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Post by BeNotDeceived »
Abiotic = devoid of life; sterile = nope.Silver wrote: ↑November 20th, 2017, 10:56 amDoes crude oil come from dead dinosaurs or is it abiotic?BeNotDeceived wrote: ↑November 20th, 2017, 10:50 amBurning up resources to create a magic string of numbers.https://www.rt.com/business/410028-russia-bitcoin-megacity-siberia/ wrote:
Bitcoin megacity could rise in Russia's Siberia
Russia may soon build a city in Siberia just to mine cryptocurrency. The idea is to provide a new source of income for people and the state, and in the future create a rival to Silicon Valley. The city should be located in Siberia or the Far East, not far from a large hydroelectric power station, according to Russian State Duma member Boris Chernyshov.
Cryptocurrency mining has become popular in Siberia due to the region's low energy costs. The process requires computing power and lots of electricity. Irkutsk has become a hub for cryptocurrency mining because electricity is very cheap, about five times less expensive than in Moscow.
The world uses a lot of oil every day. I don't care how many dinosaurs there were, that's a lot of poop to run our era's power plants and internal combustion engines.BeNotDeceived wrote: ↑November 21st, 2017, 4:31 pmAbiotic = devoid of life; sterile = nope.Silver wrote: ↑November 20th, 2017, 10:56 amDoes crude oil come from dead dinosaurs or is it abiotic?BeNotDeceived wrote: ↑November 20th, 2017, 10:50 amBurning up resources to create a magic string of numbers.https://www.rt.com/business/410028-russia-bitcoin-megacity-siberia/ wrote:
Bitcoin megacity could rise in Russia's Siberia
Russia may soon build a city in Siberia just to mine cryptocurrency. The idea is to provide a new source of income for people and the state, and in the future create a rival to Silicon Valley. The city should be located in Siberia or the Far East, not far from a large hydroelectric power station, according to Russian State Duma member Boris Chernyshov.
Cryptocurrency mining has become popular in Siberia due to the region's low energy costs. The process requires computing power and lots of electricity. Irkutsk has become a hub for cryptocurrency mining because electricity is very cheap, about five times less expensive than in Moscow.
Any carbon based life form or excretory material. Mostly dead Plants, Fish, Insects, Microorganisms and Dino-poo.
Post by BeNotDeceived »
Fortunately headway is being made:http://www.businessworld.in/article/Bitcoin-Electricity-Consumption-Unsustainable-Cryptocurrency/29-11-2017-133168/ wrote: Bitcoin Electricity Consumption: Unsustainable Cryptocurrency
... A lot of bitcoin mining is done in China, which still uses large amounts of non-renewable, CO2 emitting fossil fuels for energy, making the mining process an inherently unsustainable, ecologically deteriorating process. ...
In fact, some of the bewildering facts according to PowerCompare.co.uk are as follows-
In the past month alone, Bitcoin mining electricity consumption is estimated to have increased by 29.98%
If it keeps increasing at this rate, Bitcoin mining will consume all the world’s electricity by February 2020.
Number of Americans who could be powered by bitcoin mining: 2.4 million ... WASTED
74% of all statistics are just made up.BeNotDeceived wrote: ↑November 29th, 2017, 4:40 am In the past month alone, Bitcoin mining electricity consumption is estimated to have increased by 29.98%
Post by BeNotDeceived »
Sounds high, and the site links to powercompare that looks very legit. Here’s another source, the thing looks more like a space heater than a computer. Great if you live in a cold place and use electricity for heat.Silver wrote: ↑November 29th, 2017, 5:23 am74% of all statistics are just made up.BeNotDeceived wrote: ↑November 29th, 2017, 4:40 am In the past month alone, Bitcoin mining electricity consumption is estimated to have increased by 29.98%
Proof-of-stake sounds similar to what I suggest, where the stake is real energy.https://interestingengineering.com/a-single-bitcoin-transaction-now-consumes-as-much-electricity-as-your-house-does-in-a-week wrote:
...
Is it possible for Bitcoin to reverse the damage?
"Blockchain is inefficient tech by design, as we create trust by building a system based on distrust. If you only trust yourself and a set of rules (the software), then you have to validate everything that happens against these rules yourself. That is the life of a blockchain node," he said via direct message, Digiconomist told Motherboard.
However, he believes there are alternatives, namely Proof-of-stake is a consensus algorithm which allows coin owners, as opposed to miners, create blocks. This removes the need for power-sucking machines that produce multiple hashes per second.
“Bitcoin could potentially switch to such a consensus algorithm, which would significantly improve sustainability. The only downside is that there are many different versions of proof-of-stake, and none of these have fully proven themselves yet. Nevertheless, the work on these algorithms offers good hope for the future, said de Vries.
Post by BeNotDeceived »
https://www.dvhardware.net/article67762.html wrote:
Interestingly, if Bitcoin power consumption keeps growing at the same rate, it would consume as much electricity as the whole world by February 2020. Of course, the odds of that happening are extremely low. Clearly, something's gotta give as this sort of growth is not sustainable.
How much energy is wasted in the production of and the promotion of all the fiat from all the central banks? That's right. It's much bigger than the tiny drop used on cryptocurrencies. You need to find another hobby.BeNotDeceived wrote: ↑November 30th, 2017, 11:40 pm
Bitcoin Mining Consume All The World's Current Electricity Production By Feb 2020?
https://www.dvhardware.net/article67762.html wrote:
Interestingly, if Bitcoin power consumption keeps growing at the same rate, it would consume as much electricity as the whole world by February 2020. Of course, the odds of that happening are extremely low. Clearly, something's gotta give as this sort of growth is not sustainable.
@ 5:50 he mentions using energy.
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