crazylogman
New member
The process of mining for Bitcoin and Etherium, known as proof of work (PoW), allows for the monetization of stranded energy. This energy is often produced through controversial methods, such as fracking, and is located in low population areas where it is cheap to extract but expensive to transport to market. This led to a significant increase in US energy production and record profits for oil and gas companies.
This is where cryptocurrency comes in. The process of PoW mining for Bitcoin and Etherium, allows for the monetization of stranded energy. However, this has led to a situation where miners have an incentive to manipulate prices and spam the network to increase fees and lower throughput. In other words, miners have become obstructionist in regard to the growth and development of the network in exchange for short-term gains.
Etherium has recognized this issue and is working to implement a scaling plan that removes the need for proof of work, thereby reducing the influence of cartels. However, this shift has led to pushback from these cartels, who are informally trying to harm or ban the Etherium network.
It is unclear how these political developments will affect the future of cryptocurrency, but it is clear that the use of Bitcoin and Etherium by cartels and US interests has significant implications.
This is where cryptocurrency comes in. The process of PoW mining for Bitcoin and Etherium, allows for the monetization of stranded energy. However, this has led to a situation where miners have an incentive to manipulate prices and spam the network to increase fees and lower throughput. In other words, miners have become obstructionist in regard to the growth and development of the network in exchange for short-term gains.
Etherium has recognized this issue and is working to implement a scaling plan that removes the need for proof of work, thereby reducing the influence of cartels. However, this shift has led to pushback from these cartels, who are informally trying to harm or ban the Etherium network.
It is unclear how these political developments will affect the future of cryptocurrency, but it is clear that the use of Bitcoin and Etherium by cartels and US interests has significant implications.