Environment & Energy
Related: About this forumChina's Energy Shortage Threatens Bitcoin Mining. Coal toxins& Bitcoin's enormous use of electricity
Coal prices in China have risen over the last month as China continues to block coal carriers from entering Chinese portsand it's causing more than just residential and industrial energy shortages and blackouts.
China's Bitcoin mining is now under siege.
China is attempting to ration its power, but bitcoin mining's unquenchable thirst for high power use is now being threatened by China's standoff with Australia, frozen wind turbinesand Russia's own short supply of coalthat has left sailors and crew stranded at sea for months.
In fact, Bitcoin miners could end up taking the brunt of the rationing, and China hosts most of the world's top bitcoin miners.
And that makes sense because Bitcoin is extremely electricity-intensive, with just a single transaction consuming the power equivalent of as much as one U.S. household does for 23 days, with the carbon footprint of about 54,563 hours of YouTube video watching.
But the bitcoin factor adds another layer of complexity into the mix, and it's garnering media attention because one bitcoin (BTC) is now worth $27,077, with a market value near $500 billionmining is big business.
While multifaceted, the root cause of China's coal shortage is its embargo of Australian coal imports as the tension between the two nations has turned into a full-blown trade war...
https://oilprice.com/Latest-Energy-News/World-News/Chinas-Energy-Shortage-Threatens-Bitcoin-Mining.html
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Bitcoin, like coal mining, needs to die off
The environment can sustain neither.
exboyfil
(17,865 posts)At least the extraction industry produces a real product - energy or raw materials to make something. Bitcoin mining seems like just gambling - it is creating an artificial market for something of no value. It is worse than Dutch tulips.
Budi
(15,325 posts)I had no idea that bitcoin mining used so much electricity. And yes, it's not a topic I understand, as you say.
Bitcoin is extremely electricity-intensive, with just a single transaction consuming the power equivalent of as much as one U.S. household does for 23 days, with the carbon footprint of about 54,563 hours of YouTube video watching.
StClone
(11,686 posts)The actual computing power used for the extraction and the energy to keep the computer areas cool, as it generates heat, are the two major energy eaters.
BitCoin and its mining makes little sense to me but Wiki has a decent description. Like QAnon the originators are unknown.