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Absolute rubbish. You talk like there's something magical about Bitcoin, when in fact every profit-maximising firm will always use the cheapest energy availabl
by lottin 5y ago
Absolute rubbish. You talk like there's something magical about Bitcoin, when in fact every profit-maximising firm will always use the cheapest energy available. Seriously what kind of pathetic argument is this, or am I missing something?
- cwkoss 5y agoYou're missing that economic theory doesn't align with the practical realities: it's expensive and wasteful to move most energy consumption around, you can't easily move an aluminum foundry or a city to the other side of the world to rapidly respond to market discrepancies.
- lottin 5y agoYes, and I assume bitcoin magically fixes this somehow?
- cwkoss 5y agoI'm just pointing out your statement "every profit-maximising firm will always use the cheapest energy available" is not true or practically feasible. Bitcoin miners can respond to energy price in minutes, where most industry is hours, sometimes days (for capacity that already exists - months to years for capacity that does not). Stop/start costs are very low, so its easy to run only in profitable energy conditions.
- lottin 5y agoA Bitcoin miner cannot relocate to a different part of the country where electricity costs are momentarily cheaper in a matter of minutes. And they are not gonna buy a whole lot of computing equipment and then let it idle for long periods of time because of fluctuations in the price of electricity. None of this makes any sense.