Global Cheap Electricity Distribution Bodes Well For Bitcoin Decentralization
The China mining ban was a godsend for Bitcoin decentralization. So far, the USA is the big winner. However, for the good of the network, it would be ideal to distribute the hashrate all over the world. How do we accomplish that in Bitcoin-land? Relying on incentives. If it’s profitable to do, and there’s the possibility to do it, Bitcoin decentralization will happen. That’s why this global cheap electricity map is such good news. "Electricity Cost of Mining 1 Bitcoin Worldwide" (click to expand) | Source: Arcane Research As you can see, low-cost electricity is available all over the....
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According to a Hydro-Québec newsroom report, the company has asked the electricity transmission and distribution regulator, Régie de l’énergie, to cease offering services to crypto miners. The Hydro-Québec report stresses that “growth in electricity demand is expected to continue in Québec. Hydro-Québec Targets Blockchain Industry in Order to Stave off Electricity Demand Cryptocurrency miners in Québec may need to find new sources of energy if Hydro-Québec’s request to the lead distribution regulator Régie de l’énergie is approved. The request mentioned at the end of the electricity demand....
The main utility company in Irkutsk is looking to collect almost $800,000 from owners of crypto farms that have allegedly caused a spike in electricity consumption in the Russian region. The supplier accuses the miners of burning cheap household electricity in what is, in fact, a business activity.
Power Utility Takes Crypto Miners to Court
Irkutskenergosbyt, the local power distributer in Irkutsk Oblast, has filed 137 lawsuits against customers using subsidized electricity to mint digital currencies in mining facilities set up in basements and garages. Taking the cases to....
Starlink may be the missing piece for mining decentralization to reach the far ends of the Earth where energy is cheap but internet access is lacking.
Since the earliest days of bitcoin, decentralization has been key to its value proposition. But it's also been its greatest obstacle. Whether it's the block size debate, or the ethereum classic debacle more broadly, decentralization in public blockchain networks presents significant hurdles to what can seem like straightforward objectives. After seven years of open-source study, decentralized governance remains a little explored and unsolved enigma. But solving it will likely mean going back to the beginning, asking what exactly we mean by 'decentralization'. Do we mean the distribution of....
Bitcoin mining is still big business for miners. However, it is an energy-intensive activity which means that for it to be a profitable venture, miners would have to look for the cheapest electricity options available. This had been behind most of the miners previously set up in China but after the crackdown, had been forced […]