Current Events > texas wants to use bitcoin to fix its power issues

(+) Yeah! (+)

https://www.bloomberg.com/news/articles/2022-01-27/texas-governor-eyes-bitcoin-mining-to-fortify-the-electric-grid

this is not satire this is not a april fools joke this is not a dream

and you have not been drugged

this is reality

What do you mean I haven't been drugged?! >:(

Use the mining rigs to heat the homes?

Why is Texas so fucking mentally handicapped

Hey, were gonna put more energy consumption in an energy system, and thats going to stabilize the grid.

^An quote from the article, saying exactly what I'm thinking, except I was only thinking it sarcastically.

So does he think the crypto miners are gonna turn their stuff off during the next deep freeze so everyone else can use that power? Hahaha

I heard they want to mine crypto to offset energy that goes unused/wasted. I haven't read into it but I'm not about to believe the fearmongerers who are just anti-crypto.

Damn_Underscore posted...

I heard they want to mine crypto to offset energy that goes unused/wasted. I haven't read into it but I'm not about to believe the fearmongerers who are just anti-crypto.

that is not how crypto works at all

its not fearmongering its stating facts

every single transaction used in block chain uses more energy than the previous one

[LFAQs-redacted-quote]


shit, that's what I should do with my old PC

If energy is unused, it obviously goes wasted. Crypto creation basically requires heavy computer use or a lot of electricity. I don't see an issue if the excess energy goes to making crypto, which could also offset the cost of running the grid itself.

But again, I'm not a big expert on this. But anti-crypto people have done nothing but spread misinformation and fearmonger. They are worse than reddit crypto/stock market bros, which is saying something.

Damn_Underscore posted...

But again, I'm not a big expert on this. But anti-crypto people have done nothing but spread misinformation and fearmonger.

what misinformation

Damn_Underscore posted...

If energy is unused, it obviously goes wasted. Crypto creation basically requires heavy computer use or a lot of electricity. I don't see an issue if the excess energy goes to making crypto, which could also offset the cost of running the grid itself.

But again, I'm not a big expert on this. But anti-crypto people have done nothing but spread misinformation and fearmonger. They are worse than reddit crypto/stock market bros, which is saying something.

I think the problem with that idea is that the energy cost of mining far exceeds what you would get out of it in coins.

[LFAQs-redacted-quote]

Two? Lmao. Thats gonna fix their energy problems

I browse reddit and see the constant articles in r/technology or another subreddit that talk about how terrible crypto is for society. You made this topic with no contextual information, just reacting to the headline.

[LFAQs-redacted-quote]

geee its almost as if its a scam and most of the money is owned by the super rich and they are conning poor ppl into buying into it

Damn_Underscore posted...

I browse reddit and see the constant articles in r/technology or another subreddit that talk about how terrible crypto is for society. You made this topic with no contextual information, just reacting to the headline.

no i did not

again what misinformation

[LFAQs-redacted-quote]


The difficulty of mining bitcoin has constantly been increasing. https://btc.com/stats/diff

The time to mine bitcoin at a profit was years ago when it was fractions of a penny and the difficulty of mining was super low compared to what it is today.

I dabbled in mining bitcoin a few years ago. My electricity bills were super high because of it and I wasn't making that much per month to justify it.

"texas wants to use bitcoin to fix its power issues"

"this is not satire this is not a april fools joke this is not a dream

and you have not been drugged

this is reality"

That's all you posted. It would be really helpful to know why they would do this (the article even says in the first-paragraph "they discussed an idea that, on its face, seemed almost upside down"). This topic is just fodder for people who hate crypto.

I really wish crypto would disappear

so underscore your going to keep ignoring my question

I answered it. You made an anti-crypto topic with no contextual information other than the link to the article. You just wanted to criticize or laugh at the headline.

the article i linked is not misinformation thoe

I didn't mean to say it was, I meant the topic itself is spreading misinformation. I'm not criticizing the article, I'm criticizing the topic.

Damn_Underscore posted...

I didn't mean to say it was, I meant the topic itself is spreading misinformation. I'm not criticizing the article, I'm criticizing the topic.

what misinformation am i spreading im spreading a factual thing happening

Aren't there tons of blackouts on the East Coast this weekend? I thought only Texas wasn't "properly winterized"

Damn_Underscore posted...

