Something on the lines of if your company facility is using over X amount of energy the majority of that has to be from a green source such as solar power. What would happen and is this feasible or am I totally thinking about this wrong
Green energy is still not free energy.
Every amout of green energy a crypto miner uses is less green energy for everything else. You take 3% (country consumption) of capacity from the green grid, you must up at least 3% the production in existing coal plants.
FaceDeer@kbin.social 8 months ago
Since it's a common mistake when discussing cryptocurrency energy use, I should point out that it's really only Bitcoin specifically that uses significant amounts of electricity these days. Most other cryptocurrencies have switched to proof of stake systems, which uses negligible energy.
tristan@aussie.zone 8 months ago
Just to expand on this, While eth is 99.99% less energy use than Bitcoin, it still added 2.8 kilotonnes of co2 which is equal to about 2000 average houses for a year.
It’s a negligible amount in the scheme of things, but a lot for a virtual currency especially when you add up all the various cryptocurrencies out there.
It wouldn’t hurt to make all the POS ones use green energy, but probably wouldn’t impact anything by itself.
Changing Bitcoin to green energy alone probably would however.
FaceDeer@kbin.social 8 months ago
Why is it "a lot for a virtual currency?" What's the typical energy usage of a virtual currency?
In 2019 Visa used 740,000 gigajoules of energy, which is equivalent to 6727 households (google dug up a figure of 110 Gj/year for that). So this really doesn't seem like a lot for this kind of thing.
prole@sh.itjust.works 8 months ago
Acting like 2000 average houses is a lot of power consumption for a cryptocurrency with such an unimaginably high market cap… That’s basically a rounding error.
omgitsaheadcrab@sh.itjust.works 8 months ago
There’s an estimated 2.2 billion residences on earth. That’s a pretty small percentage 😅
uienia@lemmy.world 8 months ago
Everything above 0% is not neglible for such uselessly decadent endeavours as cryptocurrency.
Empricorn@feddit.nl 8 months ago
Who decides what “negligible” is? It’s unnecessary and we’re living in a climate crisis.
uienia@lemmy.world 8 months ago
Greedy arrogant cryptobros decides that obviously.
O_i@lemmy.world 8 months ago
Also over half is used by green energy already and will continue to grow
jaycifer@kbin.social 8 months ago
There is a caveat to this. It’s been a few years since I read the article, but oftentimes the reason Bitcoin miners run on renewables is because they set up shop in places that have established local cheap electricity.
The example in the article was a town with ideal geography for hydro power, to the point electricity was cheap enough to sell it to the next town over. Crypto-miners set up in the first town and quickly began using more power, driving up the cost and eventually causing serious issues for the second town as there wasn’t enough electricity leftover to send their way anymore.
therealjcdenton@lemmy.zip 8 months ago
Interesting, is it because of competition requiring more machines? What about something like Monero?
FaceDeer@kbin.social 8 months ago
It's because proof-of-stake is fundamentally different from how proof-of-work operates.
The fundamental problem that all blockchains need to solve is something called the Byzantine Generals Problem. A blockchain needs to consist of a list of transactions that everyone agrees on - everyone needs to be able to know which transactions are part of the list, and what order they appear on that list. But there can't be any central "authority" making that decision, it has to be done in a completely decentralized way.
The way proof of work does it is that it requires people adding transactions to the list to do some extremely expensive calculations and attach the results of those calculations to the transactions that they're adding. Anyone can do those calculations so there's no central authority, but the costliness of the calculations means that once the transactions are added it becomes just as expensive to create a substitute set of transactions. So everyone ends up agreeing on what transactions were added because it would be unfeasably costly to "fake" an alternative history to the blockchain. This means it's impossible to make a proof-of-work chain that isn't hugely "wasteful", because the waste is the point of it. It has to be costly for it to work.
Proof-of-stake takes a very different approach. It solves the same basic problem - determining which transactions are part of the chain in a decentralized manner - using some very fancy cryptography that I have to admit that I don't fully understand. But instead of proving that the transactions you're adding are "trustworthy" due to proving you've wasted a whole lot of resources adding them, you do it by putting up a "stake." You lock a big sum of money in your cryptocurrency staking account and essentially make it a hostage to your good behaviour. If you put up a bad transaction you can lose your stake. So under proof-of-stake there's simply no need to burn huge amounts of electricity.
Monero uses a proof-of-work algorithm like Bitcoin. The reason Monero doesn't use anywhere near as much energy as Bitcoin is simply because it isn't worth as much and so not as many people are mining it. If Monero was worth as much as Bitcoin the energy usage would rise to become comparable.