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]

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Threeshield added that they have tracked 9 bitcoin addresses associated with the scam, in which victims have paid a total of 4.61461859 Bitcoins or approximately $38,000. FBI issues warning of 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. Yves Smith Mar 11, 2014 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… 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. All this comes a couple months after another large bitcoin price target raised eyebrows back in February 2017. According to President and Chief Behavioral Strategist of Lamoureux & CO, Yves Lamoureux, Bitcoin is on a trajectory that will eventually catapult it into bubble territory. This will ultimately take prices in excess of $25,000/BTC or more.

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