🌍Bitcoin's decentralization is determined by the number of nodes, not miners.
⚡️Nodes determine Bitcoin's consensus parameters and rules of the game.
💡Miners provide a commodity (Bitcoin blocks) to nodes in exchange for rewards.
🔍Energy consumption should be viewed in terms of cost-benefit analysis.
💻Bitcoin's energy consumption is insignificant compared to other technologies.
Is Bitcoin mining fully decentralized?
—Bitcoin mining is not fully decentralized due to a limited number of miners controlling a majority of the hashing power.
What determines Bitcoin's consensus parameters?
—Bitcoin's consensus parameters are determined by nodes, which are crucial for maintaining decentralization and ensuring the rules of the game.
How do miners contribute to Bitcoin?
—Miners solve the proof-of-work problem, create Bitcoin blocks, and offer them to nodes in exchange for rewards.
How should energy consumption be understood in relation to Bitcoin?
—Energy consumption should be analyzed in terms of cost-benefit, as all technology requires energy to improve human life. Bitcoin's energy consumption is insignificant compared to various everyday appliances.
How does Bitcoin's energy consumption compare to other technologies?
—When considering the energy consumption of different technologies, Bitcoin's usage is relatively insignificant. Everyday appliances such as washing machines can consume comparable or even higher amounts of energy.
00:00Bitcoin's decentralization is determined by the number of nodes, while miners provide a commodity (Bitcoin blocks) to nodes.
05:32Energy consumption should be viewed in terms of cost-benefit analysis, as all technology consumes energy to improve human life.
10:12Bitcoin's energy consumption is insignificant compared to other technologies, and everyday appliances may consume comparable or even higher amounts of energy.
