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Mining before halving

Mining before halving

May 6, 2014 No Comments

Mining before halving

Mining before halving

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Exposing the Unintended Consequences of Digital Trends. @digiconomist@mastodon.nl

DigiEconomist
DigiEconomist avatar; Digiconomist @DigiEconomist ·
2h 1641735789267628033

Thought provoking preprint (not yet passed peer review) on how miners may be driving up electricity costs in Texas. It argues miners are putting the stress where it hurts on an already congested grid (so a relatively small amount of power demand can have big consequences).

Image for the Tweet beginning: Thought provoking preprint (not yet Twitter feed image.
Image for the Tweet beginning: Thought provoking preprint (not yet Twitter feed image.
Reply on Twitter 1641735789267628033 Retweet on Twitter 1641735789267628033 1 Like on Twitter 1641735789267628033 7 Twitter 1641735789267628033
Retweet on Twitter Digiconomist Retweeted
DigiEconomist avatar; Digiconomist @DigiEconomist ·
20h 1641470860660731911

Fun fact: the CO2 emissions caused by a Falcon 9 rocket launch are roughly equivalent to the carbon footprint of about 674 Bitcoin transactions. https://twitter.com/digieconomist/status/1640840184555077634

Image for the Tweet beginning: Fun fact: the CO2 emissions Twitter feed image.
Fun fact: the CO2 emissions caused by a Falcon 9 rocket launch are roughly equivalent to the carbon footprint of about 674 Bitcoin transactions. https://t.co/VIrVWFRPKQ
Digiconomist @DigiEconomist

The carbon footprint of a single Bitcoin transaction easily exceeds the per passenger carbon footprint of a direct flight from New York to London.

On top of that the average e-waste generation per Bitcoin transaction is also equivalent to throwing away an iPad.

Reply on Twitter 1641470860660731911 Retweet on Twitter 1641470860660731911 6 Like on Twitter 1641470860660731911 19 Twitter 1641470860660731911
DigiEconomist avatar; Digiconomist @DigiEconomist ·
20h 1641470860660731911

Fun fact: the CO2 emissions caused by a Falcon 9 rocket launch are roughly equivalent to the carbon footprint of about 674 Bitcoin transactions.

Image for the Tweet beginning: Fun fact: the CO2 emissions Twitter feed image.
Fun fact: the CO2 emissions caused by a Falcon 9 rocket launch are roughly equivalent to the carbon footprint of about 674 Bitcoin transactions.
Digiconomist @DigiEconomist

The carbon footprint of a single Bitcoin transaction easily exceeds the per passenger carbon footprint of a direct flight from New York to London.

On top of that the average e-waste generation per Bitcoin transaction is also equivalent to throwing away an iPad.

Reply on Twitter 1641470860660731911 Retweet on Twitter 1641470860660731911 6 Like on Twitter 1641470860660731911 19 Twitter 1641470860660731911
Retweet on Twitter Digiconomist Retweeted
DigiEconomist avatar; Digiconomist @DigiEconomist ·
29 Mar 1641135952339795972

The average Texan still pays ~6 times more, but it’s never enough for this parasitic and wasteful industry.

Everybody else ends up paying the price for the promises that are never delivered on https://www.financialexpress.com/business/blockchain-kentucky-to-investigate-contracts-providing-discounted-electricity-prices-to-cryptocurrency-miners-2902599/lite/

Image for twitter card

Local Texans Lay Into Bitcoin Miners Exploiting Energy Woes

“Don’t piss on our boots and tell us it’s raining.”

www.thedailybeast.com
Reply on Twitter 1641135952339795972 Retweet on Twitter 1641135952339795972 3 Like on Twitter 1641135952339795972 10 Twitter 1641135952339795972
Retweet on Twitter Digiconomist Retweeted
DigiEconomist avatar; Digiconomist @DigiEconomist ·
29 Mar 1641179792509739008

https://twitter.com/digieconomist/status/1640840184555077634

Image for the Tweet beginning: Twitter feed image.
https://t.co/VIrVWFRPKQ
Digiconomist @DigiEconomist

The carbon footprint of a single Bitcoin transaction easily exceeds the per passenger carbon footprint of a direct flight from New York to London.

On top of that the average e-waste generation per Bitcoin transaction is also equivalent to throwing away an iPad.

Reply on Twitter 1641179792509739008 Retweet on Twitter 1641179792509739008 5 Like on Twitter 1641179792509739008 26 Twitter 1641179792509739008
Retweet on Twitter Digiconomist Retweeted
DigiEconomist avatar; Digiconomist @DigiEconomist ·
29 Mar 1641135949361840144

Bitcoin miners provide “flexible load” only if they are paid extortionate rates to do so. Last year Riot Platforms made a lot more money <not> mining than they could have by mining Bitcoin in the summer. https://fortune.com/2022/08/13/riot-blockchain-bitcoin-mining-texas-electric-grid-subsidy/amp/ They normally also pay just 2.5 cents per kWh. https://twitter.com/nsmolenski/status/1641089234940358658

Natalie Smolenski @NSmolenski

The enemies of #bitcoin in Texas are also introducing legislation.

TX Senate Bill 1751 seeks to:

1) Prohibit ERCOT from compensating #bitcoin miners for shutting down during demand spikes

2) Ban tax abatements for miners in Texas b/c “mining is already https://cbsaustin.com/news/local/texas-senate-bill-seeks-to-regulate-bitcoin-miners-and-their-electricity-consumption-riot-platforms-ercot-rockdale… https://twitter.com/i/web/status/1641089234940358658
Reply on Twitter 1641135949361840144 Retweet on Twitter 1641135949361840144 5 Like on Twitter 1641135949361840144 10 Twitter 1641135949361840144
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