The question is what is going to happen when we cross this bound. Proof of work, give us an upper bound on the computation available to us. For example you can simulate a black hole that may one time have been entire galaxies by just a few numbers (its mass, momentum, and spin). There are numerical shortcuts as anyone that has written a numerical simulation knows. One might argue that the universe is doing much more computation every instant, but it's not so evident because of compression (for example algorithm like Hashlife). And sequential hash computation, aka proof of work, means that even from inside the simulation we can be assured by math, that the upper computer running the simulation has done the work. You see, a lot of people believe in the simulation hypothesis. This is not so far off as one might think.
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