If we would monetize your manual labor by putting you on a rowing machine you would have produce approximately $0.30 of value per day.
I often hear the argument: Bitcoin mining is wasting enormous amounts of energy.
Bitcoin mining uses about the same amount of energy as a small country and that is fine!
Time for a thread:
If we would monetize your manual labor by putting you on a rowing machine you would have produce approximately $0.30 of value per day.
This brings the need for balancing the network. Without it, the grid will become unstable.
Solar energy only creates energy when the sun shines. Wind energy only creates energy when the wind blows.
Producers have to produce at sub optimal levels which hurts their profitability and stability. Excess energy is dumped or even sold at a negative price!
Another example are hydroelectric dams, where because of their location, sometimes the energy created can simply not be transported far enough to meet demand.
Therefore miners will move to the edge of the grid where energy is cheapest and there simply is no other use case, if there was, they would be outcompeted.
It provides an opportunity to monetize excess capacity in situations with varying load and will even help our transition towards a more sustainable future by making those solutions more profitable.
@saifedean @johnkvallis @stephanlivera @Breedlove22 @wmiddelkoop
More from Crypto
Step 1: $BTC has a huge correction. Every range starts with either a pump (or dump) and then follows with a dump (or pump). In this case, #Bitcoin pumped and is now pulling back. This is
If you want #Altseason, you should want $BTC to make a decent sized pullback. Ranges start after huge moves in both directions, IMO we need to see some cooling off before the ranging starts. Plz give 26k. #Bitcoin pic.twitter.com/yLG9xSrbKz
— Altcoin Sherpa (@AltcoinSherpa) January 3, 2021
Step 2: $BTC ranges big once it finds a bottom. This will allow it to reaccumulate for a big summer run in 2021. This is HEALTHY IMO.
Step 3: Once $BTC finds a bottom and starts to grind up again, I expect $ALTS to do very very well in both alt/usd and alt/btc pairs. ALTSZN is almost always characterized by strong alt/btc pairs moving- I've already accumulated most and have done my final buying today and more.
$BTC.D typically has a very nice time during this time of the year. I was off on December prediction bc I thought $BTC was going to pull back by then but oh well! #Altcoins will start their pumping time VERY soon now.
$BTC.D: This is the chart for inverse #Bitcoin Dominance, the macro chart you need to check out for #Altcoins and when they have their runs. Still potentially more pain to go for $ALTS but I'm thinking that they will turn around strong when $BTC is done w. its run. pic.twitter.com/Q8ewTSRywp
— Altcoin Sherpa (@AltcoinSherpa) December 27, 2020
More information on what #Altseason is and $ALTS market
Big #Altcoin thread for $ALTS: Where are we at in the cycle, how long do we have, is this #ALTSEASON, what are the relationships like, all of that. $BTC #Bitcoin $ETH $LINK #Altcoins pic.twitter.com/nwVjgZu4fw
— Altcoin Sherpa (@AltcoinSherpa) November 9, 2020
This is bad. Continue reading why and how to avoid this in the future.
👇👇👇
2/ Before you go all rage on the flaws of my analysis, please read the whole Twitter thread for disclaimers and caveats.
3/ approve() is an unnecessary step of ERC-20 tokens when they interact with smart contracts.
You know this because when you do a Uniswap trade you need press two transaction buttons instead of one.
4/ Why there is approve() - you can read the history in this Twitter
1/ I just spend my Saturday morning on a call with a crypto fund explaining to them how #Ethereum ERC-20 token approve() function works
— \U0001f42e Mikko Ohtamaa (@moo9000) August 29, 2020
I am too old for this shit. pic.twitter.com/7EYfOaRP5L
5/ I queried all approve() transactions on Google BigQuery public dataset and calculated their ETH cost and then converted this to the USD with the current ETH price.