So I realize after speaking with several folks today that bitcoin mining is vastly misunderstood.

One of the big myths is that there's a relationship between power usage and usage of the network.

The truth is that Bitcoin and Ethereum and most major cryptocurrency have a fixed transaction limit.

ETH is somewhere around 20 TPS.
BTC is somewhere around 7-11 TPS.

This does not change with more or less miners on the network. This does not change if the price goes up or down

If you mint an NFT, the ETH network is going to use the same amount of power as if you don't mint an NFT.

The price of ETH and BTC *can* have an effect on how many miners join the network, but if you double the size or halve the size, you do not affect TPS.

(I edited for length, and realize I didn't define TPS. That's Transactions Per Second).

Most of the scientific studies cited in the media are using flawed and debunked papers that link usage of the network (in transactions per second) to power usage.

There are many reasons why these papers are flawed, but this is chief among them.

If you're a little more technical than most, here's some color on why there's not a relationship between TPS and energy usage...

The way blockchains work, they are a series of database records that are cryptographically linked together. Within the protocol for these blockchains are a block size limit. This is a hard limit, and there are many dogmatic fights as to whether they should be changed.

Follow

But within each chain, that limit is a hard number. When you're paying a transaction fee or a gas fee, you're paying to buy space in that block (money that goes to the miners who secure the network).

But that block is going to execute whether or not there's data in it.

If there are zero transactions in a block resolution period, that block will still be mined and added to the chain.

If it's completely full, it will still be mined and added to the chain.

The energy usage may be variable, but not dependent on transactions committed to the block

Sign in to participate in the conversation
#BlockRiot

The social network of the future: No ads, no corporate surveillance, ethical design, and decentralization! Own your data with Mastodon!