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I agree with this. Just want to add, bitcoin mining can happen in remote locations with available power (hydro, geothermal) which are too far from cities to be
by javert 5y ago
I agree with this. Just want to add, bitcoin mining can happen in remote locations with available power (hydro, geothermal) which are too far from cities to be transported by power wires. There is a limit to how far you can transmit electricity through wires. So, there are tons of untapped natural energy sources.
- iostream23 5y agoAnd precisely in places like these, such as Niagara Falls, you see coin mining displacing tangible goods production due to both needing cheap electricity and one being more profitable than the other. In this case the market is not thinking very clearly in long term priorities, nor is infinite development of hydro and geothermal possible. Actually, this is about realizing that we live on a finite planet with finite resources that a finite amount of humans can finitely exploit finite parts of before the whole thing goes catawumpus. POW and current cryptocurrency systems are thoughtlessly and needlessly wasteful and represent inelegant architecture and brute force hackery like lightnig to correct what ultimately isn’t scalable: blockchain ledgers and fast transaction speeds vs centralization and speed. Look at DNS, for example, and how slow that is, and it’s architecture amd full vs partial copies of ledgers and jeiraexhical canonical lookups etc.
- javert 5y agoYou're ignoring the potential good of bitcoin there. All economic activity looks like a waste if you ignore what it's good for. Niagara Falls is not what I had in mind. There is lots of untapped hydro power in extremely remote parts Canada where nobody lives, for example.