[2022-09-09]Crypto Mining Is Threatening US Climate Efforts, White House Warns

[zasad@]

https://www.bloomberg.com/news/articles/2022-09-08/crypto-mining-threatens-us-climate-efforts-white-house-warns
Crypto Mining Is Threatening US Climate Efforts, White House Warns
"Asks federal agencies to work with states on setting standards
Says White House or Congress may eventually need to step in
The White House says the environmental impact of producing cryptocurrencies like Bitcoin could impede US efforts to combat climate change."

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[Lucius]

I can't read the article because I obviously have to pay for it, and I wonder who else pays for someone to poison them with this kind of nonsense?

I don't believe that there are people working in that entire US administration who have problems with elementary mathematics, but I would like one of those geniuses to explain to me how in this particular case Bitcoin with its (currently) 250 TWh per year threatens US climate efforts? I think it has been proven many times that more than 50% of the energy for Bitcoin mining comes from renewable sources and that from that point of view it is crazy to talk about Bitcoin as any problem when it comes to the climate.

By the way, that statement comes from a country that is second in the world in terms of the amount of pollution it produces, so let them start from the biggest polluters to the smallest - they could reach Bitcoin in 100 years if they start today.

[o_e_l_e_o]

I can't read the article because I obviously have to pay for it, and I wonder who else pays for someone to poison them with this kind of nonsense?

Here you go: https://archive.ph/KUP67

It is of course complete nonsense. I don't see the point in pointing out on this forum for the 1000th time that bitcoin uses less electricity than everything from watching porn to running clothes dryers - everyone who has spent more than 2 minutes looking in to knows that bitcoin is a tiny fraction of a single percent of global electricity use. And I also don't see the point in pointing out yet again that bitcoin mining uses more renewable energy than any other sector on the planet, because again, this is common knowledge to anyone who cares to look in to it.

But these such articles are not targeted towards individuals who will bother to look in to it themselves. These such articles are targeted at people who believe everything they read online without a second thought. The government need something to direct people's anger at when they inevitably miss all the renewable energy and lower emissions targets they have set, and they also obviously have a vested interest in bitcoin not being successful. So someone in the press department put two and two together and realized that they could use both these issues to their advantage. And so we see articles like this, getting the average moron angry about bitcoin and giving the government a future excuse for their own failings.

[Lucius]

Who would have thought that they stick to the good old paradigms about how Bitcoin consumes energy like Argentina or Australia, so they still want to scare us that we might stay in the dark if we don't stop it in one way or another. The only new thing that tries to add weight to everything is the role of the White House, because otherwise no one would pay attention to yet another in a series of miserable articles in which the author calls Bitcoin a token

Bitcoin and Ether are the world’s first- and second-biggest tokens, respectively.

Thanks for the link

[electronicash]

they might be forcing BTC to become POS too now that they have successfully turned ETH to be one into believing cryptocurrency is adding the climate change problem. hard to make them turn to some other industries that actually is 100x worse yet protected by the ESG.

if they get support, it will result in banning BTC mining which Biden administration is aiming for in their crypto report.

[o_e_l_e_o]

if they get support, it will result in banning BTC mining which Biden administration is aiming for in their crypto report.

Then the miners will move or evade the ban. Look at China for example. They banned bitcoin mining last year, there was a very short lived dip in the hashrate, and then a quick recovery and growth from the starting point. The miners simply moved to other countries (including here in the US), or ignored the ban. Today, China still accounts for ~20% of the global hashrate, so the ban hasn't exactly been effective. And it made literally zero difference to China's electricity consumption.

The exact same thing will happen in the case of a US ban. Temporary dip in hashrate followed by a return to the previous steady growth, with absolutely no difference in nationwide electricity consumption.

[PrimeNumber7]

I don't believe that there are people working in that entire US administration who have problems with elementary mathematics,

Knowing the current president, and his crazy policies, I can very much believe this.

but I would like one of those geniuses to explain to me how in this particular case Bitcoin with its (currently) 250 TWh per year threatens US climate efforts? I think it has been proven many times that more than 50% of the energy for Bitcoin mining comes from renewable sources and that from that point of view it is crazy to talk about Bitcoin as any problem when it comes to the climate.

Mining bitcoin requires stable electricity. Even if "renewable" energy is used, "traditional" electric sources will need to be on hand to serve as a backup when the "renewable" energy sources go offline (for example when it gets dark, or when the wind stops blowing).

Further, electricity is fungible, so electricity consumed via solar panels means that this electricity cannot be consumed by others.

Bitcoin mining does use less electricity than many other things, including many that provide less utility.

they might be forcing BTC to become POS too now that they have successfully turned ETH to be one into believing cryptocurrency is adding the climate change problem. hard to make them turn to some other industries that actually is 100x worse yet protected by the ESG.

if they get support, it will result in banning BTC mining which Biden administration is aiming for in their crypto report.

ESG is a scam. This is really posturing by the administration to make it look like they are trying to address "climate change"

[NotATether]

ESG is a scam. This is really posturing by the administration to make it look like they are trying to address "climate change"

Once again, the old KGB saying "they pretend to pay us, and we pretend to work" can still be found in the post-communist world.

Once again, my blog post about this is relevant here.

[PrimeNumber7]

ESG is a scam. This is really posturing by the administration to make it look like they are trying to address "climate change"

Once again, the old KGB saying "they pretend to pay us, and we pretend to work" can still be found in the post-communist world.

Once again, my blog post about this is relevant here.

I would not take the stance that bitcoin will (or should) never change to PoS mining. Based on the arguments that I have heard thus far, I think that PoW is superior to PoS, but I am open to changing my mind. As it stands now, I would be opposed to a switch to PoS.

There is a thread about a similar article that discusses how Fidelity investments is being pressured to try to pressure the bitcoin devs to switch to PoS. I noted that many investment management companies often push their own political and social agenda while threatening to vote a particular way with shares that belong to their customers. Noted in your blog post is that there are a small number of exchanges that stake coin on behalf of their customers.

If a change to PoS is done, it would be best to not do so for reasons related to "climate change".

[cr1776]

I think the appropriate subject line would be:
"Crypto Mining Is Threatening US Control and Censorship Efforts, White House Warns"

That's what this is about in reality.  All these people claiming they care about the environment are flying around on private jets with multiple homes.  When they go first and put their lifestyle where their mouth is, then they should be believed.  Until then, not so much.

[cr1776]

ESG is a scam. This is really posturing by the administration to make it look like they are trying to address "climate change"

Once again, the old KGB saying "they pretend to pay us, and we pretend to work" can still be found in the post-communist world.

Once again, my blog post about this is relevant here.

I would not take the stance that bitcoin will (or should) never change to PoS mining. Based on the arguments that I have heard thus far, I think that PoW is superior to PoS, but I am open to changing my mind. As it stands now, I would be opposed to a switch to PoS.

There is a thread about a similar article that discusses how Fidelity investments is being pressured to try to pressure the bitcoin devs to switch to PoS. I noted that many investment management companies often push their own political and social agenda while threatening to vote a particular way with shares that belong to their customers. Noted in your blog post is that there are a small number of exchanges that stake coin on behalf of their customers.

If a change to PoS is done, it would be best to not do so for reasons related to "climate change".

From the technical side, I am not convinced that PoS is equivalent in security, let alone better than, PoW.  The NaS issue hasn't been answered to my understanding.