Legitimizing Bitcoin more than offsets the environmental benefits of electric vehicles.
He should have gone for a proof-of-stake chain instead.
Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
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Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#32Legitimizing Bitcoin more than offsets the environmental benefits of electric vehicles.
What percent of the electricity used by Bitcoin miners is generated by fossil fuels? My impression is that most miners are located to take advantage of locales with very cheap hydroelectric/geothermal or take advantage of subsidized/overbuilt renewables. But I could be wrong. Any data on this?
whatever has the lowest costs
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#33Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#34Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#35This is going to be one of those events that everyone points back to after the crash to show we had reached peak bubble. Like AOL buying Time Warner etc.
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#36Soon, a nation might realistically buy $100 B + of bitcoin and declare it a national currency.
80% of transactions are settled in USD so they'll either become an economic island cut off from the world, or just buy back USD later, possibly at a loss
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#37Legitimizing Bitcoin more than offsets the environmental benefits of electric vehicles.
The energy cost of running the bitcoin network is ~constant in relation to the number of transactions processed.
Cost of running the network also goes down with time as fewer bitcoins are issued as block rewards.
It goes up with the price of bitcoin, as more miners spend electricity on mining.
Those things have historically led to increased energy costs for the network, but in the future they could well lead to decreased energy use too.
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#38Legitimizing Bitcoin more than offsets the environmental benefits of electric vehicles.
What percent of the electricity used by Bitcoin miners is generated by fossil fuels? My impression is that most miners are located to take advantage of locales with very cheap hydroelectric/geothermal or take advantage of subsidized/overbuilt renewables. But I could be wrong. Any data on this?
If they're on an electric grid that also has fossil fuels, then it doesn't really matter. More clean energy to them is less to other customers, who have to make up for it with more fossil.
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#39Legitimizing Bitcoin more than offsets the environmental benefits of electric vehicles.
I think at a certain point, the only profitable way to mine BTC will be with energy that was going to be wasted anyway.
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#40On the money Elon, as usual, but more importantly on point with ideas, and ideals.
Clearly Elon Musk is the bastion of ideals that benefit the world. "We will coup whoever we want, deal with it"