Mining
Bitcoin mining is good for the energy transition,
Bitcoin mining is good for the energy transition, researchers say
#Bitcoin #mining #good #energy #transition
“Sabine Hossenfelder”
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According to a new study from researchers at Cornell, bitcoin mining could be used to power our transition to green energy. I couldn’t quite believe this either,…
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Some are purposing burning the methane from old coal pits for mining Bitcoin is better than covering with inefficient water and floating pv. Old coal mines need proper sealing and cooling to slow down the methane emissions.
i wish you good luck with your future projects, cheers Sabine
That is so ridiculous. Bitcoin is some of the most wasteful use of energy on the planet.
If it is profitable to make Bitcoin with renewable energy, it won't be less profitable with "dirty" Energy. It's more likely that our need for electricity collides with someone else's need to make fast money with bitcoin.
Questions are good. The biggest issue with every modern day problem is economics. Not money, which is what people think economics is, but scarcity and human choice. Good choices create more value. We don't have to measure that value in money (although that is a pretty accurate way to do so) but we need to starting thinking in how we measure the outcome of choices and not just what we wish the outcome was.
"Bitcoin mining is good for the energy transition, researchers say" – they discount that there is no such called capitalism.
What humans have lived since the steam engine is a communism disguised capitalism.
Trading fossil fuels under the doctrine of what's called 'supply and demand' not on the basis the stuff is finite – has turned capitalism a communism disguised.
What remains in this system, now fossil fuels are depleted to the ground – is only more deception, gulags and wars – Gaza being the latest.
Finite fossil fuels in the hands of primitive humans – kill the natural future on earth, despite we see the future unfolding every second – anew.
When energy looted – it turns – curse.
A curse that destroys in humans consciousness and the future.
Karl Marx, Nikola Tesla, Balfour, Einstein, Huxley, Orwell, Turing – should be forgiven for thinking their systems can last forever.
Finite fossil fuels are dangerously hypnotic to humans, their consciousness and mental capacity.
Humans were not ready morally, ethically and intellectually to start the mass extraction of fossil fuels with the advent of the steam engine 300 years ago.
The Magna Carta requires today overhauling – adding to it the right for humans to understand what Energy really is – before any other commandment;
“In any system of energy, Control is what consumes energy the most.
No energy store holds enough energy to extract an amount of energy equal to the total energy it stores.
No system of energy can deliver sum useful energy in excess of the total energy put into constructing it.
This universal truth applies to all systems.
Energy, like time, flows from past to future” (2017).
this not only applies to stranded energy, but also renewable in general. solar and wind have issues with providing energy at the right time, and technology for capture of unwanted supply is not feasible yet. Proof of work mining can absorb excess grid supply from renewables, smoothing troughs in demand and peaks in supply.
All green energy sources will be used to power bitcoin mining. Win win!🏆
I can't even.
instead of storing it, just burn it in gpus. lol
I said this a long, long time ago, but was received with all kinds of mental gymnastics about how I must be wrong because bitcoin bad
Is this a parody..
Right so the rich use public infrastructure to-get even richer. Whats in it for the rest of us?
Not gonna lie, this sounds like a bunch of researchers who made some bad investments a while back who are trying to recoup. Can you power currency farms with solar? Sure. Does this make a lick of sense? Not really.
If the grid isn't structured properly yet the answer is to fix the grid – not find innovative ways to throw energy into giant server farms that literally exist to generate Entropy – and nothing else of use.
you didn't mention vented methane reduction, it's a much better source for mining
So now you have gone to the Darkside by doing more videos each week so you can run more ad's.
As mining BitCoin is a zero-value activity (e.g. it produces no outputs used by society) what the authors are saying is basically "let a few BitCoin miners burn the electricity made by wind farms so as to generate personal profits, with the net result that the currently unused electricity will be devoted to enriching a few. This will do nothing for society, of course, but hey, BitCoin and blockchain were hyped to the roof just a few years ago so surely we can revive some enthusiasm for what is in reality nothing but a speculative activity that yields zero social benefit."
A more meaningful definition of "profit" would be helpful here. Using 127 tera-watt hours of energy to convert one currency into another represents a loss of useful energy available for tangible, productive uses for that energy. It likely also causes the consumption of more fossil fuels since it stands to reason that some of the energy consumption that would otherwise would have been supplied by the wind/solar energy (that was used for bitcoin mining) will instead have to be supplied by coal and natural gas. All in all, that doesn't sound like a benefit to society in general.
There is no way to solve, our a Linear Economy, problem, using the same, economic model, that created the Anthropocene, energy paradox, in the first place.
Renewable energy sources like solar, wind, hydro, and biomass are intentionally designed and harnessed for their sustainable and naturally replenishing characteristics. These sources, unlike carbon fuels, are not finite and can be continually replenished within a human timeframe. In effect, both integrating and minimicking complex Earth systems.
The linear approach to energy seen in the extraction and burning fuel for energy, follows a "use and dispose" model.
