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A lake in upstate New York heats up due to bitcoin mining
A lake in New York City is warmer than normal, and the cause is a local bitcoin mining. This is what the residents in the region of Seneca Lake say, at least. "it is so hot that you can sit back and enjoy it as if it were hot springs." .
According to an NBC report, Atlas Holdings, an investment firm, is responsible for mining Bitcoin, which is operated by Greenidge Generation LLC. The mining company works from a power plant and, by burning fossil fuels, generates electricity to power the 8,000 mining computers and has been installed in the region for a year and a half.
“Burning fossil fuel amid climate change to make fake money is ridiculous,” says Yvone Taylor, Lake Seneca's “forest ranger”. With thousands of computers running at full load 24 hours a day, an enormous amount of power is generated, further contributing to increased pollution.
A study by the University of Cambridge indicates that the energy consumed by miners around the world is equivalent to what Argentina needs for electricity in a year. When it comes to that amount of energy from fossil fuels, the increase in carbon emissions is significant, according to NBC. And we are only talking about a single mining station of the many that exist around the world.
A representative from investor Atlas Holdings said the company "takes responsibility to protect the environment and support local communities seriously and will continue to strive to meet the highest standards." Greenidge Miner CEO Jeff Kirt said "the power plant's environmental impact has never been better than it is now . " The company had already committed to eliminating carbon emissions and promised to stop using natural gas.
The water from the lake cools the 8,000 machines that are used to extract Bitcoin in the gas plant located in the Finger Lakes of New York. According to documents obtained by NBC, Greenidge's current permit allows him to drink 500 million liters of water daily, at temperatures of up to 42 degrees Fahrenheit in summer and 30 degrees in winter. The permit must be renewed in September.
The company claims that water temperatures are in the middle of these levels, but local residents disagree. According to NBC, despite their efforts, a full thermal study has not been produced and will not be done until 2023.
Returning to the study of the University of Cambridge, it is worth highlighting some curiosities:
- The amount of power generated by powered but idle electronic devices in US homes could power the Bitcoin network for 3.3 years.
- The energy consumed by mining Bitcoin in one year could boil water in kettles for the English for 15 years or 2.3 years for the whole of Europe.
- The Bitcoin network consumes enough energy in one year to supply the University of Cambridge for 382 years.
Brit90
Senior Member
Posts: 122
Joined: 2016-11-08
Senior Member
Posts: 122
Joined: 2016-11-08
#5927937 Posted on: 07/09/2021 04:49 PM
If the complicated mathematical formula was based on things like World Community Grid where the result is actually of scientific research then the advancements we would have made over the last 5 years would be incredible. It just needs to be made into a useful result that helps research imo.
Crypto has to be banned globally - problem solved
If the complicated mathematical formula was based on things like World Community Grid where the result is actually of scientific research then the advancements we would have made over the last 5 years would be incredible. It just needs to be made into a useful result that helps research imo.
cryohellinc
Senior Member
Posts: 3496
Joined: 2014-10-20
Senior Member
Posts: 3496
Joined: 2014-10-20
#5927942 Posted on: 07/09/2021 05:05 PM
I can easily create a ban list for you, that will make some chairs burn instantly.
Jokes aside - the technology at its core is amazing. Blockchain can be a perfect solution for various problems. But just like so many things around the globe - it's the implementation that stinks. I sincerely doubt that crypto in its current form will be anything other than a speculative currency.
It has to be regulated in one way or another. In its current form, it's a disease / a waste.
Blockchain, in my eyes, has wonderful future potential.
Fully agreed, kudos.
@cryohellinc What else would be good to ban Globally? I don't think there is a single thing in the world that is outlawed globally. I am wrong actually, going outside for a walk just very recently.
I can easily create a ban list for you, that will make some chairs burn instantly.
Jokes aside - the technology at its core is amazing. Blockchain can be a perfect solution for various problems. But just like so many things around the globe - it's the implementation that stinks. I sincerely doubt that crypto in its current form will be anything other than a speculative currency.
It has to be regulated in one way or another. In its current form, it's a disease / a waste.
Blockchain, in my eyes, has wonderful future potential.
If the complicated mathematical formula was based on things like World Community Grid where the result is actually of scientific research then the advancements we would have made over the last 5 years would be incredible. It just needs to be made into a useful result that helps research imo.
Fully agreed, kudos.
FatBoyNL
Senior Member
Posts: 1619
Joined: 2004-07-16
Senior Member
Posts: 1619
Joined: 2004-07-16
#5927943 Posted on: 07/09/2021 05:08 PM
Now I'm scared they might want to put it up Uranus..
Still better than f*cking up Mother Earth though
(Thank god it's friday!)
I've heard Pluto is cold enough, miners should try to move there...or just ban the whole thing and call it a day.
Now I'm scared they might want to put it up Uranus..
Still better than f*cking up Mother Earth though
(Thank god it's friday!)
illrigger
Senior Member
Posts: 318
Joined: 2017-02-16
Senior Member
Posts: 318
Joined: 2017-02-16
#5927958 Posted on: 07/09/2021 06:10 PM
I love how people still think crypto is fake money. Or rather that normal money is more real than crypto.
My house (which we paid $200,000 for in 2012) has gone up in value by over $200,000 in the last year. Just by existing, no improvements, nothing new built nearby, nothing - it's all because people want to live around here more than they used to. And people insist that this money is "real", but crypto isn't.
I love how people still think crypto is fake money. Or rather that normal money is more real than crypto.
My house (which we paid $200,000 for in 2012) has gone up in value by over $200,000 in the last year. Just by existing, no improvements, nothing new built nearby, nothing - it's all because people want to live around here more than they used to. And people insist that this money is "real", but crypto isn't.
Click here to post a comment for this news story on the message forum.
Senior Member
Posts: 8186
Joined: 2010-11-16
well sure... if someone who is pathologically sensitive is putting his finger right into the discharged water he might feel this 0.5 Celsius increase.
but this 0.5 C increase goes only toward 1/32,000 part of the lake volume per day.
OTOH if someone stood right next to me while I was entering the water, he might complain that my body is raising the local water temperature by MORE than 0.5 Celsius.