Building the world’s greenest Bitcoin mine
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- čas přidán 14. 06. 2023
- Meet the digital currency disruptors who are making Bitcoin mining carbon negative for a greener future.
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Cryptocurrency has the potential to revolutionize our monetary system. Bitcoin - the largest cryptocurrency - could provide people with a more secure, difficult to counterfeit, more streamlined, and decentralized financial system.
But as bullish as people are on Bitcoin, there’s been a difficult-to-ignore shadow looming over the industry - its perceived energy consumption. All cryptocurrency transactions are recorded through a process called mining. This process requires many verified crypto miners to validate a transaction by solving incredibly difficult mathematical puzzles. This acts as a way to verify all transactions in a decentralized manner - but, because Bitcoin mining requires a lot of computing power, it uses a decent amount of energy.
Now, a new data center is moving away from users to harness renewable energy at its source - West Texas.
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We created this video in partnership with @coinbase.
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How about changing the puzzle that miners have to solve into one that helps the scientific community? All that computing power being used to solve pointless puzzles, when university's are paying millions for supercomputers. 😢
There is not an alternative for a self-auditing system that is dependent on a third party oversight. If you figure out that problem, then we are all ears.
Unfortunately you are not providing a solution, just an unconstructive critique. Do better bro, you are embarrassing yourself.
@@DiiceForeveroO When Covid happened I was folding at home, to speed up the end of the pandemic. Curecoin (another crypto) was paying me based on how much folding happened. Of course, I didn't go into this for the money, but thought hey if I'm using computing resources usefully, might as well take the reward (they aren't worth much anyway). I'm no Bitcoin expert, but shouldn't it be possible to do something similar? In STEM you often get differential equations, which are pretty hard puzzles. Isn't it possible to change the Bitcoin protocol into one where you only get paid for calculating correct solutions to DEs?
@@Ninjaeule97 Here is the FACTS. Curecoin consensus system has PoS function making curecoin inherently centralized protochol. Bitcoin is truly decentralized. You have failed make a legitamate alternative. Curecoin function as an unregistered security while bitcoin is real true digital commodity.
The amount of people using Curecoin is PATHETICALLY SMALL. Cuecoin's consensus system has NOT been tested at scale unlike bitcoin. BTW, looking at the price history of Curecoin, it looks like a FAILED AND DEAD crypto project making any this alternative a bad suggestion, LMAO.
There is NO real alternative to bitcoin we have currently. That is what makes bitcoin special. Absolute mathematical scarcity achieved by consensus in a sufficiently decentralized distributed network was a discovery rather than an invention. It cannot be achieved again by a network made up of participants aware of this discovery since the very thing discovered was resistance to replicability itself.
Yes, that would be ideal. There are coins that give rewards for protein folding simulations, for example.
Create a Bitcoin Improvement Proposal, if it gets voted for and approved, the bitcoin protocol gets updated, or forked, and then the users will decide which version they deem safer and which they support.
This feels an awful lot like greenwashing.
Bitcoin will be foundational to future of renewable heavy grids as a load balancer. Do the work.
@@michael2275 I mean they didn't explain it very well, i only understand cos i'm taking circuits in university right now
why though? the idea seems to be generally working as it should?
How is it deceptive or misleading? If these mines can be optimized for areas with ideal renewable energy potential the resulting demand will create an infrastructure of cheap renewable energy and keep it stable and productive.
@@tysonfromearth He's not interested in factual matters, just virtue signalling.
you could do the exact same thing but instead of mining bitcoin, power computation to solve actual problems. crypto can work on proof of stake (eg Ethereum), there is no reason to use more energy intensive process than necessary.
