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I'm of the mind that the government shouldn't be regulating how resources are used. It makes sense to me to regulate the manufacturing of resources - for exampl
by Taek 6y ago
I'm of the mind that the government shouldn't be regulating how resources are used. It makes sense to me to regulate the manufacturing of resources - for example regulating pollution levels, dumping, etc. - but once you have a resource the market should decide how that resource should be put to use.
If we've decided that we're happy producing X much electricity as a society using nuclear, wind, solar, coal, etc, we shouldn't get caught up on who ends up using that electricity or what they are willing to pay for it.
If we think that the energy we are producing is harmful, we should regulate things at the production level. Ban power production that doesn't meet certain standards, put a cap on the total amount of coal burning per year, etc. And then let the market decide the best use for the energy that remains.
- PragmaticPulp 6y agoBitcoin is unique in that anyone with a power outlet and internet connection can plug hardware in and start converting energy to Bitcoin. Bitcoin mining was a problem in college dorms for a while because students used their “free” electricity and cooling to pay for new video cards. Many landlords had to abandon “utilities included” rents when they were hit with the first $500 electric bill. IT administrators have stories of catching people trying to hide mining equipment in closets or under their desks. But coiners are trying to get ahead of the narrative by planting articles about how mining is actually powered by hydro dams in Mongolia. Not only is this not true, but it would be quite a problem if the mining had become so massively centralized.
- Taek 6y agoBut it is true, about 75% of all electricity used in bitcoin mining is sourced from renewables. And the vast majority of bitcoin mining is large professional farms, not people using free electricity in their dorms. Bitcoin has been dominated by professionals since 2014. https://www.vox.com/2019/6/18/18642645/bitcoin-energy-price-renewable-china https://www.vox.com/2019/6/18/18642645/bitcoin-energy-price-...