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Just 137 crypto miners use 2.3% of total U.S. power — government now requiring commercial miners to report energy consumption (www.tomshardware.com)

submitted 9 months ago by misk@sopuli.xyz to c/technology@lemmy.world

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[–] emergencyfood@sh.itjust.works 2 points 9 months ago (2 children)

So what happens if a lot of people want to make transactions at the same time? Do they have to queue? Also, this sounds like anyone can cripple the system by scheduling a few thousand tiny transactions.

[–] zergtoshi@lemmy.world 4 points 9 months ago

Yes, there's a queue called mempool.
Clogging up the network is possible, but costs money (BTC), because transaction fees need to be added to the transactions and those fees need to be higher than those of the highest not yet processed transactions if "regular" users' transactions shall be delayed.
Miners prefer transactions with higher fees (to be precise: higher fees per occupied block space), because they earn them when creating the block successfully - together with the BTC that get issued when a block gets created.

[–] IAm_A_Complete_Idiot@sh.itjust.works 3 points 9 months ago

There's a transaction fee, the higher you pay the more priority you have (since miners get a cut).