Bitcoin can only be demonstrably free of government controls by continuing to operate after being made illegal. I wonder if its creators actually intended to make it a target for legal sanction by building in conspicuous environmental costs.
Could there be an equilibrium where energy efficiency is achieved because miners have avoid using a noticeable amount of electricity to avoid legal trouble?
Could there be an equilibrium where energy efficiency is achieved because miners have avoid using a noticeable amount of electricity to avoid legal trouble?