Electricity there is very cheap (ranging from 0.5 to 1.5 US cents per kWh).
The government has closed around 300 mining facilities in order to reduce energy shortages.
There are tens of such videos on the Youtube channel.
The government has closed around 300 mining facilities in order to reduce energy shortages.
There are tens of such videos on the Youtube channel.
As long as the energy remains cheap, mining will just move underground. I could see miners offering ordinary villagers kickbacks to "host" a few miners on their premises as to conceal the energy consumption behind what appears to be legitimate usage.
The government did what they should have done, and what all governments should have done a long time ago and shut this nonsense down. It's sucking up resources and only adding to wealth inequality.
Bitcoin rewarded a small group of very smart people very very very well. It then rewarded morons... hordes and hordes of morons very very well too. We will be living with the consequence of this for decades to come.
You can just say you are jealous rather than belittling people like this.
Governments should ban the transaction of PoW cryptocurrencies on environmental grounds, in addition to the misallocation of computer chips.
Governments would be unwise to ban a voluntary system for the same reason they don't ban any other uses of energy that people question the value of (there are plenty). In any case, it will not stop, only move. If not to another massive farm in a favorable jurisdiction (that could be captured) then to smaller sections where it is unidentifiable.
Exactly. It’s broken by design. Let’s get rid of it ASAP and instead focus on blockchains that may have value without the horrible incentives of PoW.
We shouldn’t keep Bitcoin alive just because it was the first successful attempt. That has been tried, it’s now clear it’s not sustainable over the long-term. We should learn the lesson and move on to a better approach.
it's genius by design. so far nothing other than PoW was shown to work.
> We shouldn’t keep Bitcoin alive just because it was the first successful attempt.
you're not keeping it alive, it exists in a free market and there is demand for it.
> That has been tried, it’s now clear it’s not sustainable over the long-term.
not clear at all. so far looks like it's the most sustainable system of decentralized value storage and transfer compared to all others.
> not clear at all.
https://digiconomist.net/bitcoin-energy-consumption/
So sustainable...
Correct, but it doesn’t have to be energy intensive. Bitcoin /could/ move to proof of stake, technically.