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Wastes enormous amounts of energy... The energy is literally being stored in the value of bitcoin. It's an energy credit. People are transforming excess elect
by CryptoUnchained 6y ago
Wastes enormous amounts of energy... The energy is literally being stored in the value of bitcoin. It's an energy credit. People are transforming excess electricity into bitcoin. Period.
What do I do with my profits from mining bitcoin? Send my kids to college, buy groceries, remodel my bathroom, etc. It's an entire ecosystem, speculatively mining bitcoin by consuming electricity is just as evil as driving 1.5hrs to work because you're too lazy to find something near your house for example. People expend trillions of dollars in energy "mining" fiat.
- tsimionescu 6y agoIn a very real physical sense, the energy is not stored, it is getting converted to waste heat. Sure, the monetary value of that energy may be getting stored, but we can't buy lower temperatures with money, unfortunately. When you store energy by pumping water for example, you can later let that water flow to get back the energy itself (with some inevitable waste, of course). When you're converting energy to bitcoin and later require energy again, you have to use the bitcoin to buy more energy (either from the market or by building a new power plant or something), you can't just physically convert the bitcoin back to energy.