Comment on Bitcoin mining is no longer profitable
apotheotic@beehaw.org 11 months 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 11 months 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 11 months 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.