Bitcoin mining company buys Pennsylvania power plant to meet electricity needs

Nick D

Posts: 35   +21
"Unlike Ethereum mining, which utilizes traditional graphics processing units (GPUs), Bitcoin mining relies on specialized hardware known as application-specific integrated circuits (ASICs)."

So why isn't every miner using these instead of GPUs? They certainly can't be more expensive. In fact, last I heard ASICs were among the cheapest ICs you could get.

They use gpus to mine etherium than convert to btc. ASICs cant handle the difficulty of bitcoin, so people mine other coins.
 

NightAntilli

Posts: 787   +994
What a tremendous waste of resources.

I can't wait till the governments, one by one, make crypto illegal and stop this ridiculous waste. I don't care how they justify it. Whether they claim it's a ponzi scheme, money laundering, scam, etc. Just get it done before more money and resources are wasted.
So... Miners have the funds to buy a whole power plant, but somehow, governments, that can't even pay their own debt, are gonna put a stop to crypto?

I invest in REAL assets. I hold real estate, stocks and commodities. The kiddies playing with the digital ponzi scheme with get-rich-quick, escape-the-rat-race dreams ain't ever getting their lamborghini lol
A power plant is quite the asset actually.

"Unlike Ethereum mining, which utilizes traditional graphics processing units (GPUs), Bitcoin mining relies on specialized hardware known as application-specific integrated circuits (ASICs)."

So why isn't every miner using these instead of GPUs? They certainly can't be more expensive. In fact, last I heard ASICs were among the cheapest ICs you could get.
Because decentralization is important in crypto. Different coins specifically develop ASIC resistant algorithms for mining.

1700 kWh for one transaction.

Guess again. Perhaps you mean 1700watt hours?
Always unplug all your unused electronics at home
https://www.energylivenews.com/2019...e-but-dwarfed-by-domestic-devices-on-standby/

And the kW/transaction metric is BS. It not only uses power for transactions. It also replaces all the air conditioning from banks, all the fuel used for people getting there, both workers and clients, and a lot more.
 

mugeoncur

Posts: 9   +6
Bitcoin has a great future in electric power arbitrage. Because it is so portable it can be moved to where high power demand is needed and then switched off when the base load increases. Bitcoin mining is becoming quite useful for demand load leveling by putting the mining hardware right next to the PV power plants. This eliminates the need for gas powered peaker plants.

Get used to it, bitcoin despizers, bitcoin is good for the environment.
 

StrikerRocket

Posts: 90   +57
"Transactions are settlement. A single transaction can be batching thousands of transactions or in the case of the lightning network, millions of transactions even. Equating energy spent per on-chain transaction is a misunderstanding of how bitcoin works."
Yes, but still, how much energy is needed for a *single* transaction *on average*? That's the figure, real figure, I'd like to see from a trustworthy source...

Edit: In any way, I still consider this way of producing value a complete waste of resources and material. When you think of it, in the current situation, it is sheer madness. But this is just my opinion of course.
 

StrikerRocket

Posts: 90   +57
They most certainly are not. Banks are quite happy in their role as arbitrators of the validity of transactions. Distributed ledgers are very much contrary to their interests.

And what value do you think crypto calculations have? Crypto's brute force guessing games are designed to create a virtual competition for artificially scarce resources. They are totally redundant, and wasteful by design. Like, the complete opposite of simple and efficient database operations like credit card or other financial transactions.
I agree, cryptomining is a complete waste of resources and materials IMHO. It's totally crazy and should be made illegal. When humanity faces such challenges as the ones it is going to tackle in the next decades, this is irresponsible and terribly bad. What is the link with the *real* economy in cryptomining? What we call "real" money is already largely overvalued (banks lending money thay don't have and that people will never repay etc.), the amount of currency in circulation has no relation to real material value/economy in any way, yet, someone finds a way to create more artificial wealth and the only way to win is to take part in a competition where you have to get your hands on as many GPUs/kWh as you can to beat the guy doing the same... Beats me...
 

Daniele 00

Posts: 132   +108
I dont really understand it.
Bitcoin originated to point out how central bank system... and Fiat... is volatile. Bitcoin had a mission that can be endorsed by many people.

But what it became now ?

Energy should be used to produce food and item usefull for the life. But bitcoin are consuming energy to produce what ? to produce nothing. It is sad cuz the production of energy require carbon and produce pollution. We are damaging our ecosystem for what ? for nothing.

It really makes no sense at all. let them use that energy for farming potatos, at least we would eat.
 

VitalyT

Posts: 6,028   +6,390
Huh, have you ever taken a look at any online crypto community, especially private groups? They're havens of sociopaths and psychopaths.
There's enough evidence to that. I left a comment above, which a lot of people upvoted. @QuantumPhysics said it was "comment of the year", for which @Beerfloat called him a psychopath, implying that my comment to which he replied was psychopathic. That doesn't buy him any credit, more like another crypto scam supporter.
 

Beerfloat

Posts: 324   +573
There's enough evidence to that. I left a comment above, which a lot of people upvoted. @QuantumPhysics said it was "comment of the year", for which @Beerfloat called him a psychopath, implying that my comment to which he replied was psychopathic.
Yeah, it was. Your comment was wildly inappropriate and callous.

