Crypto Mining Consumes a Mind-Boggling 2% of U.S. Electricity
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Re: Crypto Mining Consumes a Mind-Boggling 2% of U.S. Electricity
#2How is the mind-boggling... Are you forgetting the impact of EVs? EV demand is mind-boggling... Also, consider the shift in generation https://www.statista.com/statistics/189369/electricity-net-g... While it's disturbing its consumption, it's a misdirection to where the real impacts should be focused...
Re: Crypto Mining Consumes a Mind-Boggling 2% of U.S. Electricity
#3How is the mind-boggling... Are you forgetting the impact of EVs? EV demand is mind-boggling... Also, consider the shift in generation https://www.statista.com/statistics/189369/electricity-net-g... While it's disturbing its consumption, it's a misdirection to where the real impacts should be focused...
EVs actually provide real value, you know, like getting people from one place place to another etc.
While this is completely useless. Stopping crypto mining is an extremely low hanging fruit if we we are serious at all about climate change (yes some people might claim that miners might be using renewable energy in many cases but it still could used for something actually useful instead..)
Re: Crypto Mining Consumes a Mind-Boggling 2% of U.S. Electricity
#4How is the mind-boggling... Are you forgetting the impact of EVs? EV demand is mind-boggling... Also, consider the shift in generation https://www.statista.com/statistics/189369/electricity-net-g... While it's disturbing its consumption, it's a misdirection to where the real impacts should be focused...
If you consider consumption of energy as a whole and not just electricity it would be quite different because EVs are replacing petroleum fuel cars. What type of energy consumption is cryptocurrency mining replacing?
Re: Crypto Mining Consumes a Mind-Boggling 2% of U.S. Electricity
#5I saw a theoretical calculation many years ago saying that bitcoin mining would eventually use 7% of the world's electricity. I laughed at it then, but take it more seriously now. Electricity in the US is expensive, so if it's using 2% here, it must be using more in some other parts of the world.
Re: Crypto Mining Consumes a Mind-Boggling 2% of U.S. Electricity
#6I saw a theoretical calculation many years ago saying that bitcoin mining would eventually use 7% of the world's electricity. I laughed at it then, but take it more seriously now. Electricity in the US is expensive, so if it's using 2% here, it must be using more in some other parts of the world.
> Electricity in the US is expensive
It seems very cheap compared to most of Europe though?
Re: Crypto Mining Consumes a Mind-Boggling 2% of U.S. Electricity
#7How is the mind-boggling... Are you forgetting the impact of EVs? EV demand is mind-boggling... Also, consider the shift in generation https://www.statista.com/statistics/189369/electricity-net-g... While it's disturbing its consumption, it's a misdirection to where the real impacts should be focused...
If you consider consumption of energy as a whole and not just electricity it would be quite different because EVs are replacing petroleum fuel cars. What type of energy consumption is cryptocurrency mining replacing?
If you consider the consumption of energy required to make an EV versus a die cast combustion engine, you'll see the energy consumption got front loaded.
Re: Crypto Mining Consumes a Mind-Boggling 2% of U.S. Electricity
#8I saw a theoretical calculation many years ago saying that bitcoin mining would eventually use 7% of the world's electricity. I laughed at it then, but take it more seriously now. Electricity in the US is expensive, so if it's using 2% here, it must be using more in some other parts of the world.
> Electricity in the US is expensive It seems very cheap compared to most of Europe though?
I was thinking China. That's where most bitcoin is mined.
Re: Crypto Mining Consumes a Mind-Boggling 2% of U.S. Electricity
#9How is the mind-boggling... Are you forgetting the impact of EVs? EV demand is mind-boggling... Also, consider the shift in generation https://www.statista.com/statistics/189369/electricity-net-g... While it's disturbing its consumption, it's a misdirection to where the real impacts should be focused...
EVs actually provide real value, you know, like getting people from one place place to another etc. While this is completely useless. Stopping crypto mining is an extremely low hanging fruit if we we are serious at all about climate change (yes some people might claim that miners might be using renewable energy in many cases but it still could used for something actually useful instead..)
I’ve never understood the take that a crypto network “doesn’t provide value”. Keeping the network secure isn’t valuable? So whose paying for all the energy exactly? How long until they’re bled dry?
Re: Crypto Mining Consumes a Mind-Boggling 2% of U.S. Electricity
#10Earlier quoted context omitted.
EVs actually provide real value, you know, like getting people from one place place to another etc. While this is completely useless. Stopping crypto mining is an extremely low hanging fruit if we we are serious at all about climate change (yes some people might claim that miners might be using renewable energy in many cases but it still could used for something actually useful instead..)
I’ve never understood the take that a crypto network “doesn’t provide value”. Keeping the network secure isn’t valuable? So whose paying for all the energy exactly? How long until they’re bled dry?
> Keeping the network secure isn’t valuable?
Relative to the amount of consumed energy? Not, not at all... Bitcoin is extremely exceptionally very inefficient for what it is.