proof of work is productive
if you heat your home the energy is not wasted
if you heat your home the energy is not wasted
Yes, i agree PoW is already useful in securing the blockchain,
by making history very expensive to rewrite.
But my point was that the right choice of PoW can have further benefits,
that can indirectly lead to energy savings elsewhere.
IMO,
Problems with PoW is this:
By Design it is Adversarial ,
by requiring Massive Amounts of Processing Power to generate Proof of Work,
It will always give people who have access to free or cheap electricity & Massive Capital for PoW farms an edge ,
in addition it also gives an edge to cooler climates over warmer climates.
Will ASICS be made more energy efficient over time , certainly technical advances will be achieved,
however due to the competitive design, more processing power will just be crammed into smaller spaces negating any real benefit to energy required.
Heating your home with PoW mining in the winter is a good idea , if you just like mining, however this does nothing for you in the spring & summer months.
Also would not be as energy efficient as using something designed for heating alone.
Sad Fact, The PoW Mining Equipment is usually useless within 1 year or so. Be ready to upgrade it almost yearly. (More waste)
http://themerkle.com/chelan-county-increases-electricity-rates-for-bitcoin-mining-companies/
Quote
Chelan County Increases Electricity Rates For Bitcoin Mining Companies
JP Buntinx July 20, 2016 Crypto News, News
TheMerkle_Chelan County Electricity
Electricity costs are an important factor that can make or break a profitable mining business in the cryptocurrency world. While many enterprises are focusing their attention on the Washington area for hydropower, home miners may see a higher electricity bill in the future. Apparently, a major utility firm wants to protect itself from Bitcoin volatility.
Cranking Up The Electricity Price in Washington
Washington has been an appealing industry for Bitcoin mining businesses as of late. Many companies are flocking to this area due to its rock-bottom electricity rates. But that situation is coming to change very soon, as Chelan County Public Utility District is planning to crank up the rates very soon.
If the number of server farms in the region continues to increase at the current pace, the situation will become “unsustainable”. This is not good news for the many companies who are launching massive mining farms in Chelan County. A new rate structure has been voted upon, which will make life a lot less profitable for large mining operations.
Compared to traditional industrial or commercial customers, Bitcoin mining farms will be subject to a specific pricing plan. But there is more, as they will be forced to pay for infrastructure upgrades when needed. This could force emerging players to look elsewhere for cheaper electricity rates.
JP Buntinx July 20, 2016 Crypto News, News
TheMerkle_Chelan County Electricity
Electricity costs are an important factor that can make or break a profitable mining business in the cryptocurrency world. While many enterprises are focusing their attention on the Washington area for hydropower, home miners may see a higher electricity bill in the future. Apparently, a major utility firm wants to protect itself from Bitcoin volatility.
Cranking Up The Electricity Price in Washington
Washington has been an appealing industry for Bitcoin mining businesses as of late. Many companies are flocking to this area due to its rock-bottom electricity rates. But that situation is coming to change very soon, as Chelan County Public Utility District is planning to crank up the rates very soon.
If the number of server farms in the region continues to increase at the current pace, the situation will become “unsustainable”. This is not good news for the many companies who are launching massive mining farms in Chelan County. A new rate structure has been voted upon, which will make life a lot less profitable for large mining operations.
Compared to traditional industrial or commercial customers, Bitcoin mining farms will be subject to a specific pricing plan. But there is more, as they will be forced to pay for infrastructure upgrades when needed. This could force emerging players to look elsewhere for cheaper electricity rates.
http://themerkle.com/new-york-city-electricity-spot-price-spikes-by-1000/
Quote
By the look of things, Washington is not the only area where electricity prices are on the rise.
New York City saw a 1,000% electricity price spike due to a lasting heatwave after a thunderstorm.
This is not good news for anyone who is mining Bitcoin or another cryptocurrency in this city, as their electricity bill will go up significantly.
Electricity Prices Spike in New York City
When nature strikes, it will impact many different aspects of life.
A streak of hot weather followed by a thunderstorm caused New York City electricity prices to spike all of a sudden.
Things got so bad, the spot price per megawatt hour reached US$1,042 yesterday afternoon.
Compared to the average price of US$94, this is more than 1,000% price increase, to say the least.
While this may not affect New Yorker’s electricity bills directly, it is a worrisome event.
Luckily for residents, the New York ISO will do what they can to keep the prices as steady as possible.
Spot prices mostly serve as an indicator as to how the situation is evolving, but it does not represent the price consumers will be charged.
New York City saw a 1,000% electricity price spike due to a lasting heatwave after a thunderstorm.
This is not good news for anyone who is mining Bitcoin or another cryptocurrency in this city, as their electricity bill will go up significantly.
Electricity Prices Spike in New York City
When nature strikes, it will impact many different aspects of life.
A streak of hot weather followed by a thunderstorm caused New York City electricity prices to spike all of a sudden.
Things got so bad, the spot price per megawatt hour reached US$1,042 yesterday afternoon.
Compared to the average price of US$94, this is more than 1,000% price increase, to say the least.
While this may not affect New Yorker’s electricity bills directly, it is a worrisome event.
Luckily for residents, the New York ISO will do what they can to keep the prices as steady as possible.
Spot prices mostly serve as an indicator as to how the situation is evolving, but it does not represent the price consumers will be charged.
Like any adversarial system, if you follow it down its time line, at the end you see only a handful of PoW miners controlling the entire PoW coin network.
Just as you used to see people get very concerned if anyone got near 51%, now no one worries that the country of China controls over 70% and that may rise more in the next year.
PoW is a failed tech , if you look at its future and ignore the hype.
Only countries or megacorps will have the resources to profit with it.
Might as well just buy Chinese Yuan , because it is them you are placing your faith in.
