Bitcoin breaks above $20k

Re:Bitcoin breaks above $20k by ttul on Wednesday December 16, 2020 @11:53AM (#25444811)

My understanding is that a great deal of Bitcoin mining takes place in corrupt jurisdictions where power can be obtained for free from power producers that have been captured through bribes and other forms of revenue sharing with officials. That power is not necessarily carbon free.

It seems to me that the nature of Bitcoin as a pseudonymous currency actually facilitates and encourages illicit power stealing arrangements like this. In other words, it’s pretty easy for me to just send you some of my freshly minted BTC from the mining farm your company is powering, and nobody is likely to ever find out.

Unless corruption can be rooted out (highly unlikely), there will be no incentive for Bitcoin mining energy to come from legitimate sources, never mind clean sources.

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Re:Bitcoin breaks above $20k by thrower23423423 on Wednesday December 16, 2020 @11:58AM (#25444882)

Hmm. I'm surprised BTC isn't mined in India - a country with an extremely high power leakage, and provides free electricity for 'farmers'.

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Re:Bitcoin breaks above $20k by ChainOfFools on Wednesday December 16, 2020 @12:29PM (#25445371)

There has to be a goldilocks zone where high power theft and corruption is balanced with reasonable physical security and guarantee of stable power delivery, or your miners will short out the entire town supply, if they aren't simply stolen first. Also thy need cooling and are very noisy, attracting attention.

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Re:Bitcoin breaks above $20k by ttul on Thursday December 17, 2020 @01:15PM (#25458396)

For example, the country of Georgia: https://www.npr.org/sections/parallels/2018/04/23/597780405/...

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Re:Bitcoin breaks above $20k by analog31 on Wednesday December 16, 2020 @12:12PM (#25445102)

Does this represent Bitcoin serving as a tool of government monetary policy, like the dollar, but a different government?

Could those governments pull the plug on bitcoin?

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