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I wonder how much BTC is actually mined with fossil fuel. Even at the record prices, with efficient ASIC/GPU miners, you need some extremely cheap electricity t
by steveBK123 6y ago
I wonder how much BTC is actually mined with fossil fuel.
Even at the record prices, with efficient ASIC/GPU miners, you need some extremely cheap electricity to make it work.
I suppose owning the power plant might work, as in the example ars article linked in this thread of a company spinning a bankrupt fossil fuel plant up for crypto.
I think you can attribute a lot of other factors to crypto volatility than just Musk tweeting, such as:
* Statements this week by SEC that put doubt on crypto currency ETFs being approved in US markets.. which blows up one of the major bull cases- that crypto would become more main streamed, crypto linked products would hit traditional US exchanges and brokers.. increasing accessibility / addressable market.
* More US probes in crypto space - this time of Binance
- matchagaucho 6y ago75% of BTC mined in China. 53% of China's power is coal. Some fossil-fuel plants in the US are reopening specifically to serve BTC data centers. https://arstechnica.com/tech-policy/2021/05/private-equity-firm-revives-zombie-fossil-fuel-power-plant-to-mine-bitcoin/ https://arstechnica.com/tech-policy/2021/05/private-equity-f...
- DonHopkins 6y agoBitcoin is China's way of exporting coal through the atmosphere.
- mondoveneziano 6y agoYou cannot regulate what energy sources are being used for mining Bitcoin. If any particular energy source is available at the right cost somewhere, be it in a remote location with a defunct government, miners will use it.