Summary
Iran is experiencing widespread power outages, with cryptocurrency mining suspected as a contributing factor.
Bitcoin mining, which requires massive electricity, has surged in Iran due to subsidized energy and rising bitcoin prices, recently hitting $100,000.
Officials blame unauthorized miners using free or subsidized electricity, while public frustration grows over blackouts.
Iran’s energy crisis is compounded by sanctions, aging infrastructure, low fuel reserves, and climate change.
Authorities struggle to balance energy needs amid allegations of mining by paramilitary groups and fears of economic dependence on volatile cryptocurrencies.
Well at least Bitcoin is very decentralized and not subject to powerful wealthy groups that control…oh whoops.
Well at least it is anonymous and protects its users from spying and cyber crime…oh whoops.
Well at least almost all the power used to mine it is renewable so the environmental impact isn’t…oh whoops.
Well at least there are a ton of businesses and organizations that accept and use Bitcoin…oh whoops.
Well at least the crypto community is famously rational, friendly, and very generous…oh whoops.
Every time I raise the issue with Proof-of-Work coins being damaging to the environment I get a flood of hate. Proof-of-Stake coins might have other problems, but at least they consume 100s of times less power. I’m sure we could even come up with something better if the crypto bros stopped circlejerking.
Crypto bros depend on more people speculating with their currency of choice to increase the market value. If they’re pissed, that’s a good sign.
I don’t have fomo about crypto or speculative stock trading. I’m sure it’ll cause me problems in the end, but I’ve opted not to procreate, so the end doesn’t have to be prolonged.
What a mess. Hopefully, the entitled generationally wealthy folk are the last ones left standing without anyone else to blame. At which point they can engage in fisticuffs like the barbarians once did.
But Bitcoin only use excess energy that otherwise wouldn’t be used! /s
(Yes, this is a real argument they make)
WTF, that logic.
It’s especially painful because some (most?) other cryptocurrencies don’t need energy-hungry mining. Bitcoin was just first. It’s like everyone’s still buying the Apple I.
a basic economics class will say essentially that, just in more words and with the asterisks’ of energy that costs less than what can be earned from mining with it.
No, they’re pretty clear that supply elasticity (of widgets, if it’s just basic) exists too.
In the near future “more electricity than we can use” might actually become a problem on sunny days, but I don’t think a lot of Bitcoins are currently produced that way. And even then, there’s lots of things you can do with free electricity, and most are cheaper to set up than a mining rig.
fuck bitcoin.
invest in Hawk Tuah Token
hah, funny.
“Officials blame”
Probably someone is mining Bitcoin illegally somewhere, but I have a feeling the guys in charge are blaming anyone but themselves. And of course they’re also mining crypto…
It’s not bitcoin’s fault. They’re just saying that Bitcoin is worth less than the other things they would rather send their electricity to. Some raindrops are wetter than others.
