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>Bitcoin's Proof of Work algorithm has a natural trend towards centralization over time > >Would love to hear the rationale behind this. Proof of work is a hard business and naturally redistributes itself when businesses fail. Ironically this is the opposite of POS where you sit on your tokens and control the network. Dude, it's *demonstrably already happened* ***twice!*** *It's* ***nearly*** *happened* ***three times****!* First it happened in China (to the point that a SINGLE FIRE AND FLOOD IN A SINGLE COAL MINE dropped hashrate by 38%!) until the Chinese threw the miners out. Then it started to happen in Kazakhstan (although their government threw the miners out before it gained 51% of hashrate.) Now it's happened yet again in the US - with over 51% of hashrate there. Proof of Work has a creeping tendency to centralize
YOU get a lump of coal! And YOU get a lump of coal! COAL for each and every one of YOU!! *insert Oprah gif*
Santa cornered the market on $COAL
COAL, because that's the only way I'm going to afford to heat my flat in this economy
Creating CoalCoin $COAL on BSC in 3... 2... 1...
At some point this may be important ... good they plan ahead, doesn't really matter atm ... Btc leads with no mentions about energy consumption, Tesla makes more money from green certificates than selling EV's, and Coal, my dear humans, in 2021 and 2022 had the biggest historical output, and I don't think it will drop. Saw an account screen shot on WSB , stocks are also bleeding generally, but not COAL stocks :)), those are well on the upside. News are nice, but reality is nicer ... we should discuss reality more than news.
AECOM CORPORATION IS BUILDING POWER PLANTS, GAS COAL nuclear Peking stations all over that state. Look under their website AECOM California. I work in nuclear power plants and gas, all of them at one time or another. But they never talk about what's taking place in the construction industry in regards to the grid. The only reason I know it's because I'm in there I've worked for the company. Endless. It's been underway so it won't be long. That's why they're doing it. They'll probably tear down the stuff that stopped working. A blizzard definitely won't stop this stuff.
Look the narrative of co2 release is going on and it's political shit more than help in the direction of healthy mother earth. These bastards don't care about anything else, just profit and deals in their favor. For example EU wants Poland to not use NATURAL COAL that it is available... They want Poland to import electricity and create even more debt, everything to keep this spinning wheel going on. If they will feel like something is on their way, they gonna push their narrative so you'll be manipulated, if you blindly believe in everything. I'm not saying Bitcoin mining is super environmentally friendly, i just think it's quite bursted to the high scale for everyone to think it's a very bad thing. And most of people don't know details, so they tend to believe specialists on tv/radio.
He gave me several lumps of COAL (Coalingus Protocol)
I’ve been offered a mining opportunity, it’s for COAL stake your lungs and get 15$ hr
All in on COAL, I heard there is supply shock this time of year. Fat dev is handing them out and needs time to restock.
I can’t wait to check my stocking, but I’m afraid it will be filled with the new coin COAL.
This is my first crypto Christmas - I was a bad boy. $COAL coin for me it seems But AVAX hodlers are having champagne and caviar, good for you lads !
I’m just waiting for a COAL coin to launch. Judging by people’s behaviours, it would pump during the Christmas season as a “gag gift” to get people into crypto
And yes, I agree that the deaths were preventable. Coal plants were taken off the grid and replaced with 36GW of wind. We couldn’t count on 6GW from wind when the chips were down. Ironically, which fuel source performed most reliably? COAL. This never would’ve happened if Bill Magness (who doesn’t even live in Texas, he lives in Michigan) hadn’t removed those coal plants from the grid.
Naughty children wake up to find $COAL in their digital stocking.
Very naughty. When the devs eventually rug pull this thing, we should send them massive amounts of COAL token.
Don’t see these energy ALTs working out. Staying invested in OIL and COAL
Are you talking about the post of a Bitcoin miner operation buying a COAL plant? Like, 'bitcoin promotes the renewable energy and stuff' repeated by every maxi, and now is more rentable to buy a fucking coal plant to mine?!
Keep changing the goal post. Your link proves my point. Not yours. Your initial comment was COAL. You didn't talk about renewables or gradual change or anything until after I called you out. All which makes your initial comment moot. You need to address your butthurt feelings. You probably bought btc at 65k. But don't worry, keep it long term it's going to 100k.
Gotta confuse those ELF holders by wishing for COAL. Yes I did just search words until I found actual coins
Yes I live in Milam County an there is Bitcoin generator using a COAL FIRED POWER PLANT (Alcoa). I think the company is a Chinese-based company called Bitmain. Are we that desperate for economic development that we will give up the beauty of the land and safety of the water? I do not want my small town to become a polluti4 filled cesspit because some county officials want to bring jobs to the area.
On what exchange can I buy $COAL?
