Quote from: Kakmakr on January 16, 2018, 06:13:00 AM

This is a typical example of CNBC type reporting on Bitcoin. They mask the Click Bait article with something that looks positive and then you look between the lines and you see that they are pushing a negative agenda.

You always have to look for the thorns in their reporting on Bitcoin. ^grrrrrrr^

Did they mention anything about the other industries and how much electricity they use and how much they are contributing to the local economy, compared to Bitcoin?

I do agree with you that mainstream media always opt to report on Bitcoin negatively, instead of outlining the potential of crypto currency in solving many issues that are present in financial systems nowadays. The media bias is frustrating.

But on the electricity front, I am concerned for Bitcoin. The consumption of electricity by other industries provides benefits to society and in most cases tangible goods. The electricity spent on Bitcoin is spent on hashing for the generation of a virtual currency, and it is only because the Bitcoin code demands it to be done this way, the generation of certain altcoins is much more power efficient. The amount of mining is increasing exponentially, according to blockchain.info we are at 16,612,036 th/s, we were at 2,830,308 th/s a year ago. Do you not see the dangerous trend here? A year from now Bitcoin mining could prove to be a major strain on electricity networks, and if not regulated it will increase the price of electricity for everyone. We will see it on a micro scale in a place like Wenatchee, as the influx of mining in that town will certainly increase the electricity cost from 4 cents, and residents that lived their whole life there ain't going to be happy.