61–70 of 361 posts
Electricity = keeps you warm, cooks your food, powers your devices. Cryptos = suck that energy out of the power grid to gamble with one another.
I wonder if cryptominers in poorer countries speed up the buildout of more stable and robust electricity networks in the long run? I understand they sometimes stress it too much in the short run such as here and then the regulators have to take action but the interplay on a longer timescale would be interesting to see.
And so it begins. In the developed world in particular, we're seeing the move away from fossil-fuel power. This is good but currently relatively expensive. Crypto mining is starting to have very real impact on the ability of other people to live. It is adversely and disproportionately affecting poor people (who pay a greater share of their income for power). And at best crypto provides extremely limited utility for s…
This is true for bitcoin. It failed at everything it set out to be and yet it is the most mined coin. Truly a waste of energy.
There are better projects out there which actually provide value and utility. Monero is an example. It's pretty sad that bitcoin is still number one despite the existence of these projects.
Earlier quoted context omitted.
My heater doesn't become less effective each year, requiring replacement. While ASIC concretely implies this, GPU is not excluded if you want to remain competitive (read: generating profit)
It doesn't have to be competitive. 4+ kWh electric showers are ubiquitous in my country. Literally a dumb piece of metal resistance immersed in water. Anything is better than the current situation. What if it was a processor instead? What if a bunch of home servers could heat up stored water through their heat instead of just dissipating that energy uselessly into the air? We'd be getting the heat we need and we'd be…
And so it begins. In the developed world in particular, we're seeing the move away from fossil-fuel power. This is good but currently relatively expensive. Crypto mining is starting to have very real impact on the ability of other people to live. It is adversely and disproportionately affecting poor people (who pay a greater share of their income for power). And at best crypto provides extremely limited utility for s…
Which is a shit take anyway because that means that non-renewable energy (plus the renewable energy non-consumed by the miners) is now more expensive for everyone else, it's the basic law of supply and demand.
And in the process those miners are also making non-renewable energy a more desirable investment because it now returns more money to those who invest in it (because of said increased prices people are now forced to pay for said non-renewable energy).
Electricity = keeps you warm, cooks your food, powers your devices. Cryptos = suck that energy out of the power grid to gamble with one another.
Technically if all electric space heaters were crypto miners as well then crytpo mining would be well distributed, resistant to attack and unprofitable to mine - win, win, win. Edit: Looks like matheusmoreira below doesn’t understand a 500w electric heater and a 500w crypto miner produce the same amount of heat and use the same amount of electricity.
And so it begins. In the developed world in particular, we're seeing the move away from fossil-fuel power. This is good but currently relatively expensive. Crypto mining is starting to have very real impact on the ability of other people to live. It is adversely and disproportionately affecting poor people (who pay a greater share of their income for power). And at best crypto provides extremely limited utility for s…
Electricity = keeps you warm, cooks your food, powers your devices. Cryptos = suck that energy out of the power grid to gamble with one another.
> Electricity = keeps you warm Computers also generate heat. Wish I could use cryptocurrency miners for my heating needs. Why burn fuel or pass current through resistances for that?
And so it begins. In the developed world in particular, we're seeing the move away from fossil-fuel power. This is good but currently relatively expensive. Crypto mining is starting to have very real impact on the ability of other people to live. It is adversely and disproportionately affecting poor people (who pay a greater share of their income for power). And at best crypto provides extremely limited utility for s…
> And at best crypto provides extremely limited utility for society. This is true for bitcoin . It failed at everything it set out to be and yet it is the most mined coin. Truly a waste of energy. There are better projects out there which actually provide value and utility. Monero is an example. It's pretty sad that bitcoin is still number one despite the existence of these projects.
Earlier quoted context omitted.
> Electricity = keeps you warm Computers also generate heat. Wish I could use cryptocurrency miners for my heating needs. Why burn fuel or pass current through resistances for that?
> Computers also generate heat. Wish I could use cryptocurrency miners for my heating needs. Why burn fuel or pass current through resistances for that? Realistically? Cost. If your goal is to heat a space, it's much cheaper and more reliable to NOT use thousands of dollars of silicon. Doing calculations based on the site below, you might be able to heat a smallish bedroom with a very beefy PC. I can get a space heat…