As far as I understand it, the bitcoins that have not yet been mined are encrypted; The complexity of the encryption increases as more bitcoins are mined, meaning more computing power is needed for the same amount of bitcoins as more bitcoins are mined. This means the amount of money it costs to mine a bitcoin increases with time, thus increasing the value of newly mined bitcoins.
Miners form networks together in order to collectively attempt to brute force solutions in order to obtain the key and unlock a new batch of bitcoins. To do this, either their GPU or their CPU is utilized to try one solution after the other, until one of the miners in the network hits the right solution. The bitcoins that were mined are then distributed across all the miners in the network according to the total computing power they have contributed before the solution was found. At the same time, this computing power is used to verify transactions and keep the entire network secure.
... Am i the only person that thinks that is just a giant waste of power? You are essentially burning electricity to get electric dollars, they are seriously just wasting power to brute force encrypted codes? Essentially bitcoins are mined from a bullshit grinder
Well that's true, part of the computing power is used to keep the network up and perform transactions and validate them, meaning it is not entirely useless. Still better than fiat dollars that are printed from the money printer according to the whims of the federal reserve.
IDK, bitcoins getting printed from its own bullshit grinder vs fed bullshit grinder, i dont get why people are okay with that and dont see the issue? there is nothing tangible with bitcoins in that case, and any processing power used for holding up the network isnt being applied to mining so it doesnt count in bitcoin production. It seems to me a deficit based currency where its value is based on how much power is wasted to print a coin. Your paying for the money but essentially getting nothing in return, burning electrical power for something that is printed at zero cost. The bitcoin marketplace i think is what holds it up, the ability to purchase things through bitcoin is more appealing to certain people than USD so people invest and the investment itself took off. Now its value as an investment has superceded its value as a currency and trading system, i think thats an indication that its a bubble. Thats not to argue though that USD is safer, its garbage kike currency too and incredibly dangerous to invest in considering the 'money printer go brrr' BS that has been going on, but i do personally think crypto is overhyped.
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