MARATHON PATENT GROUP USING COAL POWER IN MONTANA The facility will use cheap coal-fired electricity, backed by utility Beowulf Energy, which will take a stake in Marathon. In the joint venture, Beowulf gets part-ownership of Marathon, but Marathon keeps the Bitcoin output from a data center that will use an estimated 37MW of power from Beowulf's 119MW Hardin Generating Station in Big Horn County, Montana. https://www.datacenterdynamics.com/en/news/bitcoin-miner-marathon-signs-coal-fired-electricity-montana/
@musk The dirty little secret …EV cars BURN COAL … who is Musk fooling … EV cars are the worst polluters…
SUPER LOL! Look, I will explain this for you. Dams are not "wasting resources letting unused water flush away". A dam is a PROGRAMMABLE power source. That means that when they want to create electric energy, they let water flow through turbines, and when they want to STORE energy, they can pump water back up. It works like batteries. So dams are not running turbines all the time, they do ONLY when required or when more profitable - because energy markets work on a daily baseband/peak auction base. So the concept of "wasted power" is plain wrong, because there is not any waster power. DEMAND=SUPPLY all the time!! You need to understand this! TSO (Transmission System Operators, like the Austrian APG [https://www.apg.at/en/about-us](https://www.apg.at/en/about-us)) have the responsibility to manage the load on the grid, requiring plants to produce more o less energy in order to maintain a stable frequency all the time. If for some reasons the frequency falls below the threshold of 5% from 50hz (maybe because a plant went offline for some reasons), then they ask another plant to step in and produce electricity on short notice. This plant is paid to just stay on idle all the time, and be ready in case of emergency. This is the so called capacity market. This is what DAMS do, they mostly make their capacity available in case of need, along with some gas fired plants. Bottom line: NO, Sichuan dams or any other dam (i.e. not run-of-river plants), they do not care about bitcoin miners, they do not sell energy to them, they flow it into the NETWORK, from which miners take power as you do for powering your pc. Once power is in the grid, it does not make sense to say that you are using renewable instead of coal, because there is no distinction: power is generated by renewables, coal, nuclear, gas all the time. But this actually take us to another point: bitcoin miners are actually using power generated by COAL. It is simple. Imagine a world without miners. Demand and production equal, say, 100TWh. Let's assume this split: 20TWh from renewables 30TWh from coal 50TWh from gas Now assume that one nation intends to increase the share of renewables by 20 TWh with public/private investments. Now the supply would reach 120GWh, but remember SUPPLY=DEMAND always, so 20GWH of another source must be switched off. Which one? Coal: it pollutes, it is inefficient. So the new world would look like: 20+20=40TWh from renewables 30-20=10 TWh from coal 50TWh from gas So coal reduced from 30 to 10. Now imagine that bitcoin miners step in. They need 5TWH of power. Demand would then be 105, but we have now only 100 of supply. Where do we get the extra 5? We need to switch back on some capacity that we wanted to phase out. Hence COAL. The reality is then than MINING BITCOIN USES THE LESS EFFICIENT ENERGY SOURCE, the one that we wanted to switch off. SO NO, claiming that they are using green energy is BS, because renewable sources benefit from PRIORITY DISPATCH in the daily auctions, which means that those are going to power the most basic energy requirements of a society. And NO, saying that bitcoin favors investments in renewables is BS. Investments in renewable generators are attracted by GOVERNMENT INCENTIVES - because still until today renewables are NOT cheap, they are subsidized by governments. Cheap power at retail depends on market conditions, taxations, incentives, and of course also abundance of natural resouces. All of this to say that proof of work is a defence feature of bitcoin, as Satoshi Nakamoto was aware and intended to use enormous power consumpion to secure the blockchain, but claiming the opposite is just wrond from a conceptual point of view and stupid because it exposes fanboys for what they really are. As said, it takes 10 seconds for somebody with a bit of financial knowledge to understand and exploit the situation. It's people like you who threatens the existance of bitcoins, not those like me who endorse it with KNOWLEDGE.
Well... that story is VERY BIASED, and is not a complete story. The plant Shutdown due to lack of profit because Obama shutdown Coal and made prices skyrocket remember? And so the investors were left with it. One investor came up with the idea to revamp it into a mining machine to make back their loses... they did. Then they were attacked for COAL And then they switched to natural gas. https://www.vice.com/en/article/pkby7z/a-fossil-fuel-power-plant-that-mines-bitcoin-is-about-to-massively-expand
Anyone else think that the subtext to what Elon's been trying is basically just anti-asian?? Like how it'd be fine if only they WEREN'T USING COAL. "Look at me with my clean rockets and solar powered, carbon neutral cars." The guy's full of shit and you'd have to be an idiot to take him at face value at this point.
musk is such a hypocrite. he accepts the Yuan but not bitcoin. china is so polluted you literally can't see 5 feet ahead of where you're walking. and all teslas in china are powered by COAL 🙄
When the market opens tomorrow, sell your COIN and TSLA and buy more fucking BITCOIN. WE ARE THE OWNERS. WE ARE THE FUCKING SHAREHOLDERS. IF WE ARE GOING TO BURN COAL AND PAVE THE FUCKING WORLD WITH GOLD!
Lmfao like Musk’s cars that use mostly COAL CREATED ELECTRICITY.
This is so hypocritical. Where the fuck does he think the electricity comes from to charge Tesla’s currently.. COAL!
Biggest gainers of the past 24 hours: ... * SAFEICARUS: 820% - Rank 2570 * BOOM: 540% - Rank 899 * DIAMOND: 520% - Rank 2651 * BUSY: 240% - Rank 2512 * COSHI: 220% - Rank 2617 Biggest losers: * ATP: 99.70% - Rank 1099 * TRIX: 88% - Rank 2043 * COAL: 72% - Rank 2956 * DOGEBULL: 64% - Rank 2532 (doge long coin) * DOGET: 58% - Rank 545
The problem is not Bitcoin energy consumption it's energy PRODUCTION. The question should be how do transition to more renewable energy production and away from dependence on oil/coal. Instead, the people INVESTED IN OIL/COAL cry about bitcoins consumption of the shitty energy THEY produce. It's such bullshit.
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Yeah China is the biggest miner of Bitcoin in the world and they use a LOT OF COAL.