Laser bitcoin mining

We share too much. Do you know of such a creature? Lord Tywin had made himself greater than King Aerys, I heard one begging brother preach, but only a god is meant to stand above a king. You were his curse, a punishment sent by the gods to teach him that he was no better than any other man.

Perhaps your head was larger than most but there was no tail, no beard, neither teeth nor claws, and nothing between your legs but a tiny pink cock. After all the wonderful whispers, Lord Tywin's Doom turned out to be just a hideous red infant with stunted legs. Elia even made the noise that young girls make at the sight of infants, I'm sure you've heard it. The same noise they make over cute kittens and playful puppies. I believe she wanted to nurse you herself, ugly as you were.

He shouldn't even have lived this long. And it was my bloody father's notion. The King's Hand felt it might help improve the morals of the city. Needless to say, as master of coin, Tyrion had gotten all the blame for it. Brorm said they were calling it the dwarf's penny inthestreets. Oberyn abruptly changed the subject. Bitcoin is a technology and technology changes.

First and foremost, lasers have shown promise in making computation more efficient. From a business perspective, oPoW makes a lot of sense. Instead of having capital expenditure and operating expenses taking an equal share in running a bitcoin mine, the cost shifts toward upfront investment. As a result, oPoW Bitcoin hardware would be markedly more expensive than current machines. That investment could be more easily financed, as lenders would have expensive equipment to collateralize against, and the cost of operations would be predictable because miners would be less sensitive to changes in energy availability and pricing.

As such, cash flow pressures would be further eased as pricier equipment allows companies to run additional depreciation expense through their financial statements — an accounting trick, in practice, that nonetheless has real financial consequences.

Notwithstanding the genuine benefits of an energy-intensive blockchain, a shift away from energy consumption would unquestionably ease political pressures, especially in the United States and the European Union, where a regulator has called for a ban on proof-of-work crypto mining and the parliament seriously considered such draconian measures though ultimately rejected them. In this scenario, politicians and regulators might conceivably warm to Bitcoin if one of their major points of contention were to fall away.

Proponents of oPoW also argue that the shift away from energy dependency would improve the geographic distribution of bitcoin mining since it would no longer be concentrated in places with cheap, abundant energy. Instead, it would be mined wherever capital is available to be put to work to mine bitcoin.

This would make Bitcoin less susceptible to aggressive swings in hashrate if, say, a coal mine explodes in China or the Kazakh government shuts down the internet. The idea here is that bitcoin miners are compelled to be good actors; otherwise, their mining equipment and bitcoin would become worthless if a successful attack on the network were carried out.

With that in mind, shifting even more of the cost of mining to capital expenditure would increase the overall security of the system. Lastly, a hard fork , or backward-incompatible code change, is not necessarily required for the Bitcoin network to test and eventually implement oPoW. This is a potentially important point, as hard fork proposals have historically been highly contentious among bitcoiners.

The most famous example is the Bitcoin Cash hard fork that stemmed from the virulent debate over block size and the block capacity enhancement of Segregated Witness in In a soft-fork test phase, miners could ensure that most mining revenue would be earned using the current mining algorithm and a small percentage using oPoW. This could create sufficient incentive for oPoW to be stress-tested and to incentivize the manufacture of dedicated oPoW miners. If unsuccessful, it could be phased out.

In the early days of bitcoin mining, we saw China dominate, owing to its glut of cheap energy. That cheap, abundant energy was a result of China looking to aggressively expand its economy and become energy independent. In doing so, China overbuilt its power generation capacity. Bitcoin mining ended up coalescing within China because China fulfilled bitcoin miners' needs for cheap input costs i.

Simply shifting the cost curve to up-front cost might lead to the exact opposite centralization problem.

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