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    More: Amusing, Greenhouse gas, Private equity, Carbon dioxide, Kohlberg Kravis Roberts, Natural gas, Fossil fuel, private equity firm Atlas Holdings, Greenidge Generation LLC  
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1421 clicks; posted to Business » on 06 Jul 2021 at 6:50 PM (45 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



32 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
cretinbob [TotalFark] [OhFark]
2021-07-06 4:36:42 PM  
quickmeme.comView Full Size
 
weddingsinger [TotalFark]
2021-07-06 4:40:53 PM  
The facility on the shores of Seneca Lake is owned by the private equity firm Atlas Holdings and operated by Greenidge Generation LLC. They have increased the electrical power output at the gas-fired plant in the past year and a half and use much of the fossil-fuel energy not to keep the lights on in surrounding towns but for the energy-intensive "mining" of bitcoins.

A week or two ago some folks were trying to Bitsplain to us lowly Farkers how Bitcoin isn't an energy problem, it only uses EXCESS green energy, and definitely paid the bill on the date with your mother and called her the next day to tell her what a lovely time they had.
 
Shostie [TotalFark]
2021-07-06 5:38:41 PM  
Great white buffalo...
 
AsparagusFTW [TotalFark]
2021-07-06 6:11:23 PM  

weddingsinger: A week or two ago some folks were trying to Bitsplain to us lowly Farkers how Bitcoin isn't an energy problem, it only uses EXCESS green energy, and definitely paid the bill on the date with your mother and called her the next day to tell her what a lovely time they had.


In that thread I said it "primarily" uses green/flare energy to the tune of 39-73%, not "only". This is one of the times that it does not. This is more FUD to feed the FUD Gods to feed a false narrative. Again, as in that last thread, overall it is still just a fraction of a % point where those sources are green. I do hope this particular miner cleans up their act or sells it to someone who will.

We don't judge all charitable organizations because of what Trump Charity did.

To counter this story, here is a wonderful flare gas story that no one on Fark will care about because it is a counter to the narrative.
 
Phil McKraken [OhFark]
2021-07-06 7:17:09 PM  

AsparagusFTW: weddingsinger: A week or two ago some folks were trying to Bitsplain to us lowly Farkers how Bitcoin isn't an energy problem, it only uses EXCESS green energy, and definitely paid the bill on the date with your mother and called her the next day to tell her what a lovely time they had.

In that thread I said it "primarily" uses green/flare energy to the tune of 39-73%, not "only". This is one of the times that it does not. This is more FUD to feed the FUD Gods to feed a false narrative. Again, as in that last thread, overall it is still just a fraction of a % point where those sources are green. I do hope this particular miner cleans up their act or sells it to someone who will.

We don't judge all charitable organizations because of what Trump Charity did.

To counter this story, here is a wonderful flare gas story that no one on Fark will care about because it is a counter to the narrative.


Leave Bitcoin alone!

Fark user imageView Full Size
 
Autoerotic Defenestration
2021-07-06 7:30:21 PM  
Fark user imageView Full Size
 
Declassify Issue
2021-07-06 7:49:17 PM  

weddingsinger: The facility on the shores of Seneca Lake is owned by the private equity firm Atlas Holdings and operated by Greenidge Generation LLC. They have increased the electrical power output at the gas-fired plant in the past year and a half and use much of the fossil-fuel energy not to keep the lights on in surrounding towns but for the energy-intensive "mining" of bitcoins.

A week or two ago some folks were trying to Bitsplain to us lowly Farkers how Bitcoin isn't an energy problem, it only uses EXCESS green energy, and definitely paid the bill on the date with your mother and called her the next day to tell her what a lovely time they had.


Mining is (should) be going away, thankfully. The coins will still exist, but there's other proof of _____ stuff happening other than proof of work (mining). So, I expect that company to be out of business sooner than later.
 
