Electricity is too cheap for these uses.
this post was submitted on 09 Feb 2024
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Why is commercial power so cheap and residential so expensive? We could fix two problems by balancing that back.
Because companies > people in the eyes of the state.
It depends on which state, which is even more sad.
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They don't produce anything except some numbers. A total waste of energy. I had to laugh when this guy I know who is very "progressive" and environmentally concerned got pissy when I pointed out how much energy was wasted on bitcoin mining just because he was into it.
Right this is the fundamental problem. There needs to be some value to the Blockchain application which the crypto tokens support beyond just token speculation.
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fuck crypto shit ffs
More like fuck crypto mining. There are cryptos that dont need mining.
If there's no demand for a particular crypto then people mining it can't sell it and go out of business. People mine this stuff because other people will pay them for it.
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There is no good reason why this isn't illegal.
Not a good reason, but money.
Crypto is the digital coal of our times.
Modern day gold rush.
Digging up more and more dirt for diminishing returns while destroying the environment.
Bitcoin using more and more power for essentially the same.
You'd think with all of the money they're pulling in, they'd invest in solar panels or something to lower their overhead.
Or am I making the mistake of approaching the situation with common sense?
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Misleading title - the problem is not "crypto", it's pretty much all Bitcoin and the people against the change in the consensus mechanism. Out of the top ~~10~~ 9 coins in market cap, Bitcoin is the only one using proof of work, which demands such high energy requirements.
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Ultimately, mining should be banned from the surface of Earth. Let miners build orbital solar panel infrastructure close to the Sun where power is plentiful. See Bitcoin developer Peter Todd's 2017-09-10 presentation on the subject (transcript).
Edit: Fixed URL. Edit2; Add transcript link.
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Just a PSA that the second biggest cryptocurrency by market cap (ETH) is no longer proof of work, and in the process, reduced their power consumption by ~98%.
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