Bitcoin may consume as much energy as all data centers globally
digiconomist.net
Bitcoin may consume as much energy as all data centers globally
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Re: Bitcoin may consume as much energy as all data centers globally
#2Proof of work blockchains should be banned by various governments for this reason alone.
At this point BTC is a speculative bubble that benefits a very small group to the detriment of the rest of us.
I also have a lot of personal frustration with how mining (more of ETH and others) is impacting the global GPU supply.
A whole cottage industry has cropped up of sites, discords, etc that provide notifications when GPUs come into stock. Not all the issues are related to mining, but it certainly is enough of an issue that Nvidia has announced mining specific cards and is throttling mining on their 3060 series. AMD is rumored to be doing similar soon.
Edit: Replaced 'anti-social Ponzi scheme' with 'speculative bubble' to be more accurate.
Re: Bitcoin may consume as much energy as all data centers globally
#3Proof of work blockchains should be banned by various governments for this reason alone. At this point BTC is a speculative bubble that benefits a very small group to the detriment of the rest of us. I also have a lot of personal frustration with how mining (more of ETH and others) is impacting the global GPU supply. A whole cottage industry has cropped up of sites, discords, etc that provide notifications when GPUs…
I say we should ban data centers instead. They're clearly a scam and no one should be allowed to use them because they waste so much power!
Re: Bitcoin may consume as much energy as all data centers globally
#4Proof of work blockchains should be banned by various governments for this reason alone. At this point BTC is a speculative bubble that benefits a very small group to the detriment of the rest of us. I also have a lot of personal frustration with how mining (more of ETH and others) is impacting the global GPU supply. A whole cottage industry has cropped up of sites, discords, etc that provide notifications when GPUs…
>BTC is an anti-social Ponzi scheme
speculative bubble =/= ponzi scheme
Re: Bitcoin may consume as much energy as all data centers globally
#5Everyone needs a thneed.
Re: Bitcoin may consume as much energy as all data centers globally
#6How much energy do the following consume in total:
- mining metal for coins of fiat currency
- mining gold because people don't trust fiat (digging otherwise useless-in-that-quantity rocks out of the earth, a Proof of... hmm... WORK?)
- running stock exchanges because people don't trust gold either (tungsten has almost the same density)
- smelting the plain metal and gold
- the US military which backs the dollar, and the other armies which compete with it
- manufacturing paper for fiat (lots of water consumption?)
- printing fiat
- transporting fiat
- transporting bank employees
- building shiny glass palaces for banks to signal their status (PoW)
- flying bank managers across the planet to signal status (PoW)
- the office equipment, servers, and employees of banks
- existing fiat currency becoming garbage due to wear, better fakes, and inflation
- the network of hundreds of thousands of ATMs and the COBOL mainframes which back them
Re: Bitcoin may consume as much energy as all data centers globally
#7Proof of work blockchains should be banned by various governments for this reason alone. At this point BTC is a speculative bubble that benefits a very small group to the detriment of the rest of us. I also have a lot of personal frustration with how mining (more of ETH and others) is impacting the global GPU supply. A whole cottage industry has cropped up of sites, discords, etc that provide notifications when GPUs…
I say we should ban data centers instead. They're clearly a scam and no one should be allowed to use them because they waste so much power!
And Xbox and other gaming consoles.
Re: Bitcoin may consume as much energy as all data centers globally
#8Bitcoin does not consume energy. Miners do. Before presenting your views on Bitcoin, you should have some knowledge about how the network works, in particular how mining difficulty is regulated. Bitcoin would do just fine if its energy consumption dropped to 2008 levels.
Re: Bitcoin may consume as much energy as all data centers globally
#9Proof of work blockchains should be banned by various governments for this reason alone. At this point BTC is a speculative bubble that benefits a very small group to the detriment of the rest of us. I also have a lot of personal frustration with how mining (more of ETH and others) is impacting the global GPU supply. A whole cottage industry has cropped up of sites, discords, etc that provide notifications when GPUs…
I can list so many dumb uses of energy out of my head that could be beneficial if banned...