Why The Crypto Industry Was Exported Out Of China I CRYPTOLAND
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- Опубликовано: 27 май 2022
- Introducing CRYPTOLAND, Motherboard's new documentary series about all things crypto. Watch more episodes here: • CRYPTOLAND
The Chinese government has long tried to stamp out cryptocurrencies in the country with varying levels of success. In 2021, a ban on mining finally sent firms packing and seeking countries like Kazakhstan with friendlier stances toward crypto mining. They've also found homes in towns all over the US, where companies are encountering both support and criticism from locals, as well as politicians at the state and federal levels. Will Bitcoin be regulated in the States, and how should our leaders approach it?
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This episode is from CRYPTOLAND, Motherboard's documentary series about all things crypto. Watch more episodes from CRYPTOLAND here: ruclips.net/p/PLTlJK3kwZIbRB_fgZhKA6IXrJOMrVgT9S
@@roward3030 ppppp
K koi(p loo k[o[ooo[k>[>I kiki iiika. L
It launched in CHINA 🇨🇳😳 ALL BAD!!
China banned Bitcoin mining because China must Always have the upper hand on Big Business for the benefit of ALL Chinese. But here in America, where Big Business has always had the upper hand on Govt, Big Business was able to pack up Manufacturing and take it abroad, leaving many Americans stranded. This de-industrialization was not allowed to happen in the Socialist Democracies of Europe because they, like China actually care about their People. It looks like China banned bitcoin mining because it's such an individual activity that Govt Control, and the future of the Chinese Economy was out of their hands. Bitcoin mining is a Laughable replacement for a Manufacturing Base, and the Capitalists behind it will find a way to use it to Screw average Americans like American Big Business has done since 1776. Capitalists don't operate for the benefit of the cities where they reside, as the American Rust Belt attests. Neither will these Bitcoin mining Companies so it's just a matter of time before they Screw the American Public just like the factory owners did.
not a great name for this segment.
ruclips.net/video/ZFoAF6lY6iI/видео.html
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I truly agree with you on that, I must say crypto is the future and with the way Btc is climbing, it's really advisable for people to invest in it now.
Wow
The machine shown at 4:54 is an Antminer S17+, which can compute 73Th/sec with a power consumption of 2,920W. You need _really_ cheap electricity for it to be profitable these days. The average I could find in Niagara Falls was around 11 cents/KWh, with some cheaper contracts at 5-6¢. If somehow you can pay as low as 5¢, it would only bring ~$160 in profit per month, for an investment of about $2,000. If electricity costs 11 cents, you only make $34/month. And that's just for the machine, it doesn't include the costs of renting the space, maintenance, security, cooling for the building, etc. At current prices for electricity and the recent crash of cryptocurrencies, it's getting really difficult to make any amount of money worth the investment.
°°° ✍️✍️✅
Thanks for the insight :)
Economies of scale my friend. 30k of these machines netting you $160 each is over 4.8 million USD a month. Probably 33% of what they made in China, but still a very healthy 50 million a year.
@@perp1exed Sure, if you can manage to find 88 MW of power you can feed these 30,000 machines and have them run for a full year before you even recoup your hardware investment. Not to mention the space you need for this many ASICs. The average amount of power for a household in the U.S. is about 900 kWh/month, or 1.2kW of constant use. 30k machines at 2,920W is the equivalent of 73,000 homes. So yes I suppose that if you consume this absolutely insane amount of power you can make some money. I highly doubt there are many mining operations of this size though, since with about 200m TH/s for the full network, it would represent over 1% of the entire BTC network.
This forces miners to search for "free" energy, which is 👍..another factor is that the decrease in profit flushes out less efficient participants
"If you try banning something thats decentralized, good luck" says man who just moved his business out of China because it was banned there. Idk seems pretty easy to ban if you ask me
#SELF-OWN
Theres still mining in China.
Unbannable like torrents my dude, you got a lot to learn
No. Because he was ABLE to move it somewhere else. What you are talking about is disruption, not cessation. P.S.: China still has 20% of the world's hash rate for bitcoin. Some banning, eh?
You can ban torrents easily. Internet provider can simply block any torrents.
that is the real fact about bitcoins when you can make more profits by using a tactic called bitcoin mining, which grants you many rewards. TechHostFarms services have always been there to make that work. I m so tired of watching and listening to people complain about bitcoins losing their value when you can make x3 of what you bought your bitcoins by just mining with a great service like tech host farms mining service. Psa, this is not investment advice.
this is the best advice I've seen so far, but talking about that service, I have much about them. sadly I didn't get to put much interest when I found out that have saved about 3% of bitcoins holders, who understand what bitcoin mining is. i hope to get started with them next month.
Wow, it is so evident that people are finding the fundamental strategy of gaining more instead of losing. I have been mining with this company for a year, and my investment has been really spiced up with my daily rewards. I made 20k worth of BTC with them for the last 1-year of mining using their service.
Oh, so yall use tech host farm mining service? I am amazed by the comments. my rewards with their custom machine when I rented miners for a year contract was crazy.
@@juanignaciofernandez4280 lol i just got started today haha, I was introduced by my brother inlaw. what a coincidence. happy to see these comments. i heard that the custom miners is the best and more prudent to generate profits.
this is the best advice I've seen so far, but talking about that service, I have much about them. sadly I didn't get to put much interest when I found out that have saved about 3% of bitcoins holders, who understand what bitcoin mining is. i hope to get started with them next month.
Maybe 10 years ago Bitcoin was still decentralized. At this point roughly 50 mining groups control ~50% of Bitcoin’s hashrate. Sounds kinda centralized to me
Exactly, a currency controlled by corporations... nothing bad is going to happen with something like this... sarcasm...