But again, I'm not a big expert on this

Yeah, we can tell

AceMos posted...

what misinformation am i spreading im spreading a factual thing happening

If you aren't going to admit that the intention of this topic was to get people to dislike crypto more than they already do, then I don't know what to tell you. I'm pretty sure I've seen you make anti-crypto topics before, and like I said they are very common now on reddit.

Damn_Underscore posted...

If you aren't going to admit that the intention of this topic was to get people to dislike crypto more than they already do, then I don't know what to tell you. I'm pretty sure I've seen you make anti-crypto topics before, and like I said they are very common now on reddit.

I interpreted the topic as a dig on Greg Abbott more than a dig on crypto itself.

Alpha218 posted...

Yeah, we can tell

Hey, at least I can admit I'm not an expert.

Damn_Underscore posted...

If you aren't going to admit that the intention of this topic was to get people to dislike crypto more than they already do, then I don't know what to tell you. I'm pretty sure I've seen you make anti-crypto topics before, and like I said they are very common now on reddit.

yes because crypto is a bad thing

ppl are speaking out against it because its a scam destroying the enviroment

How can you say that?

I agree that using them as investment tools goes against their fundamental use, but no one knows if that bubble will ever pop. More importantly though, crypto could theoretically replace the modern banking system which would be a net gain for the environment,

Damn_Underscore posted...

How can you say that?

I agree that using them as investment tools goes against their fundamental use, but no one knows if that bubble will ever pop. More importantly though, crypto could theoretically replace the modern banking system which would be a net gain for the environment,

how would it be a net gain when it uses more and more energy every time any transaction happens

if bitcoin replaced banking that would be millions and millions a day

the energy consumption would skyrocket and never stop going up

and the bubble ALWAYS bursts on these things

the vast majority of crypto is owned by the super rich who just inflate its price by buying off eachother

Think about how much energy it takes just to print/mint and distribute currency around the world. I would bet that an all-digital system will easily consume less energy than that.

https://youtu.be/NnoY-D1M1cE

Damn_Underscore posted...

Think about how much energy it takes just to print/mint and distribute currency around the world. I would bet that an all-digital system will easily consume less energy than that.

and you would be wrong

crypto uses more power than small nations

and again it ALWAYS goes up consumption of energy never goes down with blockchain

so even if at first it was less it would quickly spike up to taking more

do to the fact millions and millions of transactions happen every minute

we would hit a point where it needs more energy than we can even produce

[LFAQs-redacted-quote]


Crypto bros are ones posting their own conspiracy theories about how the government is trying to ban crypto or whatever.

https://yhoo.it/3g7Pgx9

I also saw an article that said Bitcoin's energy consumption (as of 2018) was about the same as Ireland's per year. That is obviously a lot, but think about all the things that go into running the world's modern banking system. It requires a shitton of energy of all types, which necessarily includes unrenewable energy. I just can't see how crypto could realistically cost more.

again it ALWAYS goes up endlessly

this is the part you are not getting no matter what the energy consumption goes up forever

lets say at first it took as much energy as a light bulb then after 10 transactions it was 2

then another 10 its now 4

now imagine if this formula (which is no where near close to accurate its far more) is happening millions of times A MINUTE

how much power do you think it would take by the end of a single year

Explain this then?

https://gamefaqs.gamespot.com/a/user_image/7/3/7/AAMkx7AAC3h5.png

I have never before heard that crypto's energy use increases exponentially forever.

Damn_Underscore posted...

https://yhoo.it/3g7Pgx9

I also saw an article that said Bitcoin's energy consumption (as of 2018) was about the same as Ireland's per year. That is obviously a lot, but think about all the things that go into running the world's modern banking system. It requires a shitton of energy of all types, which necessarily includes unrenewable energy. I just can't see how crypto could realistically cost more.

The entire banking system does use more energy overall since it is used by billions of people. However, on a per transaction basis crypto uses MUCH more energy, especially Bitcoin. Bitcoin is literally not feasible as an actual currency for the world unless there is some breakthrough miracle technology such as practical fusion power.

block chain technology factually cant go down in power usage it can only go up

AceMos posted...

block chain technology factually cant go down in power usage it can only go up

This. Each transaction adds to the blockchain so it only gets bigger overtime.