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> allows Bitcoin mining to become net carbon negative Phrasing in this way suggests that Bitcoin is already net carbon negative or can plausibly become it. Tha
by matkoniecz 4y ago
> allows Bitcoin mining to become net carbon negative
Phrasing in this way suggests that Bitcoin is already net carbon negative or can plausibly become it. That is not true.
> Using electricity isn't the problem.
It is, as electricity is fungible and wasting it on bitcoin increases prices for everyone else and encourages greater degradation of shared resources.
- nightski 4y agoI agree Bitcoin probably won't be carbon negative any time soon if ever. But electricity is definitely not fungible as production is not always in the same place as demand.
- geertj 4y agoIf something is not 100% fungible, it can still be fungible to some extent. Given the size of our electricity grids and to a lesser extent the capacity to store energy, electricity is definitely fungible at some level. I don’t have the numbers but I’d say this level is pretty high.
- simiones 4y agoThere are very few goods as fungible as electricity, even though it is not perfectly fungible.
- nightski 4y agoIf this were true we would not still be dependent on fossil fuels.
- lolinder 4y agoOP didn't say there were no goods as fungible, they said few. Fossil fuels can be more fungible without them being wrong. Arguably, "fossil fuels" are not as fungible as electricity anyway. I can take electricity from any outlet and, with the right adapter, use it to power any electric appliance. I cannot take gasoline intended for my car and use it in a grill, or in the furnace, or in a jet, no matter what equipment I buy.
- irusensei 4y agoIt’s the other way around. You can transport barrels of oil overseas and use for trading but sending electricity requires infrastructure that may take some time to deploy. It’s the same problem with gas pipelines.
- matkoniecz 4y agoHow it is related? Fossil fuels are used primarily to generate and store electricity. Even if electricity could be transmitted at any distance without loss we would use basically the same amount of fossil fuels.
- landemva 4y agoOk, fungible electricity. And unless it is consumed immediately it expires. Electricity doesn't magically transport itself to where people can use it. BTC miners can be put near the oil pad to consume the electricity there.
- epolanski 4y agoOr we could simply not waste resources and time with such absurdities.
- landemva 4y agoWhat absurdities? The wells are already there and they may leak or have flares with incomplete combustion. This cleans it up.
- matkoniecz 4y ago> BTC miners can be put near the oil pad to consume the electricity there. It is happening so rarely that it can be dismissed and treated as smoke screen. 1) It is less than 0.01% of all energy consumed by BTC 2) Would still require energy waste on equipment