[2014-12-05] Physics and economics will [ensure] distributed mining

[LiteCoinGuy]

Physics and economics will [ensure] distributed mining


Every now and then I read something that I think is inspired.  In this instance I came across a post by reddit post by someone going by the handle of foolish_austrian.

His expertise and unique look on where bitcoin mining may be in the long term really captured my imagination and I thought readers may enjoy his far off vision of where mining may lead is in the future.  So, without any more from me, here is the [not so]foolish_austrian;-

“As someone who comes from a physics and engineering background, over the long run I’m not concerned with mining centralization. Physics will ensure it is distributed.


http://mineforeman.com/2014/12/04/physics-and-economics-will-distributed-mining-im-not-worried/

[odolvlobo]

tl;dr: In the future, mining without recycling waste heat will be unprofitable. Recycled waste heat from mining is not useful for anything but heating water, so electric water heaters will be the miners of tomorrow. Power companies will set up pools and mining will be at least as decentralized as power companies.

I think his insight that profitable mining will necessitate recycling of waste heat is good, but I don't think the conclusions that follow are strong.

[Lethn]

I do agree with this but this is precisely why this technology was released open source to begin with if PoW really is too inneficcient the open source community will come up with a better solution.and I think with ideas like Curecoin and PoS they're at least beginning to.