I usually hear that enhancements of mining expertise (extra hashes per kWh) would enhance Bitcoin vitality utilization. Is not that only a misunderstanding? Is not the vitality utilization hardly depending on the precise expertise utilized by the miners, as a result of enhancements simply result in an issue increase?
Contemplate this thought experiment. For example there have been miracle ASICs invented which have 1000 instances the hash charge per kWh as present ASICs. What I feel would occur is that this. At first, miners altering to the miracle ASIC could be vastly extra worthwhile than the others. So others would change to the miracle ASIC, too, and the worldwide hash charge will increase, and thus the issue. The miners utilizing the previous ASICs would get unprofitable and should scramble to get the brand new ASICs, too. In the long run all would change to the miracle ASICs, some would quit, some would come new, the issue could be 1000 instances than earlier than and the vitality utilization nearly the identical. (All in all of the vitality utilization is set by the mining reward, as a result of there’s an incentive for brand spanking new miners to return in till many of the mining reward is spent on prices, and vitality is the biggest price issue, so there isn’t a coming down so long as POW is used.)
Am I lacking one thing vital there?
(BTW: I am conscious that there might be some shifts if e.g. the miracle ASIC is far more costly than the previous ones. My level on this thought experiment is that we would not should count on a change within the order of magnitude of vitality utilization, regardless of three orders of magnitude of change in mining effectivity.)