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BBC News - How Bitcoin's vast energy use could burst its bubble

2

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  • oregonblitzkrieg
    oregonblitzkrieg Member Posts: 15,288
    The BBC is the British equivalent of Faux News/CNN/MSLSD.

    The Central Banks hate bitcoin. It appears they'll be using their henchman, the MSM and the Climate Change Nazis, to push the "Bitcoin uses top much fossil fuels" angle to try to stop the unraveling of the Rothschild CB System.
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  • UWerentThereMan
    UWerentThereMan Member Posts: 3,475
    edited March 2021
    Energy is the security of Bitcoin. The more miners fighting to mint blocks, and nodes verifying blocks, the more secure the blockchain is from cheaters. I’m no expert, just been reading up lately on it; I’ve heard it compared to the US dollar being secured by the military. Without that security, oil isn’t traded in US dollars. Without the world trading on US dollar, the value of the money would plummet.

    There are Bitcoin mining companies like Great American Mining (https://gam.ai/) that setup near natural gas mining sites to buy the flare gas for energy to mine Bitcoin. These natural gas sites are far from populous areas where there isn’t a real use for that gas and they’re putting the otherwise wasted flare offs to a profitable use. Also pretty cool, the Bitcoin miners aren’t using large data centers to run their rigs; these are mobile platforms that can move to new sites with the energy source.

    Edit: what buffbuffpass said
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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,570 Standard Supporter
    edited March 2021
    UWerentThereMan said:

    Energy is the security of Bitcoin. The more miners fighting to mint blocks, and nodes verifying blocks, the more secure the blockchain is from cheaters. I’m no expert, just been reading up lately on it; I’ve heard it compared to the US dollar being secured by the military. Without that security, oil isn’t traded in US dollars. Without the world trading on US dollar, the value of the money would plummet.

    There are Bitcoin mining companies like Great American Mining (https://gam.ai/) that setup near natural gas mining sites to buy the flare gas for energy to mine Bitcoin. These natural gas sites are far from populous areas where there isn’t a real use for that gas and they’re putting the otherwise wasted flare offs to a profitable use. Also pretty cool, the Bitcoin miners aren’t using large data centers to run their rigs; these are mobile platforms that can move to new sites with the energy source.

    Edit: what buffbuffpass said

    Jay Chinslee just pretty much banned natural gas in the State of Washington. But but global warming - riiiiight.

    If people don't think politics and economics are essentially one and the same, they are daft.

    TTTTT, I know.

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  • Mad_Son
    Mad_Son Member Posts: 10,194
    BuffBuffPass said:

    Bitcoin's energy use is what secures it. It's also a great use of otherwise wasted energy, from hydropower that goes unused in remote regions to the oil/gas industry using it rather than flaring off excess. If proof of stake proves to be superior, Bitcoin can switch to that.

    Proof of work is only good insofar as you have energy to burn. As @HoustonHusky noted, China is doing a lot of mining now a days. Proof of stake certainly has its own issues, but saying that using gas that would otherwise be flared makes this a good system doesn't make sense to me. That isn't scalable and having a financial system based on having excess, unusable energy doesn't strike me as stable long term.

    You mention switching to proof of state as an option - but that is what I mean by saying I'm not sure how they pivot. I am not sure how you cut over. Freeze the currency and tell everyone to get a new core? That sounds easier said than done to me.
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  • Mad_Son
    Mad_Son Member Posts: 10,194
    PurpleThrobber said:

    UWerentThereMan said:

    Energy is the security of Bitcoin. The more miners fighting to mint blocks, and nodes verifying blocks, the more secure the blockchain is from cheaters. I’m no expert, just been reading up lately on it; I’ve heard it compared to the US dollar being secured by the military. Without that security, oil isn’t traded in US dollars. Without the world trading on US dollar, the value of the money would plummet.

    There are Bitcoin mining companies like Great American Mining (https://gam.ai/) that setup near natural gas mining sites to buy the flare gas for energy to mine Bitcoin. These natural gas sites are far from populous areas where there isn’t a real use for that gas and they’re putting the otherwise wasted flare offs to a profitable use. Also pretty cool, the Bitcoin miners aren’t using large data centers to run their rigs; these are mobile platforms that can move to new sites with the energy source.

    Edit: what buffbuffpass said

    Jay Chinslee just pretty much banned natural gas in the State of Washington. But but global warming - riiiiight.

    If people don't think politics and economics are essentially one and the same, they are daft.

    TTTTT, I know.

