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Mon Dec 28, 2020, 09:57 PM

China's Energy Shortage Threatens Bitcoin Mining. Coal toxins& Bitcoin's enormous use of electricity

Coal prices in China have risen over the last month as China continues to block coal carriers from entering Chinese ports—and it's causing more than just residential and industrial energy shortages and blackouts.

China's Bitcoin mining is now under siege.

China is attempting to ration its power, but bitcoin mining's unquenchable thirst for high power use is now being threatened by China's standoff with Australia, frozen wind turbines—and Russia's own short supply of coal—that has left sailors and crew stranded at sea for months.



In fact, Bitcoin miners could end up taking the brunt of the rationing, and China hosts most of the world's top bitcoin miners.

And that makes sense because Bitcoin is extremely electricity-intensive, with just a single transaction consuming the power equivalent of as much as one U.S. household does for 23 days, with the carbon footprint of about 54,563 hours of YouTube video watching.


But the bitcoin factor adds another layer of complexity into the mix, and it's garnering media attention because one bitcoin (BTC) is now worth $27,077, with a market value near $500 billion—mining is big business.

While multifaceted, the root cause of China's coal shortage is its embargo of Australian coal imports as the tension between the two nations has turned into a full-blown trade war...

https://oilprice.com/Latest-Energy-News/World-News/Chinas-Energy-Shortage-Threatens-Bitcoin-Mining.html
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Bitcoin, like coal mining, needs to die off
The environment can sustain neither.

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Reply China's Energy Shortage Threatens Bitcoin Mining. Coal toxins& Bitcoin's enormous use of electricity (Original post)
Budi Dec 2020 OP
exboyfil Dec 2020 #1
Budi Dec 2020 #2
StClone Dec 2020 #3

Response to Budi (Original post)

Mon Dec 28, 2020, 10:00 PM

1. I still don't understand bitcoin mining

At least the extraction industry produces a real product - energy or raw materials to make something. Bitcoin mining seems like just gambling - it is creating an artificial market for something of no value. It is worse than Dutch tulips.

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Response to exboyfil (Reply #1)

Mon Dec 28, 2020, 10:10 PM

2. I'd read quite awhile back, that bitcoin is simply another way of hiding & moving ill-gotten money

I had no idea that bitcoin mining used so much electricity. And yes, it's not a topic I understand, as you say.

Bitcoin is extremely electricity-intensive, with just a single transaction consuming the power equivalent of as much as one U.S. household does for 23 days, with the carbon footprint of about 54,563 hours of YouTube video watching.


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Response to Budi (Reply #2)

Mon Dec 28, 2020, 10:43 PM

3. Two things to consider

The actual computing power used for the extraction and the energy to keep the computer areas cool, as it generates heat, are the two major energy eaters.

BitCoin and its mining makes little sense to me but Wiki has a decent description. Like QAnon the originators are unknown.

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