this post was submitted on 18 Jul 2024
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Im more worried about the gigantic toll crypto takes on energy infrastructure. Just like "AI"
Miners have the ability to rapidly switch off in the event that power is needed elsewhere on the grid and then switch on again when that demand lessens in order to keep things more steady. Look up how Bitcoin mining is helping to electrify places like Africa, for example. In cases like that, it becomes more profitable for the power company to run lines to villages and when they don't use all the power generated, the Bitcoin mine eats it. And it's cheap to the Bitcoin mine and provides base demand for the power company.
I dont think any miner would turn off their rigs, and be alright they will be beaten in finding the next winning hash when the priority is making money and not the good of the grid.
Your comment seems like youre constructing some incredibly specific situation where mining would not have these issues, when the criticism is aimed at mining as it generally is done.