    Global warming is a fact. Take your conspiracy theories to the Tug.
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  • creepycoug
    creepycoug Member Posts: 24,286
    Mad_Son said:

    PurpleThrobber said:

    UWerentThereMan said:

    Energy is the security of Bitcoin. The more miners fighting to mint blocks, and nodes verifying blocks, the more secure the blockchain is from cheaters. I’m no expert, just been reading up lately on it; I’ve heard it compared to the US dollar being secured by the military. Without that security, oil isn’t traded in US dollars. Without the world trading on US dollar, the value of the money would plummet.

    There are Bitcoin mining companies like Great American Mining (https://gam.ai/) that setup near natural gas mining sites to buy the flare gas for energy to mine Bitcoin. These natural gas sites are far from populous areas where there isn’t a real use for that gas and they’re putting the otherwise wasted flare offs to a profitable use. Also pretty cool, the Bitcoin miners aren’t using large data centers to run their rigs; these are mobile platforms that can move to new sites with the energy source.

    Edit: what buffbuffpass said

    Jay Chinslee just pretty much banned natural gas in the State of Washington. But but global warming - riiiiight.

    If people don't think politics and economics are essentially one and the same, they are daft.

    TTTTT, I know.

    Global warming is a fact. Take your conspiracy theories to the Tug.
    The question is if human release of carbon is really moving the needle, or if the earth goes through cycles. Is the science settled on that point?

    IDK, but I know the entire world is going after carbon-neutral with a hard-on. I had no idea Formula 1 was using hybrid power units and is aiming for carbon neutrality by 2030.
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  • Mad_Son
    Mad_Son Member Posts: 10,194
    creepycoug said:

    Mad_Son said:

    PurpleThrobber said:

    UWerentThereMan said:

    Energy is the security of Bitcoin. The more miners fighting to mint blocks, and nodes verifying blocks, the more secure the blockchain is from cheaters. I’m no expert, just been reading up lately on it; I’ve heard it compared to the US dollar being secured by the military. Without that security, oil isn’t traded in US dollars. Without the world trading on US dollar, the value of the money would plummet.

    There are Bitcoin mining companies like Great American Mining (https://gam.ai/) that setup near natural gas mining sites to buy the flare gas for energy to mine Bitcoin. These natural gas sites are far from populous areas where there isn’t a real use for that gas and they’re putting the otherwise wasted flare offs to a profitable use. Also pretty cool, the Bitcoin miners aren’t using large data centers to run their rigs; these are mobile platforms that can move to new sites with the energy source.

    Edit: what buffbuffpass said

    Jay Chinslee just pretty much banned natural gas in the State of Washington. But but global warming - riiiiight.

    If people don't think politics and economics are essentially one and the same, they are daft.

    TTTTT, I know.

    Global warming is a fact. Take your conspiracy theories to the Tug.
    The question is if human release of carbon is really moving the needle, or if the earth goes through cycles. Is the science settled on that point?

    IDK, but I know the entire world is going after carbon-neutral with a hard-on. I had no idea Formula 1 was using hybrid power units and is aiming for carbon neutrality by 2030.
    The science is settled. We understand milankovitch cycles. The human overprint is large and obvious.
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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,570 Standard Supporter
    Mad_Son said:

    PurpleThrobber said:

    UWerentThereMan said:

    Energy is the security of Bitcoin. The more miners fighting to mint blocks, and nodes verifying blocks, the more secure the blockchain is from cheaters. I’m no expert, just been reading up lately on it; I’ve heard it compared to the US dollar being secured by the military. Without that security, oil isn’t traded in US dollars. Without the world trading on US dollar, the value of the money would plummet.

    There are Bitcoin mining companies like Great American Mining (https://gam.ai/) that setup near natural gas mining sites to buy the flare gas for energy to mine Bitcoin. These natural gas sites are far from populous areas where there isn’t a real use for that gas and they’re putting the otherwise wasted flare offs to a profitable use. Also pretty cool, the Bitcoin miners aren’t using large data centers to run their rigs; these are mobile platforms that can move to new sites with the energy source.

    Edit: what buffbuffpass said

    Jay Chinslee just pretty much banned natural gas in the State of Washington. But but global warming - riiiiight.

    If people don't think politics and economics are essentially one and the same, they are daft.

    TTTTT, I know.

    Global warming is a fact. Take your conspiracy theories to the Tug.
    It's known as "climate change' this time around on the grift.

    Natural gas is about as 'clean' as it gets right now.

