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From: Sinter
Registered User
17:57 12/07/2017
Viewed: 43 times
Location: SW Florida
Subject: It's a limited resource. That is all. - [Edit Post]          1   0

Each Bitcoin represents an amount of 'time' for computation. 10 minutes on average, actually. As more and more processing power comes online, the 'difficulty' for each Bitcoin block increases to make sure that it takes about 10 minutes for the block to be found, on average. If computation takes longer than 10 minutes then the difficulty drops.

If there was one person mining Bitcoin on their home computer and nobody else, it would be about 10 minutes for each block to be solved. So what's scaling is the processing power as everyone keeps buying bigger and bigger computation platforms in order to get a bigger slice of the Bitcoin pie over time (so they solve the blocks rather than someone else).

Other than driving the advancement of mass high-speed specific algorithm processing technologies, there's no net benefit to society. It's a race to spend minimal resources to get a maximum slice of the pie (solve the most coins) to make a profit.


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