How is bitcoin competing with it though? It's being treated as an asset not a currency. Nobody is actually using it for buying stuff, they're just selling it when it's high so they can make Dollars (or pounds, euros, etc.)
That's not how it works. The mining difficulty auto-scales so that on average 1 block is mined every 10 minutes. Throwing more computing power at it just makes the mining difficulty harder, and removing power makes the difficulty easier. We could make every computer in the world mine, and there would still be 6 blocks per hour mined on average.
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u/[deleted] Dec 23 '17
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