Reply to post: Re: Wow

Don't hate on cryptomining, hate the power stations, say Bitcoin super-fans

Anonymous Coward
Anonymous Coward

Re: Wow

I agree - what's the point of cryptocurrency beyond making money. Invest to buy electricity and sell as the currency. If it was able to replace other forms of currency that had a greater carbon footprint it might have merit; however, almost all the legitimate financial transactions it replaces are electronic (and those that aren't could be) - I struggle to see how such mining can ever be justified.

On the matter of the article, whilst the generating companies need to move to less carbon intensive processes, nothing is truly carbon neutral so we all share the responsibility to reduce our energy footprint.

Finally, insofar blockchain is concerned, the technology seems to have been conflated with cryptocurrency; it's a separate technology that has been adopted by cryptocurrency but has many uses that don't involve the waste of energy involved with mining. It's being used for a range of global transactions, including shipping and certification and traceability. It could be adopted for national currencies as well, though that would likely wrest control from the governments that need to maintain a modicum of such.

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