Crypto "mining" basically consists of computers coming up with complex math problems, and other computers solving those math problems. So, tons of electricity gets used in the currency generation process, especially once you factor in the A/C to keep the computers from overheating.
The alternative to mining is war. It is a defense budget, and has nothing to do with transaction processing, which can be done for bitcoin with a cell phone.
Mining also incentives renewable energy, acting as a guaranteed customer for any new source of renewable power. Nobody else buys wind or hydro power at night, so bitcoin mining acts like a subsidy for renewable power.
A little different, in that some governments have economic momentum and the inertia of continued activity by millions of folks that don't think too much provides cover against collapse. Economic momentum is what keeps dollars and yuan afloat, and mountains of laws and regulations that keeps things from going haywire. Of course, economic momentum can collapse, but at that point, we all better hope we got a patch of dirt for growing our own food because that means the fat lady has sung and it's really, really over.
Would be nice to mention to absurd environmental impact of cryptocurrencies. That alone should make it illegal.
Is the alternative, treasuries cranking out fiat the world over, all that different?
Crypto "mining" basically consists of computers coming up with complex math problems, and other computers solving those math problems. So, tons of electricity gets used in the currency generation process, especially once you factor in the A/C to keep the computers from overheating.
The alternative to mining is war. It is a defense budget, and has nothing to do with transaction processing, which can be done for bitcoin with a cell phone.
Mining also incentives renewable energy, acting as a guaranteed customer for any new source of renewable power. Nobody else buys wind or hydro power at night, so bitcoin mining acts like a subsidy for renewable power.
https://www.cnbc.com/2022/02/12/23-year-old-texans-made-4-million-mining-bitcoin-off-flared-natural-gas.html
What about when the miners are powered using gas that would be vented into the air? Then are they saving the planet?
Yeah, IтАЩm invested in a seed round for a company thatтАЩs capturing flare gas in IL and IN to mine BTC
A little different, in that some governments have economic momentum and the inertia of continued activity by millions of folks that don't think too much provides cover against collapse. Economic momentum is what keeps dollars and yuan afloat, and mountains of laws and regulations that keeps things from going haywire. Of course, economic momentum can collapse, but at that point, we all better hope we got a patch of dirt for growing our own food because that means the fat lady has sung and it's really, really over.
Yet, it is. Massively so.