Over 2 percent of the US's electricity generation now goes to Bitcoin

Re:Over 2 percent of the US's electricity generation now goe... by Analemma_ on Friday February 02, 2024 @02:51PM (#39233304)

You did not address the parent's point at all and instead made a pathetic attempt at deflection with a strawman. Both Netflix and Netflix customers benefit, in the form of lower electricity bills, if either find a way to use energy more efficiently. And since you can only spend 24 hours a day watching TV, the increased efficiency can only be offset by increased consumption to a minimal extent.

Bitcoin has no incentive to do this, and no ceiling on consumption, since any efficiency gains just get plowed straight into increased mining, and so energy consumption can only ratchet up, forever. Address that claim, please.

[ Parent | on HN ]

Re:Over 2 percent of the US's electricity generation now goe... by beiller on Friday February 02, 2024 @02:57PM (#39233382)

The price of a bitcoin sets an upper bound on consumption of energy where the miner will be in a place that is no longer profitable since energy costs money. On top of this, miners have no upward way to influence the price of bitcoin, only downward (selling of coins, or destruction of trust).

If we just properly externalized the cost of CO2 emissions it solves this problem along with many others. So why don't we do that?

[ Parent | on HN ]

Re:Over 2 percent of the US's electricity generation now goe... by oraphalous on Friday February 02, 2024 @03:00PM (#39233438)

I believe the argument is that it increases redundancy and resilience of the renewable power supply...

That redundancy is otherwise uneconomical to produce (if there isn't the demand).

When that redundancy is needed, that power can be redirected from the miners. Presumably the miners are expected to behave and switch off at such times, but there is no reason why that expectation can't be legislated.

[ Parent | on HN ]

Re:Over 2 percent of the US's electricity generation now goe... by pintxo on Friday February 02, 2024 @03:09PM (#39233577)

One can easily structure an energy market to pay for redundancy. There is zero reason why we’d need crypto to fund expansion of renewable energy.

[ Parent | on HN ]

Re:Over 2 percent of the US's electricity generation now goe... by tcmart14 on Friday February 02, 2024 @04:01PM (#39234344)

If freezing temps in Texas or Buffalo that lead to deaths don't encourage improving the grid, I don't think crypto will either.

[ Parent | on HN ]