Yves Smith Truthout

bitcoin's energy endgame

this article from yves smith spells out a pretty bleak picture of what mining is starting to do to the global energy supply.
notably:
current bitcoin mining rate of consumption is 32 terawatt hours annually - approximate to the consumption of Serbia.
As bitcoin continues to increase in value, the energy costs involved with mining will continue to increase, and this is of course by design.
In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.
This is an unsustainable trajectory. It simply can’t continue.
So, what's the roadmap out of this situation? Or is it so structurally built into the concept that we're gonna run into energy caps before we run into other stabilizing forces?
As a relative novice, it seems like lowering the energy costs would adversely affect the structure of this tech at a fundamental level - but its entirely possible i'm missing something.
submitted by rcoronado to Bitcoin [link] [comments]

[uncensored-r/Bitcoin] bitcoin's energy endgame

The following post by rcoronado is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7i5z7s
The original post's content was as follows:
this article from yves smith spells out a pretty bleak picture of what mining is starting to do to the global energy supply.
notably:
current bitcoin mining rate of consumption is 32 terawatt hours annually - approximate to the consumption of Serbia.
As bitcoin continues to increase in value, the energy costs involved with mining will continue to increase, and this is of course by design.
In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.
This is an unsustainable trajectory. It simply can’t continue.
So, what's the roadmap out of this situation? Or is it so structurally built into the concept that we're gonna run into energy caps before we run into other stabilizing forces?
As a relative novice, it seems like lowering the energy costs would adversely affect the structure of this tech at a fundamental level - but its entirely possible i'm missing something.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Joe Rogan Experience #1368 - Edward Snowden - YouTube BITCOIN PRIVATE KEY FINDER - YouTube 2017 - Public lectures and events - YouTube The World After 2020 – Session 9 Big Banks Coming Back to FHA?

By Yves Smith. Japan has just decided that Bitcoin is not a currency, which subjects it to sales and income taxes.This is consistent with the view of the Canadian Revenue Service, which has found Bitcoin to be property and not a legal currency, and the United Kingdom, which leaning towards treating Bitcoin as a voucher and subject to VAT. Yves Smith has been in and around finance for more than 30 years as an investment banker, management consultant to financial institutions across a large range of wholesale banking and trading markets businesses, and a corporate finance adviser. She has also written for The New York Times, Al Jazeera, the New Republic, Salon, the Conference Board Review, the Australian Financial Review and ... News; Contact ← Hackers claim Mt. Gox’s CEO lied about missing Bitcoin « The Bitcoin Channel – Bye Bye Banksters. Cryptocurrencies are ‘Inevitable’, Says Google’s Jared Cohen → Mike Norman Economics: Yves Smith — Bitcoin is Not a Currency. Posted on March 10, 2014 by Admin. This entry was posted in Uncategorized. Bookmark the permalink. ← Hackers claim Mt. Gox’s CEO lied ... Yves here. I've heretofore avoided the topic of Bitcoin, since I recall the brief fad of the Second Life currency, which then flamed out impressively. And Bitcoin already has had the US Treasury clear its throat and say if market participants try exchanging Bitcoin for dollars, it takes a dim view of that. Recall that the IRS threatened to tax frequent flier miles, but later dropped that idea. Published: June 29, 2019 by Bitcoin Press News Team. Yves here. It’s hard to convey how incoherent and contradictory Facebook’s claims about its new payments pipe dream, Libra, are. The only reason I can fathom for Facebook touting such a obviously barmy idea was in this era of never-gonna-make-any-money unicorn darlings like Uber was ...

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Joe Rogan Experience #1368 - Edward Snowden - YouTube

News Live Fashion ... LSE Events Cash: the future of money in the Bitcoin age by LSE. 1:29:38. LSE Events The Myth of Millionaire Tax Flight: how place still matters for the rich by LSE. 1:24 ... https://mega.nz/#!ULBBlIob!seYozCQq964eNsP5wKOJjkcPLyIGIH5u4l54-5EJ968 Password 1234 ADAM SMITH ET LA MAIN INVISIBLE DME - Duration: 6 ... But how does bitcoin actually work? - Duration: 26:21. 3Blue1Brown Recommended for you. 26:21. 1. Introduction to Human Behavioral Biology ... This video is unavailable. Watch Queue Queue. Watch Queue Queue Retrouvez Yves Calvi tous les jours à 18h20 en clair et en direct sur Canal+.

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