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Perhaps not all of it is entirely "wasted" though. I've largely been able to avoid heating this winter as a result of crypto mining. A computer pumping ~300W into the air 24/7 is remarkably effective for a small apartment
With a heat pump you'd get about 3x the heat for the same amount of power
And as Bitcoins get more scarce and get adopted by more and more banks and companies as reserves, the value of mining rewards is only going to continue rising, until Bitcoin will consume more electricity than the rest of the world combined. (Around the time it is worth $1.2 Million a coin.) Change my mind. Bitcoin rewards miners in Bitcoin, which is the ultimate deflationary “store of value”, and has the world mindsh…
The toothpaste is out of the tube. Nothing can be done.
From what I understand bitcoin currently has a $20+ transaction fee with a transaction time takes 60 minutes+ With these issues in addition to the high power consumption, how will Bitcoin become a usable currency?
Perhaps not all of it is entirely "wasted" though. I've largely been able to avoid heating this winter as a result of crypto mining. A computer pumping ~300W into the air 24/7 is remarkably effective for a small apartment
With a heat pump you'd get about 3x the heat for the same amount of power
Genuine question: how much does this matter if much of it is renewables and cheap hydro? I feel like the negative externalities of using a lot of electricity are very very tied to where that electricity came from
Question that came to mind after reading the headline: could this become a future reason for governments to criminalise the trading / use of Bitcoin because of negative environmental effects? On the surface it seems the value of Bitcoin is directly tied to its energy consumption and thus environmental harm. I get that Bitcoin itself is decentralised and cannot be banned outright. But could it be neutered in such a wa…
From what I understand bitcoin currently has a $20+ transaction fee with a transaction time takes 60 minutes+ With these issues in addition to the high power consumption, how will Bitcoin become a usable currency?
It won't, it's just a speculative asset.
Genuine question: how much does this matter if much of it is renewables and cheap hydro? I feel like the negative externalities of using a lot of electricity are very very tied to where that electricity came from
Is there reason to believe even a majority comes from renewable sources? And then, how much of that clean energy could be powering other things which are instead using fossil fuels?
And as Bitcoins get more scarce and get adopted by more and more banks and companies as reserves, the value of mining rewards is only going to continue rising, until Bitcoin will consume more electricity than the rest of the world combined. (Around the time it is worth $1.2 Million a coin.) Change my mind. Bitcoin rewards miners in Bitcoin, which is the ultimate deflationary “store of value”, and has the world mindsh…
Well, personally, I'm still convinced Bitcoin is going to crash at some point. It doesn't work well as an actual currency because transfer times/fees are too high.
I don't know if that will happen in one year or 20 years though.
[0]: https://simon.medium.com/bitcoin-and-pollution-the-definitiv...