Cryptomining Eats More Energy Than Most Real Mining - Research

[Guest]

Researchers found that mining several top cryptocurrencies, including Bitcoin and Ethereum, requires more energy than mining precious metals like gold.

Cryptomining Eats More Energy Than Most Real Mining - Research : Read more

 

[shrapnel_indie]

I would like to know who funded these studies.

EDIT: also note, that the numbers are estimates. At least in the Tom's article, no margin of error is given.

Not saying that they aren't right, but I'm not saying they are either without more information.

 

[redgarl]

I would like to know who funded these studies.

EDIT: also note, that the numbers are estimates. At least in the Tom's article, no margin of error is given.

Not saying that they aren't right, but I'm not saying they are either without more information.

https://ici.radio-canada.ca/nouvelle/1105624/cryptomonnaie-hydro-quebec-depassee-par-les-demandes-delectricite

It is in french, but our government banned any new crypto project on the go because the power consumption was draining all the capacity of some cities.

We are talking about the biggest hydro-electricity distributor in the world... it is having a huge impact on environment. There is nothing to gain from crypto except the proof of concept.

 

[mac_angel]

don't blame crypto currency mining on this. Blame the government and their stupidity to get away from fossil fuels and get more involved in renewable energy, clean energy, etc. There are TONNES of ways to produce clean energy, but it's not 'economical'. So they dismiss global warming and everything else because it doesn't pad their wallets. People no longer get into politics to serve the people, they do it to make themselves rich.

 

[William_X89]

Is any of the impressive processing power being used to mine cryptocurrencies directed towards anything useful or just wasted solving meaningless problems?

 

[William_X89]

don't blame crypto currency mining on this. Blame the government and their stupidity to get away from fossil fuels and get more involved in renewable energy, clean energy, etc. There are TONNES of ways to produce clean energy, but it's not 'economical'. So they dismiss global warming and everything else because it doesn't pad their wallets. People no longer get into politics to serve the people, they do it to make themselves rich.

Solar and wind has its limitations. If you want to move away from oil and coal on the scale that is necessary you need to invest in nuclear and the greenies throw a fit at that.

Neither of that changes how cryptocurrency mining is an inherently wasteful endeavour.

 

[bit_user]

Solar and wind has its limitations. If you want to move away from oil and coal on the scale that is necessary you need to invest in nuclear and the greenies throw a fit at that.

Actually, Solar is the only renewable that can truly scale to meet global energy needs. Wind isn't very economical and has other issues. Not saying it never makes sense, but won't truly scale.

Nuclear has a fuel problem, in that known deposits would be exhausted mid-century, though I heard that a while ago and I'm not sure what rate of adoption that figure assumed. Nuclear is only a stop gap, until enough solar can be deployed.

 

[bit_user]

It is in french, but our government banned any new crypto project on the go because the power consumption was draining all the capacity of some cities.

On one hand, I definitely understand this. On the other, I think what's needed is actually more development in crypto, in order to create a currency that's more efficient and scalable.

Cryptocurrencies will be around for the foreseeable future. That genie can't be put back in the bottle.

 

[Olle P]

Actually, Solar is the only renewable...

Just to be clear:
1. Strictly speaking, solar energy isn't renewable. Sun is burning itself out, and once it's burned out there's no more energy coming. It will take some time though, and it's clean.
2. Every other source of energy we use can trace its roots back to the sun, so solar energy is the only type of energy we have, just given different intermediate types of energy storage.

 

[SteffanDavies]

Actually, Solar is the only renewable...

Just to be clear:
1. Strictly speaking, solar energy isn't renewable. Sun is burning itself out, and once it's burned out there's no more energy coming. It will take some time though, and it's clean.
2. Every other source of energy we use can trace its roots back to the sun, so solar energy is the only type of energy we have, just given different intermediate types of energy storage.

We will all be long gone by the time the sun burns out. It's irrelevant.

 

[SteffanDavies]

Is any of the impressive processing power being used to mine cryptocurrencies directed towards anything useful or just wasted solving meaningless problems?

Mainly money laundering, anonymous buying and selling (usually illicit) and international transfer of large sums with lower fees.

Though there are other great ideas that have yet to be implemented into mainstream.

 

[fzfxhu]

Maybe if we could connect community grid calculations to cryptocurrency instead of wasting energy into meaningless math

 

[octavecode]

I never liked cryptocurrency and i never will.The only good thing about it is that no bank
can control your money.But let's not be naive,cryptocurrency is used mainly for money laundering,it's vulnerable to hack attacks,not friendly to the environment due to high energy requirements and heat dispassion and ruined the GPU market for new and used cards.Also some people think cryptocurrency is a job.Probably people who never had a real job.

 

[shrapnel_indie]

Actually, Solar is the only renewable...

Just to be clear:
1. Strictly speaking, solar energy isn't renewable. Sun is burning itself out, and once it's burned out there's no more energy coming. It will take some time though, and it's clean.
2. Every other source of energy we use can trace its roots back to the sun, so solar energy is the only type of energy we have, just given different intermediate types of energy storage.

We will all be long gone by the time the sun burns out. It's irrelevant.

Another point to make on solar... and our own sun. It will continue to use its resources, until exhausted, regardless of whether we take advantage of the energy we we receive from it or not. Our use of solar does not affect the rate at which our sun expends its energy even in the slightest.

 

[siege19]

FZFXHU 1 hour ago
Maybe if we could connect community grid calculations to cryptocurrency instead of wasting energy into meaningless math

WILLIAM_X89 10 hours ago
Is any of the impressive processing power being used to mine cryptocurrencies directed towards anything useful or just wasted solving meaningless problems?

There are a few cryptocurrencies that deal with this exact issue, in which the computing power is used for research (protein folding, climate models, theoretical physics, astronomy, etc) and rewarded in coins. A couple of examples are Gridcoin and Cure Coin, and there are certainly more out there.

 

[Zaporro]

Disgusting miners and that whole crypto scam. Hope it gets banner sooner than later.
Selfish waste of energy, resources and increase to electronic waste.