Cryptomining boom has people’s energy bills skyrocketing; feds mull new rules(arstechnica.com)
arstechnica.com
Cryptomining boom has people’s energy bills skyrocketing; feds mull new rules
https://arstechnica.com/tech-policy/2022/07/cryptomining-boom-has-peoples-energy-bills-skyrocketing-feds-mull-new-rules/
6 comments
Electricity bills are almost doubling in some euro countries due to obvious reasons, couldn't feel less sorry for mining farms..
Not a popular opinion on this board: Mining helps to balance renewable grids via Demand Response, by allowing to build renewable excess capacity that can be used in times of peak demand, and consumed by mining when the grid demand is low.
It has recently successfully proven this in Texas: https://www.texastribune.org/2022/07/15/crypto-energy-texas-...
"May not seem like much, it can matter during times of peak demand, said Joshua D. Rhodes, a research associate with the Webber Energy Group at the University of Texas at Austin"
"The Webber Energy Group is a research group at UT Austin. We analyze energy and environmental problems"
It has recently successfully proven this in Texas: https://www.texastribune.org/2022/07/15/crypto-energy-texas-...
"May not seem like much, it can matter during times of peak demand, said Joshua D. Rhodes, a research associate with the Webber Energy Group at the University of Texas at Austin"
"The Webber Energy Group is a research group at UT Austin. We analyze energy and environmental problems"
> Now, lawmakers are worried that US cryptocurrency mining operations planning for rapid growth
Are they? Is there a significant increase expected with the market rebounding again, or is it just speculation?
Are they? Is there a significant increase expected with the market rebounding again, or is it just speculation?
Miners cannot use expensive electricity and therefore cannot expand unless they find really really cheap electricity rates.....which are apparently unavailable? lol.
US-based miners use the absolute cheapest they can find, as doing otherwise would make them globally non-competitive, as e.g. miners in Paraguay have access to lots of excess hydroelectricity, or miners in Kazakhstan have access to cheap coal. Since hashing units are more or less the same, it all boils down to electricity costs.
Miners even go as far as using methane from animal waste to find absolute cheapest fuel: https://financefeeds.com/unusual-way-power-crypto-mining-ani...
Burning animal waste methane is actually carbon negative, wonder if anyone on this board will finally acknowledge that mining can be good for the Earth, if done properly.
US-based miners use the absolute cheapest they can find, as doing otherwise would make them globally non-competitive, as e.g. miners in Paraguay have access to lots of excess hydroelectricity, or miners in Kazakhstan have access to cheap coal. Since hashing units are more or less the same, it all boils down to electricity costs.
Miners even go as far as using methane from animal waste to find absolute cheapest fuel: https://financefeeds.com/unusual-way-power-crypto-mining-ani...
Burning animal waste methane is actually carbon negative, wonder if anyone on this board will finally acknowledge that mining can be good for the Earth, if done properly.
> Burning animal waste methane is actually carbon negative, wonder if anyone on this board will finally acknowledge that mining can be good for the Earth, if done properly.
That doesn't make mining good for earth. That same energy source could've been used to reduce locals' reliance on other worse sources, but it's now unavailable. Taking clean energy off the market for mining is not "good for earth".
That doesn't make mining good for earth. That same energy source could've been used to reduce locals' reliance on other worse sources, but it's now unavailable. Taking clean energy off the market for mining is not "good for earth".
Why is it unavailable?
You can easily outbid the miners, since your idea is so much more superior. You might make billions.
When are you starting that business?
You can easily outbid the miners, since your idea is so much more superior. You might make billions.
When are you starting that business?