Nvidia to limit hash rate of RTX3060 GPU's

[FoxEye]

Most other hobbies have an element of fun / well being reward.

I saw in Iran where 'leccy' costs 5% of what it does in the UK, one mining farm uses 175kW! And mining has been the cause of energy blackouts there.

"Everyone in Iran should just mine crypto, so they can afford backup generators for when the power cuts out."

/s

 

[Jono8]

But which other single hobby is on course to use 1/2 of the whole energy use of the EU in 3 years?

Scale is important too.

Which other hobby is designed to use the maximum amount of energy we can generate and make available?

Why does it have to be a single hobby?

Look, I think it's stupid and wasteful too, but then I also think countless other things are stupid and wasteful. Our society and economy is hilariously stupid when broken down.

I just don't think crypto should be singled out.

People are mining/creating something of value to others using resources. Why is that any different to anything else that is created?

Just because it doesnt hold value to you doesnt make it any worse than a whole host of other big industries or hobbies that consume massive amounts of resources and power.

 

[Jono8]

Most other hobbies have an element of fun / well being reward.

I saw in Iran where 'leccy' costs 5% of what it does in the UK, one mining farm uses 175kW! And mining has been the cause of energy blackouts there.

What about industries then?

People are using resources and mining to get crypto that others want and who will buy from them.

Again, I dont knownwhy crypto is being singled out. Massive amounts of resources are used the world over to make rubbish that some people find valuable. Its the cornerstone of the world 's economy.

 

[FoxEye]

Why does it have to be a single hobby?

Look, I think it's stupid and wasteful too, but then I also think countless other things are stupid and wasteful. Our society and economy is hilariously stupid when broken down.

I just don't think crypto should be singled out.

People are mining/creating something of value to others using resources. Why is that any different to anything else that is created?

Just because it doesnt hold value to you doesnt make it any worse than a whole host of other big industries or hobbies that consume massive amounts of resources and power.

OK, let's imagine a world in a few years where crypto uses 50% of all of Europe's generation/supply.

Would the argument be then, "But the other 50% (non-crypto combined usage) is still used somewhat wastefully, so why single out crypto?"

This is the problem. Crypto energy use may never reach 50% of the whole world's supply, but it is projected to reach 50% of Europe's whole supply in only a couple years.

Imagine if every other hobby had the same energy requirements?

 

[pp111]

they not locking existing products, they're starting to do so with the 3060.

we all know the 3070/3080 are not long for this world, with new GA102 sku's arriving shortly...

But I suspect this is just the start. My guess is that the 4000 series will all be locked.

 

[Lightnix]

Why does it have to be a single hobby?

Look, I think it's stupid and wasteful too, but then I also think countless other things are stupid and wasteful. Our society and economy is hilariously stupid when broken down.

I just don't think crypto should be singled out.

People are mining/creating something of value to others using resources. Why is that any different to anything else that is created?

Just because it doesnt hold value to you doesnt make it any worse than a whole host of other big industries or hobbies that consume massive amounts of resources and power.

Cryptocurrencies are not even particularly useful for their stated purpose as a currency. People just speculate on it - ride the waves of their almost arbitrary booms (which are probably pump and dump driven) and busts and if they're smart they get out before it crashes again. It's like a parody of regular financialisation without the veneer of being tied to anything useful.

 

[fs123]

OK, let's imagine a world in a few years where crypto uses 50% of all of Europe's generation/supply.

Would the argument be then, "But the other 50% (non-crypto combined usage) is still used somewhat wastefully, so why single out crypto?"

This is the problem. Crypto energy use may never reach 50% of the whole world's supply, but it is projected to reach 50% of Europe's whole supply in only a couple years.

Imagine if every other hobby had the same energy requirements?

If it does reach anywhere near 50% then I hope Government's wake up and ban the whole thing. A total waste of Earth's resources to enrich the lazy people who want to make money without doing anything.

 

[Lightnix]

If it does reach anywhere near 50% then I hope Government's wake up and ban the whole thing. A total waste of Earth's resources to enrich the lazy people who want to make money without doing anything.

Wouldn't be surprised if it happens, not for the sort of environmental reasons brought up in this thread but because it's looking like it could turn into a geopolitical hot mess for the west as well. BTC has a $1tn market cap, is mostly mined from outside the western sphere of influence predominantly by Chinese firms (and obviously trust there is at a recent low point) has already been used as a terrorist financing tool (read the whole thing! they show an effective scheme near the end) and for other criminality as well as having pretty good potential as a political dark money vehicle.

