Re:FTX’s balance sheet was bad
by startupsfail on Monday November 14, 2022 @04:06PM
(#33601052)
It is surprising that so far there haven’t been any legislation in Europe that prohibits CO2 emissions and energy consumption for crypto mining. Feels like a slum dunk to get it passed and get some nice political credit for it.
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Europe doesn't have a large scale crypto mining industry. Energy prices aren't competitive enough there for it to be viable.
Europe's hashrate could disappear overnight and barely anyone would notice.
It would be a good statement and might set off a chain reaction for other countries. At any rate, a country that isn't very dependent on crypto mining would be a good place to start the bans.
> At any rate, a country that isn't very dependent on crypto mining would be a good place to start the bans.
Is there any country that's dependent on crypto mining? I think you may have meant the inverse--a country that crypto mining isn't dependent on (like it was on China... until China banned it a few years ago).
Re:FTX’s balance sheet was bad
by netheril96 on Tuesday November 15, 2022 @12:14AM
(#33605574)
The chain reaction is that other miners get more profitable when EU bans it in their jurisdiction. Then some small countries with cheap energy will invite new miners to come in and tax them.
Re:FTX’s balance sheet was bad
by startupsfail on Tuesday November 15, 2022 @12:26PM
(#33612222)
And an easy solution will be to prohibit exchange of proof-of-work coins, first in Europe and then, maybe ecologically-minded California would join.
Do they need to? At typical EU energy rates, is there a token in the world worth mining?
Yeah, seems like the carbon tax + high energy prices are already working as intended (ie. forcing non-productive energy consumers offline).
Too many loopholes.
I'm not mining, I'm heating my winter swimming pool with this ASIC based heating elements!
Tax any externalities and let the problem solve itself. Yes, you might end up with some heated sidewalks or other conspicuous consumption, but at least you end up with resources that can counter the problem.
Re:FTX’s balance sheet was bad
by startupsfail on Tuesday November 15, 2022 @12:23PM
(#33612182)
Manufacturing these rigs and building infrastructure also results in CO2 emissions.
Why not simply prohibit proof-of-work coins and be done with it? There are so many disadvantages and no benefits, it seems.