Bitcoin mining hash rate drops as blackouts instituted in China

Re:Bitcoin mining hash rate drops as blackouts instituted in... by maerF0x0 on Sunday April 18, 2021 @02:34PM (#26855022)

A very large amount (something about 25-47% [1]) of homes use electricity without getting any computation for their electricity to heat conversion. Those homes could use computing devices (albeit at a high capital cost) with 0 marginal energy or environmental cost. Especially if their device is a sunk cost. Yes heat pumps are better than 100% efficient, but they're inappropriate in many circumstances, and can be as expensive as ASIC miners, but it seems that miners also have a much better ROI (~1-2yrs payback) than the energy savings a heat pump would give (~5-10yrs payback).

This ROI could be then funneled into carbon offset projects, renewables, and research.

[1]: A quick google brought up a few results spanning those ranges

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Re:Bitcoin mining hash rate drops as blackouts instituted in... by CogitoCogito on Sunday April 18, 2021 @02:38PM (#26855063)

> This ROI _could_ be funneled into carbon offset projects, renewables, and research.

They could also just take the costs that would go to ASICs and instead put that into the investments in the first place. What actual utility is there in some mathematical computations for society as a whole?

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Re:Bitcoin mining hash rate drops as blackouts instituted in... by maerF0x0 on Tuesday April 20, 2021 @01:32PM (#26877704)

If the btc has greater value than the outputs from the renewables, then the market is "voting" on what is actually the most valuable thing to that society.

I know it's tempting to argue along the lines of "What could be more important than the environment?" and that is a good question, but that is a shift in societal values question, not an economic one. Economics simply helps one optimize the outcomes towards a values set.

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Re:Bitcoin mining hash rate drops as blackouts instituted in... by imtringued on Sunday April 18, 2021 @02:42PM (#26855104)

If the computation had utility then it would be predictable.

Think of calculating digits of Pi. You can calculate the digits ahead of time and stockpile them, you can use your stockpile to do a 51% attack.

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Re:Bitcoin mining hash rate drops as blackouts instituted in... by imtringued on Sunday April 18, 2021 @02:41PM (#26855091)

Let's assume that this is true and there is a way to leverage waste heat from mining perfectly. This would reduce the cost of mining and the savings can be invested into more mining.

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Re:Bitcoin mining hash rate drops as blackouts instituted in... by maerF0x0 on Monday April 19, 2021 @12:46PM (#26864861)

I mean, the 600w of waste heat blowing on my cold feet in the morning is pretty well leveraged. But I definitely agree with your point!

I think datacenters should be providing waste heat for industry, pools, residential hotwater etc. Similar idea for miners. If they can consume 1kw of electricity but then sell 500w of waste heat, that can be quite good for the environment and bottom line.

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