US wants to know bitcoin electricity usage in the country

[HideYourKeys]

This is what we get when politicians make rules about things they do not understand at all, mining is a very useful way to stabilize an electrical network, and becomes a "buyer of last resort" which allow some energy projects to actually be feasible.

They will realize in a few years, or maybe not.... but bitcoin is that unstoppable behemoth that will not be stopped by proposal like these ones. Worst case scenario, miners will move out, as they did during the china ban.

[1715363842]

1715363842

[Gormicsta]

It's pretty simple. Government should try to nudge mining companies to choose renewables over fossil fuels.

And this is exactly what EIA is going to do, they are going to get the data and from now it's the government going to penalize miners that consume fossil generated energy and make them use renewables. Nobody will give a damn if 100000Exahas are powered by the miners own renewables, but if you're increasing community electricity prices because a miner gulps out all the electricity from a dam, that's not going to fly

Not only is the quantity of energy used in proof-of-work mining troubling, but so is the energy source. Fossil fuel consumption by miners has the potential to exacerbate environmental issues such as global warming. That's far less of an issue, though, if miners are employing renewable energy sources. However, this does not mean that miners' operations aren't negatively affecting the surrounding community, even if they are employing renewable energy. When considering the environmental impacts of proof-of-work mining, that is something that should definitely be taken into account.

[letteredhub]

It is a six month mandatory survey.

Let us hope these people are not trying to come up with something.

We know the negative impact of bitcoin mining to the environment (particular POW mining), but what if this action by the Biden administration is not genuinely about much interest for the environment but using the environmental impact aspect of it as a facade to clamp on bitcoin miners with policies that could make bitcoin mining a thing of the past for many US miners after the survey would have been concluded.

Never trust the government they are always up to something, particular on anything that seems to threaten their hold on financial and political power on the people. I think this survey shouldn't only stop at bitcoin miners activities but extension to other human activities in the society with negative impacts on the environment. Maybe then we can assume that ain't really up to something towards bitcoin alone.

[franky1]

It's pretty simple. Government should try to nudge mining companies to choose renewables over fossil fuels.

And this is exactly what EIA is going to do, they are going to get the data and from now it's the government going to penalize miners that consume fossil generated energy and make them use renewables. Nobody will give a damn if 100000Exahas are powered by the miners own renewables, but if you're increasing community electricity prices because a miner gulps out all the electricity from a dam, that's not going to fly

Not only is the quantity of energy used in proof-of-work mining troubling, but so is the energy source. Fossil fuel consumption by miners has the potential to exacerbate environmental issues such as global warming. That's far less of an issue, though, if miners are employing renewable energy sources. However, this does not mean that miners' operations aren't negatively affecting the surrounding community, even if they are employing renewable energy. When considering the environmental impacts of proof-of-work mining, that is something that should definitely be taken into account.

so much to unpick and correct in all statements quoted above
a. stompix using 100000exa number.... yet reality is only <600exa for full WORLD network, let alone just the american mining which is far less
b. stompix "because a miner gulps out all" a miner only uses <4KWh
i feel stompix's real fear is his out-of-date single asic he rented through a remote host will be seized by gov before he makes ROI

Gormicsta:
most significant asic farms (unlike stompixes favourite legally iffy and fossil powered hosts) already positioned themselves in regions where renewable power plants want mining business. and contracted electrical sales for 1-2year contract allotments of energy, fully knowing of the generation vs consumption demand/supply

what actually happens in a region is..
decades before a region can even build real estate, it needs power capacity. and so if a new renewable power plant is placed in the region. its done with considerations of FUTURE demand(forward planning supply needs, 50 years ahead of demand). thus has alot of excess supply potential in first few decades before real estate can develop to take that supply.
so power plants LOVE quick established demand as its early income before the long wait of real estate development to take on the new supply

[dothebeats]

Let me guess, they're gonna pull another green initiative crap to justify their possible crackdown on miners. They're trying to curb whatever growth bitcoin has had in the past few months ever since the ETFs have been approved. I doubt they have pure intentions with this survey, and I do hope that miners do not give actual numbers to make data collectors lose their head.

[BenCodie]

Let us hope these people are not trying to come up with something.

You can sure count on it!

2024 presents...
USA & The War On Bitcoin

Just like the war on drugs, where the US seized, manufactured and redistributed drugs for profit...the US will seize miners, manufacture bitcoin through those seized miners and then redistribute those bitcoins for profit!

If they find enough hashpower to seize (or tax) they will probably hit the reset button on their holdings, sell it all off on-market, wipe out as many miners as possible to make mining as non-profitable as possible, and take over close-to the entire US mining operation.

Any of the above should not be surprising, the US cartel has been doing this kind of shady shit for decades!

[headingnorth]

As Matthew Kratter often points out more electrical energy is expended by people watching cat videos or viewing online porn then is consumed from bitcoin mining.

Will the Biden administration do a survey of how much time people spend watching porn and cat videos?

Are the tens of millions of hours people spend  watching internet porn every day somehow less harmful to the environment then using the internet to send and receive bitcoin?

Would it help the environment if President Biden stopped flying around in Air Force One?

What kind of energy usage isn't harmful to the environment? Does it even exist? Why not just outlaw all energy usage so we can all go back to living in prehistoric caveman times?