Tempted
2021-07-06 7:56:05 PM  
I wonder how they determined that the additional power was used by miners, and not by people from The City who were hiding out from Covid in their lake cottages - which are notoriously under insulated and would consume a farkton of power to heat in the winter and cool in the summer.  Hmmmmmm.  This sounds a awful lot like tabloid journalism.
 
weddingsinger [TotalFark]
2021-07-06 7:59:41 PM  

Phil McKraken: AsparagusFTW: weddingsinger: A week or two ago some folks were trying to Bitsplain to us lowly Farkers how Bitcoin isn't an energy problem, it only uses EXCESS green energy, and definitely paid the bill on the date with your mother and called her the next day to tell her what a lovely time they had.

In that thread I said it "primarily" uses green/flare energy to the tune of 39-73%, not "only". This is one of the times that it does not. This is more FUD to feed the FUD Gods to feed a false narrative. Again, as in that last thread, overall it is still just a fraction of a % point where those sources are green. I do hope this particular miner cleans up their act or sells it to someone who will.

We don't judge all charitable organizations because of what Trump Charity did.

To counter this story, here is a wonderful flare gas story that no one on Fark will care about because it is a counter to the narrative.

Leave Bitcoin alone!

[Fark user image image 850x369]


That meme hasn't aged well since Crocker was absolutely correct
 
DesertCoyote [OhFark]
2021-07-06 8:28:50 PM  
Atlas Holdings. Well, that name sounds Randian.
 
austerity101 [TotalFark]
2021-07-06 8:37:06 PM  
This isn't amusing. This is horrendous.
 
mr0x
2021-07-06 8:46:17 PM  

Declassify Issue: weddingsinger: The facility on the shores of Seneca Lake is owned by the private equity firm Atlas Holdings and operated by Greenidge Generation LLC. They have increased the electrical power output at the gas-fired plant in the past year and a half and use much of the fossil-fuel energy not to keep the lights on in surrounding towns but for the energy-intensive "mining" of bitcoins.

A week or two ago some folks were trying to Bitsplain to us lowly Farkers how Bitcoin isn't an energy problem, it only uses EXCESS green energy, and definitely paid the bill on the date with your mother and called her the next day to tell her what a lovely time they had.

Mining is (should) be going away, thankfully. The coins will still exist, but there's other proof of _____ stuff happening other than proof of work (mining). So, I expect that company to be out of business sooner than later.


That is for GPU mining and ethereum.

If they were directly mining bitcoin, no such thing is happening.
 
Phil McKraken [OhFark]
2021-07-06 8:59:15 PM  

weddingsinger: Phil McKraken: AsparagusFTW: weddingsinger: A week or two ago some folks were trying to Bitsplain to us lowly Farkers how Bitcoin isn't an energy problem, it only uses EXCESS green energy, and definitely paid the bill on the date with your mother and called her the next day to tell her what a lovely time they had.

In that thread I said it "primarily" uses green/flare energy to the tune of 39-73%, not "only". This is one of the times that it does not. This is more FUD to feed the FUD Gods to feed a false narrative. Again, as in that last thread, overall it is still just a fraction of a % point where those sources are green. I do hope this particular miner cleans up their act or sells it to someone who will.

We don't judge all charitable organizations because of what Trump Charity did.

To counter this story, here is a wonderful flare gas story that no one on Fark will care about because it is a counter to the narrative.

Leave Bitcoin alone!

[Fark user image image 850x369]

That meme hasn't aged well since Crocker was absolutely correct


Yeah, ok. Can I interest you in some CrockerCoin? It's the next sure thing; just hodl for 14 years. BAM! Free money.
 
Declassify Issue
2021-07-06 9:01:53 PM  

mr0x: Declassify Issue: weddingsinger: The facility on the shores of Seneca Lake is owned by the private equity firm Atlas Holdings and operated by Greenidge Generation LLC. They have increased the electrical power output at the gas-fired plant in the past year and a half and use much of the fossil-fuel energy not to keep the lights on in surrounding towns but for the energy-intensive "mining" of bitcoins.

