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The excellent student run newspaper, The Michigan Daily, has an article about the necessity of regulating Bitcoin. "Mining" even a single Bitcoin now burns as much electricity as a family would use during about 50 days.
Local grids physically cannot withstand this outrageous consumption of electricity. In foreign countries — where mining farm clustering is more severe — local governments suspect Bitcoin mining farms as the cause of power outages and complete blackouts. Entire neighborhoods are facing power shortages or complete outages as a result of energy grid strain. So far, the reliance on domestic energy has not had adverse effects, but it is only a matter of time before these blackouts begin to take place in the United States, too.
Despite the fatal externality flaws in Bitcoin mining, the industry is left unchecked in the absence of federal or international regulation on its use. Unfortunately, without restrictions on the amount of mining that can occur, there is no clear plateau to the electricity consumption of these constantly updating hardware systems.
Previously:
(2025) Bitcoin Mining is Making People Sick
(2025) The Guy Who Accidentally Threw Away $700 Million in Bitcoin Wants to Buy the Landfill to Find It
(2024) How A 27-Year-Old Busted The Myth Of Bitcoin's Anonymity
(Score: 0, Touché) by Anonymous Coward on Sunday November 30, @05:01PM (1 child)
Troll
Hmm, interesting, we have people supporting psychopaths here.
Funny that so many more people prefer to complain than accept the real reasons for their misfortune.
Anyway, to those who want this "wealth tax", tell me, how do you expect to get it if you won't vote for people that would legislate it?
(Score: 0) by Anonymous Coward on Monday December 01, @12:40AM
Yep, they don't answer questions.. Just kill the messengers, don't let 'em rain on the two minute hate, a weak attempt at self absolution