Hugentobler on Nostr: What I learned about bitcoin mining (so far): 1. Bitcoin miners are highly flexible. ...
What I learned about bitcoin mining (so far):
1. Bitcoin miners are highly flexible. At times of peak demand they switch off their machines. They are bottom feeders and use energy that would otherwise go to waste. Miners’ machines are switched off up to 30 percent of the time and this results in the equivalent of taking about 1 million cars off the road each year.
2. There is more than enough energy in the world for bitcoin. Bitcoin mining can be done with wasted energy for example from a dam in Kenya that produces more energy than it can spend, or the Itaipu-dam in Paraguay. Bitcoin uses about 0.1 percent of electricity worldwide, but even if it were 1 or 2 percent it would still be ok because it is energy that is not needed and is therefore not taken away from someone who might need it.
Margot Paez and Troy Cross „How bitcoin mining’s flexibility reduces carbon emissions“ - If I got this wrong, please correct me.
1. Bitcoin miners are highly flexible. At times of peak demand they switch off their machines. They are bottom feeders and use energy that would otherwise go to waste. Miners’ machines are switched off up to 30 percent of the time and this results in the equivalent of taking about 1 million cars off the road each year.
2. There is more than enough energy in the world for bitcoin. Bitcoin mining can be done with wasted energy for example from a dam in Kenya that produces more energy than it can spend, or the Itaipu-dam in Paraguay. Bitcoin uses about 0.1 percent of electricity worldwide, but even if it were 1 or 2 percent it would still be ok because it is energy that is not needed and is therefore not taken away from someone who might need it.
Margot Paez and Troy Cross „How bitcoin mining’s flexibility reduces carbon emissions“ - If I got this wrong, please correct me.