 

[bigmike20vt]

If it does reach anywhere near 50% then I hope Government's wake up and ban the whole thing. A total waste of Earth's resources to enrich the lazy people who want to make money without doing anything.

You just basically summed up investment bankers didn't you? At least electricity is clean energy (ornat least mine is) and in a few months I will be generating a large amount of my own.

I wonder hand on heart if you suddenly groundhog dayed it and woke up on day 1 of bitcoin launch where it was worth 5 p and you generated coins in batches of 24....... Would you not dive in?

 

[Jono8]

OK, let's imagine a world in a few years where crypto uses 50% of all of Europe's generation/supply.

Would the argument be then, "But the other 50% (non-crypto combined usage) is still used somewhat wastefully, so why single out crypto?"

This is the problem. Crypto energy use may never reach 50% of the whole world's supply, but it is projected to reach 50% of Europe's whole supply in only a couple years.

Imagine if every other hobby had the same energy requirements?

Well then more energy will be produced, most likely renewable.

Energy isn't an issue as such. We just need to harness renewable sources better.

You are just seemingly fixated on how much energy it uses but are overlooking the energy used by all the inherently pointless things humans hold value to.

How much energy and resources does the decoration and ornament industry use?

What about the fashion industry?

There are countless things that are inherently pointless and unnecessary and only hold value because we think they do, yet take up monumental amounts of resources.

 

[FoxEye]

Well then more energy will be produced, most likely renewable.

Energy isn't an issue as such. We just need to harness renewable sources better.

You are just seemingly fixated on how much energy it uses but are overlooking the energy used by all the inherently pointless things humans hold value to.

How much energy and resources does the decoration and ornament industry use?

What about the fashion industry?

There are countless things that are inherently pointless and unnecessary and only hold value because we think they do, yet take up monumental amounts of resources.

So like I said, when crypto uses 50% of everything, you'll still be deflecting because the other 50% contains some wasteful processes also. Even when crypto on its own is using 50% on its own.

I seriously hope that crypto is regulated to all hell and back so that such a dismal future is not allowed to happen.

"Fixated on how much energy is uses." Yes, I am. It's a disaster already, and an even greater disaster waiting to happen.

 

[bigmike20vt]

To keep it comparable. Look at gold mining. OK a.small amount goes into electronic gadgetry but most of it is either used to garnesh people's skin or is stuck in a vault somewhere.

It only has value because someone says it does. It may as.well be moose .pooh used as a currency

And gold mining is hugely resource intensive and makes a.right.mess of the environment.

Now whether people do it or not is another issue but the wasted energy from part.time gamers.part time miners is almost fully recyclable anyway in heating etc

 

[FoxEye]

To keep it comparable. Look at gold mining. OK a.small amount goes into electronic gadgetry but most of it is either used to garnesh people's skin or is stuck in a vault somewhere.

It only has value because someone says it does. It may as.well be moose .pooh

And mining is hugely resource intensive and makes a.right.mess of the environment.

Imagine a circle of people causing damage. Each person looks to their left and says, "I'll clean up my act when the person to my left does."

What happens

Yes, let's demand that every other industry stops being wasteful before we examine crypto. That will work.

 

[Jono8]

So like I said, when crypto uses 50% of everything, you'll still be deflecting because the other 50% contains some wasteful processes also. Even when crypto on its own is using 50% on its own.

I seriously hope that crypto is regulated to all hell and back so that such a dismal future is not allowed to happen.

"Fixated on how much energy is uses." Yes, I am. It's a disaster already, and an even greater disaster waiting to happen.

Where are you getting that crypto will use 50% of everything?!

How is it a disaster already?

I think you are being rather melodramatic and I hope you are equally outraged by every other pointless thing that humans do to waste resources.

 

[FoxEye]

Where are you getting that crypto will use 50% of everything?!

How is it a disaster already?

From blackouts in Iran to US coal stations being bought by mining companies and recommissioned to produce cheap energy for crypto...

To a projected demand in 3 years of 50% of all power consumed by the EU...

If you can justify that you can justify anything.

 

[Tinek]

From blackouts in Iran to US coal stations being bought by mining companies and recommissioned to produce cheap energy for crypto...

To a projected demand in 3 years of 50% of all power consumed by the EU...

If you can justify that you can justify anything.

