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We already have an energy sink, bitcoin, just like /dev/null, but for energy. Bitcoin, the world’s largest cryptocurrency, currently consumes an estimated 150
by thelastgallon 3y ago
We already have an energy sink, bitcoin, just like /dev/null, but for energy.
Bitcoin, the world’s largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually — more than the entire country of Argentina, population 45 million: https://news.climate.columbia.edu/2022/05/04/cryptocurrency-energy/ https://news.climate.columbia.edu/2022/05/04/cryptocurrency-...
- jakewins 3y agoThis was tried in Texas though, and my understanding was the capital costs were too high to not run the units constantly. More likely the sink will be - as it already is in commercial steel projects like Hybrit - electrolysis.
- thelastgallon 3y agoThey were paid to use less. Texas Paid a Bitcoin Miner $31.7 Million to Use Less Electricity During the State’s Hottest Month: https://www.texasmonthly.com/news-politics/texas-bitcoin-miner-riot-31-million-energy-credits/ https://www.texasmonthly.com/news-politics/texas-bitcoin-min...
- maxerickson 3y agoAs a society with an awful lot of existing infrastructure, it probably makes sense to subsidize the capital cost of methane synthesis plants that agree to consume only excess electricity. Of course such a thing hasn't been done on a industrial scale, but it's a great way to save the energy for later or transport it to another region.