10 years ago it was 2-5
Like the drug business when one steps out the next steps in. u telling me people don’t like money? If they stop productions of bitcoin prices skyrockets nd gives people more insenttive to mine it why wouldn’t u keep mining. it’s stupid to think it’s centralized
I believe node operators is what creates the decentralization. The miners do the work but the node operators are the ones who verify that the miners are following the rules
It’s decentralize because it still need Consensus to validate each transaction action more miner faster consensus. The company who mine does not effect how the underlying decentralized system. They just have more miner to gain more coins from the hash rewards
Ugh... What a horrific misuse of energy and material resources... Energy that could go into the grid to displace fossil fuel fired power plants is instead being consumed by this wasteful venture.
The same could be said about data-center and the internet in its entirety. Still, it's here and nobody asked for it. The world was running fine in the 70s or 80s before there was the internet. So, we might as well shut it down and use the energy for something else (like powering our Walkman or cassette-player).
@@tomasviane3844 This argument is a canard. Have heard it many times. First, data centers do not use electricity (per server unit) ANYWHERE near on the same scale! Internet and cloud servers are made to be energy and processor efficient by design. Crypto miners are brute force processors that operate their processors full tilt to number crunch. And second, internet servers and their equipment actually serve a very concrete and useful purpose. They directly and visibly contribute to making what life is right now possible. Crypto mining equipment is not even in the same league.
I think you underestimate the purpose and value of bitcoin.
@@crp5591 Hard, secure and sound digital money (bitcoin, not shitcoins) is the most important innovation in the past 20 years. Energy consumption is an indicator of progress. No one should tell anyone how much energy they can use or produce. We can talk about what resources we use for our energy consumption, but not how much any industry or individual should consume. We live in a free world. If you don't like it Russia or China surely has a place for you.
@@aceyage People get tricked out of their digital monopoly-money on a daily basis, with no recourse on recovering. I really fail to see what purpose it serves, even discarding all the various downsides, alongside the ridiculous expenditure of electricity to mine them. What does cryptocurrency and the blockchain provide, that isn't already being done in vastly more efficient ways by other things?
It's, quite simply, just an investment vehicle, something to buy and sell for actual money in the hopes of making a profit.
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I came here to learn how to trade after listening to this video I'm still confused, I'm a newbie and I'm open to ideas.
@@rubenanita965 The best strategy to use in trading is to trade a professional who understands the market quite well, that way maximum profit is guaranteed. Because I have learned along the way of my investment that research and analysis are important, note that experience is more needed, than luck when it comes to the financial market.
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millions of $$$$ of equipment, no security and a 100$ door, what could possibly go wrong?
God bless these negligent business owners, without them the pen-testing industry would suffer! 😁🤣
Me…..
somehow I don't think the crypto industry his entirely square. I wouldn't be surprised if they didn't have connections with the underworld that ran deep.
Don't give me ideas, I'm broke
@@Muhammad-sx7wr 100%, it’s already been shown that crypto is being used for money laundering and historically drug purchasing, etc
im a data center specialist, the first crypto mining building is so primitively designed, lol, these guys really need to engage some data center experts to help them with the design of cooling, fire protection and electricity
Alicloud's host is immersed in water for cooling.
Or they don't. Most rely on passive cheap setups. They're profitable and don't see catastrophic failures.
The fact this concept has become so common place underlines how twisted the world has become
YES!
@@carolinem1698 The fact this concept has become so common place underlines how much it's being pumped by the fossil fuel industry.
@@jackiepie7423 actually, up to 60% of crypto mining is done with renewable energy, you may have missed the segment at the beginning where they repurposed an old coal facility, cleaned it up and are using Niagara Falls hydroelectric. The entire mining process incentivizes lowering your energy costs to stay competitive. The people propping up Big Oil would be the members of our society that seem to need a brand new SUV or 8 MPG truck every year. But I'm sure you drive 5 to 7 days a week with no concern.
@@Panda-ws7cp That's still 40% of the waist of energy going to the Fossil fuel industry, assuming your figures are correct. As for the SUV's you are %100 percent correct. As for my driving habbits you are laughably wrong lol. I have never and will never ruin the roads with my own personal toys. You gotta think big and loner range than the next pump and dump.
@@jackiepie7423 My point is that you most likely eat meat produced from methane emitting livestock, fly and travel using jet fuels for vacation and get packages shipped to your door that travel using oil powered vehicles and cargo ships. There are 7 billion people and we use a lot of energy, to nitpick such a small fledgling industry such as crypto to try and make a point about fossil fuels is virtue signalling nonsense.
New York State just passed a law that bans crypto mining if the energy is sourced from fossil fuels. Did these guys get rug-pulled?
Niagara falls is hydro....
@@davidjiannotti1537 I don't think they watched the video.
Imagine if this renewable energy was used to make a product or help a service, instead of wasting it on crypto currencies.
I'm with you. The flip side is that they're focusing on buildings and locations that are already economically distressed.
If you have a product or service that could make use of that renewable energy, I'm all ears.
Just gotta keep dreaming I guess.
What do you think crypto is ? #onlinefinancialinfrastructure
The bitcoin network is a service. It's a service that makes central banking obsolete. Central banking is the reason the economy is a complete pile of dogshit, and is likely only going to get worse over time. Now explain to me why it's bad to pursue innovations that could overthrow the corruption of the modern economy.
@@user-tu2dr3ny6x First, you'll have to explain the "the economy is a complete pile of dogshit" statement.
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That is true I've been trading for years and it has been my source of income,
there are so many reasons and one of the obvious reason is the power consumption, China relies on coal for power and coal is imported very expensively into China, its not worth it to waste it and consequently increase electricity prices for the common people especially when they still have power shortages
The energy use is a huge reason why China kicked out the miners. Each one of those miners consumes the same energy as 3 houses. Large mining ops consume city sized amounts of energy. China still has to import it's energy use.
that's why hydroelectric power is used; it's generated domestically & the fuel isn't running out anytime soon
That doesn't explain why trading is banned there as well. The CCP doesn't want any of its citizens involved in crypto because it would be harder to track where the money is going. They want to maintain control of people's finances.
