this post was submitted on 09 Mar 2025
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The rate at which new bitcoins enter the economy is controlled. When the processing power of the mining network increases, the difficulty of the mining problem is artificially increased to keep the rate of minting the same. They throw out perfectly good solutions to the problem of creating the next link in the blockchain, to control inflation of bitcoin value.
https://www.investopedia.com/tech/how-does-bitcoin-mining-work/#toc-why-mine-bitcoin
They are spending 100 trillion times as many processor cycles on bitcoin mining as is actually required to maintain the network. Every bitcoin transaction could be done at 100 trillionth the current energy cost. The only problem is, it would devalue bitcoins and crash the market like a Venezuelan dollar. So Bitcoin is designed to intentionally flush the energy output of a small country down the toilet to keep itself valuable.
Excellent summary. Thanks.