US government tracking the energy implications of booming bitcoin mining in US.

Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

  • Mango@lemmy.worldEnglish
    1·
    10 months ago

    It’s not pure overhead. It’s the means of initial distribution and also mining is the backend for handling transactions. Not that I think it’s efficient by any means. It’s just that it was necessary for Bitcoin to ever become something that mattered.

    • General_Effort@lemmy.worldEnglish
      01·
      10 months ago

      It’s not necessary to perform any of the functions of crypto, including money laundering. That makes it pure overhead; pure waste. There are offshore banks that facilitate tax fraud and other criminal activity. Crypto, somehow, allows exchanges to escape the scrutiny that falls on these banks. Objectively, there is no good reason why all this waste should let you avoid scrutiny of regulators or police.