US government tracking the energy implications of booming bitcoin mining in US.

Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

  • fruitycoder@sh.itjust.worksEnglish
    237·
    10 months ago

    Honestly eth just made more progress between built in smart contracts and proof of stake, I’m surprised Bitcoin is still holding on. Sunk cost fallacy I guess.

    • linearchaos@lemmy.worldEnglish
      82·
      10 months ago

      I’m not an economist or anything, but I don’t think it’s a sunk cost fallacy I think it’s just a market. They’re all mining both. Just leaning heavier on whichever one makes them more money in the moment. The market is going to have a hell of a lot of inertia.

      • ladEnglish
        71·
        10 months ago

        The market is run by people, and people have been proven not to be rational. So, sunk cost easily applies to the market

        • linearchaos@lemmy.worldEnglish
          2·
          10 months ago

          Come on, that’s logic 101

          All a are b

          some b are c

          all a are not c.

          You can’t even claim that most A are C with that logic

          • ladEnglish
            21·
            10 months ago

            I can’t quite follow you beyond the fact that in your example “all A are not C” is correct

      • fruitycoder@sh.itjust.worksEnglish
        3·
        10 months ago

        That’s a good point a lot of the crypto markets influence is still more focused as an investment vehicle for getting more fiat wealth, that’s more reasonable to me. I guess I am just a die hard engineer and the practical uses matters a lot more than the price of tulips.

        • linearchaos@lemmy.worldEnglish
          2·
          10 months ago

          I mean honestly you’re right. Nobody should be left on the Bitcoin side from an environmental or a cost standpoint. But I have no idea how long it’s going to take to catch up.

          I will say that at some point if there is an awakening, bitcoin’s going to crash so f****** hard. And the first ones out are going to make all the money.

    • Rooter@lemmy.worldEnglish
      516·
      10 months ago

      Yep, Ethereum uses less power than a debit/credit transaction or even a PayPal transaction.

      • fruitycoder@sh.itjust.worksEnglish
        1·
        10 months ago

        Have you read some of the work Visa has been doing with EVM and zero knowledge roll ups? Pretty interesting stuff.