In Bitcoin’s case, the novel technology provides energy producers a radically new way to monetize energy, and as a result it will permeate every energy production site across the globe. This will push down the profitable price of energy for all miners, driving more energy efficiency as wasted, stranded and renewable sources with near-zero (or below zero) energy cost are sought out to power mining facilities.
You think Bitcoin mining is wasteful? Daniel Frumkin dives deeper into this controversial topic.
By considering energy and supply growth, Charles has found an intrinsic link between Bitcoin’s price and its value.
The value of Bitcoin is a function of its energy input in Joules.
You can check out his article here:
Rory Highside has written a fantastic article diving deeper into proof of work with the following topics:
Consensus & The Byzantine Generals Problem.
Proof-of-Work and Competition.
Proof-of-Work economically incentivizes Bitcoin to become the ultimate arbiter of truth.
The symbiotic relationship miners have with Bitcoin.
World Kilowatt Dollars.
Bitcoin Time-Energy Accounting and Thermodynamics.
The Bitcoin Metabolism.
Read his monumental article here: