|
...! posted:Not only is it true (the bitcoin network actually uses more electricity than some entire countries) but bitcoiners are spinning that as a good thing. Some will tell you that a world-changing technology like bitcoins requires and deserves a high electricity usage. Others will tell you that the excessive power usage actually helps the environment because the ever-increasing electricity usage will force a shitton of new research and investment into green, renewable energy. Don't forget the ones that think that somehow bitcoin acts as a store of energy.
|
#
?
Sep 3, 2018 03:05
|
|
|
|
| # ? May 29, 2024 00:08 |
|
|
...! posted:Not only is it true (the bitcoin network actually uses more electricity than some entire countries) but bitcoiners are spinning that as a good thing. Some will tell you that a world-changing technology like bitcoins requires and deserves a high electricity usage. Others will tell you that the excessive power usage actually helps the environment because the ever-increasing electricity usage will force a shitton of new research and investment into green, renewable energy.
|
|
#
?
Sep 3, 2018 03:08
|
|
|
ive seen gasoline prices fluctuate up a fifth/down a sixth in price over just a mile between gas stations stable store of chemical energy eh?
|
|
#
?
Sep 3, 2018 03:10
|
|
|
Nessus posted:I realize it interferes with the misery porn, but wasn't the Australian coal plant everyone jacked and despair-cummed over actually just like edition #9 of some Z-grade local scam artist trying to run a hustle? The bottom line is that electricity doesn't come out of nowhere and if there exists demand (and bitcoin creates it, absolutely without doubt) then power generation will have to rise to accommodate it, unless utilities take a strong anti-cryptocurrency stance. It might happen in places where generation cannot be profitably ramped up, but otherwise if idiots want to take turns shoveling cash money into a furnace, I can imagine a situation where some old coal plant is fired up again.
|
|
#
?
Sep 3, 2018 03:18
|
|
|
I live in Quebec where a bunch of miners wanted to develop here because of the low price for power. Some of them did, but I expect the Hydro-Quebec(state owned power company) won't be happy if they increase their need for power in the middle of winter. And we not even talking about the upgrades to the grid needed to provide enough power to a would be Bitcoin mining infrastructure in 2 years(it would cost millions). edit: Seems they on wait and see mode, and want to dissuade new actors in the market: https://www.theglobeandmail.com/business/article-hydro-quebec-hikes-electricity-price-for-cryptocurrency-miners/ Bleusilences fucked around with this message at 04:37 on Sep 3, 2018 |
|
#
?
Sep 3, 2018 04:34
|
|
|
the public should shoulder that cost imo
|
|
#
?
Sep 3, 2018 04:37
|
|
|
The power usage thing really needs to hit the mainstream news.
|
|
#
?
Sep 3, 2018 04:46
|
|
|
Waltzing Along posted:The power usage thing really needs to hit the mainstream news. it won't, because the mainstream news companies run btc tickers on their money channels
|
|
#
?
Sep 3, 2018 04:58
|
|
|
It did here because a shitton of them wanted to come here. However something like only 1/3 were deemed remotely serious and, I think, all of them backed off. The only bitcoin mining installation are the ones that were here before 2018, they got grandfather in and doesn't need to pay the special tariff for now.
|
|
#
?
Sep 3, 2018 05:02
|
|
|
I can't wrap my mind around this power usage. why is it so insane again?
|
|
#
?
Sep 3, 2018 05:05
|
|
|
Thesaurus posted:I can't wrap my mind around this power usage. why is it so insane again? something about the integrity of the blockchain its like a game of hot potato but you can buy slaves on the dark web with the steam???
|
|
#
?
Sep 3, 2018 05:16
|
|
|
Waltzing Along posted:The power usage thing really needs to hit the mainstream news. I have terrible news for you: humans don't care about wrecking poo poo to get money until it bites them in the rear end.
|
|
#
?
Sep 3, 2018 05:19
|
|
|
i dont give a hot gay gently caress what congress thinks carpetnuke earth dude
|
|
#
?
Sep 3, 2018 05:21
|
|
|
Thesaurus posted:I can't wrap my mind around this power usage. why is it so insane again? Bitcoin mining is designed to be competitive to protect the network from 51% attacks. The competition then must always show up with more and more mining power to prevent a takeover. It's really very very dumb
|
|
#
?
Sep 3, 2018 05:25
|
|
|
It's because they are using electronic to their full power 24/7 and not only the individual unit need to be fed power, some of it will be wasted and become heat so they need intricate cooling system. So it need power not only for the unit themselves but also for the A/C system to make sure they won't overheat and keep the humidity down.
|
|
#
?
Sep 3, 2018 05:27
|
|
|
Goodpancakes posted:Bitcoin mining is designed to be competitive to protect the network from 51% attacks. The competition then must always show up with more and more mining power to prevent a takeover. It's really very very dumb Not only that, they probably need to change the hardware often to keep themselves in the game. Compare to a datacenter, it is unprofitable to keep older unit(where in such center you can use older hardware for less stressful task) running and if they are using asic it will be useless to do anything else. Bitcoin is becoming a serious issue because it is generating so much waste it is just ridiculous.
|
|
#
?
Sep 3, 2018 05:32
|
|
|
Bleusilences posted:It's because they are using electronic to their full power 24/7 and not only the individual unit need to be fed power, some of it will be wasted and become heat so they need intricate cooling system. So it need power not only for the unit themselves but also for the A/C system to make sure they won't overheat and keep the humidity down. And all of this work only to make a computer spit out billions of numbers to hit a lottety jackpot.
|
|
#
?
Sep 3, 2018 06:29
|
|
|
Bleusilences posted:It's because they are using electronic to their full power 24/7 and not only the individual unit need to be fed power, some of it will be wasted and become heat so they need intricate cooling system. So it need power not only for the unit themselves but also for the A/C system to make sure they won't overheat and keep the humidity down. has any buttcoin scam tried to say it uses waste heat to boil water to generate power so it can mine more coins to make more waste heat for boiling.... I want to see buttcoiners argue that perpetual motion is possible.
|
|
#
?
Sep 3, 2018 06:31
|
|
|
i was trying to mine a bitcoin and i deciphered it this far https://new.wordsmith.org/anagram/anagram.cgi?anagram=satoshi which combination is the correct path to the free money?
|
|
#
?
Sep 3, 2018 07:09
|
|
|
gary oldmans diary posted:me continuously watching bitcoin burn coal the yosmas gift that keeps on giving
|
|
#
?
Sep 3, 2018 07:18
|
|
|
gary oldmans diary posted:i was trying to mine a bitcoin and i deciphered it this far A poo poo S(h)o(w) Unfortunately free money requires more thorough analysis: https://new.wordsmith.org/anagram/anagram.cgi?anagram=satoshi%20nakamoto
|
|
#
?
Sep 3, 2018 07:32
|
|
|
Thesaurus posted:I can't wrap my mind around this power usage. why is it so insane again? There's an economic game theory idea called the dollar auction: you are auctioning off one dollar, the bidders name any price, and the people who lose the auction still have to pay their bids. This leads to interesting results like someone paying well more than $1 for a dollar. It's like a paradox for rational action. Bitcoin mining is sort of like that: it's set up to self-adjust so that a constant stream of coins are produced, no matter how much or how little processing power (and thus electricity) is being throw at the network. Everyone is throwing electricity away to win a dollar, and for many of them the electric cost is small next to their total investment in mining hardware. (This doesn't even touch on how a lot of mining is now done in China, where some people are absolutely happy to throw away $2 worth of Chinese electricity, paid for in export-controlled Renminbi, to get $1 of cryptocurrency.) Goodpancakes posted:Bitcoin mining is designed to be competitive to protect the network from 51% attacks. The competition then must always show up with more and more mining power to prevent a takeover. It's really very very dumb Nobody mines just to prevent 51% attacks though. vvvv e: not when it costs them real money I mean Klyith fucked around with this message at 07:45 on Sep 3, 2018 |
|
#
?
Sep 3, 2018 07:38
|
|
|
Klyith posted:Nobody mines just to prevent 51% attacks though. 
|
|
#
?
Sep 3, 2018 07:41
|
|
|
luke-jr would know as he is one of the few people to ever actually execute a 51% attack, obliterating an altcoin called coiledcoin.
|
|
#
?
Sep 3, 2018 07:53
|
|
|
Gobbeldygook posted:luke-jr would know as he is one of the few people to ever actually execute a 51% attack, obliterating an altcoin called coiledcoin. Bitcoin Gold was recently double spent to the tune of millions of dollars.
|
|
#
?
Sep 3, 2018 08:24
|
|
|
Waltzing Along posted:The power usage thing really needs to hit the mainstream news. every time I get a press call about bitcoin, cryptos or even lovely ICO of the day, they ask about the power waste and articles mention it a whole lot but basically crypto was last December's story, not this month's
|
|
#
?
Sep 3, 2018 08:52
|
|
|
shitcoin
|
|
#
?
Sep 3, 2018 10:29
|
|
|
jimmyjams posted:shitcoin twitcoin
|
|
#
?