A week or two ago some folks were trying to Bitsplain to us lowly Farkers how Bitcoin isn't an energy problem, it only uses EXCESS green energy, and definitely paid the bill on the date with your mother and called her the next day to tell her what a lovely time they had.

Mining is (should) be going away, thankfully. The coins will still exist, but there's other proof of _____ stuff happening other than proof of work (mining). So, I expect that company to be out of business sooner than later.

That is for GPU mining and ethereum.

If they were directly mining bitcoin, no such thing is happening.


I just don't see how bitcoin can last
 
scanman61 [TotalFark]
2021-07-06 9:22:36 PM  

cretinbob: [quickmeme.com image 625x604]


You left off two

Fertilizer and diesel


They'd take car of this problem for sure.
 
scanman61 [TotalFark]
2021-07-06 9:26:42 PM  

AsparagusFTW: To counter this story, here is a wonderful flare gas story that no one on Fark will care about because it is a counter to the narrative.


Hmmmmmm

But Lowe is now an electrician at Crusoe Energy, a company that captures the flare gas from oil patches and uses the energy to "mine" for bitcoin. It says its systems slash CO2-equivalent emissions from gas flaring by up to 63% and that each one has the equivalent effect of taking around 1,700 cars off the road.

So, explain something to me....how does burning flare gas in your powerplant rather than a flaring stack reduce CO2 from flare gas?

You're still burning flare gas.
 
HighwayBill [OhFark]
2021-07-06 9:36:34 PM  

Tempted: I wonder how they determined that the additional power was used by miners, and not by people from The City who were hiding out from Covid in their lake cottages - which are notoriously under insulated and would consume a farkton of power to heat in the winter and cool in the summer.  Hmmmmmm.  This sounds a awful lot like tabloid journalism.


I saw a report about this the other day.  In this case, the racks of computers doing the mining are in the power plant facility.  The company doing the mining owns the power plant, and restarted it specifically for this purpose.
 
Phil McKraken [OhFark]
2021-07-06 9:43:33 PM  

scanman61: AsparagusFTW: To counter this story, here is a wonderful flare gas story that no one on Fark will care about because it is a counter to the narrative.

Hmmmmmm

But Lowe is now an electrician at Crusoe Energy, a company that captures the flare gas from oil patches and uses the energy to "mine" for bitcoin. It says its systems slash CO2-equivalent emissions from gas flaring by up to 63% and that each one has the equivalent effect of taking around 1,700 cars off the road.

So, explain something to me....how does burning flare gas in your powerplant rather than a flaring stack reduce CO2 from flare gas?

You're still burning flare gas.


This is why you need to buy EcoCoin. We're gonna synergize the blockchain within several paradigms. It's powered by long lasting unicorn farts powered by Taco Bell. The institutionals will see the value and start collecting it as a hedge against a store of value. Think of the attention Elton Mask will get when he sells his biatchcoin and buys EcoCoin. Have the world now.
 
wildcardjack [TotalFark]
2021-07-06 9:58:56 PM  

HighwayBill: Tempted: I wonder how they determined that the additional power was used by miners, and not by people from The City who were hiding out from Covid in their lake cottages - which are notoriously under insulated and would consume a farkton of power to heat in the winter and cool in the summer.  Hmmmmmm.  This sounds a awful lot like tabloid journalism.

I saw a report about this the other day.  In this case, the racks of computers doing the mining are in the power plant facility.  The company doing the mining owns the power plant, and restarted it specifically for this purpose.


If true, they're being 30-40% more efficient than if they were transporting the power any distance. AC power transmission is surprisingly inefficient when you step up, step down, and convert through bricks.
 
AsparagusFTW [TotalFark]
2021-07-06 10:15:19 PM  

scanman61: So, explain something to me....how does burning flare gas in your powerplant rather than a flaring stack reduce CO2 from flare gas?

