71–80 of 97 posts
Earlier quoted context omitted.
That's probably a net benefit for the USA. The same people will still accrue the benefits of mining, but without stressing domestic infrastructure.
I'm not a fan of Proof of Work mining now that a robust Proof of Stake consensus algorithm is fully operational in Ethereum, but if the Bitcoin mining operations stay in the US, their revenue will go toward funding the expansion of domestic infrastructure. It's clearly in US interests to keep mining domestic.
Earlier quoted context omitted.
That's probably a net benefit for the USA. The same people will still accrue the benefits of mining, but without stressing domestic infrastructure.
I'm not a fan of Proof of Work mining now that a robust Proof of Stake consensus algorithm is fully operational in Ethereum, but if the Bitcoin mining operations stay in the US, their revenue will go toward funding the expansion of domestic infrastructure. It's clearly in US interests to keep mining domestic.
Earlier quoted context omitted.
I agree crypto mining is wasteful, but I don't think this kind of narrowly targeted tax is the right solution. ideally the federal government would not have an opinion on what citizens use electricity for, only that the externalities of power generation are priced in. at a high level, crypto mining is just arbitraging the price of electricity. if the externalities are priced into generation, this is a non issue. if t…
On an individual level, I agree with this sentiment. However, as power and influence increases, I feel, so too does accountability to the community. For example, if an individual wants to have christmas lights on their house year round, I think they should be allowed to as long as they can pay their electric bill. However, if a crazy billionaire wants to blast a giant laser into the sky and this causes brown outs due…
Earlier quoted context omitted.
I agree crypto mining is wasteful, but I don't think this kind of narrowly targeted tax is the right solution. ideally the federal government would not have an opinion on what citizens use electricity for, only that the externalities of power generation are priced in. at a high level, crypto mining is just arbitraging the price of electricity. if the externalities are priced into generation, this is a non issue. if t…
On an individual level, I agree with this sentiment. However, as power and influence increases, I feel, so too does accountability to the community. For example, if an individual wants to have christmas lights on their house year round, I think they should be allowed to as long as they can pay their electric bill. However, if a crazy billionaire wants to blast a giant laser into the sky and this causes brown outs due…
if this approach also discourages free water parks, I'm okay with that. if the community really wants that, they can weigh it against other public interests and consider funding it out of public coffers.
As someone who's neutral/vaguely positive on crypto (which is to say, it's gonna happen regardless of what any of us think of it ) this is a great idea, simple and to the point. Mining crypto is (now DEFINITELY) wasteful; make it more expensive. I'd go higher, even.
I agree crypto mining is wasteful, but I don't think this kind of narrowly targeted tax is the right solution. ideally the federal government would not have an opinion on what citizens use electricity for, only that the externalities of power generation are priced in. at a high level, crypto mining is just arbitraging the price of electricity. if the externalities are priced into generation, this is a non issue. if t…
This is the entire point of government.
Earlier quoted context omitted.
On an individual level, I agree with this sentiment. However, as power and influence increases, I feel, so too does accountability to the community. For example, if an individual wants to have christmas lights on their house year round, I think they should be allowed to as long as they can pay their electric bill. However, if a crazy billionaire wants to blast a giant laser into the sky and this causes brown outs due…
I'd rather see this mitigated with tiered kWh rates that are still use case agnostic. so the amount of energy needed to heat/cool a reasonable family home could be purchased roughly at production cost, but the rate could step up steeply past that amount. this would either discourage silly laser shows, or at least make sure the community gets funds to build out solar/wind/whatever from the show. if this approach also…
It's absolutely reasonable -- if not likely -- to think that "the community" thinks of bitcoin mining as a wasteful and stupid idea and is expressing that preference through its politicians. I don't think you're going to see a lot of arguments in terms of "this is political overreach."
Earlier quoted context omitted.
I'd rather see this mitigated with tiered kWh rates that are still use case agnostic. so the amount of energy needed to heat/cool a reasonable family home could be purchased roughly at production cost, but the rate could step up steeply past that amount. this would either discourage silly laser shows, or at least make sure the community gets funds to build out solar/wind/whatever from the show. if this approach also…
Again, I think that "generally, the government we have now" does as good or a better job of "what the community wants" than whatever it is you're proposing? Especially here? It's absolutely reasonable -- if not likely -- to think that "the community" thinks of bitcoin mining as a wasteful and stupid idea and is expressing that preference through its politicians. I don't think you're going to see a lot of arguments in…
but yeah, I don't really expect anyone to care much about crypto bros getting a targeted shafting. dueling windmills would probably be a better use of my time.
It's a smart idea. Who is going to have sympathy for crypto miners? As a citizen, would you rather a Watt of power go to driving an industrial facility, heating a home, or making a Shibacoin? For most it's a very easy calculus. Either they pay up, in which case there's a new revenue stream, or they don't, in which case energy prices will go down due to the lowering of demand. A win for the general public and an easy…
Heating a home and mining crypto don't have to be mutually exclusive!
Wow, taxed based on how you use your computer huh? Doesn't sounds very American to me. What's next, taxed for fuzz testing? Taxed for using inefficient programming languages? FWIW I do not support the crypto space either, but if they want to use a computer to run an infinite loop for the end of time that's their business. Perhaps spending more effort on improving the power grid and using more renewable resources woul…
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People using Prime95 aren't buying $Hundred-Million of electricity from the Texas Energy Grid during the snowstorm when everyone else was literally freezing and dying in their homes. The amount of electricity these miners are pulling is insane, and is beginning to affect their neighbors. Its about time we stopped putting up with it.
If there isn't enough electricity to go around it makes sense to do something about it. It seems like the issue is about electricity distribution rather than the use of the electricity. If it is the scale that is the problem then other seemingly unimportant industries using a ton of electricity in a time of crises should maybe also be limited.
The IEA suggests the following:
* Chemical manufacturers
* Steelmaking
* Paper mills
* Refineries
Industrial crypto mining is not in good company here.