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When it became blindingly apparent that mining diamonds, gold and rare earth metals was proving harmful to societies (pollution, war etc.) countries put into pl
by hummusman 6y ago
When it became blindingly apparent that mining diamonds, gold and rare earth metals was proving harmful to societies (pollution, war etc.) countries put into place regulation to ensure that future mining would be conducted in ways to try and eliminate these harms.
Mining bitcoin is a growing contributor to energy consumption, and subsequently environmental damage and harm.
Similar precedent?
- Taek 6y agoKind of but not really. People aren't upset at _how_ bitcoin is using electricity, they are upset at how much bitcoin is using electricity. If you want to save the environment, regulate the production of electricity irrespective of how that electricity is put to use. Let the market figure out how to allocate the electricity to various tasks.
- chrisco255 6y agoEnergy consumption does not necessarily mean environmental harm. That's not a law of the universe at all.
- mentalpiracy 6y agoWhere do you think energy being consumed comes from?
- chrisco255 6y agoDepends on the source, right? For example, in Iceland it's mostly geothermal power plants. And that's why electricity is so cheap there, and that's why, despite being one of the smallest countries in terms of population, it is #4 for Bitcoin mining: https://www.cryptoknowmics.com/news/bitcoin-mining-top-5-countries-with-highest-share-of-mining-hashpower/ https://www.cryptoknowmics.com/news/bitcoin-mining-top-5-cou...