Tax on mining due to climate change.

[emergingcoin]

A special climate tax in the comming years will spoil the bitcoin market.
Electricity needs will skyrocket. So will the tax on electricity.


This is a logical scenario?

[VforVictory]

A special climate tax in the comming years will spoil the bitcoin market.
Electricity needs will skyrocket. So will the tax on electricity.


This is a logical scenario?

The answer is... All bitcoin miners go Solar Power, and build a Wind Turbine in their back yard for emergencies. Problem solved.

[zeetubes]

Only morons believe that humans can cause climate change. Pollution yes. Climate change no. The only reason it's not called global warming anymore is because the earth is cooling. Thus climate change.

[emergingcoin]

Aha, so all windmills will be used for bitcoin mining.

That is a stupid future.

I mean this energy problem could really harm the bitcoin.

[FandangledGizmo]

Energy is & will be even after the crash more valuable than gold.

You've heard 'who controls the gold makes the rules' but it's really 'who controls the energy...'

If you can control a semi-global tax on energy you can control the world by selectively determining how & to whom those taxes are applied

Therefore the push for a green/energy tax is just a hedge by TPTB to make sure they stay in control.

Hint: Just watch who pushes the strongest for this...

[emergingcoin]

Wow, thanks for the answer.
Then the next logical question will be: what needs to happen for some organisation to push this global tax higher on the global agenda??


We are entering a future that becomes stranger by the day...

[Proteus123]

Human caused climate change is utter crap and is lining pockets, nothing else.

[Remember remember the 5th of November]

Aha, so all windmills will be used for bitcoin mining.

That is a stupid future.

I mean this energy problem could really harm the bitcoin.

The? Really? "The Bitcoin", are you seriously calling it that?

[Holliday]

Since we are playing "what if Bitcoin becomes big enough that it will affect the global power grid".

What if it replaces most banks and we no longer have to spend energy to run those banks? (Lights, heating, cooling, construction, security, employees, transportation, checks, debit cards, etc.)

What if it replaces most fiat and we no longer need to grow and harvest cotton to print the bills? (Harvesting, production, storage, transportation, security, etc.)

What if we no longer have to fight wars to protect the interests of the petro-dollar? (Ships, aircraft, weapons, training, training facilities, bases, etc,)

Which future looks more environmentally friendly to you?

"What if" is fun!

[EvilPanda]

Aha, so all windmills will be used for bitcoin mining.

That is a stupid future.

I mean this energy problem could really harm the bitcoin.

No, only those built/bought by miners.
If you don't like windmills you can always settle near a river and get something like that:

[emergingcoin]

Well,  If the Panda or the IceBear get into trouble
and the bees have problems to reproduce
and the farmers can not grow their crops
and the volume of ice has dropped by 90% since 1970 (not the area, this only 40%).
etc.
etc.
etc.

its not a joke!

[Erdogan]

Higher cost of energy will only reduce volume of mining a bit. No effect on the price of bitcoin.

[bee7]

Aha, so all windmills will be used for bitcoin mining.

That is a stupid future.

I mean this energy problem could really harm the bitcoin.

This is stupid delusion.

While it's true that printing money and manufacturing coins takes a lot of resources, some have criticized Bitcoin for consuming resources unnecessarily.

According to the ATM Industry Association there are about 2.5 million ATMs installed in the World presently. Let's think that the most time each ATM consumes 100W (definitely not less than 100W as it is not a simple motherboard with just a CPU installed). This means all ATMs are consuming 6000MW a day at least. Most time they are doing nothing but waiting for a customer. Is it a waste of the resources or useful spending?

update to my post cited above: the ATMIA withdraw the page I linked to. Here is some replacement: https://www.atmia.com/news/?detail&id=154
The present network power is 19,303,048.14 GH/s according to blockchain.info. Assuming that modern mining equipment draws 1W per Gh the whole bitcoin network consumes 463.27315536 MW a day.

[VforVictory]

Since we are playing "what if Bitcoin becomes big enough that it will affect the global power grid".

What if it replaces most banks and we no longer have to spend energy to run those banks? (Lights, heating, cooling, construction, security, employees, transportation, checks, debit cards, etc.)

What if it replaces most fiat and we no longer need to grow and harvest cotton to print the bills? (Harvesting, production, storage, transportation, security, etc.)

What if we no longer have to fight wars to protect the interests of the petro-dollar? (Ships, aircraft, weapons, training, training facilities, bases, etc,)

Which future looks more environmentally friendly to you?