You clearly do not realise it but mining only works in places where electricity is very cheap or even free - and that happens only because these places have a huge surplus of energy production. If that's not being used by miners, it will be just wasted. It mostly happens in China, where lots of areas have big powerplants that must run (government decided that) yet there's no industry there etc. to actually use that produced electricity. They literally invite miners there and are happy someone uses all that power instead of just purely wasting it. Without such places, mining would've never taken off in the first place.

Also, the amount of energy humanity produce currently is hilariously tiny comparing to what nature commands on our planet. Even solar can potentially provide limitless (for humans) amounts of energy, we just need to harness it. We even already know how, there's just not enough incentive yet. Ergo, no matter how much mining will evolve, we can produce plenty more energy if needed, planet-wise.
Plus, similar arguments are being peddled by people who are against electric-cars and the answer is the same - won't be a problem, we'll simply produce more energy as needed. Hopefully from solar and other renewables.

 

[FoxEye]

You clearly do not realise it but mining only works in places where electricity is very cheap or even free - and that happens only because these places have a huge surplus of energy production. If that's not being used by miners, it will be just wasted. It mostly happens in China, where lots of areas have big powerplants that must run (government decided that) yet there's no industry there etc. to actually use that produced electricity. They literally invite miners there and are happy someone uses all that power instead of just purely wasting it. Without such places, mining would've never taken off in the first place.

Also, the amount of energy humanity produce currently is hilariously tiny comparing to what nature commands on our planet. Even solar can potentially provide limitless (for humans) amounts of energy, we just need to harness it. We even already know how, there's just not enough incentive yet. Ergo, no matter how much mining will evolve, we can produce plenty more energy if needed, planet-wise.
Plus, similar arguments are being peddled by people who are against electric-cars and the answer is the same - won't be a problem, we'll simply produce more energy as needed. Hopefully from solar and other renewables.

Your argument would only make sense if we were using 100% renewables now. We aren't.

How is crypto using cheap coal-powered energy a good thing?

Also China doesn't love crypto as much as you think. They've banned exchanges in China, banned ICOs, and they've already legislated against crypto once. Analysts predict they will regulate against it again, probably sooner rather than later.

Also electric is cheap in Iran, but it clearly wasn't "surplus" because the mining operators in Iran have been causing rolling blackouts, lol. Do you honestly think Iran has a massive surplus of energy? They are cheap to encourage businesses to operate there, but it seems miners are sucking them dry

 

[Grim5]

Most other hobbies have an element of fun / well being reward.

I saw in Iran where 'leccy' costs 5% of what it does in the UK, one mining farm uses 175kW! And mining has been the cause of energy blackouts there.

There is a Chinese owned gpu mining farm in Tehran with a demand capacity of 300mW... its been causing blackouts yeah - Iran Goverment is selling electricity to miners at $0.02usd per kWh

 

[Tinek]

Your argument would only make sense if we were using 100% renewables now. We aren't.

How is crypto using cheap coal-powered energy a good thing?

Also China doesn't love crypto as much as you think. They've banned exchanges in China, banned ICOs, and they've already legislated against crypto once. Analysts predict they will regulate against it again, probably sooner rather than later.

Also electric is cheap in Iran, but it clearly wasn't "surplus" because the mining operators in Iran have been causing rolling blackouts, lol. Do you honestly think Iran has a massive surplus of energy? They are cheap to encourage businesses to operate there, but it seems miners are sucking them dry

Using coal power in general is not good for anyone and any industry. But we're a species that's still growing and slowly changing for the better (I hope!). Which means, things won't change in a day, it's an on-going process. However, new energy sources should be mostly renewable. All of that is independent of crypto mining - we will have to replace coal plants no matter what, in time. Crypto and electric cards might actually both push these changes to happen faster, surprisingly.

In regards to China - they did try to stop crypt in some areas, but invited it in other areas. Their main worry is that capital will be "smuggled" out of China, without their control, somewhere abroad. At the same time they are working hard on bringing to life their own, government issued crypto.

Iran and other poor countries like that have bigger problems than crypto. It's all on their own inept government and politicians who clearly got bought out and allowed crypto mining to happen. Nothing to do with energy use planet-wise, just a local problem with corruption.

 

[Tinek]

And Linus posted a very nice video summarising why it's just a marketing stunt to mask that NVidia plans to earn even more cash now and in the future, whilst gamers will only lose on this whole thing. Meanwhile gamers still seem to be cheering for it, which just proves that no matter how obvious the lie of corporation is, people will still believe it.
(1) NVIDIA pretends to care about gamers. - YouTube