undefined | Better HN

0 pointsMikester5y ago0 comments

> gold mining uses a lot of energy too (but I doubt Bitcoin will reduce the energy spent on gold mining, it will probably just add up

Why do people keep making the comparison to gold mining? It's inappropriate.

Gold mining is bad for the value of gold, because it increases the amount of gold in the world. Eventually, the gold coffers on Earth will deplete and there will be no more gold mining.

Bitcoin mining is necessary for the value of bitcoin, otherwise there can be no certainty of the blockchain. After most of the bitcoins get minted, the mining will still have to continue out of transaction fees.

The cost of mining bitcoin needs to be compared to the cost of gold storage and handling of gold transactions, not gold mining.

0 comments

leppr5y ago

You're right, amended my comment. Doesn't change the argument though.

MikesterOP5y ago

It doesn't change your argument indeed, it helps it.

j / k navigate · click thread line to collapse

0 pointsMikester5y ago0 comments

> gold mining uses a lot of energy too (but I doubt Bitcoin will reduce the energy spent on gold mining, it will probably just add up

Why do people keep making the comparison to gold mining? It's inappropriate.

Gold mining is bad for the value of gold, because it increases the amount of gold in the world. Eventually, the gold coffers on Earth will deplete and there will be no more gold mining.

The cost of mining bitcoin needs to be compared to the cost of gold storage and handling of gold transactions, not gold mining.