@@xuem19 i need to find plans to build hydroelectric. there is a british guy who lives out in the woods who made his own hydroelectric using a nearby creek and an out house.
@@cl6107 Yeah they only want their own currency to make it Stronger then the Dollar(but it’s not yet(worldwide)). That’s why it’s so hard to clean Yuan into Dollars. Crypto was making it easy. Fun fact all China’s Middle Class Population is the almost same as the entire U.S population. Which is Amazing & seems like the CCP is doing something Right
Bitcoin's climate impact and ESG. 76% of miners use renewable energy sources. 39% of total Bitcoin miner energy consumption comes from renewables. Bitcoin is greener than most major industries! There more of an incentive to search for green energy because it tends to be cheaper-better margin for running a mining business.
"When you try and ban something decentralized, goodluck" literally had to move entire setup out of somewhere that successfully banned it 😂😂
Hahah
It means you cant remove bitcoin from existence unless you remove internet.
You have zero clue what you are talking about. China has tried to ban Bitcoin 3 times now unsuccessfully 😂
Fun fact: China currently has more than 20% of the global bitcoin hashrate despite the ban.
So how exactly did they "successfully" ban it?
Crypto bros and deluded
It’s totally decentralized
*company running $30 million in miners *
Millions of dollars wasted on equipment that industry and academia desperately need... the unsustainable energy waste... the clear non-decentralization... idk what to tell you if you still think crypto is viable.
Because crypto isn't just bitcoin and proof-of-work.
Did you actually watch the documentary? You seem to have no idea about what decentralization means in crypto...
Cry me a river
@@TastyTardis Yes, you also have all the pyramid scheme coins.. and meme coins. That's innovation. Let me know when crypto produces useful. Considering how much resources it waste, it really would have to produce something really spectacular at this point. But all it generates, is pyramid shame after another.
@@Nobody-Nowhere HSBC and other major banks are developing their own cryptocurrencies for them to use internally because its safer than their own money tracking system. BTC had already made huge things, it has made thousands of new millionaries, it made the first social coin and is changing how business are made, before bitcoin any type of transaction had to go through visa or mastercard, and if your business was banned from using them, well though luck. Now transactions can be made through any crypto currency.
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The most prudent thing for everyone to do right now is to invest in other sources of income that do not rely on the government. Especially in light of the present global economic crisis. This is still an excellent opportunity to invest in stocks and digital currencies
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I love how this creates more of a carbon foot print then those factories… electricity is made by fossil fuels I live close to Niagara and most or at least 70% of the electricity created by the falls goes to NYC.. idk lmk if I’m wrong but be be going through electricity like we aren’t burning fossil fuels by using so much electricity
renewable energy.
Yeah, that dude unironically talking about the coal plant and the 'dirty carbon footprint' it had. Jackass, you are blowing electricity to mine a fake thing. You have a dirty carbon footprint.
Let's communicate:::
"Bitcoin is decentralized" lol. It's very centralized bruh. It WAS decentralized 10 years ago. Not anymore.
Yeah, that's why i flipped to xrp
@@graveripper69 🤣
Doesn't an unregulated market almost always lead to a monopoly due to economies of scale??
So the more machines that are mining means less btcns per machine right??
Ohhh its definitely gonna blow up 🤣🤣
Also i heard that its a "consensus" based system where as soon a company gets to 51% of the market then its toast right??
As a gamer my curse on this industry will never be lifted.
Btw, for any non-crypto folks reading this you will need a min of 30-40 hours of study to even be a starter in this field. Bitcoin and mining is less than 5% of this field so there is something for everyone. Its huge and one month in crypto land a lot of tech can change. Thats why bankers hate the field they are being replaced as we do not need their $500,000 buld and and $150k a year salaries. Thats how we can pay 8-15% interest in DeFi. DAO's are making movies and replacing corporations and NFT's have already sold 3 real estate transaction (Prop) on the ethereum blockchain in Tampa Bay for $600,000. NFT's have helped struggling artists and musicians reap their fair share o profits.Its incredible folks but you have to learn on your own...
@@deepcoder1845 the trouble is all smart contract blockchains are highly centralised even ETH which heavily rely on Infura and Amazon Web services!
Do something then
@@deepcoder1845 You didnt know yet that all NFT's are a scam? Litterly the whole concept is a scam, the images are not stored on the blockchain, wich is supposed to be the whole point of it all....... read up on it......
bitcoin is mined by ASICs not gpus... eth will soon be migrating to proof of stake, so your precious gpus will be cheap soon (unless inflation and more worldwide pandemics have anything to say about it lol)
TRADING HAS NOT BEEN GOING WELL WITH ME, I HAVE INVESTED A LOT OF TIME AND FAILED, I TRADED ON MY OWN BUT EACH TIME I KEEP LOOSING MONEY. I DON'T HAVE GOOD STRATEGIES TOWARDS THE MARKET. PLEASE CAN SOMEONE PUT ME THROUGH ON THE RIGHT PATH.
People are scared of investment because of high rate of scammers on the market
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I totally agree! Investment has also changed my life financially and I have heard a lot about investments with Expert Sophia and how good she is, please how safe are the profits?
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"Bitcoin is not something you can control" , proceeds to get booted out of china and kazakhstan due to government policies
They didn't control bitcoin. They didn't cause any damage to bitcoin.
You cant control it. Chinas government will just not let it be use as currency in there country
Bitcoin and all crypto mining will eventually fall to nothing. It's a pyramid scheme, trading something of literally no actual value to idiots who only hope that the next moron that buys it from them does so at a price higher than what they paid. That's a recipe for something that is doomed to fail, no question, just a house of cards waiting to fall.
and soon by us citizens
Other than crypto miners getting rich, there isn’t really anything of value being produced by crypto bros
Its about the community 👌
@@bestbotreview lol if that’s the only way to get a community then I’m fine being without
the worlds first egalitarian monetary network has no value? maybe your brain has no value?