"What if" is fun!

Replace banks with miners, which, as of right now, waste *far* more energy... and they still require construction, specialized to boot, and cooling.

You won't need to grow cotton any more, but you'll need to grow silica, and even more precious materials, to keep making/shrinking miner hardware.

Instead of fighting wars for this "Pretro-dollar" you get to fight war for the most efficent mining hardware. Watch out for armed para=troopers falling through your roof. Whichever country controls more of the network, yo.

[Enkel]

A special climate tax in the comming years will spoil the bitcoin market.
Electricity needs will skyrocket. So will the tax on electricity.
This is a logical scenario?

I think you over estimate how large the bitcion market is (or will be in the near future) compared to the butt load of energy used to maintain massive server farms in support of the existing fiat currency economy. Saying that climate tax would spoil the bicoin market is about as true as saying that it will cause ATMs to be shuttered and hauled off the the recycle plants. Any tax on energy is going to affect far more commerce than bitcoin could even hope to impact. Imagine just the energy used in refrigeration, do you think grocery stores will suddenly stop selling ice cream and frozen dinners? Will butchers suddenly throw their hands up and go find other jobs?

The fact is that electricity companies have a captive market and they use that to their advantage (at least in the US). That's why states are paying millions to electricity generation companies to cover their costs to move from coal to LNG. Even though the move to gas will save those companies money because their coal contracts are running out, the legislators are more than happy to cry "oh, 200 jobs!, we MUST give them the 30 million to convert!". Those companies are booking record profits, but can't afford to do their own upgrades?  Not in the least, why pay for your own company when you're bought-and-paid-for politician will hand you the money from the taxpayer's wallet.

[emergingcoin]

Aha, so all windmills will be used for bitcoin mining.

That is a stupid future.

I mean this energy problem could really harm the bitcoin.

This is stupid delusion.

While it's true that printing money and manufacturing coins takes a lot of resources, some have criticized Bitcoin for consuming resources unnecessarily.

According to the ATM Industry Association there are about 2.5 million ATMs installed in the World presently. Let's think that the most time each ATM consumes 100W (definitely not less than 100W as it is not a simple motherboard with just a CPU installed). This means all ATMs are consuming 6000MW a day at least. Most time they are doing nothing but waiting for a customer. Is it a waste of the resources or useful spending?

update to my post cited above: the ATMIA withdraw the page I linked to. Here is some replacement: https://www.atmia.com/news/?detail&id=154
The present network power is 19,303,048.14 GH/s according to blockchain.info. Assuming that modern mining equipment draws 1W per Gh the whole bitcoin network consumes 463.27315536 MW a day.

Well, if the bitcoins is here to stay....the exponential growth (GH/s) will ultimately be 20.000MW in the year 2017 allready.  https://blockchain.info/nl/charts/hash-rate

Good luck bitcoin! If we keep believing it will happen indeed!

[Vexatious]

SolarCoin.org

[bee7]

Aha, so all windmills will be used for bitcoin mining.

That is a stupid future.

I mean this energy problem could really harm the bitcoin.

This is stupid delusion.

While it's true that printing money and manufacturing coins takes a lot of resources, some have criticized Bitcoin for consuming resources unnecessarily.

According to the ATM Industry Association there are about 2.5 million ATMs installed in the World presently. Let's think that the most time each ATM consumes 100W (definitely not less than 100W as it is not a simple motherboard with just a CPU installed). This means all ATMs are consuming 6000MW a day at least. Most time they are doing nothing but waiting for a customer. Is it a waste of the resources or useful spending?

update to my post cited above: the ATMIA withdraw the page I linked to. Here is some replacement: https://www.atmia.com/news/?detail&id=154
The present network power is 19,303,048.14 GH/s according to blockchain.info. Assuming that modern mining equipment draws 1W per Gh the whole bitcoin network consumes 463.27315536 MW a day.

Well, if the bitcoins is here to stay....the exponential growth (GH/s) will ultimately be 20.000MW in the year 2017 allready.  https://blockchain.info/nl/charts/hash-rate

Good luck bitcoin! If we keep believing it will happen indeed!

I doubt. The hash power growth should stop when any new investment into it does not make profit.

[emergingcoin]

yes bee7, i was cynical.

[Mr. Socko]

mined coins will be gone within 2 years so the point is moot... except for perhaps bitcoin...