3 ms·
There is a chance that this idea is actually correct. However, in the near-term, I'm going long on popcorn as the advocates attempt to make the "making energy m
by ISL 6y ago
There is a chance that this idea is actually correct. However, in the near-term, I'm going long on popcorn as the advocates attempt to make the "making energy more expensive will actually help people of limited means who want to heat their homes" case.
- wyager 6y agoBitcoin production occurs at the margins where power is cheapest, because it uniquely does not matter where the mining takes place geographically. Many Bitcoin mines are using power that was completely unviable to use previously due to distance from grid infrastructure. I would expect it to have relatively little impact on electricity prices in general, and essentially zero impact where electricity is already expensive.
- ISL 6y agoIf you live at the margins, in say, Wenatchee, WA, it matters. Bitcoin mining has disrupted city infrastructure and priced out existing stakeholders. "Wheel never stops turning, Badger." "That only matters to the people on the rim."
- Taek 6y agoThis is true of any industry though. And Wenatchee, WA could easily prevent this by adding a tax or changing the local regulations around electricity consumption.
- pyrale 6y agohttps://observers.france24.com/en/middle-east/20210203-in-iran-power-outages-reveal-the-secret-business-of-chinese-bitcoin-farms https://observers.france24.com/en/middle-east/20210203-in-ir...