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.

  • General_Effort@lemmy.worldEnglish
    72·
    10 months ago

    You need the same infrastructure for any electronic payment system.

    What you don’t need for anything is crypto “mining”, which is almost pure overhead. That’s what the article is about.

    • Mango@lemmy.worldEnglish
      31·
      10 months ago

      It’s not pure overhead. It’s the means of initial distribution and also mining is the backend for handling transactions. Not that I think it’s efficient by any means. It’s just that it was necessary for Bitcoin to ever become something that mattered.

      • Sanyanov@lemmy.worldEnglish
        21·
        10 months ago

        Mining is barely transactional in nature. Pretty much all of it is calculating hashes, which, on one hand, is super important as part of Proof-of-Work consensus, the most decentralized one we have, but on the other we have other reasonably secure options that waste two orders of magnitude less power.

      • General_Effort@lemmy.worldEnglish
        14·
        10 months ago

        It’s not necessary to perform any of the functions of crypto, including money laundering. That makes it pure overhead; pure waste. There are offshore banks that facilitate tax fraud and other criminal activity. Crypto, somehow, allows exchanges to escape the scrutiny that falls on these banks. Objectively, there is no good reason why all this waste should let you avoid scrutiny of regulators or police.