Topic: Fake News Of The Day: "Bitcoin Mining Is A Growing Environmental Threat" - page 2. (Read 333 times)
August 03, 2018, 07:53:49 AM
Idk how people are able to create such false information even though information is widely accessible with little to no restrictions today? Little do these researchers know that miners always seek places wherein energy costs is kept at the minimum, and they always opt for greener energy if possible. Why would a mining operator agree to a lucrative rate when it comes to electricity? Wouldn't it be harmful to his/her operations in the long run especially if bitcoin under-performed? The study's scope, perhaps, is limited and hasn't seen the state of bitcoin mining today. Such a huge FUD and BS without them verifying their data.
August 03, 2018, 06:19:54 AM
I can't believe that this information is true even not being an expert. It seems to be just fake news like you wrote because i know people who are engaged in mining and have a clear understanding of how this happens
August 03, 2018, 06:14:42 AM
Bitcoin mining is always looking for the cheapest energy available anywhere in the world. It makes no difference if you are mining in America or Asia, you just need the cheapest energy.
Hydroelectricity is the cheapest (or of the cheapest) energy sources available.
All this fake news and misinformation about bitcoin mining is sad.
Bitcoin mining uses as much electricity as Christmas lights decorations.
http://www.coindaily.co/christmas-decorations-consume-as-much-electricity-as-bitcoin-mining/
Hydroelectricity is the cheapest (or of the cheapest) energy sources available.
All this fake news and misinformation about bitcoin mining is sad.
Bitcoin mining uses as much electricity as Christmas lights decorations.
http://www.coindaily.co/christmas-decorations-consume-as-much-electricity-as-bitcoin-mining/
August 03, 2018, 05:27:14 AM
Quote
New study assesses tax and regulatory options to incentivize the development of “green” blockchain technologies and discourages use of polluting applications
A study published in Energy Research & Social Science warns that failure to lower the energy use by Bitcoin and similar Blockchain designs may prevent nations from reaching their climate change mitigation obligations under the Paris Agreement.
The study, authored by Jon Truby, PhD, Associate Professor, Director of the Centre for Law & Development, College of Law, Qatar University, Doha, Qatar, evaluates the financial and legal options available to lawmakers to moderate blockchain-related energy consumption and foster a sustainable and innovative technology sector. Based on this rigorous review and analysis of the technologies, ownership models, and jurisdictional case law and practices, the article recommends an approach that imposes new taxes, charges, or restrictions to reduce demand by users, miners, and miner manufacturers who employ polluting technologies, and offers incentives that encourage developers to create less energy-intensive/carbon-neutral Blockchain.
“Digital currency mining is the first major industry developed from Blockchain, because its transactions alone consume more electricity than entire nations,” said Dr. Truby. “It needs to be directed towards sustainability if it is to realize its potential advantages.
“Many developers have taken no account of the environmental impact of their designs, so we must encourage them to adopt consensus protocols that do not result in high emissions. Taking no action means we are subsidizing high energy-consuming technology and causing future Blockchain developers to follow the same harmful path. We need to de-socialize the environmental costs involved while continuing to encourage progress of this important technology to unlock its potential economic, environmental, and social benefits,” explained Dr. Truby.
Bitcoin’s peer-to-peer transaction verification is a polluting process, requiring machine hardware around the world to run at a high rate, 24 hours a day, producing vast amounts of heat and emissions.
As a digital ledger that is accessible to, and trusted by all participants, Blockchain technology decentralizes and transforms the exchange of assets through peer-to-peer verification and payments. Blockchain technology has been advocated as being capable of delivering environmental and social benefits under the UN’s Sustainable Development Goals. However, Bitcoin’s system has been built in a way that is reminiscent of physical mining of natural resources – costs and efforts rise as the system reaches the ultimate resource limit and the mining of new resources requires increasing hardware resources, which consume huge amounts of electricity.
Putting this into perspective, Dr. Truby said, “the processes involved in a single Bitcoin transaction could provide electricity to a British home for a month – with the environmental costs socialized for private benefit.
“Bitcoin is here to stay, and so, future models must be designed without reliance on energy consumption so disproportionate on their economic or social benefits.”
