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Consumers that are already using (electric) space heaters are already paying $X/mo in electricity. If they are getting value out of a bitcoin-mining space heat
by cwkoss 6y ago
Consumers that are already using (electric) space heaters are already paying $X/mo in electricity.
If they are getting value out of a bitcoin-mining space heater, it is justified to run at any time you want heat, because by getting a BTC rebate of any amount would make it cheaper to run than a space heater.
If enough miners are mining for the purpose of heat, it will push non-heat miners out of the market, because the heat-miners are rationally willing to mine at any price (any 'rebate' on expected electricity->heat costs is useful), whereas the non-heat miners can only rationally mine when btc reward exceeds electricity cost.
(We are a LOOONG way from the majority of miners using the heat, but just wanted to point out there is a hypothetical future where the market could eliminate heat-wasted mining)