SoylentNews
SoylentNews is people
https://soylentnews.org/

canopic jug writes:

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

Original Submission

1. "canopic jug" - https://soylentnews.org/~canopic+jug/
2. "the necessity of regulating Bitcoin" - https://www.michigandaily.com/opinion/columns/bitcoin-mining-needs-regulatory-legislation/
3. "more severe" - https://www.sunbirddcim.com/sites/default/files/Sunbird_InfoGraphic_Bitcoin.pdf
4. "suspect Bitcoin mining" - https://apnews.com/article/iran-blackouts-bitcoin-sanctions-nuclear-program-9ff962e2bc7931e4f4dca79407316df3
5. "power shortages" - https://www.msn.com/en-us/money/markets/illegal-crypto-mining-suspected-of-causing-rolling-blackouts-in-major-city-they-spread-out-to-avoid-being-detected/ar-AA1wkDPb
6. "unchecked" - https://www.brookings.edu/collection/regulating-crypto-why-how-and-who/
7. "without restrictions" - https://ezblockchain.net/article/cryptocurrency-mining-regulations/
8. "Bitcoin Mining is Making People Sick" - https://soylentnews.org/article.pl?sid=25/10/21/1223202
9. "The Guy Who Accidentally Threw Away $700 Million in Bitcoin Wants to Buy the Landfill to Find It" - https://soylentnews.org/article.pl?sid=25/02/15/1518204
10. "How A 27-Year-Old Busted The Myth Of Bitcoin's Anonymity" - https://soylentnews.org/article.pl?sid=24/01/18/1725205
11. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=67218

printed from SoylentNews, Bitcoin Mining Needs Regulatory Legislation on 2026-01-22 15:59:21