@@bestbotreview wow so coool, wait, what community?
you seem salty ;)
I think the energy consuption will continue to be a major issue. the world routinely goes to war over oil/gas to provide energy.
Well said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figure in 3 month, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement
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lookup Priscilla Dearmin-Turner, this is her name online, she's now the real investment prodigy since the crash and have also help me recovered my loses
@@ericalorraine7943
Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future
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I think its hilarious that he kept mentioning how "decentralized" mining is while in the middle of a forced move of his factory half way around the world. That is the very definition of a "centralized" industry. If the Niagara Falls local economy recovers then demand for electricity will cause prices to normalize thereby undercutting bitcoin economics. The electrical power business is just "decentralized" as mining. Vice brings thoughtful looks at issues that most news sites miss, then they produce a silly puff piece like this.
The decentralization of Bitcoin isn't about the mining, it's about running the nodes that check if all transactions are legit. Running a node does not need a lot of energy. The people that run nodes (everyone can do this) are sort of the bankers of the system without getting the information about the transaction. That's what they mean with decentralization.
@@tomasviane3844 pedantry
Have you read the BTC whitepaper? You're confused about the function that miners have in the system.
I agree, at some point I thought this was an infomercial. They definitely left out the real reasons why China kicked them out and then barely mentioned Kazakhstan's sudden new rules to allow mining there.
It's entirely decentralised.
I actually have been in one of these bitcoin mining facilities. here in Niagara Falls region. I didnt know about this specific company in my area but i have been in another in Tonawanda which is right next to Niagara falls. They recently moved into a natural gas facility and bought the whole place. they plan on firing the plant at full capacity. Which public record states 63MW of electricity. They say they will sell the access to the grid but the thought of them buying a whole natural gas plant just to run computers is appalling to me. So even having this second company in my area, makes me worries about our energy usage and the carbon footprint. Because if decommissioned gas plants or oil plants are shut down but then bought and return to business as usual. then why are we trying to offset our CO2 emissions? There have also been complaints about this place on noise. I dont blame them because i can hear there from the street. Its a hum thats only getting louder as they add more equipment
Cryptocurrency mining, especially bitcoin is bound to disappear because of its very high energy consumption to render a service that can emit low level of CO2 otherwise. At this point it is criminal to still authorize it as it produces nothing useful and consume vast amount of ressources.
I like how all these Crypto bros decide to use run down cities and their economies to set post to concentrate their coin even more into just a few holders, with only some miners running the mining (which kind of sounds like just a few major banks running the show in the real world) in comparison to the general population.
yep, and they go to republican controlled state too.
I like how it's always someone else's fault that you aren't successful yet.
Yeah?? If you are able to do it, then Why not do it??? shits free money😂😂😂. Early Bird gets the Worm
@ the replies, at least you guys are honest about not having a sense of morality or ethics. i suppose it’s moderately better than lying to yourself and the negative influence you have on the world
@@jakeing0ff morality and ethics doesn't feed my family.
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Crypto has only served to show that if people are not governed inequality will always develop. I guess it didn't help that there already existed such an inequality that allowed for people to buy/build massive mining setups.
Law of the jungle thats what crypto bros want
Equality is self attained. If your looking for things to just be fair and equal for everybody all over the world ... IT AINT GONNA HAPPEN, DECENTRALIZATION IS THE ANSWER AND CRYPTO PROJECTS THAT STICK TO THAT WILL BE SUCCESSFUL. LONG LIVE "BITCOIN" THINK ABOUT IT, THE CHINESE COMMUNIST PARTY PUT A BAN ON BITCOIN, BECAUSE BITCOIN GOES HAND N HAND WITH FREEDOM , INDEPENDENCE, FINANCIAL SUCCESS, FREEING YOURSELF FROM THE RAT RACE.. OFCOURSE THE TOTALITARIAN DICTATORS OF THE CHINESE COMMUNIST PARTY DONT WANT ANY OF THERE PEOPLE THINKING THEY CAN BE FREE. BITCOIN!!!!!!!!
"Crypto has only served to show that if people are not governed inequality will always develop". I honestly don't mean to be rude when I say this, but this as about as naive of a statement as you can make. Governments are made of people, and people are corruptible. Then there's also the fact that government has to use violence in order to enforce it's laws. If there are no cops that will force me into handcuffs and lock me into a cage for breaking the law, then there are effectively no laws. How exactly do you expect an institution with a monopoly on violence to promote equality? As Tom Cartwright responded, nature abhors equality.
You want to really understand how corrupt the current system is, spend some time studying the history of money, and the evolution of central banking. Afterwards, study bitcoin. Assuming you're an honest person, your entire perspective of history will shift massively. Money is the very foundation of all societies after all, therefore monetary policy affects every single aspect of society.
So you think with governance then there is no inequality? It's BUILT IN! The people being goverened are automatically unequal to the governors and there is 0% chance that the people being governed would ever be equal among themselves either.
Inequality is an absolute certainty.
Accurately so... Supposed principes of decentralisation couldn't translate to human behaviour, but there is plenty to learn as well as opportunities.
I'm sorry but they still haven't explained to me what are the advantages of crypto. They keep using terms like mining which implies gathering something of physical use and a resource. Using massive amounts of energy to create a fiat currency seems like a massive waste of literal energy that could produce actual physical goods.
Crypto is a scam, that is used by the ultra rich, criminal organization, and Rouge nations to wash money and scam working class out of their money. It also is a great polluter.
Look up Matt Binder and the scam economy if you really want a deep dive on crypto.
Its not a fiat currency because its not legal tender offered by a national bank.