Applying this legacy economic principle to, bitcoin mining, using renewables, is merely an extension, of the same flawed logic that got us into this mess.
There is no storage, of energy in bitcoin, its simply a time-value container, as such, a logical fallacy.
Nonetheless, it would appeal to individuals or group entities applying five fundamental laws…
…to be predatory, parasitical, amoral, secretive, and utterly insatiable.
Circling back, to the Linerar Economic model, "use and dispose" that created the Anthropocene, energy paradox, in the first place.
Yes, in theory the spare capacity could be monetized with bitcoin mining. Unfortunately, it would most likely not be profitable.
The cost of the mining rigs are such that they produce a very small fraction of their cost back in revenue.
Even at current mining conditions (which are the most favorable they've been in quite awhile), getting top-of-the-line not-released-yet equipment, at impossible-to-get prices, it'd take about 1.5 years of 100% uptime for the mining rig to recoup its cost, even with $0 cost for electricity. (I'm talking about the new S21 mining rig, which produces 200 TH/s @ 17.5 J/TH, costing $4,000.)
Taking 1.5 years to breakeven may sound feasible, but it's actually highly unlikely, because in general mining conditions (for a given unit of hardware) always worsen over time.
1) Mining revenue will get cut in half in April 2024 (from the halving)
2) Network difficulty increases exponentially, meaning the hardware will mine less and less BTC over time. This is due to two main factors: a) Advancements in technology (Moore's Law) – over time, it becomes cheaper to manufacture more powerful mining equipment. As this equipment replaces older equipment, difficulty goes up. b) If/when mining conditions are particularly profitable, more mining hardware is put online, which increases difficulty.
3) Running the rig off of solar would not have anywhere near 100% uptime.
Additionally, from first principles alone, it's clear it's not really economically viable, as all miners are competing against each other. If it were the case that mining conditions were so good that equipment run at a 50% uptime could be profitable, then the price for said equipment would get prohibitively expensive, or the overall network difficulty would increase dramatically.
The only manner in which Bitcoin subsidizes green energy is via any money being virtually lit on fire investing in mining on solar energy.
Lmao, anything to not nationalize energy production
It makes sense to put flexible production next to overproducing energy farms makes sense, when grid connection is to low. I dont think bitcoin mining is the right thing. Bit coin mining is based on the idea to be the first one who solves a complicated math problem. You want to use your expensive equipment a lot to balance out investment costs. if you want to balance out overproduction of energy, farms you should only ramp up during these overproduction periods. But this is contrary to the economics of bit coin mining. I am sure, there are better industries/productions for such situations, which are more flexible with no economic down sides.
It's easy to make regular money, if you are the central bank. But you can not make purchase power. Making bitcoins is not much different.
This takes your nonsense videos to a whole new level.
The real problem isn't bitcoin mining; it's the government control and regulation of the electrical grid and the power production. This is what is making electricity more expensive than it needs to be and is slowing necessary upgrades and innovations in electricity generation. Like Scotty always said, "we need more power!" and governments are making it harder to do that.
The thing about cryptocurrencies and energy usage is simply a way to make cryptocurrencies look bad. Because if cryptocurrencies stabilize into widely-used currencies, they disrupt the monopolies that governments have over the production and supply of money, and take away a valuable government tool for controlling the economy and people in the economy. That's the real threat cryptocurrencies provide. Imagine the end of government-produced inflation. That in itself would be amazing and would free a lot of people from government influence.
Welcome to the future? No thanks. Sometimes it is better just to use one's common sense, which tells you Bitcoin is about nothing more than profit, for just a few people.
This is kinda like what El Salvador was/is trying, no? Use volcanoes to mint Bitcoin. Ostensibly it's a sort of crude step toward an energy-based instead of money-based economy, by making money representative of invested energy and that energy (as in real, physical joules) provides its value.
All those processor cycles wasted on bitcoin when they could have been used for Folding@Home…
Longer news video
Nobody does the math for how much energy it takes to use "fiat" currency. The petroleum/chemical/electric resources that real money and credit cards take is not zero. ☮💜
This is peak stupidity. Or they’re just hustling. Then it makes sense.
Bitcoin monetizes energy production which is very much required to sustain new green energy production.
I knew it. It is all these "Offgrid- Miner's" fault. LOL!!!
The Energy Prices between Peak demand and Low demand have absolutely nothing to do with it. Right?
The Wind blows, when it blows, The Water pushes, when it's there. The PV works when the sun shines, It just doesn't stop, just because people sleep, or are not at home. If we produce more, it must become cheaper. Right? ("Free Market" and all that BS). Oh wait, we can't have cheaper prices, BECAUSE of MINERS. (Or Energy Grid Operators…MAYBE)?
is bitcoin mining still a thing? bitcoin was just an experiment, with a built-in limits. i thought they would have run out of bitcoins by now and that blockchains would've gotten so large that it would cost more to transmit than the value of the transaction involved.
Bitcoin is only for drugs