3 ms·
> It’s not primarily a technology for transactions. Well, what else is it for? All the things to be "put on the chain" (including transactions btw.) already ex
by usrbinbash 5y ago
> It’s not primarily a technology for transactions.
Well, what else is it for? All the things to be "put on the chain" (including transactions btw.) already existed in a more efficient form.
> Environmental concerns are a temporary issue
The environment is a concern for as long as humanity exists in it. And Carbon emissions are far from the only problem Mining causes:
https://www.bbc.com/news/technology-58572385 https://www.bbc.com/news/technology-58572385
37,000 tonnes of waste per year. That's 37,000 tonnes of electronics for which raw materials must be gathered and processed, which must be assembled, transported.
> Bitcoin is moving to renewables faster than most anything else for a variety of reasons
https://www.sfchronicle.com/opinion/openforum/article/Bitcoin-mining-is-dirtier-than-coal-Here-16663155.php https://www.sfchronicle.com/opinion/openforum/article/Bitcoi...
https://ohiorivervalleyinstitute.org/bitcoin-mining-breathes-life-into-zombie-coal-plants/ https://ohiorivervalleyinstitute.org/bitcoin-mining-breathes...
https://fortune.com/2022/01/05/kazakhstan-internet-bitcoin-mining-mystery-crypto/ https://fortune.com/2022/01/05/kazakhstan-internet-bitcoin-m...
https://www.marketplace.org/shows/marketplace-tech/some-states-lure-crypto-miners-to-keep-their-coal-plants-alive/ https://www.marketplace.org/shows/marketplace-tech/some-stat...
And even without that: It's just a giant waste of energy. Using the Energy requirements of a nation to process less than 0.5M transactions a day, when credit cards alone process 1B in the same time?
If we have surplus electricity, we can use it to power desalination plants, lower energy prices in underserved communities or literally just pump water uphill to store it. Almost everything is a better use than burning through tons of hardware, just so computers can scream SHA256 hashes at each other.