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Bitcoin Energy Consumption Index

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Re: Bitcoin Energy Consumption Index

#171
Bitcoin is China's way of exporting subsidized coal via the atmosphere.

https://www.buybitcoinworldwide.com/mining/china/#reason-2-e...

Reason #2: Excess Coal

Coal is the cheapest power source but also the dirtiest. It’s well-known that China has comparatively lax environmental policies. Major cities like Beijing are notorious for their high levels of smog, produced mostly by burning coal.

Energy producers can freely burn coal and use the energy for Bitcoin mining. Instead of physically transporting the coal, it’s easier and more cost-effective to establish a Bitcoin mining operation near a source of coal and convert carbon directly to crypto.

#Bitcoin enables Chinese entrepreneurs to export coal by burning it and using the energy to mine.

https://twitter.com/el33th4xor/status/623178828727361536

#Bitcoin enables Chinese entrepreneurs to export coal by burning it and using the energy to mine.

— Emin Gün Sirer (@el33th4xor) July 20, 2015

FTA:

Carbon footprint

Bitcoin’s biggest problem is perhaps not even its massive energy consumption, but the fact most mining facilties in Bitcoin’s network are located in regions (primarily in China) that rely heavily on coal-based power (either directly or for the purpose of load balancing). To put it simply: “coal is fueling Bitcoin” (Stoll, 2019).

https://www.wired.com/story/bitcoins-climate-impact-global-c...

Bitcoin's Climate Impact Is Global. The Cures Are Local. To measure bitcoin's contribution to global warming, you need to know where it is mined and where those computers get their electricity.

...

Not so fast, said county officials. They pointed to a different culprit: a giant coal plant halfway across the state. If energy from the dam went to bitcoin mining, they said, the county as a whole would wind up using more coal. In April, officials required all future mines to build their own renewable power.

Missoula County was on the right track, says Christian Stoll, an energy researcher at the Technical University of Munich. In a paper published Wednesday in the journal Joule, his team takes a closer look at the energy consumption of bitcoin mining, based on where miners are located and the types of machines they are using. “Coal is fueling Bitcoin,” he says. “The question is how to prevent it, and that’s up to local regulators.”

Re: Bitcoin Energy Consumption Index

#172
post #72

Earlier quoted context omitted.

it's cheaper to transfer Bitcoin and immediately convert to fiat than to do a wire transfer from overseas. Then you're using the home banking system like ACH in the US and SEPA in Europe Wires cost me $50+ because of intermediary banks, even if I don't pay anything at my own bank, someone is getting a big cut.

Don’t companies like TransferWise already do international payments electronically without the need for a blockchain? I definitely support lowering the amount of human labor required for payments, but I don’t see the need for many coal plants worth of computers randomly hashing a bunch of junk over and over again when a normal efficient server can do it. Every bitcoin exchange I’ve used required me to physically writ…

> Every bitcoin exchange I’ve used required me to physically write something on paper and show it to a human

I'm curious - what did you have to write? Is it just part of proof of identity, or something more?

Re: Bitcoin Energy Consumption Index

#173

Bitcoin is China's way of exporting subsidized coal via the atmosphere. https://www.buybitcoinworldwide.com/mining/china/#reason-2-e... Reason #2: Excess Coal Coal is the cheapest power source but also the dirtiest. It’s well-known that China has comparatively lax environmental policies. Major cities like Beijing are notorious for their high levels of smog, produced mostly by burning coal. Energy producers can freely…

> convert carbon directly to crypto

That's the coolest phrase I've read today. What would someone from before Bitcoin think about that?

Re: Bitcoin Energy Consumption Index

#174

Bitcoin is China's way of exporting subsidized coal via the atmosphere. https://www.buybitcoinworldwide.com/mining/china/#reason-2-e... Reason #2: Excess Coal Coal is the cheapest power source but also the dirtiest. It’s well-known that China has comparatively lax environmental policies. Major cities like Beijing are notorious for their high levels of smog, produced mostly by burning coal. Energy producers can freely…

> convert carbon directly to crypto That's the coolest phrase I've read today. What would someone from before Bitcoin think about that?

Superman can convert coal directly to diamonds, but their value is artificial too.

Re: Bitcoin Energy Consumption Index

#175
post #113
post #19

One of the main reasons why I dropped BTC. "Getting rich" at cost of the environment (extremely high resource consumption)? No thanks, I'd rather leave that world for future generations.

I think the traditional stock market has significantly greater environmental externalities, even proportionally to net value. Greed creates waste in all venues.

Greed also creates apologists and false equivalencies in all venues.

Re: Bitcoin Energy Consumption Index

#176
post #19

One of the main reasons why I dropped BTC. "Getting rich" at cost of the environment (extremely high resource consumption)? No thanks, I'd rather leave that world for future generations.

Do/Will you also not have any children? Because that would probably make a better impact than not using Bitcoin.

Re: Bitcoin Energy Consumption Index

#177
post #86

Earlier quoted context omitted.

PoS opens up new threat models concerning the tyranny of the majority. PoW utilizes the honest indicator of un-forgeable expense to mitigate this class of risks.

A class of risks that the normal financial system doesn’t have. My bank doesn’t expose me to “double spend” attacks.

Yes they absolutely do. Someone buys something from you and then they reverse the payment. They go on and buy something else with the same money. Reversible payments are a huge issue for online merchants.

Re: Bitcoin Energy Consumption Index

#178
Iceland using more electricity for bitcoin mining than for its households is interesting, but at least it's a greener energy:

https://qz.com/1204840/iceland-will-use-more-electricity-min...

but reopening closed coal power plants for crypto mining is more worrying:

https://qz.com/1250980/an-australian-coal-power-plant-will-r...

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