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Old 27th December 2021, 14:32     #961
Lightspeed
 
An interview of/lecture by Vitalik from last week in Argentina. 1h21m.

Love this guy, gives me a lot of hope for the platform.
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Old 7th January 2022, 12:53     #962
Ab
A mariachi ogre snorkel
 
So Signal's cryptopayments functionality via Mobilecoin is now in beta worldwide, and something about it just leaves a really bad taste in my mouth. It feels like an ICO-era cash grab from an app that I thought was better than this.
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Old 7th January 2022, 13:29     #963
Cyberbob
 
During 2021, Bitcoin consumed enough electrical energy to negate the entire global net savings from deploying EVs.

source: @DigiEconomist and CCAF
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Old 7th January 2022, 13:38     #964
Lightspeed
 
I'm hoping once Ethereum completely leaves PoW behind that will be the death knell of Bitcoin.
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Old 7th January 2022, 13:54     #965
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Cyberbob
During 2021, Bitcoin consumed enough electrical energy to negate the entire global net savings from deploying EVs.

source: @DigiEconomist and CCAF

That makes... no sense. Electric cars would have saved electricity if it hadn't been for Bitcoin using electricity?
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Old 7th January 2022, 14:40     #966
Cyberbob
 
I absolutely butchered that post, you're right.

There's two points:

During 2021 Bitcoin consumed 134 TWh in total, which is comparable to the electrical energy consumed by a country like Argentina.

Related CO2 emissions were ~64 Mt; enough to negate the entire global net savings from deploying EVs.
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Old 7th January 2022, 14:49     #967
Ab
A mariachi ogre snorkel
 
That still doesn't make any sense.

Bitcoin mining consuming electricity has no environmental impact at all unless it was in a place where electricity is generated in a way that has an environmental impact. And then that just proves that certain places generate electricity in dirty ways. That has nothing to do with bitcoin mining.
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Old 7th January 2022, 14:50     #968
Lightspeed
 
The point is clear tho. Crypto burns a shit load of energy, and for what?
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Old 7th January 2022, 14:54     #969
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Lightspeed
The point is clear tho. Crypto burns a shit load of energy, and for what?
Energy's free. Who cares?

The electricity consumed by Bitcoin mining is a rounding error on the power bill of, say, companies leaving their lights on at night.
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Old 9th January 2022, 12:18     #970
Lightspeed
 
It's not completely free and in the coming years we're going to be seeing the real cost of our energy consumption.

Anyhow, nice dip going on right now for anyone buying.
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Old 9th January 2022, 14:53     #971
Ajax
Architeuthis
 
Quote:
Originally Posted by Ab
That still doesn't make any sense.

Bitcoin mining consuming electricity has no environmental impact at all unless it was in a place where electricity is generated in a way that has an environmental impact. And then that just proves that certain places generate electricity in dirty ways. That has nothing to do with bitcoin mining.
Large-scale crypto miners need more juice --> grid under pressure --> wholesale energy prices rise ---> dirty power plant increases output.

Check out what's happening in Kazakhstan at the moment.

Its energy ministry said last year "grey" mining may be consuming up to 1.2 GWt of power, which together with "white" miners' 600 MWt comes up to about 8% of Kazakhstan's total generation capacity.
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Old 9th January 2022, 15:25     #972
Ajax
Architeuthis
 
Imagine something as useless as Bitcoin is causing rolling brown-outs and maxing out your electrical grid.
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Old 10th January 2022, 15:02     #973
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Lightspeed
It's not completely free
Like the man said, the future's here but it's not evenly distributed.

Here in South Australia power is certainly free during the summer. With rooftop solar I could probably set up a mining rig in my shed for six months of the year and not pay a cent in power bills.

I guess the point (also following Ajax's comments) is that crypto mining at scale is a shitty thing for a developing country's power grid, and it will probably be banned in such places, which is good. But I stand by my point that crypto mining in and of itself does not have a negative environmental impact. Crypto mining in places where electricity is generated by dirty means has an environmental impact -- and the impact comes from the dirty means bit not from the crypto mining bit.
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Old 10th January 2022, 15:57     #974
Ajax
Architeuthis
 
Quote:
Originally Posted by Ab
Here in South Australia power is certainly free during the summer.
It's not really free though, is it. Someone had to pay for the solar setup. Cheap - sure.

I don't have the stats in front of me, but whatever percentage of crypto mining is generated with dirty power (I vaguely recall it being about 75%) can be considered to have an environmental impact.
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Old 10th January 2022, 16:13     #975
Ab
A mariachi ogre snorkel
 
One would think there'd be some sort of provenance market for Bitcoins that were mined "sustainably".

Edit:

Quote:
Bitcoin consumes “less than 10 percent and 40 percent of traditional banking and gold mining, respectively.”

https://ark-invest.com/articles/anal...bitcoin-myths/
Discuss
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Old 10th January 2022, 16:48     #976
Ajax
Architeuthis
 
Something something trad banking transactions per second.
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Old 10th January 2022, 17:24     #977
Juju
get to da choppa
 
An outfit is building a bitcoin mining container DC in clyde next to the clyde dam.
They are in cahoots with Contact energy to use it as an effective load balancer. It'll ramp up at night when capacity is high but demand is low, and ramp down during peak hours.
Contact win because it balances the load, and the network fees are basically paying for upgrading the substation to double the size they would have done otherwise, and the mining outfit wins because they get cheap power. It's a pretty cool system.
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Old 11th January 2022, 11:23     #978
blynk
 
You know you can't compare traditional banking directly with crypto.

Thats like saying 100k people will be diagnosed with Melanoma in the USA compared to 4k people in NZ.

Therefore the USA is worse for melanoma cancer by 25 times.
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Old 11th January 2022, 13:12     #979
Ab
A mariachi ogre snorkel
 
Yeah but we don't have news articles every second day shouting "banking industry is setting the world on fire, consumes more electricity than ten Argentinas"
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Old 12th January 2022, 15:38     #980
pxpx
 
Negative media about the banking industry doesn't tank the value of fiat currency as much as negative media about crypto I guess.
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Old 13th January 2022, 01:54     #981
Ab
A mariachi ogre snorkel
 
Check out how many transactions the Stellar blockchain is doing a day. Not a peep about electricity consumption.
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Old 13th January 2022, 08:50     #982
Ajax
Architeuthis
 
Keep in mind that XLM was 100% premined and has a small number of validators in the network.
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Old 17th January 2022, 01:38     #983
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Ab
Like the man said, the future's here but it's not evenly distributed.

Here in South Australia power is certainly free during the summer.
https://www.smh.com.au/environment/c...16-p59omi.html

For a six and a half day stretch last month the state of South Australia generated more electricity than it needed from wind and solar.
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