Technology: University of New Mexico researchers find Bitcoin mining is environmentally unsustainable
www.eurekalert.org
Taken as a share of the market price, the climate change impacts of mining the digital cryptocurrency Bitcoin is more comparable to the impacts of extracting and refining crude oil than mining gold, according to an analysis published in Scientific Reports by researchers at The University of New Mexico. The authors suggest that rather than being considered akin to ‘digital gold’, Bitcoin should instead be compared to much more energy-intensive products such as beef, natural gas, and crude oil.

Each coin mined in 2021 caused $11,314 of climate damage, adding to the total global damages that exceeded $12 billion between 2016 and 2021.

  • jorgesumle@lemmy.pt
    1·
    2 years ago

    It’s also way better than how Bitcoin has fared, having lost 50% of its value against the dollar between July 6 and 18 alone. In total, that’s a long slide from 64k USD on November 12, 2021 to 18k USD today. Monero shows no signs of being different.

    Last 5 year Monero growth relative to the dollar: 142.28 USD +48.05 (+50.74%). Of course, if you only focus on the bubbles… In short, Monero is becoming more valuable than the dollar… Bitcoin (+227.92%) last five years, but I wouldn’t bet on Bitcoin. I think Bitcoin is overvalued. I recommend this video to understand why the dollar will lose lots of value in the not so distant future.

    This is the problem. It is based on a breath of wind. No one backs it, no one attempts to maintain it. It’s based entirely on feelings. If people feel less than confident that the currency will maintain value, POP, the bubble bursts, and no more value.

    OK, you don’t get how blockchain works. Miners and servers all around the world maintain the network. The more people use it, the more valuable and resilient it is. The dollar is not backed by any commodity like gold or silver, it’s fiat money.

    This is what happened to the Deutsche mark, backed by Germany.

    The future of US dollar

    The US Ponzi scheme is not immune to this, specially without oil to back the value of the dollar…

    That man can talk a big game about Wall Street conspiracies, but he really has no idea what he’s doing.

    LOL, that man is Robert Kiyosaki has a net worth of $100 million and teaches financial education. You don’t get that rich by luck.

    Put your retirement money into a Vanguard fund over the course of a few decades and it will grow dependably.

    Stock market’s fall has wiped out $3 trillion in retirement savings this year. Those people lost money… If they need to retire the money now, they’ve lost money. Also add that loss to the current huge inflation loss…

    • pingveno@lemmy.ml
      23·
      2 years ago

      Last 5 year Monero growth relative to the dollar: 142.28 USD +48.05 (+50.74%).

      Cool. Bitcoin also had periods of extreme growth, and it has had times recently where the value collapsed.

      OK, you don’t get how blockchain works. Miners and servers all around the world maintain the network. The more people use it, the more valuable and resilient it is. The dollar is not backed by any commodity like gold or silver, it’s fiat money.

      No, I know quite well how blockchains work. I know enough to see that it’s not backed by any source of value whatsoever. Commodity-backed currency has its value in the commodity, fiat money has its value in the economy of the issuing country. “The more people use it” can’t magically form a backing, so it is backed fully on faith. If that faith ever falters, it will collapse.

      The US Ponzi scheme is not immune to this, specially without oil to back the value of the dollar…

      Ok, you don’t get how a Ponzi scheme works.

      This is what happened to the Deutsche mark, backed by Germany.

      The mark in the Weimar Republic was fabulously mismanaged. The critical problem was that they issued money to pay massive war debts without a corresponding economy to back it.

      LOL, that man is Robert Kiyosaki has a net worth of $100 million and teaches financial education. You don’t get that rich by luck.

      I’m aware of him, and I’ve heard some of his advice. It’s… questionable and his books have been criticized as full of nonsense. As for his net worth, he’s sold 30 million books and I’m sure does other things. Of course he has bundles of money. Doesn’t mean that he has good advice.

      Stock market’s fall has wiped out $3 trillion in retirement savings this year. Those people lost money… If they need to retire the money now, they’ve lost money. Also add that loss to the current huge inflation loss…

      That’s why you don’t judge based on one year. What is important is the trend over decades of investment. At the beginning of the pandemic, the stock market briefly cratered and my retirement account when below the amount I had put in. Then a month later, the market recovered and I had gained again. Also, retirement isn’t a one time liquidation where one year could make or break you. You pull retirement money out slowly over the course of your retirement.

      • jorgesumle@lemmy.pt
        1·
        2 years ago

        fiat money has its value in the economy of the issuing country. “The more people use it” can’t magically form a backing, so it is backed fully on faith. If that faith ever falters, it will collapse.

        If no one trusts the fiat money it has no value, no matter how big the economy. Remember German money before WW2? If nobody believes the currency has value, it’s worthless. It’s worth a thing because people have faith in the government. If that faith ever falters, it will collapse.

        Ok, you don’t get how a Ponzi scheme works.

        US Dollars are Created by a Debt-Based Pyramid Scheme, Fronted by an Investment-Based Ponzi Scheme With Extra Steps. Is the Fed running a Ponzi scheme?

        It’s… questionable and his books have been criticized as full of nonsense.

        Well, I’ve read some of them, and they aren’t full of nonsense.

        As for his net worth, he’s sold 30 million books and I’m sure does other things. Of course he has bundles of money. Doesn’t mean that he has good advice.

        If he’s made and kept more money than you, maybe he manages money better than you. What’s your net worth? I mean, it’s easy to speak…

        Then a month later, the market recovered and I had gained again.

        You’re being faithful, man. Markets can take decades to recover, just like it happened to the Japanese market.

        The critical problem was that they issued money to pay massive war debts without a corresponding economy to back it.

        COVID money print, Ukraine war…