Swedish government agencies say energy-intensive crypto mining should be banned

Post by themihai » Sat, Nov 06, 2021, 9:03 AM UTC

swman wrote: post #84

seu wrote: post #3

"If we were to allow extensive mining of crypto-assets in Sweden, there is a risk that the renewable energy available to us will be insufficient to cover the required climate transition that we need to make. This energy is urgently required for the development of fossil-free steel, large-scale battery manufacturing and the electrification of our transport sector. Based on estimates from Cambridge University, it is cu…

Honestly do we really need cryptocurrency? I don’t want my transactions public. I like exchanging cash for weed (legal in California) and nobody needs to know regardless. I also don’t understand what’s wrong with USD. I grew up in a third world country so maybe it could help people there but in USA? I’m happy with the dollar fluctuations vs four digit fluctuations daily. Can someone give me a good explain?

Post by gefhfff » Sat, Nov 06, 2021, 9:04 AM UTC

vadfa wrote: post #32

Ekaros wrote: post #28

As person living in country with ties to Scandinavian grid. I see this as very positive. I could argue that current market price situation could even be worse if crypto miners were allowed to externalize their energy cost to rest of society. That is by applying high demand the hydro would have less stored capacity available. Which kinda is currently part of the price problem. They lower the stored capacity and pay ch…

They are not externalising their cost to the rest of society. They are paying the exact cost of the energy they spend just like the rest of people.

Post by forgotmyoldname » Sat, Nov 06, 2021, 9:04 AM UTC

vadfa wrote: post #96

forgotmyoldname wrote: post #82

Earlier quoted context omitted.

I’m fine with nuclear, but producing excess nuclear waste simply to produce random bits to do absolutely nothing isn’t something I’d support.

I agree with you, but how exactly do you check for that? Put a telescreen in every home?

Post by Jensson » Sat, Nov 06, 2021, 9:06 AM UTC

VMG wrote: post #71

rebuilder wrote: post #42

Earlier quoted context omitted.

It would still raise the cost of mining. And those countries that do not ban mining will face increasing pressure to do so, due to miners pushing energy prices up. But yes, an international treaty banning PoW crypto mining would be more effective. Then confiscate the equipment and use it to attack the networks.

High mining cost is what provides network security. I doubt there will be popular support for military interventions against Bitcoin. But if a "War against Bitcoin" were to happen, it would probably be as successful as the "War on Drugs" and "War on Terror"

Post by amjnsx » Sat, Nov 06, 2021, 9:06 AM UTC

karamanolev wrote: post #54

peakaboo wrote: post #40

Earlier quoted context omitted.

I feel like you guys are completely inside the matrix here so allow me to explain... Bitcoin is being fought by banks and governments because it threatens the dollar and the banking system. The future they want is a global coin, not a decentralized currency.

How about the people win against the evil banks and governments ... and then proceeds to drown in the rising oceans, burn in increased wildfires, freeze in extremely cold weather (including all the gas and coal power plants used to mine BTC, see recent Texas events).