Comment on Bitcoin mining is no longer profitable
apotheotic@beehaw.org 3 weeks agoThere is not useful work being done. They may as well be crossword puzzles. Some coins do use the work to do useful things, but bitcoin does it as a way of “proving your work” to earn coin.
GregorGizeh@lemmy.zip 3 weeks ago
I suspected that, but why the hell is “proof of work” nothing of any use or value? That just seems so fundamentally absurd it doesn’t compute for me apparently
apotheotic@beehaw.org 3 weeks ago
I always thought it would be ideal to do this to create a powerful distributed computing network that can both serve to process the transactions made with the coin and also to do something useful, like folding@home or seti@home or whatever. But apparently nope, GPU crossword puzzles that do nothing but use electricity to make heat are the best they could think of.