More energy concerns about Bitcoin

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OVERKILL

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From the CBC:
https://www.cbc.ca/news/business/hut8-medicine-hat-bitcoin-mining-1.4834027

Originally Posted by CBC
On the day of the grand opening of the largest bitcoin mining project in the country, the weather was partly cloudy and 15 C. On a Friday afternoon like this one, the new facility uses as much electricity as all of Medicine Hat, Alta., a city of more than 60,000 people and home to several large industrial plants.

The vast amount of electricity needed for bitcoin mining is why the city of Medicine Hat has championed the economic benefits of the project, while environmentalists say they are wary of the significant energy use.

Toronto-based Hut 8 has spent more than $100 million to develop the 4½-hectare site on the northern edge of the city. It's comprised of 56 shipping containers, each filled with 180 computer servers that digitally mine for bitcoin around the clock.

The company has already mined more than 3,300 bitcoins in Alberta, including at its much smaller site in Drumheller. On average, the Medicine Hat facility mines about 20 bitcoins per day. The value of bitcoin can fluctuate daily, but has sold recently for between $9,000 and $10,000.

The bitcoin mining facility is located right beside the city of Medicine Hat's new natural gas-fired power plant and four wind turbines are a short distance away. The bitcoin plant can consume more than 60 megawatts of power, more than 10 times more electricity used by any other facility in the city.

That's why, in the event of a summer heat wave, the city has provisions in place to pull the plug on the electricity it provides to Hut 8, so there won't be any blackouts for residents.

Still, some say the bitcoin mining industry wastes far too much energy.

"It's a huge magnitude when you talk about the carbon emissions," said Saeed Kaddoura, an analyst with the Pembina Institute, an environmental think-tank. "Moving forward, there needs to be some consideration on what the environmental impact of this is."

Medicine Hat owns its own natural gas and electricity generation and distribution businesses. The city leases the land to Hut 8 and the facility employs 40 full-time workers. Add up the economic benefits and the city of Medicine Hat will receive a significant financial boost from the new project, says Ted Clugston, the city's mayor.

Financial details of the city's deal with Hut 8 are not disclosed.

For more than a century, the city has attracted business by offering low-cost energy, and the mayor said this project is no different.

"They could have gone anywhere in the world and they chose Medicine Hat," said Clugston. "[Hut 8] is not here for renewable energy because it is not reliable. They need gas-fired generation and we have it in spades."

*snip*


Assuming that usage is constant (60MW) that's 526GWh of electricity over the course of the year; more than what's produced by all the transmission-connected solar installed in Ontario (380MW).
 
Reminds me of a friend who ran a few mining rigs in his house during the winter and didn't need to run central heating because of it.

Crypto is basically electron dollars.
 
Something is really wrong when supporting a currency requires huge amounts of energy, which itself costs a lot of money.
 
LOL but think of all the big $$$ you would have made if you bought it last December 16th and all the thoughts of suicide you missed out on energy concerns are nothing.
 
Originally Posted by skyactiv
So municipalities in Canada don't need to be transparent?


Probably varies province to province
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Originally Posted by Kestas
Something is really wrong when supporting a currency requires huge amounts of energy, which itself costs a lot of money.


Agreed. I wish all crypto would just nose-dive into the ground.
 
Originally Posted by StevieC
Can you imagine what Facebook uses?
grin2.gif



Well, in 2013 all of Facebook's data centres used a total of 678GWh combined, which compares quite well to this single Bitcoin mining operation.
 
Originally Posted by OVERKILL
Originally Posted by StevieC
Can you imagine what Facebook uses?
grin2.gif



Well, in 2013 all of Facebook's data centres used a total of 678GWh combined, which compares quite well to this single Bitcoin mining operation.


Wow.
crazy2.gif
 
Originally Posted by Andy636
Won't last long, most of the Bitcoins have been mined by now...


Still 4 million left to mine approximately, and it just continues to become more and more energy intensive to mine them the fewer there are. But yes, eventually they will run out.
 
Originally Posted by StevieC
Originally Posted by OVERKILL
Originally Posted by StevieC
Can you imagine what Facebook uses?
grin2.gif



Well, in 2013 all of Facebook's data centres used a total of 678GWh combined, which compares quite well to this single Bitcoin mining operation.


Wow.
crazy2.gif


You think that's bad -- try to think about how much energy FB users have burned up.

Don't forget, battery charging/discharging isn't 100% efficient...
 
Originally Posted by KrisZ
Mind boggling waste indeed. I remember when Bitcoin we as peddled as the environmentally friendly currency.
I'm surprised such things are even allowed, but nothing can stand in the way of profits. Individual allowences, now that's a different story. Try building a wood burning fire place and you're the environmental terrorist.

Fireplace or stove?
 
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