Bitcoin Mining Council will promote energy usage transparency and improve sustainable...

Shawn Knight

Posts: 13,286   +132
Staff member
Recap: Elon Musk, a bona fide crypto mover and shaker, said on Twitter earlier this month that Tesla would no longer be accepting Bitcoin for transactions due to environmental concerns. Specifically he said they were concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which he said has the worst emissions of any fuel.

Executives from some of the leading Bitcoin mining outfits in the US recently met to discuss the impact that mining has on the environment.

The event was hosted by MicroStrategy CEO Michael Saylor and attended by representatives from Argo, Blockcap, Galaxy Digital, Hive Blockchain Technologies and Marathon Digital Holdings, among others. Tesla’s Elon Musk was also in attendance, and spoke about the gathering on Twitter.

The miners agreed to form the Bitcoin Mining Council in order to promote energy usage transparency and improve sustainable mining practices.

Tesla's move earlier this month, along with a more recent crypto crackdown in China, have resulted in each Bitcoin losing approximately $18,000 in value in less than two weeks. Several other popular coins including Litecoin, Ethereum and Dogecoin have largely mirrored Bitcoin’s recent slide.

Image credit Photocreo Michael Bednarek

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terzaerian

Posts: 960   +1,399
It looks like Bitcoin price is now hinging on Musk's every word. That's what you call price manipulation. And so it bounces around on pure speculation.
I'll agree insofar that I'm getting sick and tired of Musk. His actual working knowledge of crypto is only slightly better than the average poster here - which is to say, not much. I would rather have had him snubbed from this meeting entirely.
 

8600M GT

Posts: 20   +11
They need to do something if they want more widespread acceptance. I don't usually agree with the People's Republic of China's government, but I do on their Bitcoin crackdown. The energy consumption is ridiculously high for facilitating financial transactions, and even if miners favor renewable energy, it's still a loss. Why? The windmills and solar farms that would be used to mine Bitcoin could otherwise be put to use replacing old, inefficient coal plants.

Ethereum seems to be getting their act together on this, so maybe Bitcoin will too. There will probably always be some scourge in the crypto market using power super inefficiently, but if a few of them get their act together, hopefully that will get the people who are more serious about crypto - and the merchants considering accepting it - onto those platforms. Then the power-inefficient ones will mostly be the realm of speculators hoping to make a quick buck in a Ponzi scheme.
 

Theinsanegamer

Posts: 2,517   +3,815
Just put a solar panel on it and Greenpeace and ecomentalists will sing your praises. Bonus points if you put a battery in line as well, that's super "green".

They need to do something if they want more widespread acceptance. I don't usually agree with the People's Republic of China's government, but I do on their Bitcoin crackdown. The energy consumption is ridiculously high for facilitating financial transactions, and even if miners favor renewable energy, it's still a loss. Why? The windmills and solar farms that would be used to mine Bitcoin could otherwise be put to use replacing old, inefficient coal plants.

Ethereum seems to be getting their act together on this, so maybe Bitcoin will too. There will probably always be some scourge in the crypto market using power super inefficiently, but if a few of them get their act together, hopefully that will get the people who are more serious about crypto - and the merchants considering accepting it - onto those platforms. Then the power-inefficient ones will mostly be the realm of speculators hoping to make a quick buck in a Ponzi scheme.
Pretty shallow reasoning, since the chinese government continued to build coal plants with reckless abandon, has 0 concern for their enviroment, is responsible for over 90% of plastic water pollution, is responsible for over 40% of CO2 emissions, I could go on. This is a PR move for them, the country is still FILTHY as far as enviromentalism is concerned, so they ban "crypto" to get the media to sing their praises for another few years while continuing to pollute the whole world.

Also: sorry to burst your bubble, but those coal plants will continue to operate and be built because your solar panels and wind turbines dont work at night/without wind, and are useless at generating baseline electricity. The more green projects are built the more gas and coal plants go up, because nuclear bad. Banning bitoin isnt going to fix anything, because it's not a symptom or the issue.
 

Dimitriid

Posts: 718   +1,296
Energy consumption is the most immediate and very obvious problem, but the bigger issue is that mainstream institutions eventually will push back precisely because cryptos are very difficult to track down and States want control over what they deem illegal so more than just the very obvious drug transactions will be deemed "money laundering" extending the same basic logic to include just rival States that they consider enemies so as soon as bitcoin gets mainstream traction again I am almost sure it will be deemed as a "Chinese coin" for example to try and limit people adoption.

