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   stux⚡ (stux@mstdn.social)'s status on Saturday, 03-Feb-2024 00:02:31 JST stux⚡

   Bitcoinproductie verbruikt net zoveel energie als heel Australië https://www.nu.nl/economie/6300067/bitcoinproductie-verbruikt-net-zoveel-energie-als-heel-australie.html

   #Cryptocurrency #Bitcoin #energie

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     feld (feld@bikeshed.party)'s status on Saturday, 03-Feb-2024 00:02:26 JST feld

     in reply to

     • Alex@rtnVFRmedia Suffolk UK
     @vfrmedia @stux The China ban didn't really work though. From Cambridge / CCAF:
     
     > Most notably, however, is China’s apparent comeback. Following the government ban in June 2021, reported hashrate for the entire country effectively plummeted to zero during the months of July and August. Yet reported hashrate suddenly surged back to 30.47 EH/s in September 2021, instantly catapulting China to second place globally in terms of installed mining capacity (22.29% of total market). This strongly suggests that significant underground mining activity has formed in the country, which empirically confirms what industry insiders have long been assuming. Access to off-grid electricity and geographically scattered, small-scale operations are among the major means used by underground miners to hide their operations from authorities and circumvent the ban (5).
     
     https://www.jbs.cam.ac.uk/2022/bitcoin-mining-new-data-reveal-a-surprising-resurgence/
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     Alex@rtnVFRmedia Suffolk UK (vfrmedia@social.tchncs.de)'s status on Saturday, 03-Feb-2024 00:02:28 JST Alex@rtnVFRmedia Suffolk UK

     in reply to

     @stux the Chinese banned bitcoin as it was also causing gross overloads on the electricity grid in some areas leading to power cuts and even a fire at a substation, no country in the World would permit anything like that to continue..

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     stux⚡ (stux@mstdn.social)'s status on Saturday, 03-Feb-2024 00:02:30 JST stux⚡

     in reply to

     So yeah, currently #Bitcoin mining is taking about the #energy consumption of the people of Australia with some of the bigger ones originating in #Texas, #Georgia & #NewYork

     Previously this was mainly from #China but even they have banned it since the worry about energy consumption (and other reasons ofc)

     Perhaps the US should take an example from China on this..

     wow, never though I would say that

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     Angie 🇵🇸🇺🇦 (angiebaby@mas.to)'s status on Saturday, 03-Feb-2024 00:11:48 JST Angie 🇵🇸🇺🇦

     in reply to

     @stux

     Given that Texas is not part of the main national power grid, it's gonna suck for them.

   • Embed this notice
     feld (feld@bikeshed.party)'s status on Saturday, 03-Feb-2024 00:11:48 JST feld

     in reply to

     • Angie 🇵🇸🇺🇦
     @angiebaby @stux USA doesn't have a "national power grid" as such; there are many separate power grids connected together. Texas isn't completely isolated as they like to claim. They do have DC interconnects to the east and one down to Mexico