Happy Monday everyone.
Heres to a good week!
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Electricity consumption:
This means that Bitcoin can offset it's carbon fingerprint by buying 1.6 billion dollars worth of carbon credits (600 Million dollars if we substrated the renewables), this constitutes 0.001% of the total bitcoin Market cap, and about 7% of bitcoin mining revenue.
Mining ASICs recycling: - Bitcoin e waste is 30.7 metric kilotons annually.
This means tha bitcoin mining ASICs could be recycled for 0.276 billion dollars, this constitutes 0.0003% of the total bitcoin Market cap, and about 2% of bitcoin mining revenue.
I am not arguing the we should buy carbon credits or force recycling old ASICs, but it doesn't cost that much to kill the environmental FUD.
So lets say we have channels between (A,B) (B,C) (C,D).
A <------> B <------> C <------> D
And lets say B wants to send their "beads" to D.
How does D know those beads weren't spent already spent with A ??
The introduction of the LN whitepaper talks about how bitcoin is a "gossip" network - that everyone must know about every other transaction. And this is true.
So if D does not have the full history of all transactions, then how does it trust that B didn't spend with A already ??
And lets add the caveat that A,B, and C all want to defraud D.