Orange Pill – Debunking the Bitcoin Energy FUD

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    • #425080
      Mr. Mickeys Mom
      Moderator
      • Total Posts: 5,765

      For anyone truly wanting to understand what’s been passed off as BTC energy consumption – the where, why, myth, reality, this latest episode of Orange Pill with Max Keiser/Stacy Herbert should offer some insight…

      If you need Bitcoin glossary, go here. FUD
      By the way, FUD stands for: fear, uncertainty and doubt. It seems to be an often used term by the Wall Street culture, especially when trying to persuade others not to believe negativity coming out about them from other competitors. The world is full of propaganda, in case you weren’t born yesterday, and even if you were, you’d likely be in the generation who has to finally deal with the unsustainable energies of the world.

      Hell, no... I'm not giving up...

    • #425097
      Cold Mountain Trail
      Participant
      • Total Posts: 12,932

      Nearly 10 minutes into it & so far they haven’t addressed the ‘how much energy is used in mining’ issue at all.  They have concentrated on ‘elites don’t want this’ which is totally beside the point.

      OK, 11 something minutes in they claim energy cost is 1/10 of 1% of global energy usage.  No reference.  Then back to bashing ‘elites’ and claiming that bitcoin is liberating people from the tyranny of elites but not explaining how.

      Not doing it for me.  There’s nothing solid here 15″ in, & that’s enough to make me 99% sure there’s nothing solid in the rest of it.

       

      • #425099
        Mr. Mickeys Mom
        Moderator
        • Total Posts: 5,765

        Sorry I didn’t provide Cliff Notes. This episode actually featured in-depth discussion with the major BTC mining entities and was probably meant for the persons who wanted an understanding of it.

        Hell, no... I'm not giving up...

        • #425119
          Cold Mountain Trail
          Participant
          • Total Posts: 12,932

          I spent 15 minutes and didn’t see any of that or anything in-depth at all.  I would have liked to.

           

          I prefer this presentation:  it gets right to the points and is easy to skim for information.  From a pro-bitcoin source but appears to include even the downside.  Maybe you can verify if the presentation is correct, particularly the bolded portions below?

          https://www.bitcoinmining.com/#md

           

          Bitcoin Mining Profitability

          Most Bitcoin mining hardware appears profitable at first glance. Bitcoin mining, unfortunately, isn’t simple and there are a number of hidden costs and constantly changing factors. This guide will help you understand Bitcoin mining profitability and give you a good estimate of your expenses and earnings.

          Bitcoin Mining Profitability Factors

          Hardware Costs

          The most obvious expense in Bitcoin mining is mining hardware. Better, newer miners will cost more, so if you’re serious about investing in Bitcoin mining then aim for efficiency (more below). In addition to a Bitcoin miner, you may need extra cables, power supplies, software, and cooling fans.

          Efficiency

          A bitcoin miner’s job is to convert electricity into hash power. Miners that do this using the least amount of electricity per hash are the most efficient. The Antminer S9, Antminer S7, for example, converts electricity to hash power at 0.25 W/Gh. The SP20 Jackson, a popular miner by Spondoolies Tech, converts at 0.65 w/Gh.

          Electricity costs vary by location, but this means that an Antminer S7 run in the same place as an SP20 converts electricity nearly three times more efficiently. It’s important to compare both hardware prices and efficiency when purchasing a miner.

          Electricity

          Miners with low electricity costs have an advantage, as monthly costs are much lower. Venezuela’s government has implemented price controls, which has created some of the lowest electricity prices in the world. According to an article from Bitcoin Magazine, a 320 kw electric bill cost just 6 cents. About 1,000 people mine Bitcoin full time in Venezuela.

          The situation in Venezuela is an extreme example, but shows how cheap electricity effects mining profitability.

          How To Start Bitcoin Mining

          To begin mining bitcoins, you’ll need to acquire bitcoin mining hardware. In the early days of bitcoin, it was possible to mine with your computer CPU or high speed video processor card. Today that’s no longer possible. Custom Bitcoin ASIC chips offer performance up to 100x the capability of older systems have come to dominate the Bitcoin mining industry.

          Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It’s essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. Several companies such as Avalon offer excellent systems built specifically for bitcoin mining…

          https://www.bitcoinmining.com/getting-started/

          • #425120
            Mr. Mickeys Mom
            Moderator
            • Total Posts: 5,765

            Then, by that logic, the length of the video you watched was only 15 minutes long and there was no more…. Hmmm…

            Hell, no... I'm not giving up...

            • #425121
              Cold Mountain Trail
              Participant
              • Total Posts: 12,932

              Nope, if I watch nearly 20% of a 77-minute video & get nothing but hot air, I’m not gonna stick around for the other 80%.  Waste of time.

              No ‘logic’ involved, just experience.

              Feel free to direct me to the part of the video where the various miners are discussed if that’s the important part about the energy use.

              • #425122
                Mr. Mickeys Mom
                Moderator
                • Total Posts: 5,765

                I would have thought in the interest of finding how it’s produced, curiosity would have enabled movement the video time bar forward.  One is either are curious about this stuff or not. That’s fine for those without curiosity to dig into a subject. Had you watched more than 18% of it, you might have determined how the over 80% of what was presented was “hot air”.

                It’s okay to relay opinions that are uninformed. Most of the world does that anyway, so you’re probably in good company.

                 

                Hell, no... I'm not giving up...

                • #425126
                  Cold Mountain Trail
                  Participant
                  • Total Posts: 12,932

                  Like I said; you can direct me to the portion with the information about energy cost of mining, which is how this discussion started.  You posted the video claiming it would explain that if I remember correctly.

                  Or you can tell me I’m not ‘curious’ enough.  And that my opinions are ‘uninformed’.

                  = personal attack

                  I didn’t attack you personally.  I criticized a video you posted.  And disagreed with your opinion about bitcoin mining.

                   

                   

                  • #425131
                    Mr. Mickeys Mom
                    Moderator
                    • Total Posts: 5,765

                    … you can move that timemark to the 20 minute mark to view the Q&A. I also linked a glossary, since many people aren’t familiar with the terminology. It’s helpful.

                    You have a place to start now, and the rest will rely on your attention.

                     

                    Hell, no... I'm not giving up...

                    • #425133
                      Cold Mountain Trail
                      Participant
                      • Total Posts: 12,932

                      I actually said I wanted to be directed to the part about the energy cost of bit mining.

                      I will take a look at the 20″ mark and see if it answers.

                      I didn’t know there was an ‘interview’.  Maybe I failed to read carefully enough.

                      Reread it and still don’t see any interview mentioned.

                      For anyone truly wanting to understand what’s been passed off as BTC energy consumptionthe where, why, myth, reality, this latest episode of Orange Pill with Max Keiser/Stacy Herbert should offer some insight…”

                      Looked at the glossary the first time I listened to the video.

                      I will check out the 20″ mark.

                       

    • #425159
      GZeusH
      Participant
      • Total Posts: 3,879

      need a couple of my lightning bolts.

      Do I get a commission if I hit ya where the Lord split ya?

      Corporate America consists of totalitarian entities laser-focused on short-term greed.

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