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This strikes me as hysterical. Bitcoin miners tend to co-locate with the cheapest sources of electricity, which tend to be places where electricity is abundant
by NoImmatureAdHom 6y ago
This strikes me as hysterical. Bitcoin miners tend to co-locate with the cheapest sources of electricity, which tend to be places where electricity is abundant and hard to export. Like hydro power, geothermal, and flare gas at refineries.
To assume they're using the same mix of power generating processes as average, or as everyone else, doesn't make any sense. They aren't. They're effectively finding a financial means of exporting cheap electricity that is more efficient than literally exporting it via high-tension wires or turning it into products (like aluminum, as Iceland does) on-site.
Could it be better? Hell yes. And I wish proof-of-stake and all the other ideas well.
- vntok 6y agoYes. Bitcoin is actually the most efficient driver of greener energy production and transmission. It aligns the interest state actors have in developing such a costly infrastructure (aiming at recouping costs strategically, politically, socially and even financially over the long term) with the interest private entities have in getting access to cheap energy now (aiming at profiting from it over a much shorter timespan).