If this title is a bit confusing, might I suggest you first read about mining bitcoin and how the missing piece of the puzzle (called "nonce") ; in the proof of work world. (bitcoin, ethereum, etc.) I am writing from a US perspective and this may not pertain to world readers.
Most crypto blockchains are now Proof of Stake and ETH will be soon. The difference in the amount of energy consumed in BTC vs POS chains is considerable, but this is not the whole story. As I have stated before, the cost of producing currency for the United States is considerable. Take into account the entire logistics chain from producing raw materials ( special paper and ink) to the manufacturing process and the process of securing this printed money and coin. Then take the process of launching and distributing this money on a daily basis.
If you're not in the security businesses or the trucking business, you have no clue what it takes to run an armored car company (including insurance ). And hire guards.
I could go on and on about the Secret Service and counterfeiting , and drug money, and bank robbery , or I could talk about the cost of buying land and building a bank building and then paying taxes on the property and the cost of utilities. There is not enough room on 10 pages to give you the thumb nail overview of the cost to make and use fiat currency.
So, when I hear about the cost of mining BTC, I just shake my head and wonder about people that have used money all their life and yet they know so little about it. So, don't leave out the details when you rant online about the cost of BTC and the mining of it . Don't be laser focused on the electricity used until you see how the BTC mining companies are actually helping to stabilize and strengthen the electric grid , to make the Electricity Supply Chain more durable..
If you enjoy turning on a light in your house instead of lighting a coal oil lantern, or if you like internet instead of carrier pigeons, or air conditioning in the summer instead of outdoor fans; then thank your electrician and the companies that bring power to your house. I know for a fact, if your electricity goes down for more than a few seconds, it interrupts your business and your home. So quit your bitching about electricity and enjoy it. And now, belive it or not, the BTC mining community is helping to make this delivery even better due to the ability of turning off the mining process in the event of an electric grid overload.
When your electric grid goes into overload, everyone goes without. ( unless you have your own huge generator ). As much as you like the concept of lower climate emissions and electric cars, these are both culpable for the instability of our current electric grid.
So when a huge winter storm causes a debilitating demand for electricity, or a long heat spell drives up the demand for air conditioning, then you can now trust your power company for a stable supply because the BTC mining companies have built and paid for thier own generation capability and they can share that with you when your house is dark or cold.
This is an ongoing process, because many of the wind and solar projects have been stranded due to location or lack of customers, existing wasted or flared gas is now captured and used in the mining process. By bringing these new generation capabilities online ; they make the entire grid stronger and more resistant to overloads. This is accomplished by turning off their BTS mining computers when the electric grid becomes overloaded.
For years, the US Government has refused to allow more generating plants to come on line to handle the increasing demand for light, A/C and etc. They will not allow older plants to continue operating and will not issue permits to upgrade to cleaner generation. They bully the lending corporations into refusing to loan capital in order to build new generating plants. And now, they tell you fossil fuel cars will be outlawed and just buy the Tesla's.
It would be funny if it were not true, as they effectively have shot themselves ( and you) in the foot. BTC is not a villain. By financing the new electric generation capability, BTC has side stepped the political issues and is working in tandem to accomplish new goals.
Some time and somewhere in this circular firing squad, we must achieve a balance in our appetite for electricity and our fear of climate change. The path we are on now will lead to a dark and dangerous world where neither side of this coin has near of enough money, electricity, food, water, or fuel. So if the doing the same thing over and over has not given you new results, think about changing your process and doing things different.
You can brand me as a climate denier or a capitalist as you do not know me.
I was involved in electric cars in the 1980's. ( experimental and some homemade ) I love them and I would love to see them in use even more. They make an amazing and fast hot rod.
I was an early adopter of " Smart House" technology and super efficient homes and I have designed and installed many solar projects for home and business. I built my business by including "smart home techology" in homes and businesses that had never owned a computer before.
As an electrical contractor and master electrician, I consult on energy saving projects to keep a business healthy by lowering the cost of operations via LED lighting and environmental controls. I love to see solar and wind projects, as long as they are not shell games that will never be profitable. Only being built to obtain government subsidies .
So, in over 45 years of trying to make and trying to save energy, I embrace crypto. Long ago, I learned the difference of the price of any given object; as compared to the cost. Let that sink in. Price vs Cost.
And keep searching for "nonce".
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