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Bitcoin miners flock to where the energy is cheapest, where it can't be used for anything else, namely stranded renewables. If the energy source can be used for

Bitcoin miners flock to where the energy is cheapest, where it can't be used for anything else, namely stranded renewables. If the energy source can be used for anything else, it is probably too expensive for Bitcoin miners, who are a buyer of last resort. Bitcoin provides a financial incentive for infrastructure build out for these stranded energy sources. You've made your arguement for "planet destroying", now why is it a "scam"?

skyfaller 4y ago
One aspect I must mention is Bitcoin miners flock to where energy is cheapest for them, not taking into account negative externalities. This is why you see miners attacking CI services to try to use them for mining crypto: free energy is the best deal, even if it is costly to someone else: https://drewdevault.com/2021/04/26/Cryptocurrency-is-a-disaster.html https://drewdevault.com/2021/04/26/Cryptocurrency-is-a-disas... Of course, the climate crisis is caused in large part by capitalism failing to deal with negative externalities, so one could argue that Bitcoin is just another facet of our corrupt system privatizing benefits and making the public bear the costs. But nevertheless this is a fundamental flaw in arguments that Bitcoin miners only farm where energy is "cheapest". As for why it's a scam, it's hard to summarize, but I'll try: cryptocurrency is not currency, not decentralized, and not private. https://jacobin.com/2022/01/cryptocurrency-scam-blockchain-bitcoin-economy-decentralization https://jacobin.com/2022/01/cryptocurrency-scam-blockchain-b...
- tossl568 4y ago
  Bitcoin is my and millions of others store of value, it is definately decentralized and is definitely private if used properly. I don't touch any "cryptos".
- djschnei 4y ago
  > cryptocurrency is not currency Why? Because you said so? > not decentralized Bitcoin is quite possibly the most decentralized computer technology ever created. Name something more decentralized. > not private I processed around $15k in instant bitcoin transactions this month and have zero insight into who the sender or receiver are

skyfaller 4y ago

One aspect I must mention is Bitcoin miners flock to where energy is cheapest for them, not taking into account negative externalities. This is why you see miners attacking CI services to try to use them for mining crypto: free energy is the best deal, even if it is costly to someone else: https://drewdevault.com/2021/04/26/Cryptocurrency-is-a-disaster.html https://drewdevault.com/2021/04/26/Cryptocurrency-is-a-disas... Of course, the climate crisis is caused in large part by capitalism failing to deal with negative externalities, so one could argue that Bitcoin is just another facet of our corrupt system privatizing benefits and making the public bear the costs. But nevertheless this is a fundamental flaw in arguments that Bitcoin miners only farm where energy is "cheapest". As for why it's a scam, it's hard to summarize, but I'll try: cryptocurrency is not currency, not decentralized, and not private. https://jacobin.com/2022/01/cryptocurrency-scam-blockchain-bitcoin-economy-decentralization https://jacobin.com/2022/01/cryptocurrency-scam-blockchain-b...

tossl568 4y ago
Bitcoin is my and millions of others store of value, it is definately decentralized and is definitely private if used properly. I don't touch any "cryptos".
djschnei 4y ago
> cryptocurrency is not currency Why? Because you said so? > not decentralized Bitcoin is quite possibly the most decentralized computer technology ever created. Name something more decentralized. > not private I processed around $15k in instant bitcoin transactions this month and have zero insight into who the sender or receiver are