Bitcoin is not a currency - Credit Writedowns

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]

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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. Yves Smith Post author December 20, 2017 at 11:38 am. I have pointed out before that the Merc would have failed in the 1987 crash except Continental Illinois resident Tom Theobald was in early and chose to violate the bank’s policies by covering for a $400 million CME customer “fail to pay”. That took place with only 3 minutes to spare before exchange opening. And Continental Illinois ... 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. Peter Smith in London. November 22, 2017 Jump to comments section Print this page. A small Paris-based asset manager has launched Europe’s first bitcoin mutual fund in a move intended to draw ... Mining; Instructions; Trends; Price ; 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 ...

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