New Mind video- Bitcoin mining, global co2 emissions??

Janderso

Janderso

Jeff Anderson
H-M Platinum Supporter
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My brother and I were talking about bitcoin yesterday. I then saw this video offered by New Mind.
I’m probably more confused now. I never knew about the inherent energy demands of this currency.

I guess you don’t use a shovel to mine for bitcoins :)

If you are like me and curious about this currency, you may enjoy this video. I am motivated to find out more about it.
My conservative nature prevents me from investing in something that I just don’t understand.

 
Interesting topic and I like this channel how well he explains things. I invested in Dogecoin last year and made about $600 and got my money back. I put the rest back into the crypto wallet and waiting to go to the moon! Who knew?

Hard and clear warning to others tuning in to keep this thread on track and out of the NO POLITICS zone. If you think the topic of Global Warming and CO2 emissions is not subject to that rule, please get re-acquainted with the rules.
 
A computer is a 100% efficient electric power to heat converter, just like an electric heater. The miner computers generate so much waste heat that you can heat your house with them. Only mine bitcoin in the winter, and you might actually make a (slight) profit on the power use.
 
JimDawson said:
A computer is a 100% efficient electric power to heat converter, just like an electric heater. The miner computers generate so much waste heat that you can heat your house with them. Only mine bitcoin in the winter, and you might actually make a (slight) profit on the power use.
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The campus I worked at banned space heaters. The number of computers in use suddenly skyrocketed.
 
I was talking with a computer scientist the other day. He said that the only economical way to store renewable energy is to mine bitcoin. The new processors can switch their power vs processing speed tradeoffs electronically. So, when there is too much solar, you can consume it by turning up the processing speed so you don't have to sell it at possibly a negative rate. Supposedly, it beats stored hydro, aluminum refining, Tesla powerwall, flywheels, etc. I expressed some doubt, but he showed me a quick calculation showing the feasibility. I have another friend who tried something like this with Intel Xeon based servers, and they were always winding up at the wrong time. Somehow the power tradeoff is not working quite right. He ended up burning up several thousand in racks.
 
vtcnc said:
LOL. Let the crypto concept marinate for a few days before you move on to NFTs. Nobody knows what those are.
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But can any of you guys truly say you really comprehend the stock market and economics in general? While crypto mining is a big power drain I know the server farms employed by WallSt and the trillions of flash trades a second done by AI dwarfs the total power used by miners. But we don’t know and can’t really know how much is used because it’s all “proprietary“. Along with the evil twin the banking system. Bitcoin like so many other well meaning inventions was trying to make things simpler and drag things into the light. Block chain was meant to show and keep track of everything. Unlike the banking system and WallSt.

But of course where there is $$ to be made the con men and sheisters are not far behind. The inherent problem was it was so deep tech driven. Maybe to keep those who didn’t understand it out? Certainly worked on me :) But I’m just a hardworking guy who has always lived off what I can make or fix and high finance investing etc has always been just gambling run by cons on other cons. Which I also don’t do.

After the crash of ‘08 and listening to a economic historian for 2yrs before it and how it is all unfolding I started reading up on it in self defense. And when you realize all money is fiat and is all based on belief and confidence what makes Bitcoin any different? I obviously don’t have any answers except to just watch the whole mess roil in amazement , watching the pot calling the kettle black as everybody gaslights those they want advantage over.
 
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