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They don't produce anything except some numbers. A total waste of energy. I had to laugh when this guy I know who is very "progressive" and environmentally concerned got pissy when I pointed out how much energy was wasted on bitcoin mining just because he was into it.
Right this is the fundamental problem. There needs to be some value to the Blockchain application which the crypto tokens support beyond just token speculation.
fuck crypto shit ffs
More like fuck crypto mining. There are cryptos that dont need mining.
JFC how long do we have to wait for a carbon tax
There is no good reason why this isn't illegal.
Not a good reason, but money.
Crypto is the digital coal of our times.
Whoever Satoshi was, I wonder how he's responding to the thought that he's personally contributed more to global warming than the average billionaire.
It's a drop in the ocean compared to how much energy the banking industry uses.
Banks use negligible electricity lmao
the banking industry
Might want to brush up on that reading comprehension.
Misleading title - the problem is not "crypto", it's pretty much all Bitcoin and the people against the change in the consensus mechanism. Out of the top ~~10~~ 9 coins in market cap, Bitcoin is the only one using proof of work, which demands such high energy requirements.
Modern day gold rush.
Digging up more and more dirt for diminishing returns while destroying the environment.
Bitcoin using more and more power for essentially the same.
You'd think with all of the money they're pulling in, they'd invest in solar panels or something to lower their overhead.
Or am I making the mistake of approaching the situation with common sense?
Ultimately, mining should be banned from the surface of Earth. Let miners build orbital solar panel infrastructure close to the Sun where power is plentiful. See Bitcoin developer Peter Todd's 2017-09-10 presentation on the subject (transcript).
Edit: Fixed URL. Edit2; Add transcript link.
The miners are taking power from the same grid as everyone else. Miners don’t emit carbon. Electricity generation from fossil fuels does.
The focus should be on moving to a renewable and abundant energy grid. Then let people use it for whatever the fuck they want.
I've always found this argument against crypto to be a bad one. The headline will say something like "Crypto mining uses XYZ total energy" and we're supposed to infer that this means crypto is polluting a lot. But it doesn't say how much pollution there actually was. For economic reasons, these miners often use cheap excess energy that would have been produced anyway or green tech. Not all of it obviously, but that level of nuance is missing.
Also, we don't make the same moral arguments against other energy uses. Air conditioners use more energy than Bitcoin mining does, but we don't go around saying the government should ban people from using AC.
There are legitimate problems with crypto, but this one never convinced me
Air conditioning literally saves lives, especially medically vulnerable people, the hell are you on about?
As others have pointed out, ~2% of the entire US's energy output is absolutely insane. According to the eia.gov, the US produced around 100 quadrillion BTUs worth of energy in 2022 (I don't fully know why they chose BTUs to measure the total energy output, they explain on the website, but that's besides the point). 2% of that is 2 quadrillion BTUs. According to psu.edu (I googled these sites on my laptop so don't have exact urls on my phone at the moment), the entirety of US households in 2017 used 4.58 quadrillion BTUs.
Think about that. Bitcoin/PoW coin miners are using enough electricity to power around half of all homes in the US. According to statista.com, in 2022 there were 144 million homes. These miners consume 72 million homes worth of energy. And for what? To solve math problems that benefits no one but Bitcoin/PoW coin investors?
We're literally seeing our weather patterns become more and more extreme every year due to climate change, which is also killing our oceans which is causing a severely negative chain reaction in the rest of our ecosystems... But, you know, fuck all that, I need to use an extremely inefficient method of generating currency that no one but enthusiasts/speculators/investors asked for. I'm not inherently against cryptocurrency; however, fuck Bitcoin and other extremely wasteful PoW coins.
And yes, printing dollar bills/other fiat currencies creates pollution, too. I agree that process should be modernized as well. And in some ways, it already has been undergoing modernization as more and more people use electronic payments vs cash, thus decreasing the need to print more bills.
Dude. It's 2.3% of a massive industrialized nation where most citizens have access to some luxury goods. A nation with nearly 350 million people being the 3rd most populous country.
It does NOT fucking matter if it's """"""waste"""""" energy. And no, we don't fucking make that arguement about things like ac because you know why? Someone is getting comfort out of it instead of burning seals to make a line go up.