this post was submitted on 03 Feb 2024
398 points (94.8% liked)

Technology

59627 readers
2911 users here now

This is a most excellent place for technology news and articles.

Our Rules

  1. Follow the lemmy.world rules.
  2. Only tech related content.
  3. Be excellent to each another!
  4. Mod approved content bots can post up to 10 articles per day.
  5. Threads asking for personal tech support may be deleted.
  6. Politics threads may be removed.
  7. No memes allowed as posts, OK to post as comments.
  8. Only approved bots from the list below, to ask if your bot can be added please contact us.
  9. Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago
MODERATORS
L3s@lemmy.world
L3s@fry.gs
L4s@fry.gs
L4s@lemmy.world
enu@lemmy.world
398
Over 2 percent of the US’s electricity generation now goes to bitcoin (arstechnica.com)
submitted 9 months ago by L4s@lemmy.world to c/technology@lemmy.world
161 comments fedilink hide all child comments
 

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.

you are viewing a single comment's thread
view the rest of the comments
[–] fruitycoder@sh.itjust.works 16 points 9 months ago (3 children)

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.world 6 points 9 months ago (2 children)

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.

[–] sukhmel@programming.dev 6 points 9 months ago (1 children)

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.world 2 points 9 months ago (1 children)

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

[–] sukhmel@programming.dev 1 points 9 months ago (1 children)

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

[–] linearchaos@lemmy.world 2 points 9 months ago

Yeah I think that's our major problem here.

[–] fruitycoder@sh.itjust.works 3 points 9 months ago (1 children)

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.world 2 points 9 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.