In theory theres a limited and finite supply in bitcoins. So it cant be debased or devalued. Once its all mined, thats it. Thats all the bitcoit there will ever be.
Its value is its completely anonymous nature and its independence.
Same reason physical cash money is valued in many transactions. But theres no easy way to email and transport large amounts of cash around the world anonymously.
its not a fiat currency, thats why you need to use energy and its not that much about 0.05% of the worlds energy which is less than clothes dryers in the US. not everyone in the world has clothes dryers, using one is privileged.
salty much
Bitcoin crashing and may take time to rise again and the best investment one can do right now is to invest on Forex trading although cryptocurrencies are good but ever since I swapped to Forex trading I’ve seen a big difference.
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Ah so this is where all the GPUs went
I thought is was just the horrendous waste of limited electricity resources.
depends on what you consider to be a waste of energy. what about the football games? any advanced civilization is going to use energy anyways, its not a bad thing. we'll eventually get to the dyson sphere
@@beefyogurt I'm sorry but do you understand that the value of bitcoin is derived from doing arbitrary calculations that require power and computation? it by definition is a waste
@Not Convinced how about all those fancy stores in every big city, with full lighting, neons, heating... it is surprising how much that kind of facility needs energy , just for shopping pleasure. It can be apple store, mcdonalds or clothing store. Some of these keep lights on 247. It is similar use of energy to gain dollars than mining bitcoin, regular farming and so on.
This piece completely glosses over the environmental impact. Cheap dirty old coal factories are celebrated. I understand the arguments for decentralization. I will never get past the environmental impact.
Just have a look how much electricity washing mashines are using/year and compare that to Bitcoin’s use of electricity. Or even worse: compare it to the evironmental impact banks are having. Bitcoins impact is almost 0 compared to them
To counter, I would argue that in 5 years time you won't be able to have a conversation about green energy without simultaneously having a convo about btc
Those coal generators have decades worth of coal piled up next to them. That coal is oxidising in open air. Using it reduces emissions.
@@THEiNetGamer Comparing crypto's energy usage to legacy banking is fair, but consider how much higher the market cap is for fiat currency and how many more transactions legacy banking handles. In total, the Bitcoin network consumes (conservatively) around 500 kilowatt-hours per transaction. A single wire transfer or credit card transaction from a legacy bank uses around 2 watt-hours on the backend, even taking into account the energy overhead needed to run a credit card company.
Everybody is concerned about the market going down but refusing to take advantage of it. The best decision I ever made in my life was investing regardless of the market condition. I made over 118k.USD with a start up of 39k.USD in the last three months . Trust me guys, it really pays a lot!
The market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works.
@@calebsarah9985 Very true, a huge part of my portfolio growth has come during this bear market. I've been able to scale from $350K to $970K in a short period of time.
@@gomezanderson1723 I have made quite a stride on my own but How are you able to make that much?
@@calebsarah9985 It's by simply ìnvesting in the Crypt0 market, although I'm able to achieve with the help of my broker; NORA HENDRIX.
@@gomezanderson1723 I am aware of the benefits of consulting with a professional but haven't found one yet.
Basically we as a people really messed up cryptocurrency in every way possible. We made 2 major mistakes with cryptocurrency. The first was we put a "fiat currency" value on it. Bitcoin and other cryptocurrencies was NOT meant to be priced in Dollars or what ever your native currency is. It was meant to be SEPARATE from the legal monetary and central banking systems and use its OWN MATH VALUE. The second major mistake that we allowed to happen was letting bitcoin and other cryptocurrencies to be traded on the various stock markets. That subjected cryptocurrency to the current regulations and tax laws. Then our greed simply took over.
Forex market is by far the biggest and most popular market in the world traded globally by large number of individuals and organizations. Anyone who thinks of breaking out of financial struggles should consider investing crypto market.
Wow! You are right. Telling someone about forex market and those assets to invest in isn't financial advice but it's life advice
I have been making a lot through bitcoin which is solely the main source of my income these past years. Trading with Mrs Katty Duvan has been an unregrettable experience
The quickest way to make your first millions is to invest directly with an expert that is trustworthy and has made a name and individual billionaires
Crypto trading is making waves and its moving very fast. One must not have it all before one can invest
She had some interesting things to say about the state of algorithmic trading today. Obviously, I'm seeing the result and my trading is going smoothly.
Everyone is keep on talking about China but the US doesn’t really support Bitcoin as well. US government/Fed doesn’t really recognize or support Bitcoin because doing so would undermine the US dollars as the world currency. Also Bitcoin mining uses huge amount of energy and it’s not environmentally friendly.
not think so,cuz USA gave up their manufacture,so no work force can make products like china
Bit Digital, Inc., (BTBT) stock price all-time high in Jan., 2021: $33.00
Current price: $1.64
Good
Good
Chinese miners are easy fish, just let them come into our Net.
This must have been filmed when BTC was $60K a coin. At half of that price, is an operation like this even profitable?
Half as profitable
@@Eric12886 That's not how profitability works, there is a floor.
They spent months editing
It'll be ultra profitable after the next Bitcoin Halving event. Scheduled to happen in May or June 2024.
We should already have tiered structures for energy use with exponential increase.
Interesting video, they lost a lot of money in 2019 and 2020. 2021 a profit of 4 million.. With current energy prices rising and bitcoin crashing they wont last another 5 years.
my guess is china did not ban mining, they just banned everyone other than chinese government from mining
This.
I will forever be indebted to you you’ve changed my whole life I’ll continue to preach about your name for the world to hear you’ve saved me from a huge financial debt with just little investment thanks so much Mrs. Annajn
Mrs. Annajn changed my life because of the huge profits I got from investing with her.
You invest with Mrs. Annajn too? wow that woman has been a blessing to me and my family.
I’m new at this, how can I reach your broker?
I was skeptical at first until I decided to try. It’s huge returns is awesome! I can’t say much.