Bitcoin mining does solve actual problems:
1) Provides an economic solution to the intermitency problem of renewable energy generation and transmission with respect to supply and demand curves;
2) Provides anyone on the planet with an internet connection 24/7access to a permissionless global monetary network that's self audited and has no counterparty risk;
3) Provides dissidents/journalists living under politically repressive regimes with an open and permissionless way to raise money and transact outside of the existing financial system
Just because you don't like it for ideological reasons doesn't mean that Bitcoin's proof of work mining has no utlity. Proof of stake is just recreating the existing financial system on a blockchain where those with the biggest bags have the most say in governance and receive the largest share of staking rewards by virtue of having the biggest bags. Also, staking rewards are just glorified token inflation that only serves to devalue the underlying asset over the long run. The people hurt the most are those at the bottom of the economic totem pole with the smallest holdings.
Proof of stake cannot function without third party oversight or a centralized developing team. Bitcoin and PoW is self-auditing and self-regulating.
This would be awesome if it would be used for anything but crypto.
Bitcoin is not crypto
Renewable energy is precious so don't waste it
The issue is that sometimes it actually isn't. There are a lot of challenges with getting renewables to reliably power a grid, and one of them is that you will often have way more power than what's being used.
Energy ISN'T FINITE. Energy is abundant and can be used to create revenue. The problem is renewable energy is stranded and is hard to transport. However, Unused Renewable energy can be funded by bitcoin mining if that energy is not being used.
These renewable energy is NOT POLLUTIVE.
Bitcoin is already one of the most environmentally friendly uses of energy on the planet it's monetizing what would have been wasted energy or stranded energy. it's empowering small communities in Africa across the world it actually makes renewable energy profitable.
Doesn’t bitcoin mining switching to proof of stake make all of this a moot point?
There is very little chance that bitcoin wil go from pow to pos
Great, instead of using green energy to power homes, cars, etc. we use it to mine bitcoin. A currency which almost nobody uses to buy stuff 🙄
Waisted energy…
$62 TRILLION dollars worth of value was transferred over bitcoin network in 2021-2022 without the need of banks or government control. Try doing that with gold or us dollars.
Btw, who elected you to decide how electricity is used? I don't remember anyone giving you power to dictate how energy should be allocated.
Kinda sad and pathetic mindset to tell people how to live their lives don't ya think?
@@DiiceForeveroO while I support the right for privacy and therfore think that crypto has is uses, this video was about how 'green' bitcoin is. So I'm entitled to my opinion that we could use green energy for more practical uses.
@@Ninjaeule97 Bitcoin is digital property which allows billions of people the opportunity to own digital property rights that weren't available before bitcoin.
Do you not value property rights?
Seems like you don't really understands bitcoin's use case for the world and focus too much and the energy aspects.
Seems like a practical use case and an ethical pursuant don't you think? Seem like a useful tradeoff of energy usage for digital property rights.
But oh well, that's my opinion...
But here is a fact you are missing. Bitcoin mining leverages 52.6% sustainable energy, making it an appealing ESG investment so the energy usage seems green compared to many other industries.
@@DiiceForeveroO I do value property rights. I'm not proposing to take away anyones bitcoin. Maybe you read the other comment I left under this video, where I asked if you could change the puzzle needs to solve to earn Bitcoin. Just over 50% sustainable energy isn't something I would consider that ESG . But hey that's just my opinion.
It's wild reading the comments and seeing how many people are still brainwashed by these coins.
4:05 anime youtube suggestions 😅
That's fine, but nuclear power is basically green, minus the waste, which is not that big a deal.
I am a fan of Freethink and I totally support it. Pleaswe keep doing the good work even when the comments are not popular because people live in a bubble.
Cheers, thanks so much!
Understand you taking away people livelihood, B Corporation isn't the only ones who can do green.
I just wonder what else can we do with that much of a power?
I just wonder how little you know about the current financial system. If you knew about it, that thought wouldn't even cross your mind.
We can power homes, cars, trains, industry, make H2, etc.
Do you wonder that about all xbox's? No. Ridiculous statement.
@@Ninjaeule97it’s waisted energy. If it’s not being used to mine Bitcoin it is literally being waisted. (Not used)
The idea is that if the power is needed for the grid, it can be used for it. But if not, it generates income. By increasing the economic viability of solar panels - which can have issues with excess generation at times of the day when power is cheap - hopefully they enable more to be produced and installed everywhere.
