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TTPrograms | 4 years ago
It's not as though increased mining efficiency provides some net good for the Bitcoin blockchain, e.g. increased transaction throughput. It just provides a profitable edge for the miner. You'd just expect difficulty to increase, not energy usage to decrease. I don't think there's any particular reason to desire this sort of cross-miner competition that produces negligible societal gain.
ufo|4 years ago
TTPrograms|4 years ago
https://en.wikipedia.org/wiki/Rent-seeking
E.g.: "The classic example of rent-seeking, according to Robert Shiller, is that of a property owner who installs a chain across a river that flows through his land and then hires a collector to charge passing boats a fee to lower the chain. There is nothing productive about the chain or the collector. The owner has made no improvements to the river and is not adding value in any way, directly or indirectly, except for himself. All he is doing is finding a way to make money from something that used to be free."
DennisP|4 years ago