Same solution in search of a problem as all Bitcoin proposals. If you occasionally have spare electricity for compute, you might as well do useful work with it like with Charity Engine.
Yeah he's talking about making it _economical in rural Africa_ and complementing unstable demand with bitcoin earnings to make the ends meet. I think it's a neat idea.
The solution to "Africa has unreliable energy" isn't to waste what little they have, it's to help them invest in more things like solar panels. Bitcoin doesn't help anything but itself.
The problem is that it's faster to get some solar panels put up than it is to connect them to a grid. Once a community has an energy surplus, then until there's someplace else to which they could send that energy, cryptocurrency mining offers at least some income in the meantime.
Does it pay as well? When your community is impoverished, that's kind of the most important factor; any compute (for which people pay you) is useful compute in this context, that usefulness scaling with how much people pay you.
Due to the economics of Bitcoin mining where it is always the same computation that can be offloaded to specialized hardware, alternatives pay better. Bitcoin mining is only profitable if electricity is nearly free or if you have specialized hardware and worth doing at scale only if you can combine both. Doing useful computations is profitable even with plain old computers paying California electricity prices.
If that were indeed true, then Bitcoin mining wouldn't be anywhere near as popular as it is now. Also note that my comments pertain to cryptocurrency in general (or at least the proof-of-work variety).
As for the useful computations you propose that ostensibly pay as well as cryptocurrency mining... which ones? If you're referring to something like cloud computing, keep in mind that the bandwidth requirements for cryptocurrency mining are basically negligible - which is an important factor to consider even in rural America, let alone rural Africa.
Baseload with Bitcoin would not just be baseload it would be the only load.
If you invest in Bitcoin hardware and get good money from it somewhere in Africa with a slow economy, why would you suddenly not consume all of it?
The only reason would be that the Bitcoin miner is not the same person as who is building the grid and the grid person only gets the same money from you than from others.
But 1. Why would you start building this and not leverage it yourself? If you can't Bitcoin miner still will be able to pay the highest price after all it is not limited by local economy but by the global one which is much richer.
The right answer than would be a Bitcoin tax. But the Bitcoin tax would only motivate both (producer and consumer) to make as much as possible.
Only after Bitcoin consumed all of this cheap unregulated power it will stop
.
So now energy is still not affordable to anyone because they can't afford the inflated Bitcoin price.
You know who has to stir this shit out? Everyone not doing Bitcoin. Like the people in china were it got so bad that Bitcoin miners risked the power stability.
Also of course this doesn't motivate anyone to build up a real sustainable business with local impact like metal smelting, bakery, paper plants etc. They can't pay what a Bitcoin miner pays.
I hate this shortsighted ignorant green washing.
Bitcoin is a virus. It was created out of thin air, consumes tons of energy only to keep its own decentralized integrity for its own integrity sake not adding any value outside of itself.
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[ 4.5 ms ] story [ 28.9 ms ] threadAs for the useful computations you propose that ostensibly pay as well as cryptocurrency mining... which ones? If you're referring to something like cloud computing, keep in mind that the bandwidth requirements for cryptocurrency mining are basically negligible - which is an important factor to consider even in rural America, let alone rural Africa.
Baseload with Bitcoin would not just be baseload it would be the only load.
If you invest in Bitcoin hardware and get good money from it somewhere in Africa with a slow economy, why would you suddenly not consume all of it?
The only reason would be that the Bitcoin miner is not the same person as who is building the grid and the grid person only gets the same money from you than from others.
But 1. Why would you start building this and not leverage it yourself? If you can't Bitcoin miner still will be able to pay the highest price after all it is not limited by local economy but by the global one which is much richer.
The right answer than would be a Bitcoin tax. But the Bitcoin tax would only motivate both (producer and consumer) to make as much as possible.
Only after Bitcoin consumed all of this cheap unregulated power it will stop .
So now energy is still not affordable to anyone because they can't afford the inflated Bitcoin price.
You know who has to stir this shit out? Everyone not doing Bitcoin. Like the people in china were it got so bad that Bitcoin miners risked the power stability.
Also of course this doesn't motivate anyone to build up a real sustainable business with local impact like metal smelting, bakery, paper plants etc. They can't pay what a Bitcoin miner pays.
I hate this shortsighted ignorant green washing.
Bitcoin is a virus. It was created out of thin air, consumes tons of energy only to keep its own decentralized integrity for its own integrity sake not adding any value outside of itself.