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I think some of the furor over bitcoin power usage is overblown. It's true, as crypto folks say, that the power is doing "something." It's more that...a system
by aeturnum 6y ago
I think some of the furor over bitcoin power usage is overblown. It's true, as crypto folks say, that the power is doing "something."
It's more that...a system where you will pay anyone who finds any cheap power source anywhere in the internet-connected world no matter how they get it is obviously going to have awful externalities. Even though most people will be reasonably ok about it, enough people we be shitty enough to turn any worldwide no-checks system into a hellscape.
- fredfoobar 6y agoSomething = securing the network. Not with armies, but with math and computation.
- ArkanExplorer 6y agoIts not just power usage - GPUs are essentially unavailable due to Ethereum mining right now, which has broader societal implications given the limited fab capacity. So we have a giant misallocation of energy, and a giant misallocation of computer hardware. Trolley-bus and tram companies in my Eastern European city are increasing fare pricing due to electricity price increases - how much of that is due to increased demand from mining? The very real, and very negative, implications of PoW mining are becoming apparent.