The study evaluates various Blockchain technologies by their carbon footprints and recommends how to tax or restrict Blockchain types at different phases of production and use to discourage polluting versions and encourage cleaner alternatives. It also analyzes the legal measures that can be introduced to encourage technology innovators to develop low-emissions Blockchain designs. The specific recommendations include imposing levies to prevent path-dependent inertia from constraining innovation:
According to Dr. Truby, these findings may lead to new taxes, charges or restrictions, but could also lead to financial rewards for innovators developing carbon-neutral Blockchain.
---
Notes for editors
The article is "Decarbonizing Bitcoin: Law and policy choices for reducing the energy consumption of Blockchain technologies and digital currencies,” Jon Truby, PhD. (https://doi.org/10.1016/j.erss.2018.06.009). It will appear in Energy Research & Social Science, volume 44 (2018) published by Elsevier.
The research was supported by the Centre for Law and Development at the College of Law, Qatar University.
Full text of the article is available to journalists upon request. To obtain copies, contact the Elsevier Newsroom at [email protected]. Journalists wishing to set up interviews should contact Craig Teall at [email protected], or the author, Dr. Jon Truby, Associate Professor at the Centre for Law & Development, College of Law, Qatar University at [email protected].
About Energy Research & Social Science
Energy Research & Social Science (ERSS) is a peer-reviewed international journal that publishes original research and review articles examining the relationship between energy systems and society. ERSS covers a range of topics revolving around the intersection of energy technologies, fuels, and resources on one side; and social processes and influences - including communities of energy users, people affected by energy production, social institutions, customs, traditions, behaviors, and policies - on the other. Put another way, ERSS investigates the social system surrounding energy technology and hardware. www.journals.elsevier.com/energy-research-and-social-science
About Elsevier
Elsevier is a global information analytics business that helps institutions and professionals advance healthcare, open science and improve performance for the benefit of humanity. Elsevier provides digital solutions and tools in the areas of strategic research management, R&D performance, clinical decision support and professional education, including ScienceDirect, Scopus, SciVal, ClinicalKey and Sherpath. Elsevier publishes over 2,500 digitized journals, including The Lancet and Cell, more than 38,000 e-book titles and many iconic reference works, including Gray's Anatomy. Elsevier is part of RELX Group, a global provider of information and analytics for professionals and business customers across industries. www.elsevier.com
https://www.elsevier.com/about/press-releases/research-and-journals/energy-intensive-bitcoin-transactions-pose-a-growing-environmental-threat
A study published in Energy Research & Social Science warns that failure to lower the energy use by Bitcoin and similar Blockchain designs may prevent nations from reaching their climate change mitigation obligations under the Paris Agreement.
The study, authored by Jon Truby, PhD, Associate Professor, Director of the Centre for Law & Development, College of Law, Qatar University, Doha, Qatar, evaluates the financial and legal options available to lawmakers to moderate blockchain-related energy consumption and foster a sustainable and innovative technology sector. Based on this rigorous review and analysis of the technologies, ownership models, and jurisdictional case law and practices, the article recommends an approach that imposes new taxes, charges, or restrictions to reduce demand by users, miners, and miner manufacturers who employ polluting technologies, and offers incentives that encourage developers to create less energy-intensive/carbon-neutral Blockchain.
“Digital currency mining is the first major industry developed from Blockchain, because its transactions alone consume more electricity than entire nations,” said Dr. Truby. “It needs to be directed towards sustainability if it is to realize its potential advantages.
“Many developers have taken no account of the environmental impact of their designs, so we must encourage them to adopt consensus protocols that do not result in high emissions. Taking no action means we are subsidizing high energy-consuming technology and causing future Blockchain developers to follow the same harmful path. We need to de-socialize the environmental costs involved while continuing to encourage progress of this important technology to unlock its potential economic, environmental, and social benefits,” explained Dr. Truby.
Bitcoin’s peer-to-peer transaction verification is a polluting process, requiring machine hardware around the world to run at a high rate, 24 hours a day, producing vast amounts of heat and emissions.
As a digital ledger that is accessible to, and trusted by all participants, Blockchain technology decentralizes and transforms the exchange of assets through peer-to-peer verification and payments. Blockchain technology has been advocated as being capable of delivering environmental and social benefits under the UN’s Sustainable Development Goals. However, Bitcoin’s system has been built in a way that is reminiscent of physical mining of natural resources – costs and efforts rise as the system reaches the ultimate resource limit and the mining of new resources requires increasing hardware resources, which consume huge amounts of electricity.
