Quote from: franky1 on Today at 12:59:18 AM

Quote from: LegendaryK on Today at 12:06:16 AM

Now if Celsius refused to pay and proof of waste was actually profitable,
why not redirect those miners to mine BTC directly for Core Scientific and save their company from bankruptcy.

the way it worked was celcious was paying the monthly electric. via monthly contract payments. so that CORZ could accumilate coin and not sell at a loss. waiting for the price to rise cor the coin next year
or giving coin to celcius per quarter as their reward for contract

however when celcius stopped paying because corz were asking for too much in its contracts. and obviously celcius had issues with its own money.. thus unwilling to pay.
corz was not then paying its electric bill and then needed to sell coin at a loss to then pump fiat into the electric company to keep going a few more months.

Quote from: LegendaryK on Today at 12:06:16 AM

The reason is the electricity was worth more than the bitcoins generated, and no VC money to float the difference, that all folks.

you gave a very simplistic answer.
the real reason is corz didnt take the opportunity to relocate or upgrade to be more efficient. nor seek out new customers to replace celcius gap
they just plodded along and asked for a loan multiple months back from their other existing customers(blackrock).. rather than asking blackrock to just buy more contracts
(obviously blackrock wouldnt just buy new contracts at higher prices so yea blackrock done a loan instead.. corz stupidly accepted that deal)

Quote from: LegendaryK on Today at 12:06:16 AM

Anyone need to declare bankruptcy , go into Proof of Waste mining and you will be bankrupt in no time.

you are proclaiming "all mining" yet using a case scenario of one mining farm example of a inefficient farm that was not business savvi
i fully agree greedy companies that demand too much from customers will lose customers. i agree dumb companies that are not business savvi will lose money.

but that does not make the whole industry non-profitable. it just means too many dummies in the babies basket where all you can hear is the crying due to the dummies that get lost

Quote from: LegendaryK on Today at 12:06:16 AM

Quote from: franky1 on December 30, 2022, 09:55:02 PM

also carbon taxes.. well if you are located in a region that uses renewable then carbon taxes are your friend.. if you mine in a fossil power region. thats then not your friend.. but it helps out the markets

leg-end i know you adore PoS ethereum. but here is the thing. its value at underlying cost is only $50 now as admitted by ether influencers themselves "energy saving of 95%"
so their price is hanging up high in a speculative premium bubble due to arbitrage game play artificially holding it up.

wait for the pin to drop and burst that bubble.. and the correction to occur, you have been warned

Find me a grid that says they only supply you the renewable energy and sends all of that pesky 24x7 energy from coal & natural gas to everyone else.

i personally live in a nuclear power region... thank you, enjoy,
many mining pool locate themselves within 20 miles of a hydro or nuclear power plant and do deals with the power plant direct

(hobby miners using residential rate cant do those deals becasue they are bill payers that use billing agents, that are one step power from the producers)

Quote from: LegendaryK on Today at 12:06:16 AM

Actually Ethereum energy savings after kicking out proof of waste is over 99.9% .

no its not.
if you calculate the validators at a 300w PSU of a normal PC . vs coins.
and compare that the the old PoW mining. its about 95%

there 99.95% WAS a projection thinking there would only be like a dozen validators(they were only counting the main custodians, like coinbase and a dozen others)

in short ethereum PoW was about $900 underlying cost value with a $1.4k market (1.5x speculation) and now ethereum PoS about $45 cost value with a $1.2k market(26x speculation) if you add up all the asics vs validators respectively (and compare it to market price respectively)

I thoroughly enjoyed your explanations of why core scientific declared bankruptcy,
what is your enlighten complex view on the other two big ones.

Compute North, the second largest bitcoin mining hosting provider in the US, filed for Chapter 11 bankruptcy .
Greenidge Generation Holdings Inc., once one of the largest public Bitcoin miners in the US, warned that it may seek bankruptcy protection

As far as the 99.9% , I was getting that from
https://consensys.net/blog/press-release/ethereum-blockchain-eliminates-99-99-of-its-carbon-footprint-overnight-after-a-successful-merge-according-to-new-report/

Quote

A new report from CCRI (Crypto Carbon Ratings Institute), commissioned by ConsenSys, reveals that the transition from Proof of Work to Proof of Stake has reduced the electricity consumption and carbon footprint of the Ethereum network by over 99.988 % and 99.992%, respectively.

FYI: Just because a power supply has a max rating of 300watt does not mean that PC is using the full 300 watts.
I had an 600 watt power supply and according to the UPS data was only drawing between 80 to 120 watts on average.
https://energyusecalculator.com/electricity_computer.htm

Quote

We estimate that an average modern desktop PC will use approximately 100 watts of power,