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 Post subject: Re: Bitcoin
PostPosted: Tue Aug 28, 2018 10:13 pm 
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fuse wrote:
newirishman wrote:
Will they be able to pay the electricity bills using bitcoin?
No idea how much energy it requires to make and handle paper money.

Bitcoin mining uses more energy than Ecuador.


Stop worrying about how much energy bitcoin uses

Electricity is 90 percent of the cost to mine bitcoin. As such, bitcoin mining uses an exorbitant amount of power: somewhere between an estimated 30 terawatt hours alone in 2017 alone. That’s as much electricity as it takes to power the entire nation of Ireland in one year.

Indeed, this is a lot, but not exorbitant. Banking consumes an estimated 100 terawatts of power annually. If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.

https://theconversation.com/stop-worryi ... uses-97591


And the amount of Bitcoin mined halves ever four years (next halvening is 2020) so this'll also reduce energy consumption. Far too much is made of the energy consumption of BTC.


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 Post subject: Re: Bitcoin
PostPosted: Fri Aug 31, 2018 9:51 am 
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el diablo wrote:

And the amount of Bitcoin mined halves ever four years (next halvening is 2020) so this'll also reduce energy consumption. Far too much is made of the energy consumption of BTC.



In Bitcoin mining, price follows hash power and vice-versa like chicken and egg. The halvening will effectively halve the mining reward per block. In the past these events haven't had much significance on the dollar value of the overall reward per block. However, because fewer coins are rewarded post halvening, the dollar price per Bitcoin effectively doubles (not immediately, in reality the dollar price rises over the prior months in anticipation of the halvening event).

So in all, the longer that Bitcoin survives, one would expect hash power to increase exponentially. However, I agree that the electricity usage problem is hugely overblown and is used by Bitcoin sceptics as another excuse to bash the technology through misinformation. In reality, as Bitcoin gets harder to mine because global collective hash power is surging, mining ops are increasingly migrating to renewable sources. e.g. hydroelectric in Canada and geothermal in Iceland (one of world's largest mining facilities is there already). This is market forces at work, driving the requirement for more energy efficient mining, just as you would expect over the long-run.

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 Post subject: Re: Bitcoin
PostPosted: Sun Oct 21, 2018 2:57 pm 
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There was a bitcoin rush in an area of Washington State with cheap hydroelectricity. It went insane this time last year.

https://www.seattletimes.com/business/p ... ard-times/

Quote:
Last October, Giga Watt was on a scorching upward trajectory. With prices for bitcoin and other cryptocurrencies soaring and international investors clamoring for a piece of the digital action, the East Wenatchee-based company had expanded to 62 employees and raised tens of millions of dollars for what it hoped would be a game-changing project: a sprawling campus of 24 prefabricated buildings where would-be crypto “miners” could run their own computers and solve the complicated mathematical algorithms that yield the digital gold.

As the pods arose from a muddy site near the Douglas County airport, local government officials talked excitedly about the emergence of a new, 21st-century industry based on the complex “blockchain” technologies that enable bitcoin and other cryptocurrency. Giga Watt and its founder, a former Seattle-area programmer named Dave Carlson, saw themselves on that revolution’s cutting edge.

Now it’s a starkly different picture. Last month, beset by millions of dollars in debt, ongoing legal problems and questions about its unconventional financing, Giga Watt laid off 80 percent of its staff and suspended all construction. Carlson himself stepped down in August.

The large amounts of electricity used by computer servers for cryptocurrency “mining” pose a growing challenge for utilities such as Chelan Public Utility District, to which such operations are drawn by the cheap rates for power. This unauthorized set-up in Cashmere was discovered in 2015.
Related stories
Bitcoin backlash as ‘miners’ suck up electricity, stress power grids in Central Washington (May 2018)

Seattle area’s economic boom splashes over the Cascades, bringing work and worries (August, 2018)

The moves come as the volatile sector, which ignited a small gold rush in the mid-Columbia Basin, is struggling with softening cryptocurrency prices and uncertain costs for its prime “raw material,” cheap electricity. The market correction has wiped out many small players and forced even some larger players to rewrite their plans.


and

Quote:
Since 2012, the cost of power to mine a single bitcoin has climbed from around $2 to more than $2,000, Turner said. But because bitcoin prices were rising even faster, miners were more than willing to pay those power bills. By late 2017, that enthusiasm had transformed the mid-Columbia Basin into a digital boomtown. Would-be miners from as far away as China flooded the three public-power utilities with requests for staggeringly large amounts of electricity.

In Grant County alone, miners requested approximately 1,500 megawatts of power — or nearly three times as much as the county’s residents and businesses were using, said Grant County PUD spokesman Ryan Holterhoff. Chelan and Douglas counties have also seen a surge in demand from prospective miners. A megawatt is enough to power around 600 homes. At Giga Watt, Carlson’s pod project was slated to use 30 megawatts.



1500 MW is around 1/3 of peak demand in all of Ireland. :D

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 Post subject: Re: Bitcoin
PostPosted: Fri Nov 09, 2018 4:50 pm 
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Quote:
The cost to earn $1 of digital gold is much more expensive than $1 of physical gold

The amount of energy required to mine bitcoin, or digital gold as some proponents like to call it, is considerably higher than that of physical gold, a research study has found.

In a research paper for The Nature International Journal of Science, Max Krause, a research engineer at the Oak Ridge Institute for Science and Education, and Thabet Tolaymat of the Environmental Protection Agency found that the cost to mine $1 worth of bitcoin is more than three times the cost to mine $1 of gold and other precious metals.

Between Jan. 1, 2016, and June 30, 2018, they found that it costs an average 17 megajoules to mine $1 worth of bitcoin and between seven and fourteen other popular cryptocurrencies, including Ether, and Monero.


https://www.marketwatch.com/discover?ur ... amp_social

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 Post subject: Re: Bitcoin
PostPosted: Fri Nov 09, 2018 6:30 pm 
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Not if you're using someone else's electricity. :x

Quote:
https://www.bbc.com/news/technology-46150107
A Chinese headmaster has been fired after a secret stack of crypto-currency mining machines was found connected to his school's electricity supply.

Teachers at the school in Hunan became suspicious of a whirring noise that continued day and night, local media report.

This led to the discovery of the machines, which were mining the crypto-currency Ethereum.

They racked up an electricity bill of 14,700 yuan (£1,600).

The excessive electricity consumption had previously been reported to the headmaster, Lei Hua, but he reportedly dismissed it as being caused by air conditioners and heating devices.


Is there actually a profit in "mining", or are you just wasting energy?

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 Post subject: Re: Bitcoin
PostPosted: Sat Nov 10, 2018 2:05 am 
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Depends on electricity cost and value of the coin.


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 Post subject: Re: Bitcoin
PostPosted: Wed Nov 21, 2018 2:17 pm 
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Bitcoin dropped around 30% in value in the last week, any ideas what happened?

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 Post subject: Re: Bitcoin
PostPosted: Thu Nov 22, 2018 11:05 am 
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catbear wrote:
Bitcoin dropped around 30% in value in the last week, any ideas what happened?


There's a 3 way fork being argued over in Bitcoin Cash. That's one reason I hear touted.


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 Post subject: Re: Bitcoin
PostPosted: Thu Nov 22, 2018 12:19 pm 
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Probably the bitcoin cash hard fork spooked a lot of folks .There are two major groups duking it out . Not directly related to bitcoin but they may be spending bitcoin to fund their hashwar.

It was unusually stable for a few months prior.


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 Post subject: Re: Bitcoin
PostPosted: Sat Nov 24, 2018 11:58 pm 
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Touching $3800 now


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