Subject: Re: [bitcoin-dev] BIP Proposal: Consensus (hard fork) PoST Datastore for Energy Efficient Mining

From: Eric Martindale <[email-masked]>
Date: Sun, 14 Mar 2021 22:02:42 -0400

Bitcoin's security is derived from the energy consumption of mining, so
reducing the overall expenditure would be an objective decrease in
resilience.  As a miner, your efficiency at converting energy into
hashpower is the driving factor in your profitability, so this and any
other future attempts to decrease the cost of attacking Bitcoin receives a
hard NACK from me.

If you're concerned about missing out on the subsidy or fee revenue, grab
any number of the sub-500mSAT USB miners and get access to cheap power.

Sincerely,

Eric Martindale, relentless maker.
Founder & CEO, Fabric, Inc. <https://fabric.fm>
+1 (919) 374-2020

On Sun, Mar 14, 2021 at 9:41 AM LORD HIS EXCELLENCY JAMES HRMH via
bitcoin-dev <[email-masked]> wrote:

> Good Afternoon,
>
> It is obvious that something needs to be done to curtail the current cost
> of mining in kWh per block. I understand proposals are rejected because it
> is considered censorship and Bitcoin has a consensus to allow anyone to
> mine but, since mining requires specific hardware and energy requirements
> it is already a form of censorship where most on the planet except for the
> top 6% I am guessing here, cannot afford to mine. Without affecting the
> current algorithm, I have previously begun to explore the process by which
> mining can be turned into a lottery with only authorized payto addresses
> able to mine valid blocks, since transaction fees and block rewards exist
> to pay the miner. It would be better even if the algorithms are improved if
> there are some ways that only a subset of miners can produce valid blocks
> for any given period, say for 12 months with four groups starting three
> months apart to transition, and maybe limit mining to 50 people per
> continent to produce valid blocks at any one time. Possibly this requires a
> consortium to oversee the lottery but it is something Bitcoin can handle
> themselves, and would do better to handle than to wait for government
> intervention as we have seen previously in China where power was too cheap
> Bitcoin was banned entirely.
>
> KING JAMES HRMH
> Great British Empire
>
> Regards,
> The Australian
> LORD HIS EXCELLENCY JAMES HRMH (& HMRH)
> of Hougun Manor & Glencoe & British Empire
> MR. Damian A. James Williamson
> Wills
>
> et al.
>
>
> Willtech
> www.willtech.com.au
> www.go-overt.com
> and other projects
>
> earn.com/willtech
> linkedin.com/in/damianwilliamson
>
>
> m. 0487135719
> f. +61261470192
>
>
> This email does not constitute a general advice. Please disregard this
> email if misdelivered.
> ------------------------------
> *From:* bitcoin-dev <[email-masked]> on
> behalf of Lonero Foundation via bitcoin-dev <
> [email-masked]>
> *Sent:* Saturday, 6 March 2021 3:16 AM
> *To:* Devrandom <[email-masked]>
> *Cc:* Bitcoin Protocol Discussion <[email-masked]>
> *Subject:* Re: [bitcoin-dev] BIP Proposal: Consensus (hard fork) PoST
> Datastore for Energy Efficient Mining
>
> Also in regards to my other email, I forgot to iterate that my
> cryptography proposal helps behind the efficiency category but also tackles
> problems such as NP-Completeness or Halting which is something the BTC
> network could be vulnerable to in the future. For sake of simplicity, I do
> want to do this BIP because it tackles lots of the issues in regards to
> this manner and can provide useful insight to the community. If things such
> as bigger block height have been proposed as hard forks, I feel at the very
> least an upgrade regarding the hashing algorithm and cryptography does at
> least warrant some discussion. Anyways I hope I can send you my BIP, just
> let me know on the preferred format?
>
> Best regards, Andrew
>
> On Fri, Mar 5, 2021, 10:12 AM Lonero Foundation <
> [email-masked]> wrote:
>
> Hi, this isn't about the energy efficient argument in regards to
> renewables or mining devices but a better cryptography layer to get the
> most out of your hashing for validation. I do understand the arbitrariness
> of it, but do want to still propose a document. Do I use the Media Wiki
> format on GitHub and just attach it as my proposal?
>
> Best regards, Andrew
>
> On Fri, Mar 5, 2021, 10:07 AM Devrandom <[email-masked]> wrote:
>
> Hi Ryan and Andrew,
>
> On Fri, Mar 5, 2021 at 5:42 AM Ryan Grant via bitcoin-dev <
> [email-masked]> wrote:
>
>
>   https://www.truthcoin.info/blog/pow-cheapest/
>     "Nothing is Cheaper than Proof of Work"
>     on | 04 Aug 2015
>
>
> Just to belabor this a bit, the paper demonstrates that the mining market
> will tend to expend resources equivalent to miner reward.  It does not
> prove that mining work has to expend *energy* as a primary cost.
>
> Some might argue that energy expenditure has negative externalities and
> that we should move to other resources.  I would argue that the negative
> externalities will go away soon because of the move to renewables, so the
> point is likely moot.
>
> _______________________________________________
> bitcoin-dev mailing list
> [email-masked]
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>