A more green solution to this would be a battery that stores and releases excess energy like a capacitor instead of burning off the additional energy into heat.
I miss when this channel was about actual useful and cool futuristic stuff..
Bitcoin is the first digital property right and digital commodity and has transacted TRILLIONS of dollar worth of value without the need of a company/bank. Infact, $62 trillion dollars from 2021-2022 alone, according to coinmetrics, a cryptodata collecting company.
Seems kinda useful and futuristic... Try doing that with gold (or any type of property asset) in the modern digital era...
why not just biuld batteries that charge while access power and return the stored power during the rest of the time? - wouldn't that make more sense?
It doesn't solve the transport issue - we can't efficiently move charge from hot and windy SW Texas to the population centers than need it. Also, batteries not fully efficient, you always lose some percentage of what you store, sometimes a very large percentage. Lithium batteries are relatively efficient, but lithium mining is enormously destructive and difficult. I know people working on improving the "mining" methods (they actually extract lithium from groundwater), but even if that improves, lithium will be primarily used for applications where it's important to be relatively light and portable (laptops, cell phones, cars, etc). For now, batteries are not a sufficient solution to the massive inconsistencies in renewable power output.
@@duncanrobertson6472 there are already alternatives to Lithium (e.g. compressed air, CO2, ambri, h2o, flow batteries, concrete Block Towers, ...)
In a net of increasing renewables, storage will be a major concern. These batteries reduce peak loads of the net and provide a smoothing of the fluctuations from renewables. Bitcoin miners flatten out the peaks but unless batteries cannot provide stored power back in other times. There are already other Crypto techniques requiering less power ... (Proof of stake - ehterium, Proof of space-time Chia, ...) The only "Green" alternative for Proof of Work miners like bitcoin would be If they replace an electric heater (and also this only If a heat pump cannot bei used)
@@DiiceForeveroO If you read my message, you will see, it starts with a "why" - I don't recall where a question has anything to do with dictatorship. I was just curious why the presented option was selected over the alternative that came to my mind. I am willing to learn! Are you?
That is such a waste of ressources
I somewhat get that ...but I still dont understand how is putting all those resources in green grid building for Bitcoin, rather that say houses or industries? ...I mean, aren´t we struggleing enough with changeing our current energy mix? ...for a financial asset that requires increaseingly amounts of energy, you will eventually need insane amounts on infrastructure to support its operation. Still not sustainable. ....those are some of the issues or questions that I have no answers for yet. ...like how the increaseingly amount of resources put into BTC operation are better placed there than current green economy/infrastucture transition if Bit Coin adoption still has an enormus market share yet to aquire.
Is becouse of this that I still dont understand the logic behind supporting infrasturcure for PoW in digital assets.
This is one of the great reasons why states should encourage Bitcoin mining - Balancing the power grid.
One problem power grid operators face is increased peak demand on very hot days. This is a problem because the energy demand is not constant so they cannot invest to increase capacity. Bitcoin fixes this. By creating demand at all times, which can be dynamically adjusted as required, it gives the incentive to expand capacity.
This is what we should be explaining to power alarmists as to why Bitcoin mining is actually good. And of course also the fact renewables are being increasingly more employed since they're cheaper by the day.
Aus welchen Rohstoffen wurde alles dafür hergestellt?
Welche Energiequelle wurde dafür genutzt?
Selbst wenn alles wiederverwertet und co2 frei ist, hätte man diese Ressourcen für anderes nutzen können. Selbst die Energie jetzt könnte für normales Leben genutzt werden.
Bit coin will never be green compared to a normal electronic transaction since it requires a world wide computer network to validate each transaction by inverting a cryptographic hash. Thats a very expensive operation, these people are fooling themselves.
Comment section is filled with uninformed haters.
This is cope, crypto is dead, go back to covering actual tech.
Bitcoin is not 'crypto', it will be back bigger than ever.
Bitcoin is not crypto
This is not a solution.
This is not a solution for what?
isnt the point of the system that it isnt centralized or regulated so how are you going to get the users to use renewables?! Feels like green washing something that isnt actually doing any good.
