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RE: Bitcoin Network is Using your whole Country's power !!!!
This is why I use #gridcoin and #solarcoin. Gridcoin uses the CPU and GPU to do real scientific research and so the energy is used for real value beyond just securing the network. SolarCoin rewards on generation of solar energy, so it actually produces more energy than it consumes.
Thank you for mentioning both of these- GRC will help defray my direct costs for running BOINC, and I'll look into #solarcoin when I get started actually installing my solar system- my only current option for installation is where I don't need the power and can only effectively feed it to the net, I still need to purchase power for my business due to not owning this building. #solarcoin would leverage that contribution.
I've been BOINCing for years off and on.
;)
Yeah roll on microgrids where you can transit energy across the grid from one place to another. Effectively you could sell your own energy back to yourself.
The energy grid needs to become like the internet, where we can all dynamically buy/sell on top of it.
Good luck with your install.
There is no commercial utility in the US willing to allow that (my farm property, where I never am for appreciable amounts of time, is 10 miles outside of town where my business consumes 100 hours a week or more- this is no complaint, simply a description of fact), only a local power co-op could pull that off, and commercial utilities HATE that, and there's little to no local co-op spirit to put that together, and I haven't the strength or resources to attempt the effort.
I might be able to hang a small collector on the wall to power this, my office rig which BOINCs, but not much else- better than nothing but not very cost-effective, with the storage and control circuitry.
Oh sure its the same where I am, monolithic energy companies just want to push energy at you. I was talking futuristically; I hope we can get there one day, there are some small projects beginning.
Wow! Bitcoin is consuming so much power. I wonder if the price of Bitcoin will always remain higher then the price of electricity it consumed to be created?
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Well if the price falls below the profit level you will see miners bail out after a while, which should reduce the competition and difficulty, and then it will get easier to mine again, which should return it to profit. Its self correcting but some miners may go out of business in the process.
Seems interesting man.. Totally new piece of information for me...