Kazakhstan to restrict crypto miners amid power shortages
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Re: Kazakhstan to restrict crypto miners amid power shortages
#2Wouldn't it make more sense to just let the price of electricity go up?
Re: Kazakhstan to restrict crypto miners amid power shortages
#3Wouldn't it make more sense to just let the price of electricity go up?
Only if you want miners to have power and residents to be without it.
Capitalism is not the cookie cutter solution to all problems.
Re: Kazakhstan to restrict crypto miners amid power shortages
#4Wouldn't it make more sense to just let the price of electricity go up?
No. Role of government is to provide minimum standard of living for general population. A lot of people will freeze in Kaza, as basic necessities are a huge part of their monthly budget and price hike is too severe to handle.
"Let market sort itself" only works if government thinks about it in advance, have fair elections, low corruption, etc.
Cost of natural gas / coal / oil is going up significantly and is a huge problem for all of Europe (not just Eastern) at the moment. A lot of Eastern Europe will have rolling blackouts and need to buy power from Russia / Belarus. Kazakhstan is in the same boat in that regard. I would venture that they are probably still on the USSR power grid as well and can buy easily from Russia / Belarus.
Re: Kazakhstan to restrict crypto miners amid power shortages
#5Wouldn't it make more sense to just let the price of electricity go up?
this is such a narrow line of thinking.
Imaging the hubris required to even suggest that an essential input to daily life should have its price affected by an almost completely useless financial hedge for the elites.
Re: Kazakhstan to restrict crypto miners amid power shortages
#6Wouldn't it make more sense to just let the price of electricity go up?
No. Role of government is to provide minimum standard of living for general population. A lot of people will freeze in Kaza, as basic necessities are a huge part of their monthly budget and price hike is too severe to handle. "Let market sort itself" only works if government thinks about it in advance, have fair elections, low corruption, etc. Cost of natural gas / coal / oil is going up significantly and is a huge p…
This is such a bizarre comment given the history of price controls and their horrendous outcomes.
Re: Kazakhstan to restrict crypto miners amid power shortages
#7Earlier quoted context omitted.
No. Role of government is to provide minimum standard of living for general population. A lot of people will freeze in Kaza, as basic necessities are a huge part of their monthly budget and price hike is too severe to handle. "Let market sort itself" only works if government thinks about it in advance, have fair elections, low corruption, etc. Cost of natural gas / coal / oil is going up significantly and is a huge p…
This is such a bizarre comment given the history of price controls and their horrendous outcomes.
Was working fine in Kazakhstan until the crypto folks showed up to utilize subsidized power.
Re: Kazakhstan to restrict crypto miners amid power shortages
#8Wouldn't it make more sense to just let the price of electricity go up?
this is such a narrow line of thinking. Imaging the hubris required to even suggest that an essential input to daily life should have its price affected by an almost completely useless financial hedge for the elites.
colonial empires have been the worst offenders here, no?
https://en.wikipedia.org/wiki/East_India_Company#Indian_Rebe...
Re: Kazakhstan to restrict crypto miners amid power shortages
#9Wouldn't it make more sense to just let the price of electricity go up?
That makes everyone else in the country worse off.
Re: Kazakhstan to restrict crypto miners amid power shortages
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