[arcticbull]

> The significant amount of electricity consumed by the mining process does not in itself emit CO2.

Yes it does.

[edit] Not only in the sense that you have to build the solar panels, build the wind farms, build the mining rigs, then throw out 97% of the mining rigs (!!) without them ever having validated a single block. [1]

But also in the sense that any additional proof-of-waste operations run on the side steer that renewable energy generation away from productive applications on the grid -- failing to help decarbonize the grid, something we desperately need to do.

[1] https://mobile.twitter.com/DigiEconomist/status/143889647759...

[sword_smith]

Negative electricity prices is an increasingly common phenomenon due to an increasing supply from electricity sources whose output can't be controlled, i.e., wind and solar. Proof of work mining sets a floor under electricity prices, as mining can be spun up when prices are low. This means that proof of work acts as a subsidy for wind and solar, and increases the proportion of the total power production that can be delivered from these sources.