Bitcoin Miners Tap Hydropower as Environmental Criticism Grows | WSJ
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- Опубліковано 13 жов 2021
- A bitcoin mining facility in upstate New York is using electricity from a local hydroelectric plant powered by the Niagara River. The company is part of a group of miners attempting to make the industry more sustainable, both environmentally and financially. Illustration: Alex Kuzoian/WSJ
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It doesn't matter if you buy energy from a fossil or low-carbon power plant. It's still a waste of energy, and that additionally consumed energy has to be supplied by fossil power plants.
who are you to decide what is a waste of energy?
The alternative is physical gold which also requires a lot of energy and results in physical damage to the environment. Take your pick.
So transporting $20 bills back and forth from banks using an armored truck and 3 armed guards is environmentally responsible but moving money through the blockchain is not? At least Bitcoin is transparent. Watching the federal government fudge numbers over and over and lose tax-payer funds is comedy gold.
@@stuharris8526 nobody needs gold or bitcoin to live a good life. both are a wate of ressources and trashing the environment.
@@Tokamak3.1415 How is Bitcoin transparent? The crypto exchanges and stablecoins like Tether are shady af... The whole crypto ecosystem is full of scammers thanks to very little regulatory supervision.
That’s just taking the overall capacity away from the grid. Power that would usually used to power homes and businesses now has to switch to another source, mostly likely from fossil fuel. Treat the disease not the symptoms
*Greenwashing* is the process of conveying a false impression or providing misleading information about how a company's products are more environmentally sound.
Exact. This report is silly since hydro power is limited, so all the energy used by this facility is diverting energy that need to be create else where, probably from fossil fuel.
@@nicolaslemay that's why, not just bitcoin miners but all of us need to move away from fossils.
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I suppose this means that investments in expanding hydropower or at the very least some other renewables can grow. The residential demand is still there after all.
How using more energy from hydropower make it carbon neutral. The energy needed by other industries will then use non-renewable sources. It's like someone using hydropower generated using coal power. This is greenwashing.
Unless they create their own renewal energy (ie build a solar/wind farm) otherwise it makes no difference since there’s a limited amount of renewal energy so if they use it then the utilities will purchase it from other non renewal sources as power is needed by general public.
exactly, It makes no difference, they have to create their own renewable energy source not the public once
Well now that we know where it is, let's get in there and get those GPU's!
Why not use the waste heat to power a pyroelectric generator as well? Make the generator cool the air? It'd trickle a bit more charge/min, or run the server fans or CO2 scrubbers or whatever.
These guys are literally wasting precious electricity
Using fossil fuel power wasnt really problem
USING POWER IS THE PROBLEM
No one criticizes the fossil fuel industry. Stop blaming consumers and blame producers.
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Would like for all countries to out law or limit power consumption of Proof of Work. But it should be planned phase out within 2ish years. If it would be like 250w per individual and 1kw if the waste heat would be used and the unit could price track/ balance the grid or run as a dumpload for an off grid system.
Why are we tying money to electricity. Shouldnt that be used to power something else.
They seem to be gaining the green credential from a power station already built!
Really enjoyed this - thanks!
these comments are hilarious. We are so early. #buybitcoin
so use renewable energy for mining instead of the towns nearby
Yeah was just thinking the same, mining energy usage is still energy from the same grid regardless where you put it. Either it's close to something environmentaly bad and uses that while someone else uses hydro, or you move that around, it's still the same energy producing mix
Renewable energy should not be wasted on mining bitcoin. Use that energy for a better use
If there was a better use, then they would come and pay a better price than the miners. Miners want the cheapest energy, so that means going to sources that don't have better uses for that energy.
the problem is you are using energy unproductively instead of allowing household users use that clean energy
If the source of the hydro electric is too far away from dense population centers, it is idiotically uneconomical to get the electricity there. Now instead of being wasted, the electricity is providing billions of people a system that allows them to escape and bypass the corrupt financial institutions globally.
It's hard to penetrate media bias with statements like "burns huge amounts of energy" instead of "converts huge amounts of electrical energy into monetary energy".
Nice video.
Wow! Amazing!
The wall street journal needs to talk about ecosia they are a search engine that plants trees!!!!!
Power a home with renewable energy? Nah, lets use several homes worth of energy per second to make a few decentralized transactions and call it green. Also, we want to call waterfall powerplants decentralized. Also... don't look into bitcoin mining asic manufactures, we want to keep our decentralized image.
