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Bitcoin mining has driven up energy bills for residents and businesses

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Re: Bitcoin mining has driven up energy bills for residents and businesses

#91
post #89

Earlier quoted context omitted.

The quotes are taken directly from https://bitcoinminingcouncil.com/wp-content/uploads/2021/07/... > Based on this data it is estimated that the global mining industry’s sustainable electricity mix had grown to approximately 56 percent, during Q2 2021, making it one of the most sustainable industries globally. > “Despite China shutting down over 60 percent of the global Bitcoin network, the Bitcoin network experience…

You didn't invalidate either of those two quotes with anything of substance, other than assuming they are wrong. That's bad faith reasoning. You fabricated the term "super sustainable", which is claimed nowhere. The claim instead refers to the relatively high percentage of renewables compared to several other industries, whom often score in the 10-20% renewables range only. As to whether 56% is accurate, I don't know…

> As to whether 56% is accurate, I don't know. Yet if you don't know, you can't be confident in it being wrong. You simply don't know.

And this, in a nutshell, is my entire point: the person making a claim is responsible for establishing its validity. A person questioning its validity isn't. If I claimed that 75% of all HN posters were on the autism spectrum, it would be my responsibility to support my claim, not your responsibility to prove that it's wrong.

Claims made by an interest group that align to the interests of the interest group deserve extra scrutiny, especially when those claims are based on "data" that is self-reported by members of the group with no independent substantiation. It is therefore entirely reasonable to not accept these claims at face value, which gets us back to my purpose in responding to the other poster: the 56% figure is not a credible one.

Re: Bitcoin mining has driven up energy bills for residents and businesses

#92

I'm not paying Bitcoin's energy bill. Bitcoin is paying its own bill, but the electric grid is a marketplace with a finite supply. So the people who own those companies are raising the rates (supply and demand). Electricity, much like housing, should not be a place where regular folks can get priced out of the market by corporations. You just want me to be mad at bitcoin so I don't notice that the system itself is sa…

Since the electric grid has a finite supply, you have to eliminate usage somehow. If usage isn’t being eliminated via higher prices maybe we should just get rid of the “currency” that consumes the power of a small country and serves no purpose outside crime and speculation.

Re: Bitcoin mining has driven up energy bills for residents and businesses

#93
post #67

Earlier quoted context omitted.

Why? This is not a free market, nor a market price that reflects externalities of generating that energy. I'm not okay with 0.5% of the earth's energy being consumed to produce sha sums for the sole purpose of mining speculative assets.

market is definitely not free at this point because of how much subsidy fossil producers receive from corrupt politicians. doubly funny your worries about externalities, when bitcoin actually meaningfully drives renewable production that is going to be essential in reducing those externalities. > not okay with 0.5% of the earth's energy being consumed to produce sha sums for the sole purpose of mining speculative ass…

> when bitcoin actually meaningfully drives renewable production that is going to be essential in reducing those externalities.

I am so sick of this bs argument from bitcoin apologists. Cryptocurrencies drive renewable energy in the same way lung cancer drives chemotherapy drugs.

It doesn’t matter if renewable energy is built if that new energy is being wasted on cryptocurrency instead of replacing fossil fuel energy for something else.

Re: Bitcoin mining has driven up energy bills for residents and businesses

#94
post #93
post #67

Earlier quoted context omitted.

market is definitely not free at this point because of how much subsidy fossil producers receive from corrupt politicians. doubly funny your worries about externalities, when bitcoin actually meaningfully drives renewable production that is going to be essential in reducing those externalities. > not okay with 0.5% of the earth's energy being consumed to produce sha sums for the sole purpose of mining speculative ass…

> when bitcoin actually meaningfully drives renewable production that is going to be essential in reducing those externalities. I am so sick of this bs argument from bitcoin apologists. Cryptocurrencies drive renewable energy in the same way lung cancer drives chemotherapy drugs. It doesn’t matter if renewable energy is built if that new energy is being wasted on cryptocurrency instead of replacing fossil fuel energy…

> It doesn’t matter if renewable energy is built if that new energy is being wasted on cryptocurrency instead of replacing fossil fuel energy for something else.

yes it absolutely matters, because expanding the market of energy with renewable energy is unquestionably better than expanding it with fossil producers. bitcoin difficulty fluctuates with uncertainty in politics, demand for security and demand for the asset itself. when difficulty goes down - freed up energy can be used by other market participants and that will hurt profitability of fossil producers.

this is not bs argument, it's reality.

also, "energy is being wasted" is your subjective understanding.

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