It's almost as if just having alternative currency doesn't really works without doing something about what props up regular, fractional reserve currencies which is State power.
 

terzaerian

Posts: 960   +1,399
Will this lobbying organization give political donations using bitcoin or dollars? :joy:
Dollars, I imagine. I wouldn't want to give a politician anything that actually has value, and considering the human trafficking they spend it on, I wouldn't want any of my wallets drawn into their affairs.
 

psycros

Posts: 3,494   +4,182
They need to do something if they want more widespread acceptance. I don't usually agree with the People's Republic of China's government, but I do on their Bitcoin crackdown. The energy consumption is ridiculously high for facilitating financial transactions, and even if miners favor renewable energy, it's still a loss. Why? The windmills and solar farms that would be used to mine Bitcoin could otherwise be put to use replacing old, inefficient coal plants.

Ethereum seems to be getting their act together on this, so maybe Bitcoin will too. There will probably always be some scourge in the crypto market using power super inefficiently, but if a few of them get their act together, hopefully that will get the people who are more serious about crypto - and the merchants considering accepting it - onto those platforms. Then the power-inefficient ones will mostly be the realm of speculators hoping to make a quick buck in a Ponzi scheme.

Coal is far more efficient than wind or solar.
 

kiwigraeme

Posts: 371   +302
Coal is far more efficient than wind or solar.
Is that why West Virginia Coal industry is slowing dying despite Mr Trump and subsidies . What more efficient at air and water pollution. If you are going that way at least champion natural gas . China has lots of coal fire power stations and solar farms - Mmm Beijing in winter - breathe that air .
Most of us are nimby's - where do you want this coal fire stations? - oh yeah in China processing rare metals and making your plastic toys

Crime can be very efficient for work done for cash reward .

Well targeted bullets are efficient to stop your neighbour mowing the lawn on Sunday ( though lack of solar power ( ie sunshine ) is extremely efficient , and strong winds aka hurricanes is 100% efficient .

tl/dr Coal is far more efficient than wind or solar - Citation needed
 

Rayneofpayne

Posts: 360   +315
Is that why West Virginia Coal industry is slowing dying despite Mr Trump and subsidies . What more efficient at air and water pollution. If you are going that way at least champion natural gas . China has lots of coal fire power stations and solar farms - Mmm Beijing in winter - breathe that air .
Most of us are nimby's - where do you want this coal fire stations? - oh yeah in China processing rare metals and making your plastic toys

Crime can be very efficient for work done for cash reward .

Well targeted bullets are efficient to stop your neighbour mowing the lawn on Sunday ( though lack of solar power ( ie sunshine ) is extremely efficient , and strong winds aka hurricanes is 100% efficient .

tl/dr Coal is far more efficient than wind or solar - Citation needed
You cannot rely just on renewables solely regardless you need a combination preferable emphasis on renewables as the main with traditional backups and less damage while still maintaining a stable system, no matter how you like you cannot control nature itself.
 

Bobbydpue

Posts: 181   +119
I'll agree insofar that I'm getting sick and tired of Musk. His actual working knowledge of crypto is only slightly better than the average poster here - which is to say, not much. I would rather have had him snubbed from this meeting entirely.

You are using the word "crypto" incorrectly just like a lot of other people and tech publications. The use of the word crypto was shortened term for the words cryptography, encryptors, or keying materials decades before crypto currencies went mainstream.

I'm not a fan of Elon Musk either, but no one would have reported this meeting unless Musk was there.
 

NightAntilli

Posts: 671   +844
You are using the word "crypto" incorrectly just like a lot of other people and tech publications. The use of the word crypto was shortened term for the words cryptography, encryptors, or keying materials decades before crypto currencies went mainstream.

I'm not a fan of Elon Musk either, but no one would have reported this meeting unless Musk was there.
Yes. And now it is used for cryptocurrency.

Language warriors are extremely annoying.
 

sTharsdan

Posts: 11   +11
And the shameless selling of faulty used gear. Just don't ever buy a used card anymore and don't let them tell you they are fine. All lies!