That doesn't buy him any credit, more like another crypto scam supporter.
Guessed wrong.
 

VitalyT

Posts: 6,028   +6,390
Yeah, it was. Your comment was wildly inappropriate and callous.
My comment was against the crypto scam, which is where I stand. Yours, on another hand, was a rude personal remark, which is what frowned upon here and any other decent website, speaking of inappropriate.
 

terzaerian

Posts: 998   +1,442
"Unlike Ethereum mining, which utilizes traditional graphics processing units (GPUs), Bitcoin mining relies on specialized hardware known as application-specific integrated circuits (ASICs)."

So why isn't every miner using these instead of GPUs? They certainly can't be more expensive. In fact, last I heard ASICs were among the cheapest ICs you could get.
I've been looking into ASIC miners and they still do get expensive - the issue is that while they use cheaper ICs the PSUs they need are far, far more powerful. Most need a 220 outlet as well. And because this is a global *chip* shortage, not a global GPU shortage, the parts to build GPUs and ASICs alike are probably scarce.

That said you could still build a self-sustained BTC mining rig with solar panels relatively easily.
 

Beerfloat

Posts: 324   +573
My comment was against the crypto scam, which is where I stand. Yours, on another hand, was a rude personal remark, which is what frowned upon here and any other decent website, speaking of inappropriate.
My response was about your comment, not about you as a person, whom I know very little about.

I reckon I am learning more, though, as you reiterate that you think it is perfectly defensible to condemn a mile long row of people to death by hanging. Over involvement with crypto.
 

wiyosaya

Posts: 6,728   +5,170
A power plant is quite the asset actually.
:facepalm:Yes. Especially one that is going to be burning one of the dirtiest fuels on the planet. :rolleyes:Sounds like a massive paperweight to me that they will never be able to sell to anyone - except another crapto miner looking to save costs at any expense.
 

wiyosaya

Posts: 6,728   +5,170
The US government created it, The democratic Party. The cryptocurrency. So, eveyone can now blame cows for climate crisis.
Link? Interesting that some people will try to blame everything on a political party that had nothing to do with creating <your favorite issue to dislike here>
 

Bl00dyMinded

Posts: 375   +538
Since he lives in NY, owning a lambo there would be very stupid. So your comment is out of place there.
I'm supposed to know where he lives. Also you can own an lambo in NY or any state. If you are implying NYC and driving it within that city, it's another thing. Comment is still in place against his comment.
 

mugeoncur

Posts: 9   +6
What a tremendous waste of resources.

I can't wait till the governments, one by one, make crypto illegal and stop this ridiculous waste. I don't care how they justify it. Whether they claim it's a ponzi scheme, money laundering, scam, etc. Just get it done before more money and resources are wasted.
The waste coal cleanup has to eventually be burned and paid for by somebody. Better to bill the world's bitcoin owners than the taxpayers of PA.
 

mugeoncur

Posts: 9   +6
Of all the ways they could have used the potential of that plant, they pick the worst option possible.
Unbelievable.
The plant had no potential. Burning waste coal produces less power with more costs. Bitcoin mining was the only way to get rid of the environmentally dangerous waste coal without costs to the local rate payers.
 

brucek

Posts: 941   +1,363
I believe there's two kinds of people in this world: those that want to own a large crypto mining farm, and those that you would trust to run a large power plant.

 

mugeoncur

Posts: 9   +6
I believe there's two kinds of people in this world: those that want to own a large crypto mining farm, and those that you would trust to run a large power plant.
So you would burden the struggling families of PA with extra electricity payments to clean up waste coal because you don't trust bitcoin miners. Thank God you have no say in the matter.
 

mugeoncur

Posts: 9   +6
Yes, but still, how much energy is needed for a *single* transaction *on average*? That's the figure, real figure, I'd like to see from a trustworthy source...

Edit: In any way, I still consider this way of producing value a complete waste of resources and material. When you think of it, in the current situation, it is sheer madness. But this is just my opinion of course.
The mining process is a very simple and elegant way of protecting a publicly accessible database from tampering. Instead of putting the database behind concrete walls protected by armies of carbon spewing security guards, programmers, executives, construction projects, lawyers and courts of law, the database is out in the open protected by a single wall of electric power which eliminates all the aforementioned environment damaging middlemen.

The proof of work style blockchain is just an easy target because 90% of the resources it consumes are visible in a single electric bill. To have a fair comparison one must compute the total carbon footprint of building and operating the private ledger infrastructure that bitcoin competes with.
 

brucek

Posts: 941   +1,363
So you would burden the struggling families of PA with extra electricity payments to clean up waste coal because you don't trust bitcoin miners. Thank God you have no say in the matter.
If you want to make stuff up, I'd say I would keep the good families of PA safe by insisting their electricity plants are owned and operated by people with long track records of doing so safely.

If those sober, responsible, non-fly-by-night operators want to sell electricity to miners, that's between them and whatever regulatory bodies may exist.

I'd also add that when a new party appears offering to "clean up waste coal" or any similarly difficult civic matter at a price & terms that no more established & respectable operators can meet, I'd say that when a deal seems too good to be true, it often is.