The Truth About Bitcoin's Green New Deal.

TalkStar

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Quote from: Indymoney on August 31, 2020, 07:29:05 AM

Bitcoin advocates have argued that mining could preserve surplus energy by turning it into an alternative store of value.

Projects around the world are looking to use surplus energy from hydropower, wind power and natural gas to mine Bitcoin.

Entire world is running after renewable energy and sooner or later miners will start to use renewable energy to run their rigs. I don't think anyone gonna believe that due to bitcoin mining and its electricity costs human civilization will face electricity (power) shortage or its a big obstacle for greener world. I am not seeing anything wrong here when your are getting money though running your mining farm and paying the electricity bill. If new sectors will not get the opportunity of using electricity then whats the purpose of building nuclear based power plants.

Governments are trying to save natural resources and there is no doubt that its necessary to find different sources for energy. If other industries follow the way of using renewable energy like hydro power, solar power, Wind power or anything else then bitcoin miners will definitely join the same group.

aesma

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Universal carbon tax is the answer. Carbon pricing will make everything and everyone go green. What will happen regarding BTC (and other crypto) mining when that happens, I don't know. BTW about China, they're already building plenty of nuclear power plants and hydro dams...on top of building plenty of coal power plants. And solar and wind, too.

Ucy

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Quote from: hatshepsut93 on August 31, 2020, 09:06:58 AM

Quote from: Indymoney on August 31, 2020, 07:29:05 AM

Projects around the world are looking to use surplus energy from hydropower, wind power and natural gas to mine Bitcoin.

This can be used to make these types of power more economically viable, but from a point of view of energy efficiency, this isn't a real solution, compared to actually saving energy.

More like argument for/against having certain light bulbs due to their energy efficiency. The more efficient ones produce thesame (or more) luminosity as the less energy efficient light bulbs which use more energy, produce more heat and are probably more expensive. Those in favor of the latter would say somewhat reasonable things like "afterall we power the light bulbs with clean energy and our light bulbs are more energy-efficient than older light bulbs used in cities".
I think both make good points though. The former (energy efficient ones) could be doing things wrongly as well if they depend on "dirty/unsustainable energy" for powering their more efficient light bulbs whereas the latter depends entirely on clean energy to power their less efficient bulbs.
By the way, lots of the renewable/clean energy could be put into other important uses if you could reduce the energy usage of the less efficient bulb.

NVZNtoken

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Bitcoin mining spends energy, but that doesn't mean blockchain technology is harmful for the environment. There are blockchain projects that aim to use the technology to help the environment by using blockchain to track waste in a more efficient way, or to make sure it is properly recycled and turned into green energy. You can read about it here: https://medium.com/@NVZN/introducing-invizion-and-the-nvzn-token-renewable-energy-on-the-blockchain-ba4dd94ff859

Basically the idea that blockchains are bad for the environment isn't true and is just another part of Fear, Uncertainty and Doubt spread by the opponents of bitcoin and blockchain technology in general.

zvs

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Quote from: seoincorporation on August 31, 2020, 11:14:27 AM

Quote from: zvs on August 31, 2020, 10:34:35 AM

When is someone going to build a nuclear power plant to power those ASICs in China? Get to it!

Someone mark this words...

I would bet in the future the humans will have miners farm with their own electricity generators. Some farms powered by rivers and dams, and some others will have nuclear plants for enormous farms. And isn't a crazy idea at all, I mean the energy bill of a mining farm is really high.

And about the article... mining is done by miners and if someone gets a cloud mining service that means the miner is running somewhere in the world, and it's consuming energy any way...

I guess in the US if "Green New Deal" passes, we will have to mine via the power of human energies.

Everyone will be dirt poor, so people will be working in bike sweat shops, earning several dozen corn kernels per hour, or half a dozen pinto beans. Maybe a potato for a full day, you must remember to eat the weevils.

target

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Thats none of their business because the miners, after all, are paying for the energy they spend mining BTC.
I doubt there will be a meeting in the middle voluntarily. A miner who have built their farm and spends millions for it would need to profit as they are running a business. But it looks like this article is for the BitOoda and FTX funded deals for the new banking terms.

seoincorporation

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Quote from: zvs on August 31, 2020, 10:34:35 AM

When is someone going to build a nuclear power plant to power those ASICs in China? Get to it!

Someone mark this words...

I would bet in the future the humans will have miners farm with their own electricity generators. Some farms powered by rivers and dams, and some others will have nuclear plants for enormous farms. And isn't a crazy idea at all, I mean the energy bill of a mining farm is really high.

