This Power Plant Stopped Burning Fossil Fuels. Then Bitcoin Came Along.

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    • #422471
      eridani
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      • Total Posts: 8,950

      https://readersupportednews.org/news-section2/318-66/69284-this-power-plant-stopped-burning-fossil-fuels-then-bitcoin-came-along

      Bitcoin mining is now estimated to gobble up more electricity than many entire countries. Since 2019, when the University of Cambridge’s Centre for Alternative Finance placed the cryptocurrency’s power needs ahead of Switzerland’s, its consumption has more than doubled, surpassing that of Sweden. The energy used by the Bitcoin network in a single year could power all the tea kettles in the United Kingdom for over three decades.

      Adding so much demand to the world’s electricity grids is risky, especially at a time when the window to meaningfully cut greenhouse gas emissions is rapidly closing. Proponents of Bitcoin would have you believe that many or even most mining operations are in far-flung locations using renewable energy that otherwise would have gone to waste. Bitcoin miners have an incentive to keep electricity costs low, they reason, so they’re likely to seek the cheapest electricity possible. Jack Dorsey and Elon Musk, whose respective companies Square and Tesla have invested heavily in Bitcoin, claim the cryptocurrency will actually hurry the green energy transition by steering investment into renewables. A paper prepared by Square predicts that electricity producers and Bitcoin miners will soon become one and the same.

      On the sleepy shores of Seneca Lake in Dresden, New York, that prediction is already being realized. Greenidge Generation, a former coal power plant that converted to natural gas and began a Bitcoin mining operation, is positioning itself as part of the clean energy future. The company’s promotional materials describe a “clean” and “environmentally-sound” plant with a “unique commitment to environmental stewardship.”

      There’s just one problem: If it weren’t for Bitcoin, there would almost certainly be no reason to run the power plant in Dresden at all. Without the revenue from mining, Greenidge would have no reason to spew hundreds of thousands of tons of carbon dioxide from the plant’s stacks, discharge hundreds of billions of gallons of hot water into a nearby trout stream, or pipe in and burn billions of cubic feet of fracked natural gas.

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

    • #422514
      Mr. Mickeys Mom
      Moderator
      • Total Posts: 5,751

      Just wondering, because I see that you’ve posted articles that I classify as propaganda against Bitcoin.

      Bitcoin, or any other understanding of how cryptocurrency has worked over the past ten years is not something you just slip into, unless you are well trained in the economy of digital currency. You must have a good reason to bring this up.

      I, OTOH, have been doing a lot of homework on how the United States has hung on to the petro-dollar. I wonder if you can analyze what supports that, because I can. Neither one of us might have a debatable point, since I suspect neither one of us is an expert. But, you might want to delve into what you know. I tried to do this the past week, and I’m met with more propaganda against Bitcoin, as it it WAS the only cryptocurrency. It is not, and there is a difference.

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

    • #423017
      eridani
      Participant
      • Total Posts: 8,950

      Not that I like petrodollars either.

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

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