DogeCoin just hit 25 cents: Why that has the internet excited

Sandwell Bitcoin mine found stealing electricity
Instead of cannabis plants they found a bank of about 100 computer units.

The force said the cryptocurrency "mine" had effectively stolen thousands of pounds of electricity.
https://www.bbc.co.uk/news/uk-england-birmingham-57280115

 

El-Salvador......the bastion of ethical economic policy

 

How much energy does mining take?
The Digiconomist's Bitcoin Energy Consumption Index estimated that one Bitcoin transaction takes 1,544 kWh to complete, or the equivalent of approximately 53 days of power for the average US household.

To put that into money terms, the average cost per kWh in the US is 13 cents. That means a Bitcoin transaction would generate more than $200 in energy bills.

Bitcoin mining used more energy than Argentina, according to an analysis from Cambridge University in February. At 121.36 terawatt-hours, crypto mining would be in the top 30 of countries based on energy consumption.

---Why can't we have a rule that requires all crypto operations with more than 25 rigs be run with solar, wind and battery backup power?


A wall of mining rigs in Quebec, Canada.

Getty Images

 

Not true. If I invest into a company stock, I invest into physical assets, their workforce, buildings, knowledge, innovation etc. If I invest into bitcoin, what do I get? Bits in the computer that cost energy to be maintained. No, thank you.

 

Excellent post. The way it is, crypto just contributes to entropy production, in other words, it is a huge energy wasting scheme, converting work to heat. Ilya Prigogone, the godfather of dissipative structures research, would be elated about how it confirms his predictions.

 

Rebounded to 22.1 cents.
Buy low, sell high.

 

LOL! You do not actually get anything but a representation of ownership in some company that is losing value.....like the dollar.

 

Doge is up 15%.......

 

But crypto currencies are immune to inflation. During periods of inflation common sense tells me they should be rising.

 

The same principle applies on both currencies as s big swing in value on one currency will result in an identical percentage swing in the exchange in the other currency. And the problem is amplified when the transaction in crypto currency can take over an hour to be completed during which time the unstable crypto could drop several per cent in value

 

Crypto is still pretty new so volatility is normal.

 

I'm not talking about volatility. I'm refuting your comment that the current drop in prices results from the same inputs as other investments.

 

Stocks dipped, so did crypto......checkmate.