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by untoreh 2335 days ago
bitcoin electricity cost is the equivalent of a couple of small nations, or the full power of a nuclear power plant, its hashpower is equivalent to the top 500 supercomputers. (this info might be outdated by now). what secures it though is not the giant mountain of resources by itself but MAD (mutually assured destruction) which is hardly game theoretic. Its basically a way for people to park their money akin to real estate, so they wont ever attack the network as long as it keeps their money warm and fuzzy. Its not really decentralized (more like denationalized) and strongly vulnerable to regulations. However just like safe havens if a nation bans it others will welcome it, thats why it is unkillable. China despite having all the resources to crack down on bitcoin mining they wont do it because for the better or worse its like controlling a global currency, which they have been trying to turn the yuan into for a while