[chbot] Bitcoin etc.

[Charles Manning]

Yup, bitcoin "mining" is energy intensive (because it its computationally
expensive)  and is only practical where you get cheap electricity. I doubt
it would pay in NZ unless you're already using the heat. But then you'd
probably do much better to just buy a heatpump.

As for "growing so exponentially that it will surpass that of the entire
United States by July 2019", well any exponential curve looks like that.

If we followed the exponential curve of bacteria since they kicked off many
billions of years ago, they'd weigh more than the solar system. Various
nutballs look at the exponential curves and predict the earth will get so
hot it will turn into a fireball by 2500.





On Mon, Jul 2, 2018 at 8:14 AM, Mark Atherton <markaren1 at xtra.co.nz> wrote:

> Just discovered this http://www.nybooks.com/article
> s/2018/01/18/bitcoin-mania/
>
> "By the end of 2016, a single mining facility in China was using over half
> the estimated power used by all of Google’s data centres worldwide at the
> time"
>
> "estimates that it costs his company around $400 in electricity alone to
> mine each bitcoin. That’s because bitcoin mining is not only
> computationally intensive, it is energy-intensive. By one estimate, the
> power consumption of bitcoin mining now exceeds that of Ireland and is
> growing so exponentially that it will surpass that of the entire United
> States by July 2019"
>
> Please, somebody shoot these numbers down, this is completely nuts...
>
> - Mark
>
>
>
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