Bitcoin is already one of the most environmentally friendly uses of energy on the planet it's monetizing what would have been wasted energy or stranded energy. it's empowering small communities in Africa across the world it actually makes renewable energy profitable.
What a waste. Just go proof of stake.
proof of stake is inherently centralized, bitcoin PoW consensus system is sufficiently decentralized.
You did not offer a sufficient alternative. Try again.
No. Bitcoin is about money security. Security first green energy is last.
Grid stabilization is an important goal to achieve.
I love bitcoin
So many people in the comments still seem to not understand the importance of Bitcoin and the reasons why it should exist
The most green digital currency is US dollar, US can print as many as they want, and cost nothing!
How much do you think the US Banking system consumes in terms of power? Have a guess.
Your right. We should abolish currency and banking and bureaucratics and have a post scarcity where you just can have a thing cause you want and need it.
Etheriums model works with proof of stake instead of proof of work, so the idea, that the work is detrimental for the security of the network is questionable.
ETH and PoS are trash
Kudos,every little bit helps in the grand scheme of things
This BS coin....I mean bitcoin is an elitist waste of energy that can be used for more useful things. However these companies use words like green and renewable to justify this ridiculous endeavor. Put these resources to better use.
'Promosm' 💐
Is that ben affleck? 😂😂😂😂
Facsinating, good strategy for the near term.
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Increase in the use of solar for crypto mining can also increase solar manufacturing overall, which would decrease solar costs, and further encourage power plant builders to use solar.
Crypto had the opposite effect on cost of GPUs. increased demand -> increased cost. in most systems, that would lead to increased production, increased efficiency with scale, and reduced cost (as you predict). I suspect that when the thing driving demand is literally the production of money, it breaks the loop that should decrease cost because any increase in manufacturing efficiency is matched with increased demand that prevents costs from going down.
70% of Bitcoin mining is done using renewable energy.
No
Promoting decentralized pyramid schemes wow
"decentralized pyramid schemes"- is literally an oxymoron.
You cannot be "decentralized" and a " pyramid scheme" at the same time. You should probably know definition of the words you use so you don't embarrass yourself 🤪😂🤪😂🤪😂🤪😂
@@DiiceForeveroOYou’re wrong, It isn’t mutually exclusive, it can be both decentralized and a pyramid scheme.
Each cryptocurrency is itself a pyramid scheme in which value is added to the currency via an exchange with real world currency. Those who arrive early and collected coins see the value of their coins rise exponentially while those who purchase or mine the increasingly harder to get cryptocurrency lose when the early miners and purchasers withdraw real world currency, deflating the exchange rate, causing the pyramid scheme to collapse.
What makes this decentralized is that there is no direct communication between the parties, but rather a concentrated effort through the collective understanding that if they hype up the project, more people will exchange real currency for cryptocurrency.
Those who were literate in financial crimes probably would’ve spotted this pattern and either stayed away or perpetuated the pyramid benefiting themselves while those who were none the wiser hadn’t the knowledge to stay away from criminal activities.
It is important to note that @DiiceForrveroO is involved with cryptocurrency, and is probably financially incentivized by promoting it, though that may be forever unknown, but prudence should be taken.
Here is his Description page I pulled from his CZcams Channel,
“Hello, it's Dice! On this channel I share and react to the latest news in the stock, crypto, and financial space!”
“***NOT FINANCIAL, LEGAL, OR TAX ADVICE! This channel is for entertainment purposes only and is just my opinion as I am not an expert or a financial planner. Please perform your own research. Conduct your own due diligence before making ANY investment decisions, I am NOT a financial advisor.”
He is aware of Liability and is attempting to remove it from himself.
Could crypto fans be wrong? Yes.
Can crypto deniers be wrong? No
Not interested.
unsubscribe
Aaaaand unsubbed
There is no future for crypto.
Bitcoin is already one of the most environmentally friendly uses of energy on the planet it's monetizing what would have been wasted energy or stranded energy. it's empowering small communities in Africa across the world it actually makes renewable energy profitable.