What can 1 Mwhr do?
> Drive an electric vehicle 3,600 miles.
Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency
141–150 of 381 posts
Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency
#142As a Bitcoin miner ( https://toom.im ), while I appreciate the work put into it, this particular metric of "transactions per kW" might not work the way you expect. The main point that you should understand is that a PoW blockchain's energy usage is not proportional to its transactions. I'll say that a different way: the transactions themselves do not use any energy in mining. I'll say this in a third way: it takes ex…
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Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency
#143See yourself PoW currencies ranked by energy efficiency
Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency
#144The most important thing to watch out for in this type of articles is for this push by certain anti-market interests to not succeed in a mining or even an outright Bitcoin ban in the West. They are using both environmental angle and an terrorist angle to justify a potential action, that can range from a new type of mining tax to an outright Bitcoin ban.
Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency
#145As a Bitcoin miner ( https://toom.im ), while I appreciate the work put into it, this particular metric of "transactions per kW" might not work the way you expect. The main point that you should understand is that a PoW blockchain's energy usage is not proportional to its transactions. I'll say that a different way: the transactions themselves do not use any energy in mining. I'll say this in a third way: it takes ex…
> A better metric would be "energy use per double-spend that was prevented."
Not for a general audience. The purpose of a currency is to enable transactions. Internally, I get why people involved might fuss about the metric. But from the societal perspective it's reasonable to ask, "What does it cost per unit of value created?"
Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency
#146Why do they just ignore proof of stake mainstream coins like Cardano ADA, its super efficient, functional, and rewards holders. Musk is blind.
Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency
#147Earlier quoted context omitted.
On your website that you linked says "We conduct our business in a way that protects ... our planet's climate against warming." Can you elaborate how providing infra to mine Bitcoin is helping the planet against global warming? Aren't you doing the exact opposite? If you are using 100% green energy, that energy can be used for something productive not providing PoW. Note Bitcoin alone currently consumes 0.55% of worl…
>If you are using 100% green energy, that energy can be used for something productive not providing PoW You can say the same thing about ANY activity that isn't an arbitrarily defined form of altruism. Sports? Concerts? Video games? All vast wastes of time, money, and energy that could be spent fighting poverty or feeding the poor. This betrays the intention of criticizing bitcoin's energy usage because it moves the…
But almost any other activity only benefits from getting more efficient. Compare today's efficient LED lighting technology with what was available a few decades ago. With proof-of-work on the other hand, efficiency is actively counteracted. If a proof-of-work cryptocurrency holds its price, its energy usage can only go up.
You are also assuming that only renewable energy will be used for mining in the first place. I don't think that is a given: As long as it stays profitable no matter how, miners will exploit any resource that is available to them, literally burning resources for money in their wallet. Cryptocurrencies are decentralized by design, so while the US for example can stop the use or import of inefficient stadium lighting technologies, there is no way to apply a carbon tax or stop the "import" of cryptocurrency mined through "dirty" means.
Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency
#148Earlier quoted context omitted.
On your website that you linked says "We conduct our business in a way that protects ... our planet's climate against warming." Can you elaborate how providing infra to mine Bitcoin is helping the planet against global warming? Aren't you doing the exact opposite? If you are using 100% green energy, that energy can be used for something productive not providing PoW. Note Bitcoin alone currently consumes 0.55% of worl…
> that energy can be used for something productive A decentralized/borderless/censorship-resistant/virtual currency is one of the most productive things we can use energy for. It might not be as apparent in the US or the developed world, but Bitcoin is a life-saver for many people in countries with crumbling currencies. We waste a lot of energy on things that are far more more useless (like christmas lights for examp…
You could regulate inefficient christmas lights, but consumers will likely choose more efficient options anyway when they become available to them.
How do you enforce carbon taxes on miners under a defunct government in a remote location of the world?
Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency
#149Earlier quoted context omitted.
Bitcoin SV is a barely used esoteric fork of Bitcoin with a $5.5B market cap. It's a cash grab from a minority fork of BTC or BCH miners.
It is fun to see something with $5.5B market cap being called "esoteric" and "barely used". I wish I had a side project with similar market cap :P
Market caps aren't everything, because, let's say I mint a new token and there's 10 trillion supply of this new token. If I sell 1 for $1, that implies a $10T market cap, doesn't it?
So Bitcoin SV is a fork of BTC (or BCH, can't remember), and what that means is a large part of the supply is untapped, because most BTCers (or BCHers) haven't even interacted with the chain. Their BTC (or BCH) balance is still there in the fork, based on whatever they held in their wallets prior to the fork. But maybe they don't even know the esoteric fork exists. So a large part of the supply is locked up due to ignorance alone, or due to relative lack of liquidity on exchanges.
At any rate, if you really want to know what people are using, when it comes to crypto, look at how much they're spending to use the chain or application: http://cryptofees.info/
Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency
#150Get the signals or stay poor. Elon Musk said that BTC should increase the block. Who is the only person who has worked to increase the bitcoin block? obviously Dr Craig Steven Wright ... Current block is 638MB
Worked? All he did was raise a number in the code. Bitcoin could have raised that number too, but they chose not to, because the higher the number is raised, the harder it is to verify the Bitcoin blockchain on consumer hardware.