5 ms·

This is certainly odd, but I feel like the article expects that you will get some sort of warm fuzzies from this? This usable energy was turned into heat by a c

• Grimburger 5y ago
  Somewhat strange if someone can't see the value in that, they are displacing more harmful sources of cryptocurrency hashing, while also creating value out of waste. They are also giving fracking and drilling companies a reason to rein in fugitive emissions of methane which plague the industry.
  • jtsiskin 5y ago
    Taxes should provide the reason to rein in fugitive emissions. If the negative externalities were properly priced in, they would already be reducing the methane pollution. I’m pretty skeptical they are “creating value” - at this point increasing the hash rate adds approximately 0 marginal security.
    • xyzzy123 5y ago
      I think the relevant taxes might be fairly difficult and expensive to enforce. Agree it seems to only be a net win if it displaces other, even more wasteful mining.
    • bagacrap 5y ago
      if you can find a way to turn methane into something useful (ie sellable) that will probably work better than taxes, because it applies regardless of jurisdiction and because taxes can always be cheated (e.g underreport your emissions) whereas corporations will always earnestly chase profits
  • neilwilson 5y ago
    Isn't that just creating more electronic waste that has to be disposed of or recycled? Now what will be clever is using the flare divert technology to distill a portable energy source from that electricity that can be used for more productive uses. Creating a block of some reactive X that can more easily be shipped than the gas that created it. Crypto is like motor sport is to car production. It's mostly pointless in itself, but may lead to technology improvements in computer science that can be employed usefully elsewhere. Costless atomic swaps between existing banks for example.
    • skybrian 5y ago
      Once the equipment is paid for, they could keep running the generator even if it's not competitive anymore. The fuel is free and they still need to burn off the methane. If the electronics needs be taken out, I suppose there are heaters that are lower maintenance. But maybe someone decides that the generator is worth reselling?
  • gregable 5y ago
    There is no "displacing" going on. The amount of hashing going on is independent of the amount of BTC mined or transactions verified per unit time. Until such time that the hashrate rises to the point that BTC mining costs more than the power to run the same miners, nobody will be turning off the machines. Unfortunately that hasn't happened and won't for years ( barring BTC price drops).
    • skybrian 5y ago
      It remains to be seen, but why couldn't flare-gas mining drive up the hashrate if it becomes popular?
    • deleted 5y ago
      [deleted]
    • iopq 5y ago
      The difficulty increases pushing out inefficient miners who no longer can afford to mine due to electricity costs. This is a process that always happens.
      • gregable 5y ago
        Eventually, but at current prices existing hardware mines at well above electricity prices, so that won't happen any time soon.
  • Aterio 5y ago
    What value? Why do people think it is better to make Bitcoin out of that gas and consume more energy due to hardware and required ac instead of catching it and actually using it. Nothing was Gaines by this. Nothing for you, nothing for me. We even got owned by this dick. Guess who will feel the effects of clima change? All of us