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Bitcoin mining is not elastic enough to do what you propose (also, what a terrifying thought), for the fact that a) you needs mining equipment, which becomes ob

by NhanH 5y ago

Bitcoin mining is not elastic enough to do what you propose (also, what a terrifying thought), for the fact that a) you needs mining equipment, which becomes obsolete in relatively short amount of time and b) electricity transfer is not free, so large scale centralized bitcoin mining will require additional power generation facility Your description of the petrodollar is borderline conspiratorial as well. And even within your reasoning, the US Navy will beat ASIC mining machines 100% of the time. How could it happen "peacefully" ?

anonporridge 5y ago
> you needs mining equipment, which becomes obsolete in relatively short amount of time This is only because mining ASICs have rapidly developed towards state of the art chip fabrication, making each generation a huge jump in hashes per watt efficiency. Now that state of the art mining chips are 5nm, the regular obsoleting of old chips is likely to drastically slow down and you'll be able to make profit from old machines for a much longer time if you treat them well. > electricity transfer is not free, so large scale centralized bitcoin mining will require additional power generation facility This is a very odd statement. One of the magical things about bitcoin mining as an electricity consumer is that it is one of the most modular and delocalized customers of electricity ever created in human civilization. You can drop small pods of miners right next to every electricity producer on the planet with a satellite connection. Some miners are deploying these small units to oil extractors to use their flared natural gas, which then allows oil producers to a) generate income on wasted gas when it's not economical to transport via pipes or liquefied natural gas and b) burn the nat gas more efficiently than flaring, which reduces global methane emissions (a GHG 100x more potent than CO2 that eventually degrades in to long lasting CO2). Moreover, bitcoin miners will soon be deployed to new electricity producers to help them start generating money before transmission lines and grid capacity are funded and built out. I and many others think this is why bitcoin will soon become the tip of the spear in accelerating energy buildout. > the US Navy will beat ASIC mining machines 100% of the time. How could it happen "peacefully" The US military is not obviously an enemy of bitcoin, and may actually turn into a strong supporter. https://www.businessinsider.com/bitcoin-btc-national-security-thesis-superpower-defense-strategy-jason-lowery-2022-3 https://www.businessinsider.com/bitcoin-btc-national-securit... archive link, https://archive.ph/wfesI https://archive.ph/wfesI https://twitter.com/JasonPLowery/status/1491826850569637889 https://twitter.com/JasonPLowery/status/1491826850569637889

by NhanH 5y ago

anonporridge 5y ago

> you needs mining equipment, which becomes obsolete in relatively short amount of time This is only because mining ASICs have rapidly developed towards state of the art chip fabrication, making each generation a huge jump in hashes per watt efficiency. Now that state of the art mining chips are 5nm, the regular obsoleting of old chips is likely to drastically slow down and you'll be able to make profit from old machines for a much longer time if you treat them well. > electricity transfer is not free, so large scale centralized bitcoin mining will require additional power generation facility This is a very odd statement. One of the magical things about bitcoin mining as an electricity consumer is that it is one of the most modular and delocalized customers of electricity ever created in human civilization. You can drop small pods of miners right next to every electricity producer on the planet with a satellite connection. Some miners are deploying these small units to oil extractors to use their flared natural gas, which then allows oil producers to a) generate income on wasted gas when it's not economical to transport via pipes or liquefied natural gas and b) burn the nat gas more efficiently than flaring, which reduces global methane emissions (a GHG 100x more potent than CO2 that eventually degrades in to long lasting CO2). Moreover, bitcoin miners will soon be deployed to new electricity producers to help them start generating money before transmission lines and grid capacity are funded and built out. I and many others think this is why bitcoin will soon become the tip of the spear in accelerating energy buildout. > the US Navy will beat ASIC mining machines 100% of the time. How could it happen "peacefully" The US military is not obviously an enemy of bitcoin, and may actually turn into a strong supporter. https://www.businessinsider.com/bitcoin-btc-national-security-thesis-superpower-defense-strategy-jason-lowery-2022-3 https://www.businessinsider.com/bitcoin-btc-national-securit... archive link, https://archive.ph/wfesI https://archive.ph/wfesI https://twitter.com/JasonPLowery/status/1491826850569637889 https://twitter.com/JasonPLowery/status/1491826850569637889