This seems healthy and totes normal
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This seems healthy and totes normal
Playing the state’s energy market has become more profitable than mining bitcoin
"On the hottest and coldest days, when demand for electricity peaks and the price soars, the bitcoin miners either sell power back to providers at a profit or stop mining for a fee, paid by ercot. Doing so has become more lucrative than mining itself. In August 2023 Riot collected $32m from curtailing mining and just $8.6m from selling bitcoin."
https://www.economist.com/united-states/2024/08/27/why-texas-republicans-are-souring-on-crypto
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@kims Well, if I would be a senator, I would pushed for a law to forbid "PoW consensus mechanisms" (the consensus logic based on who faster compute a solution for an equation or other numeric puzzle). And I would forbid usage of any such logic no matter for what - let it be crypto, voting blockchain or distributed data storage.
Just because it causes plenty of problems - from centralization via expensive equipment and plenty of e-waste to scams like these schemes. -
@kims @lisamelton
Trying to find a word for this.Kleptercot? Regulatory CAPTCHA? Armagedbitrage?
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@inthehands @lisamelton
Cryptocracy? -
@kims @lisamelton
Oh, I think we have a winner -
@kims Jeff Skilling would be so proud.
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