> US is incredibly slow in building transmission lines, takes decades. A lot of bitcoin miners use stranded power, which would otherwise go to waste. People often respond to me on HN that the power could be easily/cheaply sent elsewhere for better uses [0]. Comments like this just re-enforce the fact that these people have literally no idea what they are talking about. Thanks, I'll favorite this one. =) [0] https://n…
> A lot of bitcoin miners use stranded power, which would otherwise go to waste. A lot of bitcoin miners are keeping fossil fuel spewing power plants from being retired because the regulations that keep power affordable for Americans haven’t caught up. There’s a reason China killed bitcoin mining and the US needs to follow suit. Literally killing the planet for imaginary coins that don’t solve any problems that weren…
According to this data, China tried, but failed to kill bitcoin mining. As of the last update in Jan 2022, China currently has 55% of the hashrate it had before the ban. https://ccaf.io/cbnsi/cbeci/mining_map
Also, mining is a global industry. Banning it in one country is like grabbing a fist full of water. It just oozes out elsewhere. It looks like the China ban mostly oozed into the US and Kazakhstan, before rebounding back into China. The effective reduced total energy use from the China ban barely lasted 6 months before it surpassed previous levels.
This was the result of one of the strongest authoritarian surveillance states in the world. What makes you think anyone else can do better?