US government tracking the energy implications of booming bitcoin mining in US.

Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

  • LucidNightmare@lemm.eeEnglish
    335·
    10 months ago

    I think bitcoin is a waste of electricity. Never got the hype around something that takes so much energy, but doesn’t even even actually exist to make it worth it. Disgusting.

    • jabjoe@feddit.ukEnglish
      93·
      9 months ago

      Anything is only worth what someone will pay. Always. Nothing has value beyond that.

    • MubelotixEnglish
      1·
      9 months ago

      The only electricity that goes in Bitcoin is the electricity that would have been wasted otherwise. It’s always better to use it for something else, but sometimes there is simply no other use, and storing it isn’t an option.

      • TypicalHog@lemm.eeEnglish
        1·
        9 months ago

        Can I know why so many people disliked this? Did I said something that is not factually correct?

      • makeasnek@lemmy.mlEnglish
        46·
        9 months ago

        PoS inevitably leads to centralization and requires an inflationary currency supply. That is the problem. Coins in transit can’t stake. Which means the only coins that can stake are coins that already exist and are sitting on a staking node. You are paying those stakers with an inflationary supply. Which means you are minting new coins and handing them to users who already have the most coins. This leads to centralization of the supply over time, and therefore, control of network consensus. A few rich, powerful people end up controlling the whole system, just like our existing banking system. No thanks.

        Most of those PoS chains also have massive chain sizes/system requirements compared to Bitcoin, which means they can’t be or remain nearly as decentralized, neutral, and secure.