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Calitalism : Cryptocurrency mining consume lots of useful energy
  • Vitaliy_KiselevVitaliy_Kiselev

    Energy consumption is becoming real issue with Bitcoin and Ethereum being main source of useful resources waste.

    At current time Bitcoin consumption crossed 16 TWatt-hours (more than Tunis year consumption), and Ethereum crossed 5 TWatt-hours (more than Moldavia year consumption).

    This things become pinnacle of capitalism achievements. Not only it is useless thing, bit it turns extremely useful resource into waste.

  • 5 Replies sorted by
  • kinvermarkkinvermark

    Is it related only to capitalism? I don't know, but seems like you need a currency even in socialism.

    But, yes, this is almost as bad as digging up gold and other useless shiny stuff, while creating toxic arsenic and cyanide dumps and waste ponds.

  • Vitaliy_KiselevVitaliy_Kiselev

    @kinvermark

    Yes it is capitalism only, at it is completely useless thing not fulfilling any need. Except scam and redistribution of real things from poor idiots.

    but seems like you need a currency even in socialism.

    The more socialism is developed - the less role money play. In communism you have no money at all. Even in early socialism all stocks, derivatives and all such things are fully eliminated.

  • robertGLrobertGL

    Here's some more insanity https://www.usnews.com/news/best-states/south-carolina/articles/2017-08-22/south-carolina-utility-sees-interest-in-reactors-no-cash

    Selling South Carolina's state-owned utility could force taxpayers to cover its $4 billion debt from a now-abandoned nuclear power project. The plant is incomplete and effectively abandoned, and it bankrupted Westinghouse in the process

  • Vitaliy_KiselevVitaliy_Kiselev

    @robertGL

    Expect new line of price hikes.

  • Vitaliy_KiselevVitaliy_Kiselev

    A study from the Cambridge Center for Alternative Finance released on Monday estimates that the global bitcoin mining industry uses around 63.32 terawatt-hours of energy consumption. The study also notes that miners are paying around $0.03 to $0.05 per kWh this year. Given that a March estimate put the cost to mine a full bitcoin is around $7,500, the average miner still stands to make over $4,000 in profit from the operation.

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