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Old 24-11-21, 04:02 PM
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Swedish regulators want Europe to Ban "Energy Intensive" Cryptocurrency Mining

"Proof of Work" cryptocurrencies are wasting huge amounts of electricity.



Read more about Sweden's call for the EU to ban proof of work cryptocurrencies.

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Old 24-11-21, 04:15 PM
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Yes this needs to be banned as soon as possible in my opinion.
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Old 24-11-21, 04:21 PM
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oh please please yes.... this stupidity is going on long enough.
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Old 24-11-21, 05:36 PM
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I'm sure GPU manufacturers wouldn't like this, but gamers would.


But that waste. Wow. I thought mining bitcoin was a complete waste anyway, given how much energy is consumed to mine one coin.


Or does it sound like central banks being scared of currencies they have zero control over?
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Old 24-11-21, 05:48 PM
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Quote:
Originally Posted by dazbobaby View Post
I'm sure GPU manufacturers wouldn't like this, but gamers would.


But that waste. Wow. I thought mining bitcoin was a complete waste anyway, given how much energy is consumed to mine one coin.


Or does it sound like central banks being scared of currencies they have zero control over?

No it isnt just banks having a panic, the energy consumption is just to high, and in the end we as consumers pay more for our bills just so people can get "rich" with a very highly unstable currency.
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Old 24-11-21, 08:15 PM
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Bitcoin uses less than half the energy usage banks consume around the world all while being more secure and decentralized. Bitcoin is already adopting tech to reduce consumption significantly without going to a proof of stake model(not that it would be possible to change to mid chain) and while it will consume more than Etherum still, will dramatically be less than now while still maintaining its security and resilience to chain modification.

Its more of banks being scared than anything. Most of the mining is taking place in select regions of the world. That's the only reason it is an issue. Scare people into what it does to the earth, try to regulate it to appear as the good guys, world governments have another source of income. Seems about right. Its just being used as a gateway for all crypto is bad lets govern it when in reality if we all adopted Etherum in that case they no longer have any valid arguments against crypto.
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Old 24-11-21, 09:37 PM
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looking at the math

Quote:
Swedish regulators have claimed that an electric car can travel 1.8 million miles, or 44 laps around the world, using the same energy that is consumed to create a single Bitcoin.
I had a Nissan Leaf, and I could manage 5 miles per KW hour.
How many KWh per bitcoin?


As of mid-July, a single bitcoin transaction required 1719.51 kilowatt hours (kWh)
Source: https://www.coindesk.com/business/20...s-bitcoin-use/


so that's a simple 1719, let's call is 1720KWh multiplied by 5 miles
1270 * 5 = 8,600 miles


Even if you assume a kilohash rate from CPU mining, it's closer to the 1.8 million miles, but still a LONG way off. The power consumption is halved (at least for GPU mining vs CPU mining). Plus who the hell would mine on a CPU? 150w for 2,000+ hashes, vs GPU 350W and you get millions of hashes.


So yes it seems to me to be either utter tosh or scaremongering.
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Old 24-11-21, 09:52 PM
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POW should be banned. No doubt about it.
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Old 25-11-21, 04:08 AM
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Quote:
Swedish regulators have claimed that an electric car can travel 1.8 million miles, or 44 laps around the world, using the same energy that is consumed to create a single Bitcoin. Every day, around 900 bitcoins are mined/created.
Damn!
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Old 25-11-21, 05:58 AM
NeverBackDown NeverBackDown is offline
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Quote:
Originally Posted by dazbobaby View Post
I had a Nissan Leaf, and I could manage 5 miles per KW hour.
How many KWh per bitcoin?


As of mid-July, a single bitcoin transaction required 1719.51 kilowatt hours (kWh)
Source: https://www.coindesk.com/business/20...s-bitcoin-use/


so that's a simple 1719, let's call is 1720KWh multiplied by 5 miles
1270 * 5 = 8,600 miles


Even if you assume a kilohash rate from CPU mining, it's closer to the 1.8 million miles, but still a LONG way off. The power consumption is halved (at least for GPU mining vs CPU mining). Plus who the hell would mine on a CPU? 150w for 2,000+ hashes, vs GPU 350W and you get millions of hashes.


So yes it seems to me to be either utter tosh or scaremongering.
Not to mention refrigerators take up A LOT of power. Ever try to run a house off a generator? You need at least 2000 watts per fridge. Not counting anything else. So to say Bitcoin mining is the sole problem is a joke. We have many appliances and household items that use a ton of power every day. Nobody complains about that...
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