The reward for Bitcoin mining is fixed. The work required is variable. If electricity costs globally shot up, there would be far smaller mining operations but the payout would be the same because the Bitcoin network adjusts its difficulty.
It doesn't really "consume everything it can" like a paperclip optimizer would. Like you said the reward for mining is fixed, so the amount of money/resources it can consume is limited to (mining reward * bitcoin price).
gruez|4 years ago
It doesn't really "consume everything it can" like a paperclip optimizer would. Like you said the reward for mining is fixed, so the amount of money/resources it can consume is limited to (mining reward * bitcoin price).
swiley|4 years ago