Pyramids and Blockchains—ancient and modern titanic proofs of work

Historically, the cheapest form of energy was slave labor, hence most ancient titanic proofs of work were built using human slaves. Today the cheapest form of labor is rapidly shifting towards autonomous machine work-forces. Once built, most modern machines primarily require electricity to operate. Although, today retrofitting factories with robot laborers is still fairly costly despite offering significant savings over the long term. In the future, the cost of operating machine work-forces should continue to decline towards the base cost of available electricity pricing.

Today, we’re already at the point where electricity from renewable sources is becoming the cheapest to produce, i.e. wind, hydro, and solar.

Currently, the economics of bitcoin mining also reflects this trend towards a baseline cost of electricity, while the upfront cost of mining hardware becomes secondary.

Why Bitcoin matters for freedom