@@EliasDSmith You can communicate with her on telegam, with the username below.
I don't want the government spying on my USD transactions I prefer that anyone on the internet can read every movement of my crypto in the blockchain explorer! ✊
Tornado cash✊🏻
You have obviously never heard of monero
What are you ashamed of? Not paying your share for your own military and defence; law; government, education; health, infrastructure, etc, et-al?
🤔 yeah I asked the same questions when I got involved. But if China doesn't want their people to have access to this technology then there must be a good reason for us to have access to it in my honest opinion. I don't have a great answer for it other than that it's better to have access than not. Every aspect of its use is growing year by year this will be used massively in the Metaverse/web3 in a decade. 🤞if regulation doesn't destroy it.
It takes an incredible amount of work to link transactions with specific people so while technically they're visible deciphering the meaning behind each transaction is not so simple
Crypto = tech bro version of a multi-level marketing aka Ponzi scheme.
It's like Lularoe...but for tech bros lol.
if you dont understand it maybe it appears that way to a simpleton 🤣
@Mr.1337 They may not have total control but the more resources you have the more you are able to mine and hoard. It's about selling to the next gullible person like you. There's no real value or use for the coins if it's not usable to buy things like dollars can. People were fooled into believing it's worth so much. It's entirely based on faith. The entire goal of most buyers is to sell portions of their holdings at a later time for big profits to fools who believe the price will continue to go up so they can sell for profit to fools who believe the same, and so on for infinitum. That has the spirit of a ponzi scheme even if it isn't exactly one.
government issused bonds are a ponzi scheme
I'm new to crypto currency investment, started with MT5 and I've been making losses trading myself. Any advice please?
I recently started my trading with Mrs Annabelle Hartfield, and I'm already marveling over the profits she made for me, assuming I met her on time I would've been a millionaire by now
Please I'm new to all this, how can I get to her also? I need her help!!!
@miles walker thanks, I will definitely do that.
it's great to see others who also benefits from the service of mrs Annabelle I’m currently on my 5th trade with her and it's a nice experience working with her👍
mrs Annabelle Hartfield is one of the best trader I’ve ever worked with in the past few years she knows the best to deal with whatever market situation
It's just a distraction to say it will use renewable energy - that energy could be used to power homes & electric cars, heat greenhouses to create local produce, etc.
Making money off crypto regardless of it's volatility is totally possible,so you either invest in crypto now or risk losing more with banking only on fiat currencies.
How does this crypto stuff really works and how do I make good profit from it?
I would recommend you get started with a professional broker that will trade for you while you get the profit
Do you have an idea of any good broker I can start with that's trust worthy?
I would recommend my current broker Brian Davis. He is currently earning a lot of profit for me and his services are top notch
@@vickylinn9497 Wow, i'm shocked you mentioned Brian Davis, he is also my current broker
So they’re dependent on an infrastructure bill.
Banning crypto is one of the few things that the CCP has done that I agree with 100%
only.... thing?
@@paddington1670 yeah the rest is awful 😖 😱 😨 let the emojis tell you otherwise
They've been kicking ass with high speed rail, too.
they didn't, there's still miners and nodes there.
They are banning crypto, so they can roll-out their centralized digital yuan.
Did vice uploaded the first part of the video before? I remember watching it a week ago.
in my country the electricity costs 8-10cents and a yearly rent + security guard and local maintainance staff for a big warehouse can cost 10-20k per anum if anyone wants to invest.
Which country is that?
Crypto is an Asset that creates nothing but consumed everything, fueled by greediness, self entitlement that creates unemployment.. Without a demand of this crypto it will die naturally..
#FreeTibet #FreeUighurs #FreeBalochistan
#FreeHawaii #FreeLatinos #FreePuertoRico
This video finally used me to subscribe - love your channel.
I bet you mister crypto in Niagara Falls wont be claiming any crypto income on his income taxes. He'll use the word "decentralized" a 100 times then disappear like a magician in an elementary school magic show
Maybe china realized that one can get rid of a lot of scammers this way
not when they are at a relatively fair cost, bitdigital is not a real crypto miner, they just set up a farm and made it into a financial package for resell
I would use cash to scam on currency on a public ledger, thats stupid.
The biggest crypto exchange is still based in China. It’s called Bybit. Look it up and do your research before you leave such idiotic comments lol
Yeah sure, that's why.
Yeah because if anything they didn't want the competition.
It’s interesting watching this girl who must live in a pretty big city being fascinated by how decrepit the majority of the Midwest is these days (post industrial rust belt )
"There was a time where you could mine Bitcoin in your basement your but it's kinda hard to do that now that there are these large industrial Bitcoin miners who are using specialized equipment"
He's definitely not talking about the large industrial Bitcoin mining operation that he is representing right now
ASICS are a pain in the ass when things like this happens, literally impossible to liquidate them fast enough to cover the loss, unlike GPUs that can be soak up by the market for obvious reasons.
Creating an asic resistant, successful crypto is impossible.
Crypto mining with it's need for cheap unregulated electricity, leaves a far bigger carbon footprint than all that coal burning.
Can someone please tell me why it takes so much electricity to mine?
Broadly, the proof of work model used by Bitcoin and Ethereum (the two most valuable coins) requires that participants in the Blockchain solve complex mathematical equations before they can validate changes to the ledger. Basically miners are running powerful calculators as fast as possible 24/7 in a race to be the first to validate a change to the Blockchain and thus earn a fraction of a coin. Lots of duplicate effort solving a problem of no utility that purely exists to slow things down, and all of it requiring energy to perform.
great content thanks
What isn't covered is the tremendous usage of electricity, read cost to the planet, for the privilege of anonymity. Using @Desmond Hawkins figures a single mining machine uses 2,102 KWH per 30 days or 27.65 months of my monthly usage of 76 KWH. BTW my 76 KWH usage costs me $70.07 or 92 cents per KWH
Did you watch the documentary? Many of these miners use waste energy (at times when hydro-electric is produced with no demand - like at night).
