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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsScientists warn of 'urgent need for action' against bitcoin surge -- here's what's happening
Bitcoin mining "the process by which bitcoins are issued and generated" consumes 155-172 terawatt-hours of electricity per year, accounting for 0.4% of global energy demand, Polytechnique Insights reported. On Wednesday, the value of the cryptocurrency topped $100,000 for the first time.
The resulting pollution is as much as 96 million tonnes (over 105 million tons) of carbon dioxide per year, which is a quarter of the pollution produced by France (385 million tonnes roughly 424 million tons) every 12 months.
"Bitcoin is based on blockchain technology: By definition, computers perform identical calculations (around 15,000 times) to ensure the network's security," mathematician and Université de Lille emeritus professor Jean-Paul Delahaye said. "The protocol used for bitcoin has a very high energy cost; it's an environmental waste."
Daniel Batten, who describes himself as a bitcoin analyst and climatech investor, has pushed back against that claim, saying that in recent years, the high energy demands for the cryptocurrency have actually driven innovation and investment in clean energy that should end up producing a net benefit. While any renewable energy needs now going toward blockchain operations could in a vacuum be reallocated to the grid and thus it's not all straightforward, the point Batten and others have made is that crypto operations provide a way to make new renewable energy farms more immediately profitable and those farms can then in theory continue to proliferate and generate more total power than the needs of the mining operations that help to fund them.
https://www.msn.com/en-us/money/markets/scientists-warn-of-urgent-need-for-action-against-bitcoin-surge-here-s-what-s-happening/ar-AA1vyMZZ
KPN
(16,151 posts)promises, negative results.
muriel_volestrangler
(102,618 posts)and reproduce. This is just economic and industrial illiteracy. The energy farms are just being built for immediate profit; the existence of farms selling to crypto-miners does not make it easier for other farms to be created, it makes it harder, because they've taken the best land to build them on, and increased resistance of people saying "there are too many wind/solar farms".
modrepub
(3,634 posts)But they also drive up residential electricity bills in the process.
IMHO, all crypto is being fed by gobs and gobs of monetary easing. Perpetually low interest rates and financial stimulus has produced lots of capital in need of investment. Couple that with a crumbling Russian economy and restrictions on what Chinese people can invest in and you get inflated assets like crypto (Dutch Tulips).
The only real way to tame inflation (and destroy excess capitol that creates inflation) is to have a recession. I fully expect Trump and whatever government he's contemplating to have to confront a real financial crisis in the coming years. Don't expect them to handle it very well.
Do yourself a favor. Get your financial house in order. Keep your debts and expenses down and help each other as best we can (you have discretion to help who you see fit).
MagickMuffin
(17,171 posts)GRANBURY, TX Today, a group of Granbury community members, represented by Earthjustice, filed a lawsuit in Texas State Court, Hood County, against Marathon Digital Holdings, Inc., which operates a bitcoin mine in Granbury, Texas. The lawsuit alleges that Marathon creates a private nuisance by causing and then failing to mitigate excessive noise pollution caused by their 24/7 proof-of-work cryptocurrency mining operations, resulting in sustained harm to the surrounding community. Earthjustice filed the lawsuit on behalf of Citizens Concerned About Wolf Hollow (CCAWH).
Proof-of-work cryptocurrency mining is an energy-intensive process involving tens of thousands of large computers running 24/7, and the constant roar of fans used to cool the machines results in excessive noise pollution. Prior to filing the lawsuit, Earthjustice identified over two dozen individuals who suffer direct health impacts due to the constant noise pollution from the cryptomining operations. Examples include permanent hearing loss, severe migraines, tinnitus, and debilitating vertigo. Earthjustice is seeking a permanent injunction to prevent Marathon from allowing its cryptomining operations to create noises and vibrations that cause unreasonable discomfort and annoyance to CCAWH Members.
The Marathon cryptomining operations are creating significant noise pollution in Granbury, resulting in serious health and quality of life impacts to the surrounding community. Persistent exposure to this noise is detrimental for human health, animals, and the environment. Residents homes are no longer the refuge that they should be, said Rodrigo Cantú, Senior Attorney with Earthjustices Gulf Regional Office.
Background: The Explosive Growth of Cryptocurrency Mining in Texas
Proof-of-work cryptocurrency mining consumes vast amounts of energy as millions of computers race to solve a complex algorithm and win digital currency. After China banned cryptocurrency mining in 2021, cryptomining increased significantly in the United States. Texas quickly emerged as a top state for large-scale cryptocurrency mining operations. As of April 2023, five of the 10 largest Bitcoin cryptocurrency mines were located in Texas. Riots Bitcoin mining operations in Rockdale, Texas, is believed to be the largest single facility, as measured by developed capacity, in North America for Bitcoin mining. The rapid growth of cryptocurrency mining threatens Texass grid and raises electricity rates for Texans. Cryptocurrency mining companies in Texas filed applications to connect new facilities to the grid with a projected demand of nearly 42 GW of electricity in 2027, enough electricity to power more than 8.3 million Texas homes during periods of peak demand.
Why do cryptocurrency miners keep moving to Texas? Cryptomining facilities receive reduced electricity rates from utilities and retail electric suppliers. Even though they use more energy than surrounding homes, they can pay as little as 15% of what residences pay for electricity. When energy demand soars, ERCOT charges fees to high energy users. But cryptomines dodge these fees by predicting when they will be assessed and shutting off operations. In addition, cryptocurrency miners can participate in ERCOTs demand-response programs and can often be paid by the grid operator for agreeing to shut down operations. The program pays cryptocurrency mining operations even if they are not actually asked or required to shut down. Many facilities may only shut down for only a few hours a year but can make millions of dollars. Cryptocurrency miners in Texas are also permitted to pre-purchase their electricity at low prices and then sell at higher prices at times of peak demand. These costs are paid for by other Texas ratepayers. Many local governments in Texas also offer huge tax incentives to cryptomines, also paid for by everyday Texans.
https://earthjustice.org/press/2024/granbury-residents-sue-local-bitcoin-mine-over-health-threatening-noise-pollution#:~:text=Examples%20include%20permanent%20hearing%20loss,and%20annoyance%20to%20CCAWH%20Members.