The first of (hopefully) many. This is going to be very interesting to watch unflod.
Can't they track down which properties are consuming more power and issue fines/ more of the power bill for bitcoin miners? I'm not too sure how electricity grids work.
They probably can—after all, how could they bill you for your usage if they weren't measuring it?
I can't wait for this fad to finally end. Has there ever been a more useless "innovation" that crypto
Even the ones that do something useful have been overtaken by farmers who've jacked up the needed generation for coins earned in those respective altcoins for the old casual users who did it for science with the side benefit of getting paid. I'm half way through a month of doing it like a normal user like F@H was originally designed for and I'm nearly 200 dollars in the whole for 10 coins. By the end of the month, I'll be nearly 300 dollars in the hole.
Unless you buy farming equipment, ie a shit load of power hogging cards, get fucked its not worth it. Cryptocurrency is just generally a terrible idea because the mining involved is just wasteful at every level, doesn't matter if its PoS or PoW; they both require large amounts of mining to avoid inflation and thus just get stupidly power hungry exponentially.
I'd feel bad for crypto miners if what they were doing wasn't a pure waste of electricity to little societal benefit. Though I could just be mad because inflated graphics card prices have been my bane for months now.
Most people don't care about helping other people when there's nothing in it for them. Why use your hardware for good when you can use it to mine something that could be worth thousands today and pennies tomorrow, all while saying "Yeah it has no real use now BUT IN THE FUTURE-"
I can only hope that the shit ends so I can actually hope of a future without TRIPLED fucking GPU prices.
it's nice that i get to hate miners both because they make my life more annoying AND the environment worse
Good. Crypto is a fine concept, but mining has really gotten out of hand.
At this time, Bitcoin to USD is 1 : 8188. I like how a few bad news articles just crash an entire "currency"'s value. Really the future of financial transactions right there.
Good in my personal opinion. Regardless if you believe in bitcoin or not, it cannot be denied that it is a massive waste of energy that leaves nothing tangible in the end.
It is just being used for mindless number crunching that has no purpose sadly. If only all the computing power went to something useful but alas.
I mean as far as block chain technology goes and being an unregulated currency. But the calculations required to obtain crypto is incredibily wasteful, the entire process is artificial.
Finally, I can't believe this has taken so long to happen. I might actually be able to afford a new GPU without getting one second hand that will die in a couple of months.
I believe proof of stake (staking) is better than proof of work (mining) as staking only requires you to hold coins in a wallet to secure the network rather than minting coins with processing power. I really dislike people who hate on crypto just because of mining though or muh expensive graphics cards. Give it time and more efficient and environmentally friendly ways to utilize crypto will come about. Its a new and fledgling market, its like the discovery of coal power right now, give it a few years and we will get a solar power equivalent, staking basically.
Lets just hope proof of stake becomes more popular than mining. Or a new method comes to the limelight. I dont want to see a brand new and useful technology thrown away over teething problems like this.
How would you differentiate between mining and legit constant electricity consumption though, e.g. Prime95?
If people weren't being fucking retarded and leeching a ridiculous amount of power for little to no gain comparatively then this wouldn't have been necessary in the first place.
The city ran out of electricity from their main supply point, so they had to purchase more from a more expensive source which was raising peoples electric bills. Honestly it had to be done.
https://www.youtube.com/watch?v=2yqUpypQwGs
PoS still requires someone to mine them because otherwise its just the nerdy equivalent of a stock but without the financial support and bigger likelihood to get scammed.
Also any system that states you will get 1% gains in anything by doing nothing is dangerously close to ponzi scheme territory.
It's truly a shame a useful technology like Cryptocurrency was run into the ground in the name of quick money, greed, and whatever other excuses are tossed around so often.
Well, the useful technology is blockchain, currencies are built on top of it, from what I understand? (please correct me if I'm mistaken)
Well blockchain is being investigated as a tool for the banks currently(CIBC and a few larger american banks like JP Morgan(I think) are investing in blockchain/crypto) and it is the backbone of the over all concept of a cryptocurrency.
It's just "Will it be abused too much before we get the actual valuable elements of this out to the public" is my question now
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