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Isn't there an argument that a lot of the mining is done in places where energy is cheap because it is in abundance and would be unused otherwise? Near hydroele

by maym86 8y ago

Isn't there an argument that a lot of the mining is done in places where energy is cheap because it is in abundance and would be unused otherwise? Near hydroelectric sources?

itchyjunk 8y ago
Ah, interesting. How much excess energy is actually generated? What happens to this energy generally? Slightly related to my question: https://electronics.stackexchange.com/questions/117437/what-happens-to-excess-energy-fed-into-the-power-grid https://electronics.stackexchange.com/questions/117437/what-...
- maym86 8y ago
  Yeah I saw it posted as a HN comment on a previous article but I would like to know to what extent it is true.
foepys 8y ago
This is absolutely false. A fairy tale told by those who want you to buy their crypto currencies. Take Wenatchee, a village in Eastern Washington, USA, for example. Wenatchee has very cheap power because the water dam is very close nearby. When crypto currency miners poured into the city, the power grid got overloaded and the local authorities had to raise prices drastically. The city finally decided to ban all mining but there are still many rogue miners left, operating from basements around the city. They let the local population foot their costs by mining for cheap and leave when prices need to rise to support the grid. Mining crypto currencies is morally corrupt and hurts our environment more than anything ever before without generating any value. https://www.politico.com/magazine/story/2018/03/09/bitcoin-mining-energy-prices-smalltown-feature-217230 https://www.politico.com/magazine/story/2018/03/09/bitcoin-m... https://www.wenatcheeworld.com/news/2018/feb/23/wenatchee-bans-at-home-bitcoin-mining-for-one-year/ https://www.wenatcheeworld.com/news/2018/feb/23/wenatchee-ba... https://www.cnbc.com/2018/01/11/wenatchee-washington-and-the-bitcoin-gold-rush.html https://www.cnbc.com/2018/01/11/wenatchee-washington-and-the...
- lostmsu 8y ago
  Or maybe that just means, that power in Wentachee is over-subsidized?
- CyberDildonics 8y ago
  > Mining crypto currencies is morally corrupt and hurts our environment more than anything ever before without generating any value. Seems like a bold claim. Is running an electric space heater morally corrupt? Is mining while using the heat morally corrupt? Do you think crypto currency mining is worse than meat farming, actual raw material mining and all uses of the combustion engine? As for value, right or wrong, the markets disagree.
  - ddtaylor 8y ago
    Never thought I would live to see a morality argument about how we move our ions. Not taking a side or poking fun, just in genuine awe.
    - Analemma_ 8y ago
      Stop being deliberately dense. The act of "moving ions" has huge externalities, mainly in the form of pollution, and that is obviously the morality that is being referred to here. Your comment is like saying you're baffled that shooting someone is immoral because it's just "moving metal around".
- maym86 8y ago
  The articles you cite seem to support the idea that miners are moving to areas where clean energy is under utilized. I agree with your point about the local issues caused by this. It doesn't refute the idea that miners are using energy that would otherwise be unused.
- d0lph 8y ago
  That's ridiculous, of course bitcoin has value.
- ddtaylor 8y ago

by maym86 8y ago

Isn't there an argument that a lot of the mining is done in places where energy is cheap because it is in abundance and would be unused otherwise? Near hydroelectric sources?

itchyjunk 8y ago

Ah, interesting. How much excess energy is actually generated? What happens to this energy generally? Slightly related to my question: https://electronics.stackexchange.com/questions/117437/what-happens-to-excess-energy-fed-into-the-power-grid https://electronics.stackexchange.com/questions/117437/what-...

maym86 8y ago
Yeah I saw it posted as a HN comment on a previous article but I would like to know to what extent it is true.

foepys 8y ago

This is absolutely false. A fairy tale told by those who want you to buy their crypto currencies. Take Wenatchee, a village in Eastern Washington, USA, for example. Wenatchee has very cheap power because the water dam is very close nearby. When crypto currency miners poured into the city, the power grid got overloaded and the local authorities had to raise prices drastically. The city finally decided to ban all mining but there are still many rogue miners left, operating from basements around the city. They let the local population foot their costs by mining for cheap and leave when prices need to rise to support the grid. Mining crypto currencies is morally corrupt and hurts our environment more than anything ever before without generating any value. https://www.politico.com/magazine/story/2018/03/09/bitcoin-mining-energy-prices-smalltown-feature-217230 https://www.politico.com/magazine/story/2018/03/09/bitcoin-m... https://www.wenatcheeworld.com/news/2018/feb/23/wenatchee-bans-at-home-bitcoin-mining-for-one-year/ https://www.wenatcheeworld.com/news/2018/feb/23/wenatchee-ba... https://www.cnbc.com/2018/01/11/wenatchee-washington-and-the-bitcoin-gold-rush.html https://www.cnbc.com/2018/01/11/wenatchee-washington-and-the...

lostmsu 8y ago
Or maybe that just means, that power in Wentachee is over-subsidized?
CyberDildonics 8y ago
> Mining crypto currencies is morally corrupt and hurts our environment more than anything ever before without generating any value. Seems like a bold claim. Is running an electric space heater morally corrupt? Is mining while using the heat morally corrupt? Do you think crypto currency mining is worse than meat farming, actual raw material mining and all uses of the combustion engine? As for value, right or wrong, the markets disagree.
- ddtaylor 8y ago
  Never thought I would live to see a morality argument about how we move our ions. Not taking a side or poking fun, just in genuine awe.
  - Analemma_ 8y ago
    Stop being deliberately dense. The act of "moving ions" has huge externalities, mainly in the form of pollution, and that is obviously the morality that is being referred to here. Your comment is like saying you're baffled that shooting someone is immoral because it's just "moving metal around".
maym86 8y ago
The articles you cite seem to support the idea that miners are moving to areas where clean energy is under utilized. I agree with your point about the local issues caused by this. It doesn't refute the idea that miners are using energy that would otherwise be unused.
d0lph 8y ago
That's ridiculous, of course bitcoin has value.
ddtaylor 8y ago