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	Comments on: The Bitcoin Halving Crash Course – What Is It &#038; Why It Matters	</title>
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		<title>
		By: Mark E. Jeftovic		</title>
		<link>https://bombthrower.com/the-crash-course-on-bitcoins-halving-and-why-it-matters/#comment-174772</link>

		<dc:creator><![CDATA[Mark E. Jeftovic]]></dc:creator>
		<pubDate>Wed, 17 Apr 2024 15:49:05 +0000</pubDate>
		<guid isPermaLink="false">https://bombthrower.com/?p=9741#comment-174772</guid>

					<description><![CDATA[In reply to &lt;a href=&quot;https://bombthrower.com/the-crash-course-on-bitcoins-halving-and-why-it-matters/#comment-174763&quot;&gt;Another Mark&lt;/a&gt;.

&lt;blockquote&gt;No, it actually exceeds 650 million trillion hashes per second (and each hash consists of many computations – even with ASICs).&lt;/blockquote&gt;

yes, you are correct - I should have realized I was grabbing the wrong side of the graph when I looked]]></description>
			<content:encoded><![CDATA[<p>In reply to <a href="https://bombthrower.com/the-crash-course-on-bitcoins-halving-and-why-it-matters/#comment-174763">Another Mark</a>.</p>
<blockquote><p>No, it actually exceeds 650 million trillion hashes per second (and each hash consists of many computations – even with ASICs).</p></blockquote>
<p>yes, you are correct &#8211; I should have realized I was grabbing the wrong side of the graph when I looked</p>
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		<title>
		By: Another Mark		</title>
		<link>https://bombthrower.com/the-crash-course-on-bitcoins-halving-and-why-it-matters/#comment-174763</link>

		<dc:creator><![CDATA[Another Mark]]></dc:creator>
		<pubDate>Wed, 17 Apr 2024 14:50:11 +0000</pubDate>
		<guid isPermaLink="false">https://bombthrower.com/?p=9741#comment-174763</guid>

					<description><![CDATA[You should stick to covering topics you understand.

&#062; The current hashrate across the entire Bitcoin blockchain is 75K TH/s (75 thousand trillion computations per second).

No, it actually exceeds 650 million trillion hashes per second (and each hash consists of many computations - even with ASICs).

&#062; For each block there is a particular puzzle that needs to be solved – they’re all the same, but the value of the solution is different each time.

This represents a horrible description of the block generation process. Validators use sha256 as a pseudo-random number generator attempting to produce a hash with an extremely small value. Rather than &#034;solving a puzzle,&#034; I would describe it as &#034;punching virtual lottery tickets&#034; until a winning number comes up.

As a side note, looking at the numbers, it seems clear that the Bitcoin network can&#039;t sustain itself in its current form. Pre-halving, the network costs about 60 million USD per day (the value of new Bitcoin released each day) to run (which includes the profits of miners). In 2140 (the scheduled end of emissions), where will this 60 million USD per day (2024 dollars) come from? A minimum 120 USD for even the simplest transaction (the network can only handle about 500,000 per day)? Or perhaps the network simply becomes much smaller (meaning less security)?]]></description>
			<content:encoded><![CDATA[<p>You should stick to covering topics you understand.</p>
<p>&gt; The current hashrate across the entire Bitcoin blockchain is 75K TH/s (75 thousand trillion computations per second).</p>
<p>No, it actually exceeds 650 million trillion hashes per second (and each hash consists of many computations &#8211; even with ASICs).</p>
<p>&gt; For each block there is a particular puzzle that needs to be solved – they’re all the same, but the value of the solution is different each time.</p>
<p>This represents a horrible description of the block generation process. Validators use sha256 as a pseudo-random number generator attempting to produce a hash with an extremely small value. Rather than &quot;solving a puzzle,&quot; I would describe it as &quot;punching virtual lottery tickets&quot; until a winning number comes up.</p>
<p>As a side note, looking at the numbers, it seems clear that the Bitcoin network can&#039;t sustain itself in its current form. Pre-halving, the network costs about 60 million USD per day (the value of new Bitcoin released each day) to run (which includes the profits of miners). In 2140 (the scheduled end of emissions), where will this 60 million USD per day (2024 dollars) come from? A minimum 120 USD for even the simplest transaction (the network can only handle about 500,000 per day)? Or perhaps the network simply becomes much smaller (meaning less security)?</p>
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