@@tomasviane3844 incorrect, those things run 24/7 you can't just switch on and off. Anyone telling you anything else is bs. Lot of cases is coal powered, especially in China and many places in the US
I did but it seems like you didn't. You seem to be the type of person that will look at a car with a flat tire and state that the vast majority of the tire is perfectly round.
Bitcoin isn't even anonymous, every transaction is permanently stored in a public blockchain.
* Bitcoin is not anonymous
* Tremendous energy use is a feature not a bug
* This does not represent a cost to the planet but instead efficiency gains in energy generation
* What you pay for energy where people live is in no way connected to the energy markets where Bitcoin operates.
It's very sad that the United States has to absorb all the carbon emissions of these other countries. Ultimately, the reason they rejected bitcoin mining is because of the huge electricity draw, which is a challenge as countries try to generate carbon-free electricity, and the mining isn't helping that. Moving to the US doesn't help the situation, it only shifts the carbon emissions. And since the US is a "petro state" there is very little desire to transition away from fossil fuels, so the bitcoin mining becomes a large and primary source of carbon emissions, well into the future.
Just buy yourself another V8 engine and put another assembly plant to China or Vietnam and call it a day. Easy-peasy.
It seems modern crypto uses less energy
@@bruinbergmeester8241 Maybe, maybe not. It depends on what catches on. There are probably ways of making them far, far less energy intensive. Here's hoping.
The US really isn't a petro state. Less than 10% of their gdp comes from their petrochemical industries. But you're probably right about a lack of will to reduce fossil fuel consumption.
It will help secure the energy grid.
Except you buy it with a currency it's supposed to be replacing and then spend time trying to figure out how to change it back in to that currency,... it's replacing?
Unless you can pay for good and services with crypto, which you can in some places. But it's limited.
Do you spend dollars in Europe?
@@davidallanmusic euro's
Who said it's replacing fiat currency? It is simply an alternative.
Great stuff
This is hilarious to me, because they were lauding America’s rule of law and certainty over China and Kazakhstan, but then gave nine examples of where cities, states and the senate made decisions unilaterally anyways.
The issue here isn’t the Kazakh or Chinese bureaucracy but rather that they bend to their own governments financial and political will, rather than that of American money. It’s just so funny
I love VICE but this is probably the most biased piece of media of seen from them. what a joke
It's kinda weird that at 8:13 and 9:14 she asks the mayor the same question and he gives two different answers lol. Which stance do you think they are biased towards? Overwhelming support for btc mining?
@@xenostim Neither of them were "against" crypto mining. He said as long as they recognize and share their goals for the environment and electricity, then they're accepted.
agreed
FACTS are biased now? Ok..
I really hope more countries would put an energy cap on this.
Or use green energy like nuclear or renewables.
if china is banning it then you really shouldn't do it
@@thepragmaticchoice China bans having a second child, should we all stop that ? China is a horrible place run by a communist dictator. They are commiting genocide on a daily basis against the Uyghur people. Get real dude.
However, in the end, physical money doesn't require any other resource to maintain after its printed/minted. The idea of privacy is nice, however, a system that requires so much energy, peaceful coexistence plus your electricity better be always on, in a world where all seem to be lacking, this "we are more evolved than we really are" approach doesn't sound so smart to me. Why reinvent something so simple and make it so complicated. Just make a banking system that is more fair towards its clients and compete on the market. Technology will be the end of us all since we build on the unnecessary and ignore the elephant in the room. The environment.
Clearly you have no idea how our current monetary system is completely fucked and the cause of a ton of modern day problems, such as the increasing wealth gap, unaffordable housing, and more, all because goverments manipulate our money supply.
Also your idea that our current money doesn't need maintaining is flawed. Why do you think the US has such a big military? It's to protect the dollars reserve status.
And yet, unlike privacy-coins like Monero, Bitcoin actually isn't private.
@@TimvanHelsdingenAnd how is Bitcoin solving any of the issues you mention? Or is it just a speculative bubble for those who want to get rich quick and then... help the environment? US has a big military cause the Feds can always print more money, which is the real cause behind the inflation. Brrrrt. the printer goes
yeah im sure the regulatory system revolving around the banking system doesnt use 10x the energy bitcoin does, im sure that is totally not the case
Caveman Ledger -> Precious Stone -> Precious Metals -> Paper -> Plastic -> Network Ledger
We ARE returning to simpler times. You just severely misunderstand the concept of money. I don't know about you, but I like the idea of Bitcoin's energy being pulled from anywhere on Earth. You don't see giant powerplants and battery terminals like you do with washing machines. Should we stop using washing machines and opt out for foot cranked washing machines? Your argument suggests we should stop using smartphones too since you constantly need to recharge them with energy.
I'm not sure if there's a difference in the equipment but I've seen videos of stories on the ban in China where they were moving mining equipment and just handling it all individually in the back of dirty farming trucks to be moved. It's a bit different from this video. Lol
Sometimes I really wondered how people make this huge profits investing on the stock market online, I agreed with you investing and earning is a legitimate way to gain financial freedom, but how is it done?
I think am blessed if not I wouldn't have met someone who is as spectacular as Mr Jeff O'Reilly Has been handling my account for years now.
@frankin You don't need to be shocked, because Jeff O'Reilly has helped me recover what I lost trading myself.
Who's this professional everyone is talking about, I always see his name at top comments on every RUclips video I watched.
@@nancybrenner4272 hello may you please kindly connect me with Mr Jeff O'Reilly . I will appreciate . Thank you
@@paulnorman18 yes, I have his facebook name⬇️
I’m so sick of this. I hope Ontario Canada shuts this down in the future just like it happened in China. Lots of space, graphics cards and energy helping people get rich. Shut this sh*t down
@CAT CHANNEL Emperor Xing is also another problem, but that’s not what this video is about
"Lots of space, graphics cards and energy helping people get rich."
