Kazakhstan to restrict crypto miners amid power shortages

Post by [deleted] » Wed, Nov 03, 2021, 2:50 PM UTC

vel0city wrote: post #47

matheusmoreira wrote: post #31

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?

If you're using resistive heating, a computer is about as efficient as a space heater. I have not recently done the math, but I'm pretty sure in my area its still more economically efficient to heat my home with natural gas than resistive heat. Obviously, emissions are a concern, future price uncertainty of fossil fuels, etc. Not the best way forward. However, heat pumps in my area can make a ton of sense. They're fa…

Post by Tenoke » Wed, Nov 03, 2021, 2:51 PM UTC

FriedrichN wrote: post #49

Tenoke wrote: post #13

Earlier quoted context omitted.

Of course it does. It also has better uses than say gaming, so if that is the logic maybe that should be banned, too.

There is a difference between the two. That's like comparing the fuel use or exhaust of a Fiat 500 to that of a cargo ship.

Post by brezelgoring » Wed, Nov 03, 2021, 2:51 PM UTC

matheusmoreira wrote: post #63

cletus wrote: post #57

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.

Post by dannyw » Wed, Nov 03, 2021, 2:53 PM UTC

nwah1 wrote: post #62

cinntaile wrote: post #27

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.

You could say the same about whether bridges to nowhere generate important economic robustness. The problem with this view is it ignores that such activity crowds out the ability to do something actually useful with the same resources, while also producing all the same externalities (both positive and negative).

Post by thomcano » Wed, Nov 03, 2021, 2:54 PM UTC