this post was submitted on 20 May 2024
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Oh, but it is, because you could exchange it for something else. As an example, I can take mine and go exchange it for groceries.
You can also use it to... pay for that energy you just used... Hooray!! /s
I've recently been hearing a lot about mining, consuming energy that either would not exist otherwise, or would be wasted. For example, places in Africa can build like a hydroelectric power station, but don't have the money to run lines far enough for all the energy from the power station to be used, so they give most of it to a crypto mine and let the residents use the rest. If the residents ever need more power, then the crypto mine can shut down temporarily or slack off on their usage in order to provide the residents with more power.
You know what else they could do? Store it... in batteries... which are reliable for long term storage... and aren't nearly as volatile... and use it on stuff that generates more value per watt consumed... For example, batteries can be used to power homes and businesses, which can help to reduce reliance on fossil fuels and improve air quality e.g. improving quality of life which generates a shit load of value. Batteries can also be used to provide backup power in case of a blackout, which can be essential for critical infrastructure such as hospitals and data centers. I just don't see how most crypto currency can compete in this space... maybe something highly power efficient? But even then the value is extremely volatile.
Also consider that many peoples (me) would like to move from the older cryptocurrencies that needs lots of power to run (proof of work) and try to advocate for newer proof of stake models.
To my understanding proof of stake models have dramatically lower power requirements.
Yes, but they are also quite a bit easier to take over and destroy because governments can just print their fiat and buy up a large amount of that currency and then kill the network.