Bitcoin mining and energy consumption
blog.bitcoin.org.hk
Bitcoin mining and energy consumption
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Re: Bitcoin mining and energy consumption
#2Looks like the HN domain name extraction rules need an update for .hk
Re: Bitcoin mining and energy consumption
#3Looks like the HN domain name extraction rules need an update for .hk
The current public suffix list (https://publicsuffix.org/) already has org.hk as a suffix, so HN might be using an outdated version of the list.
Re: Bitcoin mining and energy consumption
#4Its base reward (currently at 12.5 Bitcoin per block) will half every four years, until it reaches zero.
That’s not how halving works.
Re: Bitcoin mining and energy consumption
#5The electricity consumption is a red flag, but perhaps it could be cheaper than the cost to build and maintain Guarda/Loomis trucks that carry physical currency, energy to melt metal to mint coins, and all the costs of building brick&mortar banks (even then, bankers provide auxiliary services like loans and advisement).
We are all spending time talking about it as a collective effort to determine whether or not it should be adopted in order to optimize the transfer of value. Ultimately it could flush out the middlemen who just seek rent by being a financial gatekeeper. Bitcoin isn't entirely different from that.
Many folks see it as a slot-machine. Buy, sit on it, cash out back to federal reserve notes. Profit. The question here is - what will those proceeds be spent on? If people are still conditioned from an early age to seek out excessive hedonistic experiences, what are we gaining by implementing bitcoin?
Part of me sees bitcoin explanations as a Rorschach test - you can observe some character traits of the person through their explanation or prediction of bitcoin.
I am wary of the entire thing because we are starting to spend more time talking about money. Or making money on money. It just has nothing to do with what we actually DO with our time/resources. But that is content for a different thread.
I am not a financial expert. Just working-class trying to invest surplus cash. I want to use simple terms and concepts and condense the complex discussion.
Re: Bitcoin mining and energy consumption
#6Its base reward (currently at 12.5 Bitcoin per block) will half every four years, until it reaches zero. That’s not how halving works.
BTC is discrete, to 8dp, rather than being represented by rational numbers, so eventually it will reach zero from rounding.
Re: Bitcoin mining and energy consumption
#7From a quick research online, it seems that most mining pools are located in China [1]
Roughly 2/3rd of electricity in China is produced from burning coal or gas, which, upon combustion, emit their own weight in CO2, basically. [2]
From this two facts, one can conclude that Bitcoin has a pretty huge carbon footprint overall. This is not the impression that I got from reading that article.
[1] https://bit-media.org/bitcoin/where-in-the-world-are-bitcoin...
[2] https://en.wikipedia.org/wiki/Electricity_sector_in_China
Re: Bitcoin mining and energy consumption
#8Its base reward (currently at 12.5 Bitcoin per block) will half every four years, until it reaches zero. That’s not how halving works.
Maybe the author was thinking about rounding? At some point the reward will reach the equivalent of $0.00 (rounded to pennies)
Re: Bitcoin mining and energy consumption
#9Makes a reasonable effort to calculate bitcoin energy use (and it’s good to share reasoning, not just headline totals!), but it falls short with the whataboutism of, for instance, shipping gold by aircraft.
Assuming all flights are independently profitable, the cheapest ticket I've seen from London to San Francisco is £261 return, which sets an upper limit on fossil fuel emissions of about 6 barrels of oil equivalent. Me plus luggage is about 100kg, which at current prices is worth £3.292.122,21
Re: Bitcoin mining and energy consumption
#10From a quick research online, it seems that most mining pools are located in China [1] Roughly 2/3rd of electricity in China is produced from burning coal or gas, which, upon combustion, emit their own weight in CO2, basically. [2] From this two facts, one can conclude that Bitcoin has a pretty huge carbon footprint overall. This is not the impression that I got from reading that article. [1] https://bit-media.org/bi…
> coal or gas, which, upon combustion, emit their own weight in CO2, basically
Fossil fuels emit much more than their weight in CO2 when burned. A CO2 molecule produced by burning typically includes two oxygen atoms from the atmosphere.