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It works by asking your system for a small computation before handling the request. It’s not too intrusive for normal users, but it drives up the costs for bot farms.
So it doesn't stop LLMs from data farming but makes it spend more energy on doing so? If that's the case it sounds like that it's making things even worse
As I understand, Anubis doesn't make the user do anything. Instead, it runs some JavaScript in the client's browser that does the calculations, and then sends the result back to the server. In order for an LLM to get through Anubis, the LLM would need to be running a real JavaScript engine (since the requested calculation is too complicated for an LLM to do natively), and that would be prohibitively expensive for bot farms at any real scale. Since all real people accessing the site will be doing so through a browser, which has JavaScript built in, and most bots will just download the website and send the source code right into the LLM without being able to execute it, real people will be able to get through Anubis while bots won't. The total amount of extra energy consumed by adding Anubis isn't actually that high since bot farms aren't doing the extra work.
Take that all with a grain of salt; that info is based on a blog post which I read like 6 months ago, and I may be remembering incorrectly.
Your understanding is consistent with mine. It spends a small amount of effort (per user) that makes scaling too expensive (per bot-farm-entity). It also uses an adjustable difficulty that can vary depending on how sus a request appears to be.