You're still burning flare gas.


Flare is wasted gas that is not captured at the rigs for various reasons (expenses, transportation issues). It would otherwise be wasted energy. You can plug a rig into a wall and use that power source which would be coal for example. Or you can use waste byproduct and cut out the additional need for energy creation.
 
OptionC [TotalFark]
2021-07-06 10:23:06 PM  

Tempted: I wonder how they determined that the additional power was used by miners, and not by people from The City who were hiding out from Covid in their lake cottages - which are notoriously under insulated and would consume a farkton of power to heat in the winter and cool in the summer.  Hmmmmmm.  This sounds a awful lot like tabloid journalism.


In the Finger Lakes region?  You would freeze to death if you had electric heat in the winter and AC isn't super common.
 
scanman61 [TotalFark]
2021-07-06 10:32:23 PM  

AsparagusFTW: scanman61: So, explain something to me....how does burning flare gas in your powerplant rather than a flaring stack reduce CO2 from flare gas?

You're still burning flare gas.

Flare is wasted gas that is not captured at the rigs for various reasons (expenses, transportation issues). It would otherwise be wasted energy. You can plug a rig into a wall and use that power source which would be coal for example. Or you can use waste byproduct and cut out the additional need for energy creation.


I live in Texas.  I'm very aware of what "flare gas" means.

I re-read the article.  Yeah, this is reducing emissions about as much as carbon offsets.

You know what would really reduce carbon emissions?  Not mining Bitcoin.
 
AsparagusFTW [TotalFark]
2021-07-06 10:40:59 PM  

scanman61: AsparagusFTW: scanman61: So, explain something to me....how does burning flare gas in your powerplant rather than a flaring stack reduce CO2 from flare gas?

You're still burning flare gas.

Flare is wasted gas that is not captured at the rigs for various reasons (expenses, transportation issues). It would otherwise be wasted energy. You can plug a rig into a wall and use that power source which would be coal for example. Or you can use waste byproduct and cut out the additional need for energy creation.

I live in Texas.  I'm very aware of what "flare gas" means.

I re-read the article.  Yeah, this is reducing emissions about as much as carbon offsets.

You know what would really reduce carbon emissions?  Not mining Bitcoin.


Your Gov is turning the state into a BTC hub. Enjoy the tax dollars and industry that'll flow to it.
 
scanman61 [TotalFark]
2021-07-06 10:43:28 PM  

AsparagusFTW: scanman61: AsparagusFTW: scanman61: So, explain something to me....how does burning flare gas in your powerplant rather than a flaring stack reduce CO2 from flare gas?

You're still burning flare gas.

Flare is wasted gas that is not captured at the rigs for various reasons (expenses, transportation issues). It would otherwise be wasted energy. You can plug a rig into a wall and use that power source which would be coal for example. Or you can use waste byproduct and cut out the additional need for energy creation.

I live in Texas.  I'm very aware of what "flare gas" means.

I re-read the article.  Yeah, this is reducing emissions about as much as carbon offsets.

You know what would really reduce carbon emissions?  Not mining Bitcoin.

Your Gov is turning the state into a BTC hub. Enjoy the tax dollars and industry that'll flow to it.


Good.

Gimme something to do with all that leftover fertilizer.
 
scanman61 [TotalFark]
2021-07-06 10:45:09 PM  

AsparagusFTW: Your Gov is turning the state into a BTC hub. Enjoy the tax dollars and industry that'll flow to it.


Also:

Taxes?

Industry?

From Bitcoin miners?
 
weddingsinger [TotalFark]
2021-07-06 10:45:33 PM  

AsparagusFTW: scanman61: AsparagusFTW: scanman61: So, explain something to me....how does burning flare gas in your powerplant rather than a flaring stack reduce CO2 from flare gas?

You're still burning flare gas.

