5 ms·

I like the idea of: > conserv[ing] sources of wasted energy without the need for invasive infrastructure (pipelines, power lines, etc). However, it isn't just

I like the idea of: > conserv[ing] sources of wasted energy without the need for invasive infrastructure (pipelines, power lines, etc). However, it isn't just a matter of dropping one of these skids onsite and leaving, since these skids need to be connected to a power source, not a waste gas source. So that waste gas _first_ needs to be converted to power, and then that power routed into the skid. This _is_ much easier than running lines out to the main grid to get rid of that generated electricity. And a 750 kW generator probably isn't going to be the main cost centre. Neither does bitcoin require particularly high bandwidth by normal standards, but they are quite high for a remote location, and doesn't seem to be mentioned in the blurbs. It would also still be competing against cheap energy sources, since bitcoin cost is essentially your input energy cost. And even if the gas that powers the generator is "free", there are still a large number of costs with doing anything remote…

DSingularity 7y ago
It can be done and if a POC is legit and the numbers line up it will be done. When energy is primary cost — and assuming enough rigs can be built — the operational scale that can be reached by a 10x-leaner setup will disrupt the network. The computational difficulty (which they will only increase) outweighs the communication challenges of broadcasting the blocks or being first to the mempool. Even the communication costs will likely be driven down simply because of the profit incentives to doing so.
comboy 7y ago
For those wondering just like me, 750 KW generator yields $657K worth of electricity during a year assuming 1kWh=0.1$ I'm guessing these rigs are at least $500K+ and you have to take into account things breaking like they always do. Btw, these rigs definitely don't look like they would be able to provide appropriate cooling in a hot climate, but maybe that's not where they are going to be used.
- jdhn 7y ago
  Based on the .ca domain as well as the fact that they talk heavily about Alberta, I'm betting that they're targeting the Canadian market. While Canada can get warm in the summer, it's no Texas, and it's markedly colder during the winter. I don't think that they're too worried about their equipment overheating.
joe_the_user 7y ago
Conserv[ing] sources of wasted energy without the need for invasive infrastructure. In terms of resources, even if you had a fully effective way to convert waste natural gas into bitcoin, you would still be entirely "wasting resources" since the mined bitcoin would simply change who had claim to the resources (and such conversion is unlikely, see other comments). That is because currency is ultimately just a claim on resources - ie, imagine I had a natural-gas powered printing press that produced dollars, would I be "saving resources?"

DSingularity 7y ago

It can be done and if a POC is legit and the numbers line up it will be done. When energy is primary cost — and assuming enough rigs can be built — the operational scale that can be reached by a 10x-leaner setup will disrupt the network. The computational difficulty (which they will only increase) outweighs the communication challenges of broadcasting the blocks or being first to the mempool. Even the communication costs will likely be driven down simply because of the profit incentives to doing so.

comboy 7y ago

For those wondering just like me, 750 KW generator yields $657K worth of electricity during a year assuming 1kWh=0.1$ I'm guessing these rigs are at least $500K+ and you have to take into account things breaking like they always do. Btw, these rigs definitely don't look like they would be able to provide appropriate cooling in a hot climate, but maybe that's not where they are going to be used.

jdhn 7y ago
Based on the .ca domain as well as the fact that they talk heavily about Alberta, I'm betting that they're targeting the Canadian market. While Canada can get warm in the summer, it's no Texas, and it's markedly colder during the winter. I don't think that they're too worried about their equipment overheating.

joe_the_user 7y ago

Conserv[ing] sources of wasted energy without the need for invasive infrastructure. In terms of resources, even if you had a fully effective way to convert waste natural gas into bitcoin, you would still be entirely "wasting resources" since the mined bitcoin would simply change who had claim to the resources (and such conversion is unlikely, see other comments). That is because currency is ultimately just a claim on resources - ie, imagine I had a natural-gas powered printing press that produced dollars, would I be "saving resources?"