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Bitcoin miners are buying power plants

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331–340 of 578 posts

Re: Bitcoin miners are buying power plants

#331
post #275

It’s a simple equation: So long as there is more money in mining BTC than there is cost in energy to mine it, mining will proceed. No entity in the world can control the price of crypto. But, we can and already do regulate energy production. I think we need a carbon tax, that is specifically a financial disincentive towards any means of energy production that directly pollutes the atmosphere. Seriously, what are the…

We know since many decades that a carbon price might be a good idea. But it's not that simple, because either you do it worldwide or you introduce lots of exceptions or you do something like carbon import tariffs (which the EU wants to do, but I think no such mechanism exists anywhere in the world right now). Bottom line is: Most of the world has no carbon price, and the places that do have one (e.g. the EU ETS) ther…

The age of the proposal for carbon tax mirrors the age of sophisticated "reasons" why it should not happen or why it's supposedly not a good idea "if you think about it".

Nonsense. It's lobbyism. In more drastic terms, corruption. Plain and simple.

We can have this "discussion" once significant industrial nations have implemented a carbon tax. Until then, it's all just excuses. Similar to all the bunch of nonsense people come up with why they can't start working out today or save money today or go to bed right now instead of after watching the next episode of whatnot-series.

Re: Bitcoin miners are buying power plants

#332
Since renewables are already cheaper than coal power and mining is inherently flexible load I think bitcoin miners will me building and building way more renewables. Especially when mining hardware stagnates and cost of mining bitcoin will be dominated by price of energy and of ensuring energy supply, as opposed to ensuring posession mining hardwarr.

Although I hope one day I read about Bitcoin miner building nuclear power plant and using it to mine bitcoin with all the spare power but selling energy into the grid when energy usage peaks and price rises above what mining can bring.

Re: Bitcoin miners are buying power plants

#333

Earlier quoted context omitted.

Hard to do this when you can have other countries with much looser regulations allow Bitcoin miners run rampant. What probably should happen is to make converting from any cryptocurrency to major world currencies a crime. I have no delusions that this will halt activity in this sector entirely, but it will make it reasonably difficult to make any substantial money this way without raising some serious eyebrows.

>What probably should happen is to make converting from any cryptocurrency to major world currencies a crime. I have a better idea, let's make everything that causes pollution a crime. Bought a plastic water bottle? Straight to jail. Refueled your car? Yep, jail. You used your heater? Believe it or not, jail. I'm sure we'll live in a pollution free utopia in no time. Thank you for your insightful contribution. This i…

Any idea can be exaggerated out of sanity bounds. If you do not see the difference between the incentives and criminalizing/punishment this is your own problem.

Re: Bitcoin miners are buying power plants

#334

Easy solution: tax carbon emissions. Who cares if you’re using energy to mine Bitcoin? Or if you’re using it to play video games? Or to run the AC all day? If it you’re internalizing the cost of any emissions, then you’ll use those resources efficiently.

Even easier solution. Tax all the coal that enters your country economy, either from earth or from neighbours.

Re: Bitcoin miners are buying power plants

#335
post #189

Earlier quoted context omitted.

> People mine because it is expensive, it isn't the other way around, so the real questions we should be asking in good faith are things like "Why it is profitable in the first place?" FOMO, mining lotteries, and the guise of financial innovation are typical cover stories here. But all stocks and other publicly traded investments are basically making a bet that others will buy in after you do, raising the price highe…

> So what if the rich have too much money? That would explain a lot. It would explain why GME stock was shorted %140 of float. How would it explain that? > It would also explain why politicians are so ineffective at regulation. If you were rich, would you want effective politicians? No. You would put your money behind the least effective politicians. Just because you'd want it that way doesn't mean you did it. Motive…

> Just because you'd want it that way doesn't mean you did it. Motive, but where's means and method?

Pinky swear with me that you've seriously never heard of dark money. Koch brothers, Russian oligarchs. You've never ever heard of this? Really?

Re: Bitcoin miners are buying power plants

#336

Earlier quoted context omitted.

Hard to do this when you can have other countries with much looser regulations allow Bitcoin miners run rampant. What probably should happen is to make converting from any cryptocurrency to major world currencies a crime. I have no delusions that this will halt activity in this sector entirely, but it will make it reasonably difficult to make any substantial money this way without raising some serious eyebrows.

Or kill all people. Both are effective at fixing the emissions problem. Both are also extremely oppressive and unjust.

Why taking the extremes? Maybe just a bit of this and a bit of that... :)

Re: Bitcoin miners are buying power plants

#337

It’s a simple equation: So long as there is more money in mining BTC than there is cost in energy to mine it, mining will proceed. No entity in the world can control the price of crypto. But, we can and already do regulate energy production. I think we need a carbon tax, that is specifically a financial disincentive towards any means of energy production that directly pollutes the atmosphere. Seriously, what are the…

> I think we need a carbon tax I get the concerns for the carbon issue of Bitcoin but I don't see why the solution should be governments profiting more from it.

Typically proponents of a carbon tax also support a carbon dividend.

Re: Bitcoin miners are buying power plants

#339

Can Bitcoin make sustainable energy cheaper? Buy solar panels, wind turbines, etc. Mine Bitcoin, recover capital costs sooner. Then use the electricity for normal purposes.

This is already the case. Renewables are increasingly becoming the most popular option for mining, and not because of the Eco-positive effects of using renewables, but because they are getting cheaper to mine with than other sources. Regardless, my thoughts on pow is it is inefficient and wasteful. PoS is the future of consensus mechanisms.

Re: Bitcoin miners are buying power plants

#340

Earlier quoted context omitted.

Breathing? Right to jail.

Reminds of Haven episode S1 of Star Trek Next Gen. Any crime is punishable by death. So there won't be any more crime. https://www.youtube.com/watch?v=sfqa596xxbc

Everyone will be happy, then.

https://www.youtube.com/watch?v=o0LUUFQ4MNM

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