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Degradation: More on crypto currency humanity crime and electricity
  • Analysis of how much energy it currently requires to mine bitcoin suggest that it is greater than the current energy consumption of 159 individual countries, including Ireland, Nigeria and Uruguay. The Bitcoin Energy Consumption Index by cryptocurrency platform Digiconomist puts the usage on a par with Denmark, consuming 33 terawatts of electricity annually

    The bitcoin network’s energy consumption has increased by 25 percent in the last month alone, according to Digiconomist. If such growth were to continue, this would see the network consume as much energy as the U.S. by 2019, and as much energy as the entire world by the end of 2020.

    We really need to shoot capitalism in his stupid head.

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  • China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production.

  • I am waiting for this ethereum mining craze to implode, so that GPU prices might come back down.

    As I understand it, the switch to a POS (proof of stake, not "piece of sh*|") system will render all the multi GPU rigs useless? It might be happen soon? Or, no one really knows, except the few who are in charge?

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  • Bitcoin is the pinnacle of parasitism

    Burning energy (making life worse!) to redistribute already produced goods and services (again, making life worse for everyone, but parasites!).

  • @CFreak: So far, "proof of stake" is only a hypothetical replacement for "proof of work" in crypto-currencies. I for one do not think that people will trust foreign anonymous entities to be in control of a block chain, just because those entities have amassed a large share of that currency.

    To me, a better alternative to "proof of (useless hashing) work" would be some "proof of useful work" concept, where the right to add a block to the blockchain is gained by proving to have produced some real-world product or service.

  • To me, a better alternative to "proof of (useless hashing) work" would be some "proof of useful work" concept, where the right to add a block to the blockchain is gained by proving to have produced some real-world product or service.

    Well, it is like proposing to drunken scammer to hang himself, with good manners, of course.

  • "The website Digiconomist estimates that the entire bitcoin network currently consumes just over 46 terawatt hours of energy every year," he wrote in an op-ed in the Frankfurter Allgemeine Zeitung, a major German newspaper, on February 4.

    "This is almost as much as the annual energy consumption of Portugal, with its population of roughly 10 million. Simply settling a transaction in the bitcoin network consumes around 427 kilowatt hours. This amount of energy is enough to supply an average German four-person household with electricity for more than a month. By way of comparison, just settling a standard SEPAtransfer (without the payer initiating the transfer or checking their account balance on a PC or smartphone) takes less than one watt-hour. On the whole, the Bundesbank estimates that settling a bitcoin transaction uses roughly 460,000 times as much electricity as a normal transfer."

  • Bitcoin, one of the most popular cryptocurrencies, currently uses almost as much power as Ireland does, and could be consuming about 0.5% of the world’s total electricity by the end of this year, a study has found.

    The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

  • Bitcoin has a carbon footprint comparable to that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist’s Bitcoin Energy Consumption Index, an online tool created by data scientist Alex de Vries. It consumes as much power as Chile — around 77.78 TWh — according to Digonomist’s estimates.

    The Cambridge Bitcoin Electricity Consumption Index, a separate tool from researchers at Cambridge University, shows a much larger figure of 110.53 TWh — more than the entire annual energy consumption of the Netherlands.

    This must be stopped and I prefer more violent way.

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    People who organized and did this will be listed in the same lists soon as neo nazis who eliminated hundreds of thousands of people. As this guys do the same - transferring energy and resources into waste so poor people no longer have access to them. Here misery and deaths are just not instantly visible.

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