    You do understand that 'clean' energy requires massive amounts of extraction of things like lithium and silver and other metals, right?

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  • Mad_Son
    Mad_Son Member Posts: 10,194
    PurpleThrobber said:

    Mad_Son said:

    PurpleThrobber said:

    UWerentThereMan said:

    Energy is the security of Bitcoin. The more miners fighting to mint blocks, and nodes verifying blocks, the more secure the blockchain is from cheaters. I’m no expert, just been reading up lately on it; I’ve heard it compared to the US dollar being secured by the military. Without that security, oil isn’t traded in US dollars. Without the world trading on US dollar, the value of the money would plummet.

    There are Bitcoin mining companies like Great American Mining (https://gam.ai/) that setup near natural gas mining sites to buy the flare gas for energy to mine Bitcoin. These natural gas sites are far from populous areas where there isn’t a real use for that gas and they’re putting the otherwise wasted flare offs to a profitable use. Also pretty cool, the Bitcoin miners aren’t using large data centers to run their rigs; these are mobile platforms that can move to new sites with the energy source.

    Edit: what buffbuffpass said

    Jay Chinslee just pretty much banned natural gas in the State of Washington. But but global warming - riiiiight.

    If people don't think politics and economics are essentially one and the same, they are daft.

    TTTTT, I know.

    Global warming is a fact. Take your conspiracy theories to the Tug.
    It's known as "climate change' this time around on the grift.

    Natural gas is about as 'clean' as it gets right now.

    You do understand that 'clean' energy requires massive amounts of extraction of things like lithium and silver and other metals, right?

    I do understand that. Thank you for asking. That's not relevant to the fact that anthropogenic global warming is real. That in and of itself is only indirectly relevant to the energy usage component of bitcoin. If you can tie that to a public demand to decrease energy consumption which might inhibit bitcoin in some way, then I'd love to hear your contribution.
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  • HoustonHusky
    HoustonHusky Member Posts: 6,011
    edited March 2021
    Mad_Son said:

    creepycoug said:

    Mad_Son said:

    PurpleThrobber said:

    UWerentThereMan said:

    Energy is the security of Bitcoin. The more miners fighting to mint blocks, and nodes verifying blocks, the more secure the blockchain is from cheaters. I’m no expert, just been reading up lately on it; I’ve heard it compared to the US dollar being secured by the military. Without that security, oil isn’t traded in US dollars. Without the world trading on US dollar, the value of the money would plummet.

    There are Bitcoin mining companies like Great American Mining (https://gam.ai/) that setup near natural gas mining sites to buy the flare gas for energy to mine Bitcoin. These natural gas sites are far from populous areas where there isn’t a real use for that gas and they’re putting the otherwise wasted flare offs to a profitable use. Also pretty cool, the Bitcoin miners aren’t using large data centers to run their rigs; these are mobile platforms that can move to new sites with the energy source.

    Edit: what buffbuffpass said

    Jay Chinslee just pretty much banned natural gas in the State of Washington. But but global warming - riiiiight.

    If people don't think politics and economics are essentially one and the same, they are daft.

    TTTTT, I know.

    Global warming is a fact. Take your conspiracy theories to the Tug.
    The question is if human release of carbon is really moving the needle, or if the earth goes through cycles. Is the science settled on that point?

    IDK, but I know the entire world is going after carbon-neutral with a hard-on. I had no idea Formula 1 was using hybrid power units and is aiming for carbon neutrality by 2030.
    The science is settled. We understand milankovitch cycles. The human overprint is large and obvious.
    We understand it so much that all of our models have been utterly wrong. Heck, we recently just found that all of the satellite measured CO2 radiation data has been well under even the most optimistic predictions...in normal times that would be good news but because it goes against the narrative it’s ignored.

    Think of it this way...the atmosphere is on average somewhat around 2% water...a gas that absorbs more greatly across the infrared spectrum than CO2. Meanwhile CO2 is measured in parts per million. Even the models admit direct changes in CO2 aren’t enough to move the needle significantly, so the models have multiplier effects (increase in CO2 cause x to happen, x causes more warming...now we get severe temperature rise). Unfortunately for the fear mongers and fortunately for the world these models have failed miserably in predicting anything since they started this in the 1990s.

    The statistic fraud of the “historical” temperature is an entirely different beast...as a good example Michael Mann is nothing more than a charlatan. And I’m still looking for a good explanation as to how the pre-1970 historical temperature record changed between the 1980s and 1990s...it’s almost as if it’s magic.

    Or a religion.
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