Mastodawn

Gark Apr 10, 2023

In a NY Times investigation of US crypto mining facilities, they identified 34 operations that together use as much energy as 3 million households. Just shut these fuckers down - useless energy consumption like this is straight-up immoral. (via @marcprecipice) https://www.nytimes.com/2023/04/09/business/bitcoin-mining-electricity-pollution.html

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

Dr. Juande Santander-Vela Apr 10, 2023

@kottke @marcprecipice could not agree more. What’s worse, this is not just a US problem, this is a world’s problem. This study can be probably replicated in many places.

And if memory serves well, there were some large bitcoin mining places in countries with very cheap electricity… which of course is polluting those countries and making electricity less cheap for their citizens.

Dr. Juande Santander-Vela Apr 10, 2023

@kottke @marcprecipice case in point: https://news.bitcoin.com/a-russian-operation-is-mining-bitcoin-in-the-arctic-circle-for-cheap-electricity/

And one more: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/power-guzzling-crypto-miners-racing-to-find-cheaper-energy-sources-65948976

A Russian Operation Is Mining Bitcoin in the Arctic Circle for Cheap Electricity – Mining Bitcoin News

A Russian company is leveraging the Siberian city of Norilsk located above the Arctic Circle in order to mine bitcoins.

Bitcoin News

Matthew Kagle Apr 10, 2023

@kottke @marcprecipice I guess I assumed the crypto crash would have stopped this

Marc Hedlund Apr 10, 2023

@Mkagle @kottke charlatans are still blowing on the embers furiously: https://reason.com/video/2023/03/29/balajis-bet-bitcoin-hits-1-million-in-90-days-live-with-balaji-srinivasan-lawrence-white-and-zach-weissmueller/

Livestream: Venture Capitalist Bets Bitcoin Will Hit $1 Million in 90 days

Join Reason for a live discussion about bank runs, the Fed, and bitcoin with Balaji Srinivasan, Lawrence White, and Zach Weissmueller.

Reason.com

Shannon Apr 10, 2023

@marcprecipice @Mkagle @kottke They'll never stop unless they're jailed. Even then, they wouldn't stop.

Jorge Stolfi Apr 10, 2023

@Mkagle @kottke @marcprecipice

The total power consumption E of bitcoin mining is proportional to the price P and the mining reward R and inversely proportional to the cost of electricity C: E = P x R / C.

Currently we have P = 28'000 USD/BTC, R = 900 BTC/day (to be halved in 2024) and C = 0.025 USD/kWh for some subsidized Texas miners like Riot. That gives E = ~1 TWh/day, or 42 GW.

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#Bitcoin #Electricity

Jorge Stolfi Apr 10, 2023

@Mkagle @kottke @marcprecipice

>>

This equation assumes that miners have expanded until their operations have small profit margins, say 10% over operating expenses (mostly electricity bills). So there should be a 0.8-0.9 factor in the equation too.

However, there is a significant delay between changes in P and C and changes in E, because it takes many months to set up a large mine, including the time to bribe⌫⌫⌫negotiate reduced rates & taxes with govs and power companies.

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Jorge Stolfi Apr 10, 2023

@Mkagle @kottke @marcprecipice

Many large mining operations that exist today apparently were started in 2021, when P was over 60'000 USD/BTC. Some of them are struggling now that P is down to 28'000. On the other hand, mining in some parts (like Texas) still seems to have a large profit margin.

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Jorge Stolfi Apr 10, 2023

@Mkagle @kottke @marcprecipice

>>

Also, the price that miners got in Texas, C = 0.025 USD/kWh (not counting subsidies) seems to be exceptional. The price for industrial users in the US is typically 0.07 USD/kWh. Plugging that value in the equation, and assuming a 25% profit margin, would give ~11 GW.

For comparison, 1 GW is the output of a typical single-reactor power plant.

Dan Sugalski Apr 10, 2023

@kottke @marcprecipice In addition to burning the planet it's also driving up our power bills and delaying scrapping dirty power plants.

Crypto is total trash. The best time to ban it was years ago, the second best time is right now.

Marc Hedlund Apr 10, 2023

@wordshaper @kottke right there with you.

Shannon Apr 10, 2023

@kottke @marcprecipice I so very much agree with this. Bitcoin will never be able to be any sort of real currency that everyone uses. It is far too costly in terms of energy consumption and too slow. Crypto is such a joke that humanity played on itself.

Geeden_Of_Arden Apr 11, 2023

@wasootch @kottke @marcprecipice It's incredible. In no time and out of nothing, it's demanding another ~11 power plants worth of resources. Surely one for the record books.

Shannon Apr 11, 2023

@Bon_Jardin @kottke @marcprecipice It is idiocracy at its finest in my opinion. I can't understand it. They like to talk about mass psychosis. Well, crypto seems like mass psychosis to me. Created out of nothing for nothing and yet they think it's the greatest thing ever and have no memory of the things like the tulip craze. Their sheer will to make this something is the only thing that makes it something.

AnneTheWriter Apr 10, 2023

@kottke @marcprecipice
1) Just a reminder that as #AI and #chatbots are taking off, demand for #electricity and other #energy usage will also increase. We should keep this in mind as we discuss advances in #InformationTechnology.

2) As #SenatorWarren pointed out recently, big-money #ransomware #cybercrimes will only use #cryptocurrency for payments.

I don't foresee the politicians, who are in the hands of big-money donors, ending #crypto completely. But at the very least they should find a way to regulate it and bring it under control.

Marc Hedlund Apr 10, 2023

@AnneTheWriter1 @kottke it's a big concern for me that oil and crypto lobbying are merging. Two big sources of money to buy off politicians.

Lazarou Monkey Terror 🚀💙🌈Apr 10, 2023

@kottke @marcprecipice now if some passing Anarchists felt like something to trash for the Greater Good..

Nicole Parsons Apr 10, 2023

@Lazarou @kottke @marcprecipice

Encouraging folks to attack electrical substations is what the far right does.

Please don't incite failures of the electrical grid.

People rely on the food in their freezers, machines for COPD, charging phones, and lighting & security systems.

Lazarou Monkey Terror 🚀💙🌈Apr 10, 2023

@Npars01 @kottke @marcprecipice agreed, which us why I was talking about the miners and their grift machines

bassplayer Apr 11, 2023

@kottke @marcprecipice would be interesting to how much energy Visa takes and how much their carbon footprint is.