Comment on Over 2 percent of the US’s electricity generation now goes to bitcoin
NateNate60@lemmy.world 7 months agoThe argument on the other side of the coin is that renewable electricity is often produced in excess, and when it cannot be stored, mining bitcoin is an effective way to convert that excess electricity into money. Normally, that energy would just be wasted, reducing the efficiency and economic viability of renewable electricity sources.
This argument is sound, but the problem is that it doesn’t describe reality. The reality is that Bitcoin miners set up shop wherever electricity is the cheapest and consume inordinate amounts of electricity whether that electricity is in excess or not, and whether that electricity was generated renewably or not.
cheese_greater@lemmy.world 7 months ago
First of all I doubt the profits generated from this go towards anything or anyone worthwhile, second, doesn’t bitcoin mining cause diminishing returns individually and across the network? Like aren’t the problems getting harder and more expensive computationally?
deafboy@lemmy.world 7 months ago
The mining difficulty adjusts automatically so that 1 block is produced every 10 minutes on average.
More miners join, more difficult and expensive it gets, to the point it forces the least efficient miners to be turned off, or seek cheaper electricity. If too many leave or the price of BTC raises, more people are incentivized to join.
assassin_aragorn@lemmy.world 7 months ago
So wealth continues to be concentrated by the wealthy while polluting a bunch.
deafboy@lemmy.world 7 months ago
You know the business is legit, when the only complaint is “BuT ThE RiCh!!”