Flare is wasted gas that is not captured at the rigs for various reasons (expenses, transportation issues). It would otherwise be wasted energy. You can plug a rig into a wall and use that power source which would be coal for example. Or you can use waste byproduct and cut out the additional need for energy creation.

I live in Texas.  I'm very aware of what "flare gas" means.

I re-read the article.  Yeah, this is reducing emissions about as much as carbon offsets.

You know what would really reduce carbon emissions?  Not mining Bitcoin.

Your Gov is turning the state into a BTC hub. Enjoy the tax dollars and industry that'll flow to it.


Dude, rich people don't pay taxes.

I can't imagine the people drawn to something tailor made for money laundering will be better at paying into the coffers.
 
AsparagusFTW [TotalFark]
2021-07-06 10:51:19 PM  

weddingsinger: Dude, rich people don't pay taxes.

I can't imagine the people drawn to something tailor made for money laundering will be better at paying into the coffers.


It's an open ledger. If you want to launder money use a traditional bank. Call Duetche. Use the USD. Way easier.
 
scanman61 [TotalFark]
2021-07-06 11:02:19 PM  

AsparagusFTW: Your Gov is turning the state into a BTC hub. Enjoy the tax dollars and industry that'll flow to it.


One last one:  gonna have me some fun posting lots of stuff on local media sites about how BitCoin miners are going to wreck our already fragile electrical grid that the Gov neglected to force the utilities to fix.

Let "Hey, Abbot" try to side step his way around those questions.


Well....side roll.
 
weddingsinger [TotalFark]
2021-07-06 11:04:06 PM  

AsparagusFTW: weddingsinger: Dude, rich people don't pay taxes.

I can't imagine the people drawn to something tailor made for money laundering will be better at paying into the coffers.

It's an open ledger. If you want to launder money use a traditional bank. Call Duetche. Use the USD. Way easier.


Doesn't that mean you can see that the Bitcoin was transferred, not by whom?
 
AsparagusFTW [TotalFark]
2021-07-06 11:12:57 PM  

weddingsinger: AsparagusFTW: weddingsinger: Dude, rich people don't pay taxes.

I can't imagine the people drawn to something tailor made for money laundering will be better at paying into the coffers.

It's an open ledger. If you want to launder money use a traditional bank. Call Duetche. Use the USD. Way easier.

Doesn't that mean you can see that the Bitcoin was transferred, not by whom?


"Digital breadcrumbs" as the FBI called it. Even the FBI is saying how easy it is trace and how short of time it takes.
 
Ivo Shandor [TotalFark] [OhFark]
2021-07-07 12:21:55 AM  

scanman61: AsparagusFTW: To counter this story, here is a wonderful flare gas story that no one on Fark will care about because it is a counter to the narrative.

Hmmmmmm

But Lowe is now an electrician at Crusoe Energy, a company that captures the flare gas from oil patches and uses the energy to "mine" for bitcoin. It says its systems slash CO2-equivalent emissions from gas flaring by up to 63% and that each one has the equivalent effect of taking around 1,700 cars off the road.

So, explain something to me....how does burning flare gas in your powerplant rather than a flaring stack reduce CO2 from flare gas?

You're still burning flare gas.


Yeah, that's bullshiat. They can claim net zero emissions (since the gas would have been burned anyway) but it's not reducing anything.

And nobody needs more Bitcoin miners. Remember a while back when China cracked down on them? The Bitcoin network lost a significant fraction of its mining capacity. Net result? Transactions running as quickly as they were before it happened, with increased profits for the remaining operators.

https://www.coindesk.com/bitcoin-miner-profitability-double-record-drop-network-difficulty
 
Prank Call of Cthulhu [TotalFark]
2021-07-07 7:01:23 AM  
You can't spell "hot tub" without "ho butt." I don't know why that's important, but at least now you're thinking about ho butts instead of bitcoins.
 
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