SoylentNews is people
SoylentNews
According to a press release carried by Eurekalert
In the first rigorously peer-reviewed article quantifying Bitcoin's energy requirements, a Commentary appearing May 16 in the journal Joule, financial economist and blockchain specialist Alex de Vries uses a new methodology to pinpoint where Bitcoin's electric energy consumption is headed and how soon it might get there.
The abstract of the article says
The Bitcoin network can be estimated to consume at least 2.55 gigawatts of electricity currently, and potentially 7.67 gigawatts in the future, making it comparable with countries such as Ireland (3.1 gigawatts) and Austria (8.2 gigawatts). [...]
The author offers a caveat:
[...] all of the methods discussed assume rational agents. There may be various reasons for an agent to mine even when this isn't profitable, and in some cases costs may not play a role at all when machines and/or electricity are stolen or abused.
[Other] reasons for an agent to mine Bitcoin at a loss might include [...] being able to obtain Bitcoin completely anonymously, libertarian ideology [...] or speculative reasons.
(Score: 2) by frojack on Monday May 21 2018, @09:39PM (1 child)
So award PowerCoins for the installation of power walls.
Or award KenetiCoins for hauling trainloads of heavy shit high up mountains, so that they can be rolled back down, generating electricity all they way.
Assure the continued value of these crytocurrencies by awarding some of the revenue generated by selling electricity.
Just Do SOMETHING that isn't a total waste of energy.
Wasting gas, hydro, or wind power generating a Bitcoin by doing useless work, yielding something that is not even worth the cost of the resources invested, is just pointless, wanton waste. Talk about Externalizing costs!
No, you are mistaken. I've always had this sig.
(Score: 2) by JoeMerchant on Monday May 21 2018, @10:09PM
I don't think it's exactly externalizing costs - it is shaping up to be the Great Soap Bubble Pyramid of our age, and while it is definitely wanton waste - it has a point: the point is to attract ever more investors to the base of the pyramid so those higher up can fly off in their Lambroghinis. (Yes, I know how to spell Lamborghini, but I think for the BTC glitterati, the embedded "bro" is much more appropriate.)
🌻🌻 [google.com]