this post was submitted on 20 May 2024
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Oh, but it is, because you could exchange it for something else. As an example, I can take mine and go exchange it for groceries.
You can also use it to... pay for that energy you just used... Hooray!! /s
I've recently been hearing a lot about mining, consuming energy that either would not exist otherwise, or would be wasted. For example, places in Africa can build like a hydroelectric power station, but don't have the money to run lines far enough for all the energy from the power station to be used, so they give most of it to a crypto mine and let the residents use the rest. If the residents ever need more power, then the crypto mine can shut down temporarily or slack off on their usage in order to provide the residents with more power.
Also consider that many peoples (me) would like to move from the older cryptocurrencies that needs lots of power to run (proof of work) and try to advocate for newer proof of stake models.
To my understanding proof of stake models have dramatically lower power requirements.
Yes, but they are also quite a bit easier to take over and destroy because governments can just print their fiat and buy up a large amount of that currency and then kill the network.