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Isn't the increased demand for electricity driving the price of electricity upward? In the short term, if demand increases faster than supply, prices will rise
by Dowwie 3y ago
Isn't the increased demand for electricity driving the price of electricity upward? In the short term, if demand increases faster than supply, prices will rise. Externalities need to be addressed..
- FabHK 3y agoIncidentally, Bitcoin miners make around $15bn a year (45k $/BTC * 6.25 BTC/block * 1 block/10 minutes * 60 minutes/h * 24 h/d * 365 d/a), of which probably more than half is cost, so running a profit of a few $bn a year. On the other hand, the externalities of burning 15 GW amount to about $5bn a year. So, the mining does not generate economic surplus, but constitutes a transfer of value from the public to miners.