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RE: Cryptocurrency - The Wasted Potential of the Hash
Great post @dutch. I am not a pro in crypto, but I think all this power is also there to secure the bitcoin network.
For example if there was only a power of one supercomputer in bitcoin network, than any other two supercomputers could combine to always trick the bitcoin network into double spend.
What do you think?
You're totally correct in that some of the hashes are used to secure the network. Even so, from what I understand that could be achieved with thousands of times less compute power than currently being committed. I am no expert in securing the blockchain, so if anyone else can weigh in on this I would love to hear their take.
An elegant solution I have yet to see would be having only a randomised subset (weighted by compute power) of all miners actively trying to solve each block, while the rest point their compute to something more useful.