✨✨✨ Are we wasting resources to make digital currencies? ✨✨✨

[Uberse]

Resources are not being wasted to make digital currencies if miners pay the market rate for electricity and equipment. The price is everything, and underscores the worldwide need for true pricing unclouded by subsidies, grants, tax breaks, etc. Look at it this way: Is food wasted that is left uneaten by customers in restaurants? Arguably not if they paid the commercial rate for it. They will have to buy more later to make up for it, but that purchase sends a signal to farmers to plant more. But if the food is artificially cheap, then, yes, it is being wasted. Exactly the same logic applies to 'renewable' energy technologies: the technology is artificially cheap because of subsidies, grants, tax breaks, etc. But somebody has got to pay for it. And who would that be? Taxpayers working in the carbon-burning economy, that's who. In order to fund the renewables, they have to work harder there and in working harder burn more carbon. The only way to prevent the waste of natural resources is to allow a transparent market to price it with all the information it has available to it.

[oralnuts]

That is the irony about the virtual currency. Since all we are using are our devices, it is not wasting anything. But, if you think about it again, you are also wasting time and energy on it.

[jhean_arcane]

How the fuck could be wasting resources? we are mining cryptocurrencies, that is money, and what about when the governments have to print bills? They need paper to make those bills, and getting paper means that they need to cut off trees in order to get it.

In mining, you use a lot of electricity which affects the environment. But you're right, it's money, but it's still carbon. It becomes wasteful when worthless cryptocurrencies are mined. If you check online, there's a really long list of ctcs and a lot of them are rubbish.