Use proof of stake coins like Cardano and Polkadot
They use 10000 to a million times less energy than bitcoin to process payments!
Bitcoin mining hash rate drops as blackouts instituted in China
101–110 of 431 posts
Re: Bitcoin mining hash rate drops as blackouts instituted in China
#102Is bitcoin really decentralized if mining and nodes are centralized?
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Modern financial markets are Ponzi schemes, and they are much larger than bitcoin.
How did you decide to compare the risk of nuclear holocaust to global warming? Anecdotally, I'd rather see temperatures rise over time and have a chance to adjust for it rather than die in a nuclear blast or issues immediately after.
Re: Bitcoin mining hash rate drops as blackouts instituted in China
#103Earlier quoted context omitted.
Ah Sweet, the old “exportweltmeister” scam never seems to get old. Germany is exporting so much energy because (and only because) without the base load provided by conventional power plants it’s energy grid routinely is on the brink of collapse, whenever there are weather based shifts in renewable energy production. This causes the electricity price to routinely go negative because our neighboring countries don’t wan…
Do you have a source for your claims? I mean its obvious that renewables are dependent on the weather, but that's no issue since a neighbour can always produce & Germany is building up power storage capacity. Including a fat line to Norway where Germany sends wind power and receives renewables power when there is a need. Additional the German power grid is super stable, black- or brownouts simply don't happen. > This…
> Do you have a source for your claims?
Apparently googling things is extremely hard if the search results confront ones own bias...
Here you go: https://postimg.cc/qttW8tSm
(Even the pro Energiewende org “agora” has a problem hiding the facts in their charts (https://www.agora-energiewende.de/service/agorameter/chart/p...)
Re: Bitcoin mining hash rate drops as blackouts instituted in China
#104Is bitcoin really decentralized if mining and nodes are centralized?
They never said what "decentralized" meant for a currency, so it basically means anything you want.
Re: Bitcoin mining hash rate drops as blackouts instituted in China
#105Earlier quoted context omitted.
sure if you're suddenly not counting China's hydropower as renewables suddenly.
- Unless I seriously misinterpreted the news, the significant chunk of hash rate cut due to this blackout is all coal. - Until hydro and other renewables cover all electricity needs, crypto mining hogging hydro just pushes other non-crypto power demands to fossil fuel.
Technically speaking, western China has a lot of renewable power and not as much demand for it as eastern China. If they were mining in western China to take advantage of lower rates, and that energy can’t be transmitted East anyways, then it might make sense (or they could just move some industry from eastern China to western China to take advantage of renewables, or get that UHV grid working so they can move renewable electricity East to where it’s needed).
Re: Bitcoin mining hash rate drops as blackouts instituted in China
#106Earlier quoted context omitted.
Do you have a source for your claims? I mean its obvious that renewables are dependent on the weather, but that's no issue since a neighbour can always produce & Germany is building up power storage capacity. Including a fat line to Norway where Germany sends wind power and receives renewables power when there is a need. Additional the German power grid is super stable, black- or brownouts simply don't happen. > This…
> Do you have a source for your claims? Apparently googling things is extremely hard if the search results confront ones own bias... Here you go: https://postimg.cc/qttW8tSm (Even the pro Energiewende org “agora” has a problem hiding the facts in their charts ( https://www.agora-energiewende.de/service/agorameter/chart/p... )
Yes it is hard, can you provide comparison data from < 2000 and the search words you used? Is the Y axis price or usage?
Re: Bitcoin mining hash rate drops as blackouts instituted in China
#107Earlier quoted context omitted.
Undermining trust in bitcoin is a plausible goal. An attacker with that goal wouldn't stop at one attack.
to what end? Undermining trust in bitcoin isn't a goal on its own - unless you're some mastache twiddling movie villain. If you're a nation state, and want to undermine the legitimacy of bitcoin, you can easily just institute laws to ban it. Much cheaper.
A nation state can’t ban it globally. A 51% attack undermines confidence globally.
Re: Bitcoin mining hash rate drops as blackouts instituted in China
#108Earlier quoted context omitted.
In theory yes, but in practice it's rather infeasible to do 51% attacks IRL --- the main constraint is the people not the math. A 51% attack mainly lets you double spend, so you have to: (1) get a lot of coins and spend them on something (2) start mining a fork where that spending didn't happen (but other real transactions continue to happen) --- your hash power will now need to be dedicated to this new fork at the e…
You're thinking too small on the impact--China doesn't need to double spend bitcoins. What they could do is cause a loss of confidence in Bitcoin overnight and collapse the price.
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Re: Bitcoin mining hash rate drops as blackouts instituted in China
#109Earlier quoted context omitted.
Undermining trust in bitcoin is a plausible goal. An attacker with that goal wouldn't stop at one attack.
to what end? Undermining trust in bitcoin isn't a goal on its own - unless you're some mastache twiddling movie villain. If you're a nation state, and want to undermine the legitimacy of bitcoin, you can easily just institute laws to ban it. Much cheaper.
Yep. And China has done exactly that in the past when people were using crypto to launder RMB into USD.
The fact that mining operations still exist today at large scales in China means that at least the government has found a way to profit off of crypto (strategically or economically).
Re: Bitcoin mining hash rate drops as blackouts instituted in China
#110Earlier quoted context omitted.
Do you have a source for your claims? I mean its obvious that renewables are dependent on the weather, but that's no issue since a neighbour can always produce & Germany is building up power storage capacity. Including a fat line to Norway where Germany sends wind power and receives renewables power when there is a need. Additional the German power grid is super stable, black- or brownouts simply don't happen. > This…
> Do you have a source for your claims? Apparently googling things is extremely hard if the search results confront ones own bias... Here you go: https://postimg.cc/qttW8tSm (Even the pro Energiewende org “agora” has a problem hiding the facts in their charts ( https://www.agora-energiewende.de/service/agorameter/chart/p... )
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