Stop Burncoins @StopBurncoins@switter.at

#bitcoin #cryptocurrency
Proof of Work is a huge waste of power and resources:
- too much power wasted for wrong guesses causes electrical grid instability and produces nothing
- contributes heavily to worldwide GPUs and chip shortage
- is bad for the environment, most of our energy is still fossil fuel

We have other technology, like proof of stake. Projects *can* switch tech.
https://www.change.org/StopBurncoins
#stopProofOfWork #stopBurncoins

#Nanacoin forever
https://www.smbc-comics.com/comic/nanacoin

Just saving a few links:
* #bitcoin CO2 costs:
https://www.bincoin.wtf/

* bitcoin value vs cost of its pollution:
https://www.sciencedirect.com/science/article/abs/pii/S2214629619302701
#stopProofOfWork

#bitcoin #cryptocurrency
Proof of Work is a huge waste of power and resources:
- too much power wasted for wrong guesses causes electrical grid instability and produces nothing
- contributes heavily to worldwide GPUs and chip shortage
- is bad for the environment, most of our energy is still fossil fuel

We have other technology, like proof of stake. Projects *can* switch tech.
https://www.change.org/StopBurncoins
#stopProofOfWork #stopBurncoins

Burncoins, Proof-Of-Work is the first generation of cryptocurrency. We have better tech (Proof-Of-Stake). There is no technical reason to keep Burning resources away

So how can we keep guessing every 10 minutes on bitcoin? Simple, you are allowed to guess as many times as you need. What happens to the wrong guesses? Work burnt away, just wasted electricity.

How worse? The current probability of your guess being correct is about 1.88*10^(-64)
For comparison, the probability of winning a 200M$ lottery is about 1 in 300 million, or about 3*10^(-9)

If 7 people randomly chose numbers and all got the top prize at the same time, we would still be a long way from the level of guessing you need for bitcoin

Burncoins works by solving a math puzzle. It is created so that you can only *guess* the solution, there is no way to build it correctly from the ground up.

Each guess takes very little time. The problem is that as more hardware joins in the mining, the probability of your guess gets worse and worse. **MUCH** worse

So the companies requested more chips for mining, everyone went to TSMC for manufacturing, production shifted a bit towards more mining stuff, COVID is not helping.

The result, obviously, is that both users and industry can't find chips anymore, thus why the auto industry is losing billions in sales.

At this point the question is: Ok, but what are we doing with all that power, and hardware?
There must be something that comes out of it, right? Unfortunately, no.

Besides, it's not like the car industry does not have other problems now, they are short on chips: https://www.autonews.com/suppliers/chip-shortages-may-last-late-2021-renesas-says
And of course this shortage is made worse by burncoins

To mine any burncoin you need dedicated hardware. ASICs are very fast, but a GPU can be repaid in a couple of months
...If you could find one anywhere, that is

Miners have bought as many GPUs as possible. Market scalpers realized there was a shortage, and started buying the rest to resell sometimes at double the price

Meanwhile, the world is ramping up carbon taxes, trying to lower pollutant emissions.
We're trying to move to electric cars.
That alone is another problem: bitcoin is stressing the power grid of several nations: https://wccftech.com/tehran-faces-power-outages-due-to-massive-crypto-mining-operations-consuming-up-to-450-megawatts-that-much-power-can-power-a-city-of-100k-people/

Estimates from https://www.gem.wiki/Estimating_carbon_dioxide_emissions_from_coal_plants
1GW plant => 6.3M tonnes of CO2/year
65% of 138TWh ~= 90 TWh used in China alone
65% of 90TWh ~= 59 TWh of pure coal
1GW plant produces 8.76 GWh of power per year
=> In China alone, Bitcoin produces about 6.7*6.3 = 42M tonnes of CO2

So, let's talk a bit about what we call 'Burncoins', aka Proof-Of-Work cryptocurrency
Let's start with some facts:

Estimates of current bitcoin power consumption are around 138TWh each year https://cbeci.org/ , or above Sweden in consumption. This does not include other Proof-of-Work coins!

65% of bitcoin mining happens in China, which last year got 65% of its power from coal https://www.iea.org/data-and-statistics/charts/electricity-mix-in-china-q1-2020

Petition just created: https://www.change.org/p/european-parliament-ban-burncoins-stop-using-proof-of-work-cryptocurrencies

Hello world
Busy setting up accounts for this project, to rise awareness on the problems of Proof Of Work cryptocurrencies