Putting this into perspective, Dr. Truby said, “the processes involved in a single Bitcoin transaction could provide electricity to a British home for a month – with the environmental costs socialized for private benefit.
“Bitcoin is here to stay, and so, future models must be designed without reliance on energy consumption so disproportionate on their economic or social benefits.”
The study evaluates various Blockchain technologies by their carbon footprints and recommends how to tax or restrict Blockchain types at different phases of production and use to discourage polluting versions and encourage cleaner alternatives. It also analyzes the legal measures that can be introduced to encourage technology innovators to develop low-emissions Blockchain designs. The specific recommendations include imposing levies to prevent path-dependent inertia from constraining innovation:
- Registration fees collected by brokers from digital coin buyers.
- “Bitcoin Sin Tax” surcharge on digital currency ownership.
- Green taxes and restrictions on machinery purchases/imports (e.g. Bitcoin mining machines).
- Smart contract transaction charges.
According to Dr. Truby, these findings may lead to new taxes, charges or restrictions, but could also lead to financial rewards for innovators developing carbon-neutral Blockchain.
---
Notes for editors
The article is "Decarbonizing Bitcoin: Law and policy choices for reducing the energy consumption of Blockchain technologies and digital currencies,” Jon Truby, PhD. (https://doi.org/10.1016/j.erss.2018.06.009). It will appear in Energy Research & Social Science, volume 44 (2018) published by Elsevier.
The research was supported by the Centre for Law and Development at the College of Law, Qatar University.
Full text of the article is available to journalists upon request. To obtain copies, contact the Elsevier Newsroom at [email protected]. Journalists wishing to set up interviews should contact Craig Teall at [email protected], or the author, Dr. Jon Truby, Associate Professor at the Centre for Law & Development, College of Law, Qatar University at [email protected].
About Energy Research & Social Science
Energy Research & Social Science (ERSS) is a peer-reviewed international journal that publishes original research and review articles examining the relationship between energy systems and society. ERSS covers a range of topics revolving around the intersection of energy technologies, fuels, and resources on one side; and social processes and influences - including communities of energy users, people affected by energy production, social institutions, customs, traditions, behaviors, and policies - on the other. Put another way, ERSS investigates the social system surrounding energy technology and hardware. www.journals.elsevier.com/energy-research-and-social-science
About Elsevier
Elsevier is a global information analytics business that helps institutions and professionals advance healthcare, open science and improve performance for the benefit of humanity. Elsevier provides digital solutions and tools in the areas of strategic research management, R&D performance, clinical decision support and professional education, including ScienceDirect, Scopus, SciVal, ClinicalKey and Sherpath. Elsevier publishes over 2,500 digitized journals, including The Lancet and Cell, more than 38,000 e-book titles and many iconic reference works, including Gray's Anatomy. Elsevier is part of RELX Group, a global provider of information and analytics for professionals and business customers across industries. www.elsevier.com
https://www.elsevier.com/about/press-releases/research-and-journals/energy-intensive-bitcoin-transactions-pose-a-growing-environmental-threat
....
This is one of those rare cases where a person might deduce something is fake news simply by paying attention to detail.
The first indication this "study" could be fake news is its faulty claims of bitcoin mining being an "emission" intensive process. Large scale industrial crypto mining operations utilize hydroelectric energy which is considered a zero emissions, clean and renewable, source of power. There aren't any major bitcoin miners who utilize coal or oil as a power source and so bitcoin mining could be considered an environmentally friendly industry despite its high energy consumption.
Near the bottom we see the following notice which complicates things.
The research was supported by the Centre for Law and Development at the College of Law, Qatar University.
It appears this "study" was funded by a university in Qatar. For those who know the middle easts reputation for oil production, Qatar is one of the oil production capitals of the world. Oil based energy produces emissions and so Qatar claiming about emissions is a bit ironic if not hypocritical.
This could represent an indirect way for Qatar and oil producing nations to attack the consumer base of hydroelectric energy.
The part about this study being "peer reviewed" also somewhat funny.
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