Posted on 05/23/2021 2:41:22 PM PDT by DUMBGRUNT
In upstate New York, an idled coal plant has been restarted, fueled by natural gas, to mine cryptocurrency. A once-struggling Montana coal plant is now scaling up to do the same.
A University of Cambridge index pegs the annual power consumption of bitcoin mining at around 130 terawatt-hours, more than three times higher than at the beginning of 2019. That would be more than the power consumption of Argentina.
It bought the Greenidge coal-fired power station in 2014 after the plant in Dresden, N.Y. had been shut a few years earlier because it was economically unattractive to operate.
Atlas first converted the plant to natural gas from coal. Then, last year, it launched a data center for mining bitcoin using power the plant generated. The company said it currently has 19 megawatts of mining capacity and plans to raise it to 85 megawatts by the end of 2022.
groups have written letters to New York’s Department of Environmental Conservation and Gov. Andrew Cuomo urging them to revoke the plant’s permits.
(Excerpt) Read more at wsj.com ...
How does that compare to energy usage of the entire worldwide banking system?
I’m waiting for the environmentalists to protest against this because it is digging mines and thus destroying the ground.
I think bitcoins should be left in the ground for future generations.
—”How does that compare to energy usage of the entire worldwide banking system?”
A valid question.
Worldwide banking is considerably more than transferring funds the prime function of the blockchain.
A quick look shows many SWAG estimates.
If you know of any solid looking studies, please post them.
Read between the lines: this and other stories are to gently coax BTC owners to get the hell out, and onto PM-backed cryptos or physical PMs. BTC is "dirty" Cabal money laundering, and is going down.
—”I think bitcoins should be left in the ground for future generations.”
I have read of many millions of dollars/bitcoins in a garbage dump in England.
Is that good enough?
... annual power consumption of bitcoin mining at around 130 terawatt-hours...
This is more than four times the output of the three-reactor Palo Verde Nuclear Generating Station west of Phoenix; it’s the largest power plant in the US, producing a “mere” 3.3 gigawatts on a good day.
“ Worldwide banking is considerably more than transferring funds the prime function of the blockchain.”
The purpose of crypto is far beyond simply transferring funds.
You can invest for interest, growth, borrow, invest, create businesses on the blockchain, etc.
I haven’t seen comparison studies, but is something large or small with nothing to compare?
Palo Verde Nuclear Generating Station, a nice source of green power 24/7!
—”You can invest for interest, growth, borrow, invest, create businesses on the blockchain, etc.”
Not my line of work, but IMO all of the above would require a similar amount of resources as the old way and probably still take four days for a simple transfer of funds.
That said, the blockchain is an elegant transfer mechanism, far superior to any other.
Why can’t they pipeline BitCoins?
—”Read between the lines...”
Gotta hunch, buy a bunch!
When you get the margin call don’t blame me.
Even at night and when the wind’s not blowing!
—”Why can’t they pipeline BitCoins?”
Because every hog, dog, and frog with a shovel would know right where to dig!!!
—”Even at night and when the wind’s not blowing!”
Might depend on what shift Homer S. is working?
I seriously didn’t know that bitcoin was an actual object.
I thought it was all digital.
Is there a fish and chips place nearby?
I might check it out.
—”I seriously didn’t know that bitcoin was an actual object.”
Correct!
There is no there, there.
There are differing points of view on this matter.
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