Dwight SilvermanApr 10, 2023

The Real-World Costs of the Digital Race for Bitcoin.

In Texas, bitcoin mines are paid to stay offline in power emergencies, a cost borne by consumers.

https://www.nytimes.com/2023/04/09/business/bitcoin-mining-electricity-pollution.html?unlocked_article_code=0Yb-O2h9Rsv0OBuF1FDp74U0fjaPct2F98khDHOOv80xf4vniNyHIt-Yw8LmeNIItLPbUX8H2RbwUHr--lZSEyTvIMjQQvATqCrUVE5zsVg7B660nJhOsxHnbieaCOYMRFERe9iTaIpM0gIuaGk9vvbY_4jhOZRQSMIeyOfybeFX2Vb7Ff2jJmhleztarwMk0TduDD2jKq0XPAPzlskZ5vvfPE2rP8XAIPgSJfdEuKZqVLR2kdzeXa4odzPgDETG0xHyjyGX7GsOpJ-gRB4liaHloEf1Dsoo_tXc-mLHi4OpekixrqfXeJDfjLI41e4Ggq0zFSiWkXMY8VLosO3CO9C7Wg-V0k1l3F5TygTlPw&smid=url-share

The Real-World Costs of the Digital Race for Bitcoin

Bitcoin mines cash in on electricity — by devouring it, selling it, even turning it off — and they cause immense pollution. In many cases, the public pays a price.

The New York Times
Show threadErik Haugen

@dsilverman The flexibility of these operations is huge benefit for power grid operators.

I mean, it's hard to imagine this huge energy usage being a net win for society, but the fact that they can smooth out peaks like this is really nice at least. That's why they pay less for watt-hours. As it should be.

Apr 10, 2023 at 3:52pmWeb