5 ms·

There is one profitable use of excess energy that can be turned on demand in milliseconds, but, for some reason, it is very unpopular here on HN.

sdenton4 4y ago
Sure, CO2 removal is much less efficient than point-capture, but if we're talking about using excess power generated at wind and solar installations, we may as well, right? ...Of course, this isn't what you meant. But there will always be better ways to use 'excess' energy than bitcoin's proof-of-access-to-energy-arbitrage scheme.
- PaulHoule 4y ago
  Also doesn't the Bitcoin network run all the time? Maybe it can average spatially but it can't decide to simplify the problem because less power is available globally.
  - Andrew_nenakhov 4y ago
    It would absolutely average globally at the current scale.
goodpoint 4y ago
If there is "excess" energy given away for free, mining cryptos, by definition, would not be profitable. Instead, solar and wind generators can simply decrease production (in milliseconds) when not needed.
- Terry_Roll 4y ago
  Plenty of crypto mining places using old hydroelectric dams around the world. It also means the maintenance of said hydroelectric dams are paid for. Even oil companies are looking at ways to harness the energy from burning gases on oil rigs for crypto mining. In a way, crypto is turning the world greener by not wasting energy. https://bitcoin.ca/canada-just-got-a-huge-new-bitcoin-mining-farm-running-on-clean-hydroelectric-power/ https://bitcoin.ca/canada-just-got-a-huge-new-bitcoin-mining... https://www.cbc.ca/news/canada/british-columbia/bc-hydro-puts-out-welcome-mat-for-bitcoin-miners-but-experts-urge-caution-1.4928323 https://www.cbc.ca/news/canada/british-columbia/bc-hydro-put... https://biv.com/article/2021/07/former-canfor-sawmill-site-now-mining-bitcoin https://biv.com/article/2021/07/former-canfor-sawmill-site-n... https://www.sentiman.io/hydroelectric-dam-new-york-crypto-mining-farm/ https://www.sentiman.io/hydroelectric-dam-new-york-crypto-mi... https://screenrant.com/hydro-plant-green-crypto-mining-costa-rica/ https://screenrant.com/hydro-plant-green-crypto-mining-costa...
  - ncmncm 4y ago
    Fine, except that that is completely false. Crypto mining mainly runs on carbon-emitting generation, much of it stolen where that is easiest, and actively speeds arrival of climate catastrophe.
    - Andrew_nenakhov 4y ago
      It is a bold thing to claim that crypto mining is run on stolen power. Stolen from whom, may I ask?
      - Terry_Roll 4y ago
        The Sun, the largest nuclear reaction in the solar system!
        Andrew_nenakhov 4y ago
        This power plant is run by a very sloppy operator who wastes ~99.99% of energy. The management team should be fired and sued for such gross negligence.
      - cywick 4y ago
        > It is a bold thing to claim that crypto mining is run on stolen power. Stolen from whom, may I ask? It's a bit surprising to me that you that you hadn't heard about this yet. I've come across dozens and dozens of news reports on this phenomenon. There are at least three different versions how this is typically done: A) By illegal hookups directly to the power grid, so the victim is a power company (and thereby effectively all its customers). B) By someone who secretly runs mining rigs at, for instance, their place of work, so the company or organization is stuck with the power bill while the criminal gets to mine using "free" electricity. C) Via Cryptojacking, i.e. by remotely installing mining malware on people's computers/devices. In this case, the power is "stolen" from whoever has to pay for the electricity bill for that particular device. If you are interested in news reports on specific instances of this happening (and typically someone getting caught), just do a web search for "mining stolen power".

sdenton4 4y ago

Sure, CO2 removal is much less efficient than point-capture, but if we're talking about using excess power generated at wind and solar installations, we may as well, right? ...Of course, this isn't what you meant. But there will always be better ways to use 'excess' energy than bitcoin's proof-of-access-to-energy-arbitrage scheme.

PaulHoule 4y ago
Also doesn't the Bitcoin network run all the time? Maybe it can average spatially but it can't decide to simplify the problem because less power is available globally.
- Andrew_nenakhov 4y ago
  It would absolutely average globally at the current scale.

goodpoint 4y ago

If there is "excess" energy given away for free, mining cryptos, by definition, would not be profitable. Instead, solar and wind generators can simply decrease production (in milliseconds) when not needed.

Terry_Roll 4y ago
Plenty of crypto mining places using old hydroelectric dams around the world. It also means the maintenance of said hydroelectric dams are paid for. Even oil companies are looking at ways to harness the energy from burning gases on oil rigs for crypto mining. In a way, crypto is turning the world greener by not wasting energy. https://bitcoin.ca/canada-just-got-a-huge-new-bitcoin-mining-farm-running-on-clean-hydroelectric-power/ https://bitcoin.ca/canada-just-got-a-huge-new-bitcoin-mining... https://www.cbc.ca/news/canada/british-columbia/bc-hydro-puts-out-welcome-mat-for-bitcoin-miners-but-experts-urge-caution-1.4928323 https://www.cbc.ca/news/canada/british-columbia/bc-hydro-put... https://biv.com/article/2021/07/former-canfor-sawmill-site-now-mining-bitcoin https://biv.com/article/2021/07/former-canfor-sawmill-site-n... https://www.sentiman.io/hydroelectric-dam-new-york-crypto-mining-farm/ https://www.sentiman.io/hydroelectric-dam-new-york-crypto-mi... https://screenrant.com/hydro-plant-green-crypto-mining-costa-rica/ https://screenrant.com/hydro-plant-green-crypto-mining-costa...
- ncmncm 4y ago
  Fine, except that that is completely false. Crypto mining mainly runs on carbon-emitting generation, much of it stolen where that is easiest, and actively speeds arrival of climate catastrophe.
  - Andrew_nenakhov 4y ago
    It is a bold thing to claim that crypto mining is run on stolen power. Stolen from whom, may I ask?
    - Terry_Roll 4y ago
      The Sun, the largest nuclear reaction in the solar system!
      - Andrew_nenakhov 4y ago
        This power plant is run by a very sloppy operator who wastes ~99.99% of energy. The management team should be fired and sued for such gross negligence.
    - cywick 4y ago
      > It is a bold thing to claim that crypto mining is run on stolen power. Stolen from whom, may I ask? It's a bit surprising to me that you that you hadn't heard about this yet. I've come across dozens and dozens of news reports on this phenomenon. There are at least three different versions how this is typically done: A) By illegal hookups directly to the power grid, so the victim is a power company (and thereby effectively all its customers). B) By someone who secretly runs mining rigs at, for instance, their place of work, so the company or organization is stuck with the power bill while the criminal gets to mine using "free" electricity. C) Via Cryptojacking, i.e. by remotely installing mining malware on people's computers/devices. In this case, the power is "stolen" from whoever has to pay for the electricity bill for that particular device. If you are interested in news reports on specific instances of this happening (and typically someone getting caught), just do a web search for "mining stolen power".