Imagine if we discovered that between 0.6 and 2.3 percent of all U.S. electricity is being diverted into a giant waste bin. Wouldn’t we fix that, pronto?

#crypto

eia.gov/todayinenergy/detail.p

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@JamesGleick

1) this only applyes to PoW type crypto, which is on its way out. Most other forms are not particularly wasteful.

2) These measures are not really an accurate way to measure it. It doesnt account for the fact that no additional energy is used unless the heat output of the mining computer exceeds the heat needed to keep your home warm. Up to that point there is 0 additional electricity cost and usage. This isnt accounted for in these numbers so they dont actually represent actual wasted electricity.

@freemo @JamesGleick

In addition, most power plants lose efficiency when energy consumption is below their optimal level. If we suddenly stop all mining operations, power plants will still burn the same amount of fuel.
Stopping mining can only be useful if the power grid is overloaded, or if you want to completely shut down some amount of power generators.

This is why no one in kazakhstan had a problem with miners, despite the fact that most power plants burned coal, the power grid was underutilized and was barely profitable.
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