Energy shortages .Due to all the bitcoin mining?
Discussion
Everyone thinks bitcoin its the path to riches. How many datacentres have sprung up specifically to mine this virtual product?
Wasteful consuption of energy even if its paid for and what about illegal tapping into the grid? All the skills of weed farms put to use.
China for all its faults has been trying to ban it for ages. They have energy shortages in manufacturing now and it cant be a coincidence
they have gone after bitcoin in a big way.
Wasteful consuption of energy even if its paid for and what about illegal tapping into the grid? All the skills of weed farms put to use.
China for all its faults has been trying to ban it for ages. They have energy shortages in manufacturing now and it cant be a coincidence
they have gone after bitcoin in a big way.
Whilst I have no issues with the concept of a global digital currency that is beyond the control of governments, I think the environmental damage to create it is totally and utterly absurd, and needs to stop.
Bitcoin mining caused 35.95 millions tons of carbon emissions last year, the equivalent to the whole of New Zealand, and currently consumes the same amount of electricity per year as a country such as Ireland or Sweden.
I just find it mental that humans have created a computer code that has resulted in this much consumption, waste and environmental damage.
I appreciate that like anything 'precious', it needs effort or energy put into it to achieve a value, but this just seems unnecessary.
Could there have been an alternative way to create a digital crypto currency which doesn't involve such consumption?
Bitcoin mining caused 35.95 millions tons of carbon emissions last year, the equivalent to the whole of New Zealand, and currently consumes the same amount of electricity per year as a country such as Ireland or Sweden.
I just find it mental that humans have created a computer code that has resulted in this much consumption, waste and environmental damage.
I appreciate that like anything 'precious', it needs effort or energy put into it to achieve a value, but this just seems unnecessary.
Could there have been an alternative way to create a digital crypto currency which doesn't involve such consumption?
Lord Marylebone said:
Could there have been an alternative way to create a digital crypto currency which doesn't involve such consumption?
Plenty of other crypto's out there that use less energy, or rely on other concepts rather than proof of work. if this issue becomes big enough BTC might lose value and those might gain it because of it. I suspect we are quite far from that though.In China many miners used excess hydro capacity in remote areas that would otherwise have gone to waste. They migrated from site to site to follow that capacity.
Miners tend to find holes and fill them rather than barge in and claim everything. Many have been invited to sites by local governments or power producers.
As for someone tapping into your local motorway's night lighting, unless you have an industrial scale operation you're going to get absolutely nowhere these days. For most people just buying and sitting on it will make vastly more than mining ever will.
It is no doubt is massively wasteful for what it provides right now, but it'll also be one of the prime drivers of renewable innovation and I expect there'll be a time when miners are financing new renewable options themselves.
Miners tend to find holes and fill them rather than barge in and claim everything. Many have been invited to sites by local governments or power producers.
As for someone tapping into your local motorway's night lighting, unless you have an industrial scale operation you're going to get absolutely nowhere these days. For most people just buying and sitting on it will make vastly more than mining ever will.
It is no doubt is massively wasteful for what it provides right now, but it'll also be one of the prime drivers of renewable innovation and I expect there'll be a time when miners are financing new renewable options themselves.
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