Sandwell Bitcoin mine found stealing electricity

Re:Sandwell Bitcoin mine found stealing electricity by tablespoon on Friday May 28, 2021 @01:11PM (#27317982)

> It seems like an ideal way to use excess energy in grid-tied solar setups where the energy company is not incentivized to buy excess power. Or for non-grid tied solar when your batteries are full.

The ideal way to use excess energy is to do almost anything else besides pointless proof-of-work computations (e.g some scientific distributed computing thing).

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Re:Sandwell Bitcoin mine found stealing electricity by toxik on Friday May 28, 2021 @01:36PM (#27318280)

PoW isn’t useless, in fact, the energy cost of PoW is proportional to its demand.

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Re:Sandwell Bitcoin mine found stealing electricity by quickthrower2 on Friday May 28, 2021 @08:46PM (#27322156)

Demand for a decentralised Ponzi scheme.

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Re:Sandwell Bitcoin mine found stealing electricity by toxik on Monday May 31, 2021 @03:01AM (#27341090)

Explain to me how Bitcoin is a Ponzi scheme. There is no buy-in, there is no exit strategy, no dividends, no recruiting, there is nothing that makes it look like a pyramid scheme of any kind.

Maybe you mean that the early holders of Bitcoin have gained more wealth than later adopters or something? I'm not sure what you mean, actually. But that is just how a market works.

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Re:Sandwell Bitcoin mine found stealing electricity by wussboy on Friday May 28, 2021 @02:46PM (#27319071)

To its "demand" perhaps, but not it's value.

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Re:Sandwell Bitcoin mine found stealing electricity by cwkoss on Friday May 28, 2021 @08:36PM (#27322103)

I love how in every HN thread about Bitcoin, someone says the coin currently trading above $30k has no value.

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Re:Sandwell Bitcoin mine found stealing electricity by toxik on Friday May 28, 2021 @06:21PM (#27321214)

And who pray tell decides its value? The central planning committee?

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