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The EU’s Near Miss on a Proof-of-Work Ban

The Breakdown

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Bitcoin Mining Is Thermodynamically Perverse

The utility of the exchanges made possible by bit coin will far exceed the cost of the electricity used. Proof of work has the nice property that it can be relayed through untrusted middlemen. It doesn't matter who tells you a longest chain. The proof of work speaks for itself. For now, it was a good day for this industry, instead of what could have been a very bad one.

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