Kazakhstan to restrict crypto miners amid power shortages

Post by matheusmoreira » Thu, Nov 04, 2021, 2:42 AM UTC

TomSwirly wrote: post #273

matheusmoreira wrote: post #133

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So you think I'm a multi-level marketer? Is it even possible to prove otherwise? I just happen to believe in that project and like to talk about it. Am I supposed to not talk about this stuff? I don't particularly care that energy is being spent on cryptocurrency. What I hate is the fact that energy is being spent on bitcoin in particular. The energy is not supposed to be wasted, it's supposed to buy us something . N…

> Namely, a decentralized, private, anonymous, uncensorable, unsanctionable digital cash network. In other words, the perfect ability to money launder, evade taxes and purchase contraband. Great. But what would a law-abiding person do with this?

Post by trevyn » Thu, Nov 04, 2021, 3:05 AM UTC

consumer451 wrote: post #329

floatingatoll wrote: post #321

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Seems fine to me. I already have nuclear irradiated genes, I'm sterile, and I prefer nature for company over human beings. (If you were sarcastically implying that no one would volunteer, you are mistaken. I encourage making your point more clearly and with less sarcasm, since a worthwhile discussion is possible if you do so.)

I was a bit sarcastic, but the effects on real estate values alone prevent many from wanting to live near a plant. The sarcasm came from the crypto part. The idea that swaths of US land would be devalued for the latest crypto pump and dump project makes me laugh and die inside. I mean Solana is actually pretty cool. But all other crypto projects of which I am aware do not add value to our species as a whole. So addin…

Post by whatisthiseven » Thu, Nov 04, 2021, 3:26 AM UTC

rfd4sgmk8u wrote: post #158

whatisthiseven wrote: post #132

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Ironically, ETH switching to PoS is the reason I am holding the currency. In the future I expect all PoW cryptocurrencies to be banned, or severely hobbled, because of their electricity usage and e-waste. I have a long bet on ETH specifically because of its eventual move to PoS. Bitcoin doesn't even have a plan, and when the legal landscape changes it will be in the worst position to pivot. We'll just have to see wha…

Nah, I don't think it can be banned. At least not in the non-authoritarian parts of the world. Even if it is, they would need to break my fingers to prevent me running a Bitcoin node. And I will get the blocks via Satellite. If there was a credible threat, we would go somewhere it is not. If your economic thesis is based on hoping the government bans something, why are you even playing with state-resistant decentrali…

Post by soheil » Thu, Nov 04, 2021, 5:13 AM UTC

adflux wrote: post #70

tablespoon wrote: post #56

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> 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…

I already have an rtx gpu. It nets about 8$ of eth a day. Uses 250w. So that's around 1$ of power a day. And enough wattage to heat my office. So I can get paid to keep my room at a nice temperature. This is why I mine now

Post by ben_w » Thu, Nov 04, 2021, 8:37 AM UTC

fastball wrote: post #340

depaya wrote: post #162

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A factory provides jobs to locals. A factory stimulates the economy by creating local economic activity (suppliers, logistics, construction, restaurants). A crypto operation might provide a small fraction of everything above while also producing nothing of tangible value to society.

Doesn't matter how "tangible" the value is if foreigners are paying for it.