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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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1422 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



Voting Results (Smartest)
View Voting Results: Smartest and Funniest

 
2021-07-06 4:40:53 PM  
20 votes:
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.
 
2021-07-06 7:17:09 PM  
9 votes:

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
 
2021-07-06 10:32:23 PM  
6 votes:

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.
 
2021-07-06 7:30:21 PM  
5 votes:
Fark user imageView Full Size
 
2021-07-06 8:28:50 PM  
5 votes:
Atlas Holdings. Well, that name sounds Randian.
 
2021-07-06 9:26:42 PM  
5 votes:

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.
 
2021-07-06 10:45:09 PM  
5 votes:

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?
 
2021-07-06 6:11:23 PM  
4 votes:

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.
 
2021-07-06 9:36:34 PM  
4 votes:

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.
 
2021-07-06 4:36:42 PM  
3 votes:
quickmeme.comView Full Size
 
2021-07-06 10:45:33 PM  
3 votes:

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.
 
2021-07-06 7:49:17 PM  
2 votes:

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.
 
2021-07-06 7:56:05 PM  
2 votes:
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.
 
2021-07-06 8:37:06 PM  
2 votes:
This isn't amusing. This is horrendous.
 
2021-07-06 10:15:19 PM  
2 votes:

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.
 
2021-07-06 7:59:41 PM  
1 vote:

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
 
2021-07-06 8:46:17 PM  
1 vote:

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.
 
2021-07-06 9:58:56 PM  
1 vote:

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.
 
2021-07-06 10:40:59 PM  
1 vote:

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.
 
2021-07-06 10:51:19 PM  
1 vote:

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.
 
2021-07-07 12:21:55 AM  
1 vote:

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
 
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