If there aren't many homes nearby, it would be idiotically uneconomical to try to send the electricity to homes far away. Miners are going to be geographically distributed to seek out the cheapest energy sources globally. Over a hundred million people are using Bitcoin to escape and bypass corrupt financial institutions and governments, are you the type of person who would deny that to them just to feel good about yourself?
@@plasticman2011 Your comment starts with "if..." so I'll infer you are imagining situations where your comment makes sense. I like to encourage dreamers. Do some napkin math and push your ideas.
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Can anyone help me understand what value bitcoin provide to the society that it's so valuable and why are people are so enthusiastic about it?
It’s the hardest money known to man, akin to synthetic gold. Do your own research, come to your own conclusions.
Your government can't just F around and decide to tax it
hard money. not tied to any one source. if you don't understand why that is extremely valuable then read more onto how monetary systems work and it will make more sense. its far too much to gt into over a comment section on youtube.
you can send it to anyone in the world securely in minutes. it keeps its value since it's deflationary, unlike fiat money which constantly loses its value. do you not see its value?
Btw it’s mostly used by criminals to hide from illegal activities.
then a dam will be built there to power that bitcoin mine?
Why the F there are more spam comments than something worth reading?
Probably the same reason people invest in bitcoin
They are stil using power that could be used for something better. Why all crypto dosent move to Proof of Stake?!?!
and into the pockets of the central founders - how convenient
What about the heat that the mining rigs generate? A lot of hot air is blown out of these facilities and dissipates into the atmosphere.
Similar to most politicians and CEOs
Studies conducted by Qanon have shown that Tucker Calrson and Jeanine Pirro are independently responsible for .5 degree of global warming simply by raising the ire of normal sentient beings which creates heat and is released into the atmosphere.
Bit coin or BOTcoin Instead of using clean energy sources for manufacturing and any other creative purposes, thousands of computers uselessly calculate numbers that self-complicate themselves every time . in That logic BitCoin price and , oilgaz price needs to be 10000 dollars !
When innovation goes too far
interesting
The first carbon emissions when you make that device
POW is old school , POS is the future
Bitcoin is destroying the environment if price continues to rise. Human greed has no bound.
There's opportunity cost of diverting hydropower from industry and residential to cryptocurrency. Cryptocurrency was, is and will never become environment friendly
The industry is turning to proof of stake which consigned only a tiny fraction of proof of work.
Refine your comment with "PoW"... the rest I agree
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They should use fission. 😂
Exactly - people have to lay off this fear-mongering of nuclear energy.
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The way to make money is to scam electricity from utilities
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Это сюр какой-то. Вместо того, чтобы использовать чистые источники энергии для производства и любых других созидательных целей, тысячи компьютеров бессмысленно вычисляют цифры, которые сами самоусложняются каждый раз.
What he said! Or not. I'd ask for translation but not planning to return here.
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How is this an interesting news story?
because they said so lol
I don't think the white man will ever talk about a sustainable way of life. Only about what energy source to exploit. Of all the things we need and can have sustainably, Bitcoin is not one of them.
White men aren't the only idiots. But I'll grant we are a vast majority. That leaves plenty of room for boneheads of all colors.
Bitcoin being environmentally sound (ESG compliant) is a good step forward. Now that the E is taken care of (almost), the S (Social) must be considered. Cripto is the way for narcos and gun trader to move large sums of money. Every cripto owner is the insurer of those narcos transactions. That is an huge ethical issue.
Bitcoin is far greener than the majority of assets on the S&P 500. The face is than Wall Street could learn plenty from Bitcoin on how to go green. What have they been so slow? They have had decades but hardly have done anything.
Bitcoin was meant to be peer to peer currency not rich corporate digital Manhattan property, and mining won't last in a new green economy
Why do you say so
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For a WSJ source, this video is so basic
Bitcoin trying to break through the last level of resistance. once we're above $60K,be ready to see some real FOMO price action. also, weekly RSI currently at 63.51. We want it above 65. let's get it bull
Lol
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Nah, you can keep your scam coins.
What kind of power do the wall street journal buildings and newspaper factories us to power their operations? Hydro? Solar? Coal?
Mostly just hot air
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I'd like to see all Bitcoin mining banned. And ban all the Bitcoin ads in the "comments" below; WSJ should delete them.
China has done all that, you would probably like to go live there.
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Oh I get it...chat gpt on LSD, right?