0 sats \ 0 replies \ @User21952 12 Apr 2022 \ on: Ask SN: what happens to hashrate when mining rewards approach zero? bitcoin
Bitcoin needs mining, it doesn't need miners.
The question is what are Bitcoin users going to do?
They are going to mine. Because it's easy, and it means they control the rules, and protect their investment in bitcoin.
The notion that big miners are the future is the barrier to thinking sensibly about a peer to peer open network.
"MODERATOR: Good evening, everyone. Thank you for joining today’s press call to discuss President Biden’s new executive order on ensuring responsible innovation in digital assets.
As a reminder, this call will be on background, attributed to a senior administration official, and the contents of this call are embargoed until tomorrow, Wednesday, March 9th, at 6:00 a.m. By joining the call, you agree to these ground rules.
Prior to this call, I also shared a factsheet that is also under embargo until tomorrow at 6:00 a.m.
For everyone’s awareness but not for reporting, our speakers today are [senior administration official], [senior administration official], and [senior administration official].
Open and transparent government.
NOT
"It probably sounded as convoluted as the fat kid’s explanation in summer camp as to why he doesn’t have a picture of his really pretty girlfriend from back home."
As convoluted as the geeky Asian kid's explanation?
While agreeing with the articles thesis, that there's one original and regular "hot new things," I don't appreciate the presumption that fat kid's can't have attractive girlfriends and are thus forced to lie.
My understanding was that Lightning would work for any chain that could supply five (or less) transaction and block related services, normally via an API...
I saw this somewhere once, and have never been able to find it again.
This "story" has appeared in a number of places and none emphasise the flexible demand. Terms like "pledged," used instead of "contractually obligated" give the impression these shutdowns will occur at the grace and favour of miners, which is untrue.
A nuanced beat-up, but what can you do when the evidence is against you. Another similar smear from Australia:
Crocodile tears are shed for miners for whom intermittency might affect returns:
"Rajkumar Buyya, Professor of Computing and Information Systems at the University of Melbourne, said the need to power down mining operations during peak consumer hours would negatively impact the bottom line for Bitcoin miners who face expensive hardware upgrade cycles every three to four years."
Umm, actually In 2020, Antminer S9s produced around 23% of bitcoin's hash rate, and they were getting long in the tooth at that point. If you have cheap power, and none cheaper than otherwise curtailed generation, old miners aren't a drag on optimising profit.
Still using Google Podcast, my experience with "value for value" apps has been complex and poor. I'm listening a little and often, but the resume features of (Sphinx particularly) have been rubbish.
We sit down with James McGinniss, CEO and Cofounder of David Energy to talk about Bitcoin's role in the energy transition and how Bitcoin mining is a useful source of flexible load for increasingly renewable grids. In this episode:
- The fundamental change happening in the US grid today
- What distributed energy resources are and why they are important
- Why DERs are catching on in California
- Why bitcoin allows load to move to supply
- Why better metering improves the prospects for demand response
- How demand response works nationwide
- Why there's a fundamental tradeoff between uptime and power prices
- Why Bitcoin is the best demand response resource
- The prospects for other location agnostic load resources
- Do better batteries obsolete Bitcoin mining as a grid balancer?
- How David Energy is working with Bitcoin miners
- Why Bitcoin miners should trade mining uptime for cheaper power
- Are grid operators designing programs for bitcoin miners?
- Why there's a longer tail of energy assets that miners should take advantage of
More at The DER Task Force
Not if they listen to the generators:
"Lol, @Vattenfall_Se, Sweden’s own state-owned power company (Sweden’s absolutely largest fossil-free energy producer) just completely rejected the notion—put forth by our financial regulator and environmental protection agency 2 days ago—of bitcoin mining’s wastefulness."
Much more on distributed energy resources, including flexible loads, AKA smart loads, which mining can be:
Join Marty as he sits down with John Carvalho to discuss Synonym's emergence from stealth mode.
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Why did he build Synonym
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What is it?
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Building reputation systems
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Tokens on Lightning
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Slashtags
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Building truly unstoppable apps
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much more
"You simply do not need a blockchain to create what they call 'Web3' user experiences and designs. We are solving the same problems using Slashtags and Hypercore to establish a new social economy web paradigm without the nonsense of unscalable blockchain bullshit," he said. "The Web3 and Metaverse narrative will haunt us for years, and require much re-education to separate design ideas from the people simply trying to pump their investments to greater fools."
John Carvalho, CEO of Synonym