If only you knew how much space is used to rent time for people to use computers to play games, oh man, you'd be so much more angry.
You're a lunatic
That's why the Ethereum merge in August will be revolutionary for large coins. Moving from proof of work to proof of stake means mining won't exist for ETH bc the transactions will be validated by stakers who own/have staked 32+ETH. I'm determined to get 32ETH so I can get on the passive income track once the merge happens and then the insuing adoption - ETH won't have the mining woes like BTC will continue to have
Graphics cards. ROFL!!!
You're granted a non universally agreed upon value for increasing the Earth's overall temperature. There are better ways to establish value in a currency.
Knowledge wisdom and understanding increase 👍🏾
Boom and bust cycles are awful for towns, and this is very unstable.
4:00 no, they're stealing money, from regular people in that power grid whose rates they are driving up. and from people trying to get parts for their computers. that's where cryptobro money comes from.
Lol,they have pay for that energy with their own money,the only stealing is when the government devalue your life savings by printing more money
@@AlexS-so7es massive profits at other people's expense is also theft.
Crypto can't sustain for long time, unless we solve the energy consumption issue
4:50 Based on the text printed on the label, some of their machines were shipped out of the capital of Xinjiang half earth away. Quite a exduos if I'd say so myself.
The bitcoin guy in n.y. state loves the word "transparency." It's like his Orwellian way of talking about this illusive and deceptive industry. Every time I hear that word "transparency " I'm on my guard. I assume someone is definitely trying to deceive me. One can barely keep a count of the number of times this guy uses what has turned into the most annoying buzzword of our time. Please, can we return this word to usage in conversations about scotch tape and
lecture materials?
He attacks the "dirty coal " ..... that dirty coal is what is powering his carbon monoxide machines....
There's the surface deception. Like you, I believe there is far more deception involved.
What do you think is more transparent, governments that abide by FASB rules or ones that do not?
Thanks for being transparent on your feelings about general transparency or lack there of. I believe people can see through bulls**t if they choose to, most are just oblivious to most things because of lack of transparency..
I hope the US shuts this crap down here as well.
what like they did with file sharing?
Why, you dont have any crypto? ;)
Nah lol thats bad for us
@@budgetking2591 not sure it matters but I do. But the environmental impact is horrible. And believe it or not I value lives over money. Well .... most lives 🙄
Too late
Do more crypto episodes please 💎💯
I was always curious to know how the crypto is produced.
Your statement did not contain a question but I'm going to extrapolate the question of "how is crypto produced?". The short answer to it is in this video
ruclips.net/video/y3dqhixzGVo/видео.html
I'm going to guess it's not going to make alot of sense to you. While the video answers that question, it sure as hell doesn't explain it. Any attempt to explain would require that you know something about encryption. I just happen to know a little about it because when I was a kid I spent lots of time thinking of how to pass a message to someone that nobody else could read. If you've never had any experience attempting this then nothing I (or anyone) could say about crypto would make much sense to you.
Here's another video of someone who published a paper on it trying to explain crypto to news anchors.
ruclips.net/video/Nt0jlKV5KwQ/видео.html
Banning crypto was absolutely not a mistake. It should be done worldwide.
How much did you lose buying those shitcoins?
Impossible to ban. Bitcoin will revolutionize finance, making it more fair for everyone.
How when very few people own almost all the coins?
@@gooutsideitsfun1313 fair for who? And how? Can you show your work?
The world generates 160,000 TWh of energy, of that, 50,000 TWh are wasted:
- 31.25% of the worlds total energy is wasted
If you eliminate bitcoin from the world, 50,000 TWh are still wasted.
Bitcoin consumes 120 TWh of energy:
- 0.075% of total energy
- 0.24% of wasted energy
The Bitcoin network has $1 trillion assets under management,
which cost $2 billion/year in energy to secure:
- Energy costs are 0.2% of total assets (at ~$0.02/kWh)
In many cases, it is literally discarded energy. There is 0 value, as no one would be paying for it, and it would be unused/wasted otherwise:
- Therefore, the marginal cost to the human race is literally 0
It's amazing to see that much wasted energy to produce a few fake numbers on a digital ledger. Ppl will look back on this in a decade with utter bemusement.
isnt this video was on a youtube channel called motherboard?
Very nice
If only crypto wasn't a literal waste of energy to produce literally nothing
°°° ✍️✍️✅
How ironic that bot reacted to this
Welp just like gold, silver, US Dollar?
When do people realize every currency in the world is the same, nothing of value is actually created but trust is the only mechanism in there.
Bitcoin use miner to ensure legitimacy, USD bomb middle Eastern child to achieve that. You choose your way mate
"In ten years when it starts to look like what it's going to become..."
Says it all.
Do anyone know of videos that speak about the crash of prices for ASIC Miners? My power cost is like US$0.05 per kw.
I’ve been using crypto payments for a few years now as a freelancer. Fees once cashed out to fiat are ~0.01% or less and don’t have to worry about chargebacks. That’s unheard of in conventional point of sales systems. That’s reason enough for me to believe in the long term utility of the technology. People are so used to just seeing headlines on miners and crypto bros finding the next alt coin to pump when the real utility has been sitting in front of them the whole time.
It's just an easier traffic for money transfer. To everywhere. U don't have to be under a certain banks or country. It's everywhere and that flexibility is what's making it so useful.
I wish Canada would ban this too.
Legit though. This practice is an all-consuming, greed-based gambling practice to get rich quick at the expense of using up materials/resources and providing zero actual value.
Crypto will only ever be worth it if it can take down the centralized banking systems and free people. The chance of this happening are next to none.
Why
Why
Shut up.
Damn commie
Biggest waist of electricity,might makes yourself rich but the whole world will feel the effects smh