SG Talk

By MICHAEL HILL
yesterday


An obstacle to large-scale bitcoin mining is finding enough cheap energy to run the huge, power-gobbling computer arrays that create and transact cryptocurrency. One mining operation in central New York came up with a novel solution that has alarmed environmentalists. It uses its own power plant.

Greenidge Generation runs a once-mothballed plant near the shore of Seneca Lake in the Finger Lakes region to produce about 44 megawatts to run 15,300 computer servers, plus additional electricity it sends into the state’s power grid. The megawatts dedicated to Bitcoin might be enough electricity to power more than 35,000 homes.

Proponents call it a competitive way to mine increasingly popular cryptocurrencies, without putting a drain on the existing power grid.

Environmentalists see the plant as a climate threat.

They fear a wave of resurrected fossil-fuel plants pumping out greenhouse gasses more for private profit than public good.



https://apnews.com/article/bitcoin-minin...4947abad20

Can enlighten me I thought Bitcoin is digital coin what to do with power plants?

(17-10-2021, 10:20 AM)Cmpunk Wrote: [ -> ]Can enlighten me I thought Bitcoin is digital coin what to do with power plants?

This particular digital coin called the Bitcoin is created via "mining". And it involves lots of calculations to mine which in turn requires lots of electricity (both for the computers and for the airconditioners to keep them cool).

Here's an explanation: https://www.bankrate.com/investing/what-...%20bitcoin.

The West are hypocrites, constantly touting the need to keep environment green but allow such wasteful activities as digital coin mining.

(17-10-2021, 10:27 AM)Levin Wrote: [ -> ]This particular digital coin called the Bitcoin is created via "mining". And it involves lots of calculations to mine which in turn requires lots of electricity (both for the computers and for the airconditioners to keep them cool).

Here's an explanation: https://www.bankrate.com/investing/what-...%20bitcoin.

It's a lot of calculations without any purpose. And the calculations are not even complex, just stepping through a a number and then hashing them with other details so as to achieve another very small number.

(17-10-2021, 10:36 AM)Blasterlord2 Wrote: [ -> ]It's a lot of calculations without any purpose. And the calculations are not even complex, just stepping through a a number and then hashing them with other details so as to achieve another very small number.

Yeah, I find this a waste of resources too. But if there are too few steps, too many bitcoins will be created. Creating bitcoins from thin air is bad but I think they don't want it to be really bad so they purposely go through that many calculations to slow down the creation, I think.