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Bingo.... If you can't easily demonstrate how Eco friendly your choices are they aren't cool.
We are doing untold damage to our planet, but if every mining machine was turned off tomorrow indefinitely it wouldn't make a blind bit of difference.
I thought we had saved the planet when we started using paper straws and earbuds again, I'm shocked to hear it hasn't halted climate change.
Why aren’t they covering the abhorrent human rights abuses in the diamond industry? Who cares about electricity usage, it’s all got to go green anyway.
I work in the green industry sector mainly.
Most of the money earmarked for these projects by the government/EU and bolstered by private investors are duds IMO. I have had the misfortune of watching PI's touring projects multiple times, the crap they are fed amazes me.
Easy to criticise a sector if you isolate it. Shipping, cruises, air travel... All huge sources of pollution, I bet not many people worry when they are flying off to the sun.
I'm of the opinion that it's just a convenient angle to try to turn the masses off Non-CBDC crypto....
"We'll build our way out of the recession" - No one has questioned the green credentials of this plan, have they?
Another FUD opportunity.
CC
https://markets.businessinsider.com/currencies/news/bitcoin-btc-energy-use-worry-big-investors-fahad-kamal-kleinwort-2021-2-1030131653
Sorry not trying to post more negative articles just feels like this is the new way institutions have decided to attack Bitcoin or am I being paranoid.
If it does get traction then may turn out to be to our advantage compared to our peers.
Good thing is sure Arb are totally aware of it and will continue to push the renewable energy argument.
FWIW, I do hope that Argo continue to push the environmental / sustainable envelope in BlockChain.
Sounds good for Texas so far.. ..I know this has been mentioned before, but there are waste-to-fuel developments in the Green Energy sector, which could actually reduce unrecyclable waste and provide power, without harmful by-products.. Definitely something Argo could look into alongside current wind/solar plans.
It also depends how granular you want to go;
How green can we be when building the Texas facility?
How green is it to produce solar and wind processing equipment? [if we offset this primary Carbon-cost, are we in Carbon-debt for X months/years?]
How green was the production of the vehicles and products used to build the Texas facility?
What fuel are the construction vehicles using?
Hmm.... a lot of this comes back to Crude Oil derivatives.
Isn't the $ on more of a Crude Oil standard now..
..strange how we're so dependent on that industry..
CC
Excellent post 0928 Aman, thanks.
Once again i believe PW recognises this and is getting ahead of it / planning appropriately.
Industry wide it is an issue but ARB may be able to win as being a green player.
It is a headwind for us though and we shouldn’t discount it imo.
ATB
RC
Ps in other news popsicle no doubt enjoying the roof down today ;)
Where is relevant?
The BBC certainly has its faults but I'd far rather peruse their website than read any of the dreadful "newspapers" in this country.
It's odd really. Print media in the UK is almost entirely dire, while TV news at least makes a pretence at being objective and reasonable. It's entirely the other way around in the US.
The BBC is no longer relevant as a source of objective journalism.
Yet to see anything critical of Joe fumble and their constant support for Nasty Nicola and the Scottish Nazi Party should tell you all you need to know.
The license fee should be scrapped and the BBC reformed.
A nice change from the BBC to be fair. They’re usually hammering out thinly veiled jibes about losing the brexit referendum 5 years down the line. -.-
The worst part is we pay for this unbalanced writing with our tv license money. Goes straight to the bbc
Do you know how long you can run a Rabbit for at the same cost as miming a coin.... I'll work that out later I think :) the mining vs moaning mass-debate ;)
The thing with bitcoin is the energy need isn't real - it's just a made up need to give value to things. It's like saying I want my satellite to get more attention and be thought of as valuable so I'm going to strap a few kilos of iron to it just to make it more expensive. It is nuts. The one thing it does do is link monetary value to energy, as if the energy is the base currency and that is true, at least in biology.
Sadly when people think of bitcoin mining, for better or worse, they think of a dingy factory in smoggy China fuelled by burning coal.
It's Argo's responsibility (and ours as Argonauts imo) to promote of the company's USP... the gushing snow melt waterfalls of Canada and sunbaked winds of Texas truly differentiate us from the opposition.
Yep, a balanced article should mention renewables, for sure. However Argo (for example) represent well under 1% of global hash rate. The vast majority is in China running off fossil fuels.
I get all the arguments about other sectors being just as if not more wasteful, but relativism isn’t really a great argument. Hitler wasn’t all that bad because he killed far fewer than Stalin?
There’s no point hiding heads in sand. This issue WILL be raised time and again, and whether you believe it’s a genuine problem or not, it’s certainly going to be a perceived problem. Perceived problems are real problems.
Fwiw my personal view is that the energy use is the number one existential problem Bitcoin faces, and I am delighted that Argo are in the vanguard of addressing it.
Nothing in that article about Bitcoin's use of Wind, Solar or Hydro power ?
So Bitcoin gets the blame for dirty power use while electric cars, scooters, hairdryers, hoovers, lawn mowers, leaf blowers, electric toothbrushes & Rampant Rabbits don't ? I slipped the Rabbit in there for amusement (pun intended)
BBC ( British Brainwashing Corporation) at it's best with a Bitcoin FUD hit piece imo
Right i'm off to the allotment, the old boy (82 years) that I talk Bitcoin with bought 5 BTC to HODL last June (ish) when I said Raoul Pal predicted $1M within 5 years. He's up circa 5x (Argo sp has done much better)
Enjoy the sunny day
As far as I see it, there's absolutely no justification for the energy use associated with miming and I think it's a real stain on the industry. We can't be making things artificially energy intensive while asking most of the world and most industries to invest in efficiency. Even 'wasting' renewable energy makes me feel sick. I have an archaic view of things perhaps, but for all the excitement and interest of bit coin I struggle to see what common good comes from all that energy use. A bit like Formula 1 racing, where I feel people just cheer the planetary destruction. Compared to e.g. CERN where big energy gives us big science. I don't feel I've made this argument very well here... it does irritate me.
Here’s a good stat. The largest power station in the UK is the enormous Drax facility in Yorkshire, which has a capacity of just under 4,000MW.
Argo’s proposed Texas plant, if fully built-out to the capacity limit of 800MW, would use 20% of Drax’s generated power.
These are pretty scary numbers!!
I think arb team are sensitive to the amount of energy consumed, hence their desire to have renewable energy in Texas. I also really liked the fact they ( peter et al) donated the 5% to renewable energy charity from their options. I hope they continue in this vein, as it eases my conscience.
To be fair it is true that an extraordinary amount of energy is spent mining Bitcoin, and almost all of it is “dirty” energy. In today’s world this is something that shouldn’t be ignored. I view it as a significant positive that Argo makes a genuine effort to use clean(er) energy. Quite apart from direct ethical considerations, many large institutional investors are very reluctant to invest in companies that would be an easy target for green campaigners.
Also the British Bullsh*t Corporation I like to refer to them as. I stay well clear of their reporting.
Ahh the good old Bitcoin Bashing Corporation .... this is good as it means we are still early in the cycle!
Or the energy used for those accessing the BBC website. Number of unique users x smartphone device x energy...
Very easy to focus on something like Bitcoin. What about Microsoft cloud services, Facebook/instagram/WhatsApp they need a phone and energy source...
What about Apple and the amount of junk they create...
I hope that they compared it to the energy cost of sustaining fiat currency - including the entire banking system and military complex?
True...but “mining “ anything costs a fortune..oil, coal, gold, diamonds....
https://www.bbc.co.uk/news/science-environment-56215787
Hard not to accept some of the criticism re energy use - hopefully our push for renewable energy gives us stronger defence and advantage over competitors