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What if we ban all cryptocurrencies mining in order to save energy ?

by rvnx 5y ago

quickthrower2 5y ago
There is no “we” that can do this, no world government. Also by implication there is a lost of bad energy uses we must prohibit. What else is on the list?
scotty79 5y ago
What if we raise price of energy to the level where mining cryptocurrency is barely profitable and even that only in times of peak production from renewables and subsidize consumers directly so they can purchase reasonable amount of energy priced that way for their own use?
- KingMachiavelli 5y ago
  Who is a reasonable consumer? Industries like steel refinement are basically just energy cost arbitrage just like Bitcoin but you get steel instead of Bitcoin. Plus crypto dynamically changes the mining difficulty.
  - scotty79 5y ago
    Not sure if you can rampup/rampdown steel refining quickly enough to provide on demand buffer load for renewables.
  - scotty79 5y ago
    > Who is a reasonable consumer? I wouldn't phrase it like that. I wouldn't split customers in reasonable and unreasonable ones. I'd just estimate how much energy each person uses on average, both for heating or running devices and in the products they purchase. Then I'd bring up energy price to a level where it's barely profitable to mine crypyo. I'd do that by taxing energy manufacturers. Then I'd calculate how this increase will increase cost of living to average person. And pay out every person basic income at level high enough to compensate for this price hike. Taxes might be used to steer energy sector rowards greener energy sources. Companies can adapt to any energy price. Subsidizing exports might be needed to keep your exports globally competitive. Taxing imports according to energy consumed in their production might be needed to provide fair competition between imports and locally manufactered goods locally
donkarma 5y ago
let's ban computer gaming too as that isn't a useful activity

What if we ban all cryptocurrencies mining in order to save energy ?

by rvnx 5y ago

What if we ban all cryptocurrencies mining in order to save energy ?

There is no “we” that can do this, no world government. Also by implication there is a lost of bad energy uses we must prohibit. What else is on the list?

scotty79 5y ago

What if we raise price of energy to the level where mining cryptocurrency is barely profitable and even that only in times of peak production from renewables and subsidize consumers directly so they can purchase reasonable amount of energy priced that way for their own use?

KingMachiavelli 5y ago
Who is a reasonable consumer? Industries like steel refinement are basically just energy cost arbitrage just like Bitcoin but you get steel instead of Bitcoin. Plus crypto dynamically changes the mining difficulty.
- scotty79 5y ago
  Not sure if you can rampup/rampdown steel refining quickly enough to provide on demand buffer load for renewables.
- scotty79 5y ago
  > Who is a reasonable consumer? I wouldn't phrase it like that. I wouldn't split customers in reasonable and unreasonable ones. I'd just estimate how much energy each person uses on average, both for heating or running devices and in the products they purchase. Then I'd bring up energy price to a level where it's barely profitable to mine crypyo. I'd do that by taxing energy manufacturers. Then I'd calculate how this increase will increase cost of living to average person. And pay out every person basic income at level high enough to compensate for this price hike. Taxes might be used to steer energy sector rowards greener energy sources. Companies can adapt to any energy price. Subsidizing exports might be needed to keep your exports globally competitive. Taxing imports according to energy consumed in their production might be needed to provide fair competition between imports and locally manufactered goods locally

donkarma 5y ago

let's ban computer gaming too as that isn't a useful activity