Sep 3, 2018 11:16
|
|
|
Lambert posted:Bitcoin Gold was recently double spent to the tune of millions of dollars. Do I understand this correctly: if you have > 50% of the mining power you can have a wallet with, for example $1000, then send that $1000 to another wallet multiple times such that the destination wallet ends up with several thousand dollars? Or only twice? Not clear on the whole > 50% attack and how it works.
|
|
#
?
Sep 3, 2018 12:41
|
|
|
a hot gujju bhabhi posted:Do I understand this correctly: if you have > 50% of the mining power you can have a wallet with, for example $1000, then send that $1000 to another wallet multiple times such that the destination wallet ends up with several thousand dollars? Or only twice? Not clear on the whole > 50% attack and how it works. What they did was mine their own chain in private with more hashing power than the Bitcoin Gold network had, sold Bitcoin Gold to exchanges for other crypto, transferred these Bitcoin Gold to another wallet in their private chain, then made their private chain public. Because their chain was longer (more hashing power), the previously public chain atrophied, which invalidated their previous Bitcoin Gold transfers to exchanges. Basically, the exchanges were defrauded. If you have a majority of the hashing power, you can also slow down competitors/people you dislike by not including their transactions in your blocks. Lambert fucked around with this message at 12:51 on Sep 3, 2018 |
|
#
?
Sep 3, 2018 12:49
|
|
|
Bleusilences posted:It's because they are using electronic to their full power 24/7 and not only the individual unit need to be fed power, some of it will be wasted and become heat so they need intricate cooling system. So it need power not only for the unit themselves but also for the A/C system to make sure they won't overheat and keep the humidity down. You can do 100% outside air cooling in a lot of climates. No individual server matters that much in this case so the slight uptick in failure rate from operating outside ASHRAE TC 9.9 recommendations is well worth the energy savings.
|
|
#
?
Sep 3, 2018 13:01
|
|
|
a hot gujju bhabhi posted:Do I understand this correctly: if you have > 50% of the mining power you can have a wallet with, for example $1000, then send that $1000 to another wallet multiple times such that the destination wallet ends up with several thousand dollars? Or only twice? Not clear on the whole > 50% attack and how it works. It works by for example first buying a lambo for bitcoin - placing "here's 100 BTC sent to address X which is the lambo dealership" on the weak chain, but then after you drive off in your new car you have enough mining power to create a stronger chain where you say "here's 100 BTC sent to address Y which is still mine" and suddenly the lambo dealership gave you a car for bitcoins they no longer have you don't duplicate anything, you're just doing takebacksies even though one of the touted advantages of bitcoin is "NO takebacksies!"
|
|
#
?
Sep 3, 2018 13:14
|
|
|
ymgve posted:It works by for example first buying a lambo for bitcoin - placing "here's 100 BTC sent to address X which is the lambo dealership" on the weak chain, but then after you drive off in your new car you have enough mining power to create a stronger chain where you say "here's 100 BTC sent to address Y which is still mine" and suddenly the lambo dealership gave you a car for bitcoins they no longer have not like takebacksies are inherently a bad thing either.
|
|
#
?
Sep 3, 2018 13:22
|
|
|
Halser posted:not like takebacksies are inherently a bad thing either. Its how banks and such are able to deal with fraud and theft. Takebacksies are amazing when you realize someone has unauthorized access to your account.
|
|
#
?
Sep 3, 2018 13:51
|
|
Halser posted:not like takebacksies are inherently a bad thing either. this is bitcoin and everyone is an idiot, so you have to replace your normal logic with greed and stupidity
|
|
|
#
?
Sep 3, 2018 14:00
|
|
|
Ignatius M. Meen posted:this is bitcoin and everyone is an idiot, so you have to replace your normal logic with greed and stupidity Bitcoin is a chance for us everyday joes and janes to finally make it, you know?
|
|
#
?
Sep 3, 2018 14:12
|
|
|
ilmucche posted:Bitcoin is a chance for us everyday joes and janes to finally make it, you know? Everyday shitcoin, all day shitcoin. poo poo on Joe and Jane. They will make shitcoin on the moon.
|
|
#
?
Sep 3, 2018 15:56
|
|
|
Yo people, peep this: Aids coin. Aids coins is generated when the number of hiv infections worldwide goes down. One permille drop in hiv infected peopleb=one thousand aids coins. Aids coins are distributed randomly to people who let their computer run all the time.
|
|
#
?
Sep 3, 2018 18:53
|
|
|
No wait, this is a really bad idea and encourage infecting people with aids and trying to prevent a cure from being developed. DON'T ICO THIS
|
|
#
?
Sep 3, 2018 18:56
|
|
|
|
| # ? May 29, 2024 00:08 |
|
|
:ughh:
|
|
#
?
Sep 3, 2018 19:47
|
|