And about the article... mining is done by miners and if someone gets a cloud mining service that means the miner is running somewhere in the world, and it's consuming energy any way...

buwaytress

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Tired old hat to be discussing if Bitcoin mining could become green. That power isn't just there for magic internet money, it's now also about keeping the most secure form of digital money known to mankind, secure. That's a huge, huge benefit that critics keep forgetting about.

You know what's a better alternative? Asking old world banking and finance to go green. The amount of waste put towards keeping current financial sytems stable (and still very weak and full of holes, by the way) is too damn high.

Fundamentals Of

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Their priorities are different. They are not aligned of course. How could Bitcoin mining's goal be the same with the renewable energy developers' goal?

But they could meet somewhere. Bitcoin mining is actually shifting gradually to the use of renewable energy. Bitcoin mining does not mind the kind of energy it uses because it has a different goal but it seems the industry is also becoming aware of how the consumption of energy may deteriorate the world faster.

This is where they could be in line with the advocacy for renewable energy. But it is too much to claim that Bitcoin mining is helping the environment. Their mining operations are contributing to global warming.

zvs

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When is someone going to build a nuclear power plant to power those ASICs in China? Get to it!

batang_bitcoin

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Why are eyes always look on the consumption of energy from the bitcoin miners? Are they the only one that's using that much energy? and why is it that it looks like a hot issue if bitcoin miners are consuming that much energy?
I don't understand these people as bitcoin miners are paying for what they are consuming and at the same time, helping to maintain bitcoin's network and confirm transactions. There are other certain industries that are also consuming too much energy.

kecha1

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hatshepsut93

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Quote from: Indymoney on August 31, 2020, 07:29:05 AM

Bitcoin advocates have argued that mining could preserve surplus energy by turning it into an alternative store of value.

This is stupid, you preserve energy by building something like this. Bitcoin mining spends energy, you can't turn a block back into electric power.

Quote from: Indymoney on August 31, 2020, 07:29:05 AM

Projects around the world are looking to use surplus energy from hydropower, wind power and natural gas to mine Bitcoin.

This can be used to make these types of power more economically viable, but from a point of view of energy efficiency, this isn't a real solution, compared to actually saving energy.

avikz

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Quote from: Indymoney on August 31, 2020, 07:29:05 AM

Bitcoin advocates claim that mining could help the environment by forcing the efficient allocation of resources. Does that argument hold up?

In brief

Bitcoin advocates have argued that mining could preserve surplus energy by turning it into an alternative store of value.

Projects around the world are looking to use surplus energy from hydropower, wind power and natural gas to mine Bitcoin.

In practice, however, the priorities of Bitcoin miners and renewable energy developers are not aligned.

https://decrypt.co/40099/the-truth-about-bitcoins-green-new-deal

The priority of bitcoin miners are not using the renewable energy to convert to a store of value. The priority is to make money and there's nothing wrong with it! So the argument doesn't make sense! Also the acquisition doesn't make sense as well which says bitcoin mining is taking up a lot of energy. If we compare it with the minting process worldwide, it's minuscule!

Arguments and counter arguments will be ongoing but if someone is so concerned about the unused renewable energy, there are places on earth where electricity is a luxury. It's better to use there to stop the misuse!

Charles-Tim

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That aside, I do not know the reason why people should be concerned about bitcoin consuming high amount of energy. What if the electricity generated is not used by people, that means the electricity production could collapse, they did not think about that. Normally, in countries where mining are legalized, money are collected for electricity usage which are used to pay people working in electricity (power) companies.

Bitcoin is valuable, the mining is used to generate digital valuable products which can be used for goods and services, which means the mining is not a waste of electricity. And if we look at the hydropower plants and solar plants, they are renewable power generation. Many countries really depend on hydropower plants in which the energy is renewable.

These is just a false claim. Mining has even really helped the power industry by indirectly generating more renewable power, and employing more workers. The problem is left to the countries to try to use the renewable resource to generate most of their electricity (power).

Indymoney

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Bitcoin advocates claim that mining could help the environment by forcing the efficient allocation of resources. Does that argument hold up?

In brief

Bitcoin advocates have argued that mining could preserve surplus energy by turning it into an alternative store of value.

Projects around the world are looking to use surplus energy from hydropower, wind power and natural gas to mine Bitcoin.

In practice, however, the priorities of Bitcoin miners and renewable energy developers are not aligned.

https://decrypt.co/40099/the-truth-about-bitcoins-green-new-deal

Topic: The Truth About Bitcoin's Green New Deal. (Read 146 times)