I have questioned this ever since I learned that the more adoption there is, the less efficient mining becomes, ergo more power is wasted accomplishing the exact same task for no extra benefit. Difficulty creates a back asswards system that makes adoption a con.

[–] NewDark@unilem.org 6 points 2 years ago (1 children)

Mining is only one strategy for concenous, but yes it is a pretty rudementary and inefficient version.

[–] BolexForSoup@kbin.social 0 points 2 years ago (1 children)

Well it’s been over a decade and Bitcoin is still PoW, as well as nearly 50% of the entire crypto market.

[–] NewDark@unilem.org 2 points 2 years ago

Bitcoin is more religion and cult than anything. Of course they think it's great or at least able to hand wave criticisms.

And yeah, consensus is a hard problem to solve for. Many have taken the route of least resistance and implemented what is known to work.

[–] AtHeartEngineer@lemmy.world 1 points 2 years ago (1 children)

Ethereum doesn't use mining at all anymore. It can get expensive to use though, which layer 2 chains help with