This garbage is still being published. Very bullish. I celebrated with a smash buy.
Discussion
"Crypto mining and data centers now account for 2 percent of global electricity use"
Wow, that's an amazing bundle.
This kids pail and the ocean account for 99.999% of all the salt water in the world.
A rational person might ask what the relative contributions are.
And it's not really relevant how many kWh the bitcoin network consumes. The main question should be - what type of energy is used to run the network? Check the hashprice and it should be evident - miners cannot compete for power where and when there is high demand. If you have a run-of-the-river hydro plant, a windfarm or a solarfarm, well then the energy is produced then and there. There are times and places where there are no buyers of their energy - so in what sense is it a problem for anything that a bitcoin miner comes in and buys that energy? And then it becomes completely stupid to compare the energy consumption of the network with that of a country. It's all so tiresome..
It's a complex topic to discuss, so I try to reduce it to simple principals. In this case, the article leads with a dishonest statement that groups a large thing, the energy usage of all data centers, with a much smaller one, the usage by AI and crypto. In the body they make other illogical comparisons, such as the energy cost compared to a Google search, but presumably not a corresponding fraction of the dependent Google services, or those expended by anyone that they're indexing, or loading the page that was searched for, or whether the same value was ultimately provided by this single Google search. Once you see the pattern of cherry picking and logical fallacies, it becomes clear that if you actually care about the environment, this IMF article shouldn't be trusted. And really, any climate change article that isn't almost exclusively about the carbon based energy industries shouldn't be trusted, as these are most of the problem. Austerity (of any form other than pricing) is about control: more non carbon energy is the only real solution.
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