this post was submitted on 03 Feb 2024
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397
Over 2 percent of the US’s electricity generation now goes to bitcoin (arstechnica.com)
submitted 9 months ago by L4s@lemmy.world to c/technology@lemmy.world
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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.

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[–] fruitycoder@sh.itjust.works 16 points 9 months ago (3 children)

Honestly eth just made more progress between built in smart contracts and proof of stake, I'm surprised Bitcoin is still holding on. Sunk cost fallacy I guess.

[–] linearchaos@lemmy.world 6 points 9 months ago (2 children)

I'm not an economist or anything, but I don't think it's a sunk cost fallacy I think it's just a market. They're all mining both. Just leaning heavier on whichever one makes them more money in the moment. The market is going to have a hell of a lot of inertia.

[–] sukhmel@programming.dev 6 points 9 months ago (1 children)

The market is run by people, and people have been proven not to be rational. So, sunk cost easily applies to the market

[–] linearchaos@lemmy.world 2 points 9 months ago (1 children)

Come on, that's logic 101

All a are b

some b are c

all a are not c.

You can't even claim that most A are C with that logic

[–] sukhmel@programming.dev 1 points 9 months ago (1 children)

I can't quite follow you beyond the fact that in your example "all A are not C" is correct

[–] linearchaos@lemmy.world 2 points 9 months ago

Yeah I think that's our major problem here.

[–] fruitycoder@sh.itjust.works 3 points 9 months ago (1 children)

That's a good point a lot of the crypto markets influence is still more focused as an investment vehicle for getting more fiat wealth, that's more reasonable to me. I guess I am just a die hard engineer and the practical uses matters a lot more than the price of tulips.

[–] linearchaos@lemmy.world 2 points 9 months ago

I mean honestly you're right. Nobody should be left on the Bitcoin side from an environmental or a cost standpoint. But I have no idea how long it's going to take to catch up.

I will say that at some point if there is an awakening, bitcoin's going to crash so f****** hard. And the first ones out are going to make all the money.