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I don't blame you. Here's the abstract that goes with that clickbait headline, which is as far as I could get: > In this memo, we aim to explain how the Bitco
by JadeNB 6y ago
I don't blame you. Here's the abstract that goes with that clickbait headline, which is as far as I could get:
> In this memo, we aim to explain how the Bitcoin network functions as a unique energy buyer that could enable society to deploy substantially more solar and wind generation capacity. This deployment, along with energy storage, aims to facilitate the transition to a cleaner and more resilient electricity grid. We believe that the energy asset owners of today can become the essential bitcoin miners of tomorrow.
- neatze 6y agoIt is even worse, then I thought.
- SamBam 6y agoUgh. It's such a facile argument. "You know the problem with electricity? People don't buy enough of it! If we double the amount of electricity used on the planet, people will need to spend more on solar panels. And more solar panels are good, right?"
- wyager 6y ago> You know the problem with electricity? People don't buy enough of it! Personally, I want humanity to climb the kardashev scale. Bitcoin reduces petrodollar seigniorage profits and turns them into subsidies on power infrastructure.
- billytetrud 6y agoYou clearly don't understand the economics of the situation. Renewable power generation from wind and solar has a much higher ratio of wasted power because they have such high variability in output. Because of this, in cases where the power generally can't be cost effectively stored or supplemented (by dynamic increase of dirtier energy), wind and solar simply won't be built in favor of coal plants. Bitcoin mining can use this wasted energy, which increases the revenue that can be generated by renewable sources, thus making it more likely that areas will choose renewable over coal. So please don't get all disgusted when you didn't actually read through what's going on. Your biases are blinding you.
- neatze 6y agoHow I am reading your comment: Higher demand will decrease prices for renewable sources, because of bitcoin mining, and such feedback eventually will lead to decrease prices in supply of renewable sources material. I see a few false assumption, to say the least: 1. Material for renewable sources are not scares and there's production is cheap. 2. It is cheaper to mine from renewables sources then from non-renewable sources. (infrastructure cost) 3. There is no trend in replacing existing energy sources with renewables sources, without bitcoin.
- billytetrud 6y agoYou are reading my comment wrong. Those false assumptions are your own. I am not claiming that higher demand for renewables will lower prices. That may be true, but it is not what I'm saying. What I'm saying is that bitcoin can use energy that would otherwise be wasted. On your point 2, what are you saying? That it is cheaper to mind from renewable source than non renewable? I agree so not sure why you're saying otherwise. Renewable energy often produces more unusable energy than coal. You can control how much coal you put in the fire, you can't control how much sun or wind hits your panels or wind turbines. Energy that would otherwise be wasted is cheap energy. That's my point.
- neatze 6y agoFixed point 2. I am not sure I agree with this, not much energy is wasted, grid off demand prices from renewable sources might be good options for miners, but net is still negative, simple I can't see use case where miner will be I am only making money for 2 hours a day, for only few unknown amount of days a week/month.