Block Chain transactions taking over the power grid

[peakbagger]

http://grist.org/article/bitcoin-could-cost-us-our-clean-energy-future/

So much for reducing power demand.

I have seen recent articles where people are heating their homes with the waste heat from bitcoin mining.

 

[vinny11950]

I read an article of Amazon doing the same

https://www.vox.com/energy-and-environment/2017/11/22/16684102/amazon-data-center-district-heating

I imagine cities are going to have to drastically change to take advantage of these innovations. It will require better planning and imagination, openness to outside ideas from smarter people, and a citizenry willing to play along. The cities that get it done and manage to adapt to future technologies will probably be the ones that will probably flourish economically.

Also interesting to note that Amazon, like other tech companies, is putting up a lot of solar panels to power their servers.

PBS Newshour had a good solar power segment last night.

https://www.pbs.org/newshour/show/rethinking-the-utility-company-as-solar-power-heats-up

 

[peakbagger]

Based on current climate predictions carbon taxes or the equivalent will pop up after a long series of enough climate disasters. When they do kick in I expect these hidden energy hogs are going to be outed as someone is going to need to pay the taxes. All the big tech firms are good at green washing but behind every data center "fed" by PV or wind is a fossil or nuclear power plant.

 

[blades]

Unfotunatly the way they write regs , it becomes a game of checkers and no one really pays, except the little guy- you and me

 

[jatoxico]

https://www.nytimes.com/2017/09/13/business/bitcoin-mine-china.html

China is in big. The mines described in the above article were placed there because of the lost cost hydroelectric available in the area IIRC.

 

[begreen]

There are major server farms along the Columbia River for this reason.

 

[Where2]

Meanwhile, on another forum I participate in, at least one user has created solar powered mining rig using a very lower power pc..

 

[georgepds]

Meanwhile, on another forum I participate in, at least one user has created solar powered mining rig using a very lower power pc..

What is the column?

I generate a surplus of power by sun. Here the electric company will credit me but not send a check... Also, would be a good way to warm the upstairs

 

[maple1]

Bitcoin ignoramous here.

Is there a Coles Notes or For Dummies on how this stuff works? Why does it take so much juice? Mining - WTH is that anyway?

 

[jatoxico]

Solve complex mathematical problems requiring heavy number crunching ability of computers. Solve the problem get the coin. Only so many coins come out and there is a finite number to be issued. Can't give you much more than that like where do the math problems come from IDK but computers and cooling takes the energy.

 

[begreen]

More info here
https://www.investopedia.com/terms/b/bitcoin-mining.asp

 

[peakbagger]

All I know is the system eats a lot of power and anyone who plays in the bitcoin market are playing a dangerous game. There is no SEC or any other organization keeping an eye out for abuse of the system. Only a small number of people own 40% of the bitcoins, they can legally manipulate the market in all sorts of manners that would be illegal in most other financial transactions. Sophisticated investors probably understand it but there are a lot of firms making it sound legit so that small clueless investors are going to "invest" in it. Its really far more like gambling.

Folks buying bitcoins may want to look up tulip mania https://www.investopedia.com/features/crashes/crashes2.asp

 

[jatoxico]

May be a bubble and I certainly won't be investing but what other manipulations of the market can owners do?

 

[peakbagger]

The 40% owners get on th phone and decide to do a coordinated dump of a block of bitcoins on the market. The price drops and then they buy back the block at the lower price. In securities markets this would be illegal collusion but perfectly legal in a market with no regulations.