Crypto Currency Thread

[anonymous-user]

Behemoth said:

And yes, the majority of bitcoin's energy consumption is already via renewables & much of that is stranded electricity that can't be used for anything else.

That is not proven. While China is responsible for the majority of mining, it’s split between two different worlds, energy-wise.

https://www.wired.com/story/bitcoins-climate-impac...

''In southern China, especially the mountains of Sichuan province, miners take advantage of cheap and abundant hydroelectric power. But the other Chinese mining mecca is Inner mongolia, which runs on coal.

CoinShares estimates 80 percent of Chinese mining takes place in the wider Sichuan region. But based on interviews with miners and IP data from the largest Chinese mining pool, Stoll arrived at a lower number—about 58 percent.''

It is extremely inefficient in energy terms per transaction, and as ethics becomes more a part of our everyday decisions, it can't be good for BTC future. It also doesn't take into account the fact miners have a short lifecycle and our manufactured in coal powered industrial sectors.

Edited by Thesprucegoose on Monday 2nd March 10:31

Edited by Thesprucegoose on Monday 2nd March 10:36

[Behemoth]

The Coinshares Dec 19 report you refer to has it at 73% renewable. Of course it's not proof, it is an estimate based on thorough research. Show me better research to convince me otherwise. I am confident that there is a 50% lower bound (hence my reference to a majority).

Miners don't care where the energy comes from, as long as it's cheap. It's a highly mobile industry & it's inevitable that it'll head for stranded cheap electricity in the main + some oversubsidised corrupt sources until those are stopped. There have been miners attached to state nuclear power stations & even church electricity supplies in Russia.

Cost per transaction? Over 1 billion dollars worth was txd for about 50 cents recently. Processed in 10 minutes. Nobody cares about high fees for small amounts because those transactions will happen on other levels. Everyone realises that moving gold between central bank vaults is a very different proposition to buying a latte.

[anonymous-user]

Behemoth said:

The Coinshares Dec 19 report you refer to has it at 73% renewable. .

''. But based on interviews with miners and IP data from the largest Chinese mining pool, Stoll arrived at a lower number—about 58 percent.''

''points to the unpredictability of hydroelectric power in Sichuan, which relies on seasonal rains. When the price of bitcoin is high enough, mining remains profitable even in the dry season. That means more CO2, de Vries says, because when Sichuan runs out of hydro it turns to dirtier fuels, like coal.''

Funny how you pick out what suits your argument yet miss out the more factual, based on ip addresses, information.

Behemoth said:

Cost per transaction? Over 1 billion dollars worth was txd for about 50 cents recently. Processed in 10 minutes.

1 tx is clutching at straws yet the average tx cost in energy is 654KWh.

[Behemoth]

There are very many very large value transactions. How much does it cost to ship a load of gold bars from the NY Fed to the Bundesbank?

Yes, renewables are in the majority even in the lower bound of estimates.

[DonkeyApple]

Repatriation is very unusual.

[Behemoth]

Yes, but my point is that dividing all power used by all transactions is entirely inappropriate.

Firstly, the base protocol of Bitcoin is about securing the value it contains, not enabling cheap & fast transactions.

Secondly, transactions appear on many levels, just as they do across the many M layers of traditional currency. For example, a BTC trade on an exchange wallet is very unlikely to register on the blockchain. It happens on another layer.

[Gargamel]

You can’t get away from the fact that this is an incredibly inefficient way to make a transaction.


An entirely unnecessary and human created value system for transactions, costing as much in energy as Chile.

All businesses need to look at emissions and moving towards carbon neutrality.

My point was that bitcoin is a power hungry behemoth that does very little that is unique.

[hotchy]

Gargamel said:

You can’t get away from the fact that this is an incredibly inefficient way to make a transaction.


An entirely unnecessary and human created value system for transactions, costing as much in energy as Chile.

All businesses need to look at emissions and moving towards carbon neutrality.

My point was that bitcoin is a power hungry behemoth that does very little that is unique.

Ohhh carbon neutral, the new buzz word. Never going to happen.

[anonymous-user]

Just looking at some performers last year and Chainlink has to be one of the best, shame missed out,

[anonymous-user]

Behemoth said:

There are very many very large value transactions. How much does it cost to ship a load of gold bars from the NY Fed to the Bundesbank?

Yes, renewables are in the majority even in the lower bound of estimates.

The consumption of energy 'by bitcoin' isn't just about dealing with current transactions, so if you are going down that route, you need to count all the energy used to mine all the gold bullion and all the energy used in dealing with it ever since it has been mined.

No doubt it is a big user of electricity - 77.78 terawatt hours is the latest estimate to make the news, which is over 7x more than google's 10.6 terawatts (which is pretty much all green these days)

[anonymous-user]

Lemming Train said:

Greshamst said:

Lemming Train said:

Dr. Crème brûlée has gone suspiciously quiet recently.

I’m sure I’ll get it after, but I don’t get the reference!

Steve, up thread, shilling his coins whenever their was an uptick in the general coin values. "This time next year, Rodders!". Oh wait.

Not on the moon yet but Chainlink is now touching £3.75 or thereabouts.

[anonymous-user]

Best performing top 20 coin, 800%, in the last year. You did well, enough to retire yet?

[anonymous-user]

You can buy gear and tickets at Watford with bitcoin

https://bitcoin.watfordfc.com/

It’s not really buying, it is a gift in return for a pledge / donation

[anonymous-user]

Layer1.com is quite interesting. I’ve been looking out for news since Peter Thiel slipped it a few bob (by his standards participating in a $50m raise counts as a few bob)

It designs and has built for it custom mining chips, which it builds into custom mining containers (with some clever cooling)

It aims to become a useful participant in the West Texas electricity market: it can help with load balancing to the benefit of the grid / generators and itself (net lower price juice)

It has big ambitions to get to be 30% of the bitcoin network hash rate by the end of 2021

Anyway, it is up and running now

https://www.theblockcrypto.com/post/56337/peter-th...

[Some Gump]

JPJPJP said:

Layer1.com is quite interesting. I’ve been looking out for news since Peter Thiel slipped it a few bob (by his standards participating in a $50m raise counts as a few bob)

It designs and has built for it custom mining chips, which it builds into custom mining containers (with some clever cooling)

It aims to become a useful participant in the West Texas electricity market: it can help with load balancing to the benefit of the grid / generators and itself (net lower price juice)

It has big ambitions to get to be 30% of the bitcoin network hash rate by the end of 2021

Anyway, it is up and running now

https://www.theblockcrypto.com/post/56337/peter-th...

It's going to launch a modern take on a british classic.
Captivate the spirit of the original but with a modern twist.
0-60 slightly ahead of italian counterparts but at a different price point.
Tl;dr?..aye whatever.

[AmosMoses]

Down we goooooooo!

I'll probably use this for some DCAing, i must be mad

[anonymous-user]

Biggest drop in last few minutes I've seen fir a while, thought BTC was a hedge against the stock market well it seems it isn't.

[anonymous-user]

Thesprucegoose said:

Biggest drop in last few minutes I've seen fir a while, thought BTC was a hedge against the stock market well it seems it isn't.

Ouch..... I thought it was a made up thing that didn't exist that relied on the greater fool theory?

[Bluedot]

The alts are getting crucified, Link down 38% to £1.88!

[anonymous-user]

Bluedot said:

The alts are getting crucified, Link down 38% to £1.88!

the maincoins as well. What is the actual point of it if it now twinned with the stock markets, it was never invented for this reason, yet it's fate is now entwinned.