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by SantalBlush 1628 days ago
Because professional Bitcoin miners--the ones who are actually getting rewards--are not using rigs in their homes. They make more money by using industrial-level setups, buildings dedicated to mining that are located where the energy, taxes, laws, etc. are most favorable. These miners are the ones making the actual money from Bitcoin, not the hobbyists running a home rig who never mine a single block before their hardware is ruined. Home rigs do not compete with industrial setups on cost, not even when taking heating into account.

"Smart heating" is just one more example of where Bitcoin in theory does not match Bitcoin in reality.
1 comments
notch656a 1628 days ago
That's a fair point, but isn't your beef with externalities associated with electricity not electricity itself? Blaming bitcoin sound like whack-a-mole where you can blame video games, AI, whatever for wasting electricity. The real problem IMO is that electricity consumers create negative externalities, be it from making their home a bit too warm and comfy or from using a crypto-currency instead of a gold bar.
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SantalBlush 1628 days ago
I think when people complain about emissions from Bitcoin, their beef is really with both energy emissions and Bitcoin. If our energy production did not pollute, then I wouldn't care how much people mine it, but as things are now, it seems wasteful.

It is often considered more wasteful than those other things you listed because the mining algorithm is designed to be wasteful; i.e., if people design faster mining chips, it doesn't make anything more efficient or increase economic growth, it just causes the hashing difficulty to increase among all miners. That is sheer stupidity.

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notch656a 1627 days ago
Given that bitcoin is just one tiny piece of massive electric inefficiency in our world today, do you not see eliminating externalities as the goal at hand? I just don't see how you can possibly solve your worries without getting to the root cause. IMO electrical production emissions damaging 3rd parties is the problem and bitcoin outrage is the symptom. Eliminate bitcoin and something else maybe picks up the electrical slack, with no real assurance what it will be.
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SantalBlush 1627 days ago
>Given that bitcoin is just one tiny piece of massive electric inefficiency in our world today

We probably disagree on what "tiny" means.

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