News Hive Deploys Intel's Blockscale ASICs, Earns Millions by Lowering Power Use

[Admin]

Hive lowers power use, sells energy back to grid, earns profit.

Hive Deploys Intel's Blockscale ASICs, Earns Millions by Lowering Power Use : Read more

 

[TJ Hooker]

Thr Hive press release mentions profits from energy price hedging and grid balancing, but they don't seem to describe what those are anywhere.

I'm guessing energy hedging is something like energy futures trading (not sure if actual electrical grid energy futures are a thing, or if it'd just be natural gas or something). The Toms article mentions selling power back to the grid as part of grid balancing, does Hive have their own generators? And/or major batteries that store power during cheap hours and sell back during peak hours?

 

[DerKeyser]

Excellent example on why our world and livelyhood is going down the drain. These guys are thashing our environment producing absolutely nothing— they are responsible for MASSIVE pollution by excessive electronics production for no good, and then there’s the energy expenditure….
In the mean time they are massively driving up energy costs up for us common people - both because of their excessive unescessary usage of power, and in the offhours by adding cost to the general energy cost by cornering the marked by bying cheap because of volume, and selling higher (adding empty costs)….

Will we ever learn?

 

[Fates_Demise]

Excellent example on why our world and livelyhood is going down the drain. These guys are thashing our environment producing absolutely nothing— they are responsible for MASSIVE pollution by excessive electronics production for no good, and then there’s the energy expenditure….
In the mean time they are massively driving up energy costs up for us common people - both because of their excessive unescessary usage of power, and in the offhours by adding cost to the general energy cost by cornering the marked by bying cheap because of volume, and selling higher (adding empty costs)….

Will we ever learn?

Except they are producing something, they produced a service for bitcoin transaction data. The exact same thing that your bank does every time money is moved.
The only difference is bitcoin is a singular worldwide currency while your others have transaction fees to interchange and move.

 

[DerKeyser]

Seriously, how can you not see that bitcoin has failed long ago? It’s not sustainable to keep driving energy usage up. I’m not intirely against cryptocoins - it’s an interesting concept, but to survive/be usable, step number one is to get rid of the mining thinking. Step number two is to agree on a few sustainable cryptocoins and kill of the others. It’s just MASSIVE misappropriation of ressources At a time where the world is struggeling as it is. Trust me, the economy and environment will get WAY worse in the next year or two. Lets just hope that we all learn from it.

 

[USAFRet]

"Earns $" vs "Did not spend as much $"

 

[bit_user]

Except they are producing something, they produced a service for bitcoin transaction data. The exact same thing that your bank does every time money is moved.

Crypto is very inefficient and doesn't scale well. It's also not as cost-effective as conventional ways to move money, in the vast majority of cases.

Its biggest value-add is for criminals and tax evaders.

 

[TJ Hooker]

Crypto is very inefficient and doesn't scale well. It's also not as cost-effective as conventional ways to move money, in the vast majority of cases.

Its biggest value-add is for criminals and tax evaders.

Yeah, or if it is scalable/efficient it tends to be centralized, defeating the purpose of cryptocurrency.

The Cryptocurrency Trilemma: Scalable, Decentralized, Secure. You get to pick (up to) two

I do still have a tiny bit of optimism about cryptocurrency though, that one day it may become useful for something more than speculation, gimmicks, and crime.

 

[bit_user]

I do still have a tiny bit of optimism about cryptocurrency though, that one day it may become useful for something more than speculation, gimmicks, and crime.

I agree. I'm not ready to write off the idea, entirely. I just need to see a more scalable solution than blockchain, for starters.

 

[Fates_Demise]

Crypto is very inefficient and doesn't scale well. It's also not as cost-effective as conventional ways to move money, in the vast majority of cases.

Its biggest value-add is for criminals and tax evaders.

You say it's inefficient but have you actually found data showing the power consumption of the massive amount of computers that are used for transaction and verification for banks?
Then once you find that data compare it to the actual security level of bitcoin. Most banks don't come even close to the security level of a bitcoin wallet or the blockchain.

 

[bit_user]

You say it's inefficient but have you actually found data showing the power consumption of the massive amount of computers that are used for transaction and verification for banks?

Running simple bank-transfers uses trivial amounts of power. They could do this stuff for like 30 years, whereas crypto still is nowhere near the transaction volume of banking and already takes the amount of power of a small or medium-sized country.

Then once you find that data compare it to the actual security level of bitcoin.

The blockchain might not have been hacked, but exchanges have. Or gone bankrupt, like FTX.

Most banks don't come even close to the security level of a bitcoin wallet or the blockchain.

In the USA, and probably most other countries, the government provides insurance for bank deposits (e.g. FDIC). So, even if the bank gets robbed, you can still get your money back.

That doesn't apply to most investments, however.

 

[Fates_Demise]

Running simple bank-transfers uses trivial amounts of power. They could do this stuff for like 30 years, whereas crypto still is nowhere near the transaction volume of banking and already takes the amount of power of a small or medium-sized country.


The blockchain might not have been hacked, but exchanges have. Or gone bankrupt, like FTX.


In the USA, and probably most other countries, the government provides insurance for bank deposits (e.g. FDIC). So, even if the bank gets robbed, you can still get your money back.

That doesn't apply to most investments, however.

1. you did not find any data for banking power usage, so in comparison the power usage for a transaction on the blockchain is super small, pennies in power consumption.
2. yes transaction companies just like banks have been hacked, which is why keeping money with either of them is a risk but with bitcoin you can keep your money offline in your own private wallet.

3)coin exchanges can actually have insured amounts and just like banks that number is not infinite. Most small local banks do not insure past 250k. But either way again. .. exchanges can get that same insurance (coinbase for instance stores a massive portion of its assets in banks to get that same fdic insurance up to 250k) on top of having additional crime insurance.

 

[bit_user]

1. you did not find any data for banking power usage, so in comparison the power usage for a transaction on the blockchain is super small, pennies in power consumption.

No, traditional banking uses far less. Several orders of magnitude less.

You're just not thinking this through. We know what kinds of massive crypto mining operations exist and their burden on power infrastructure has been well-reported. No such massive operations exist for traditional banks. And if they did, and you extrapolated that amount of computation back to the amount of equivalent hardware needed to run it like 3 decades ago, it would've covered the entire planet. Probably multiple times over.

3)coin exchanges can actually have insured amounts and just like banks that number is not infinite. Most small local banks do not insure past 250k. But either way again. .. exchanges can get that same insurance (coinbase for instance stores a massive portion of its assets in banks to get that same fdic insurance up to 250k) on top of having additional crime insurance.

Just ask anyone who had funds in FTX, when they ceased operations, if they've gotten any of their money back. They probably won't see anything for years. And when they do, it'll be just a few % of what they had on the exchange.

Or ask anyone who owned a bunch of failed coins, like Luna/Tera.