Bitcoin mining

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Voronwë the Faithful
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Bitcoin mining

Post by Voronwë the Faithful »

I have long considered the idea of Bitcoin and other crypto-currency faintly ridiculous, but I had no idea how much harm they are actually causing.

How Bitcoin Mining Keeps Old Fossil-Fuel Plants Alive

I heard a story about this on NPR this morning, but when I did a search, this Mother Jones article came up.
"Spirits in the shape of hawks and eagles flew ever to and from his halls; and their eyes could see to the depths of the seas, and pierce the hidden caverns beneath the world."
N.E. Brigand
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Re: Bitcoin mining

Post by N.E. Brigand »

But at least it's a convenient way to pay ransomware hackers and other blackmailers.
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Re: Bitcoin mining

Post by Beorhtnoth »

Voronwë the Faithful wrote: Fri May 07, 2021 4:26 pm I have long considered the idea of Bitcoin and other crypto-currency faintly ridiculous, but I had no idea how much harm they are actually causing.

How Bitcoin Mining Keeps Old Fossil-Fuel Plants Alive

I heard a story about this on NPR this morning, but when I did a search, this Mother Jones article came up.
The whole economic model, including fiat currency, is ridiculous. It is only maintained through enforced ignorance.
In a society built on deceit, telling truth is a seditious act
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Frelga
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Re: Bitcoin mining

Post by Frelga »

The best way to describe cryptocurrency is as a pyramid scheme. Except most such schemes don't damage the environment to such degree.

Although as NE said, they are also useful for criminal purposes.
If there was anything that depressed him more than his own cynicism, it was that quite often it still wasn't as cynical as real life.

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narya
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Re: Bitcoin mining

Post by narya »

There are other crypto currencies that do not use mining, and therefore are more environmentally friendly. Such as Ethereum.
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N.E. Brigand
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Re: Bitcoin mining

Post by N.E. Brigand »

Just over a month ago, Texas's governor, Greg Abbott, tweeted: "Texas Is Becoming A Mecca For Bitcoin Miners."

I wonder how much energy that uses.
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Voronwë the Faithful
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Re: Bitcoin mining

Post by Voronwë the Faithful »

Anyone else see the irony of someone like Abbott using the term 'Mecca'?
"Spirits in the shape of hawks and eagles flew ever to and from his halls; and their eyes could see to the depths of the seas, and pierce the hidden caverns beneath the world."
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Frelga
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Re: Bitcoin mining

Post by Frelga »

If there was anything that depressed him more than his own cynicism, it was that quite often it still wasn't as cynical as real life.

Terry Pratchett, Guards! Guards!
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