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[–]SoCo[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

This is all about crypto mining energy use and environmental impact.

The information seems largely reasonable. It lacks the outright dishonest projected energy usages MiT and other big name very well ready studies have done, by a ignorantly/dishonestly assuming a need of hash rate per transaction processed.

They lean towards blaming PoW and hailing PoS. They mention that many consensus algorithms exist and each has its pros/cons, but don't specifically point out how PoS has fundamental security issues. They also make no effort to compare different PoW algorithms and how they make very different mining industries and very different hardware used. They mention that the consensus mechanism rewards efforts with crypto, but don't mention how this is a fundamental part of the asset's initial distribution. In these ways they make light of switching consensus methods, the impact regulating them would have, and how their ultimate goal will reduce crypto security...regionally.

They mention that Bitcoin mining almost causes as much CO2 as the wasted ethane flare off, which makes it seem like it should be a very low priority in their fight.

They compare crypto mining's estimated energy usage, with concession, to Visa, MasterCard, and Discover's combined much small energy usage, and mention their much higher transaction volumes in comparison. They point out that these credit card transacts are just per-validation and that banks then settle the transactions.

They don't, however, make it clear how this DOES NOT FULFILL THEIR DUTY to compare crypto to standard banking transactions!

...as they make no attempt to quantify the electricity usage, nor carbon foot print of the banking industry, their skyscrapers, thousands of buildings or hundreds of thousands of daily employees.

They make suggesting of regulations requiring cryto-miners to register with a government authority...just to ensure accurate tracking of energy usage...surely nothing more...