: Efficiency

Crypto inferno: Intel's Bitcoin-mining Blockscale ASIC to arrive in Q3


Re: Efficiency

Well it looks like intel don't understand bitcoin. Making mining machines more efficient will lead to an increase in the hashing capacity of the network, so the difficulty will increase, so more hashes will need to be calculated.

The money stream feeding the miners is provided by the price of bitcoin. If a miner has the choice of computing the same hash rate for a lower cost, or a higher hash rate for the same cost, They're likely to want to increase the hash rate to increase their share of the mined coins. Especially considering that others will be making the same decision.

The energy usage of bitcoin will only reduce if the price collapses, they switch away from proof of work, or maybe if energy prices go up a lot. Energy is far too cheap currently.

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