Is mining cryptocurrencies morally defensible?
What is actually the case for mining cryptocurrencies bits and bytes. Is this not total nonsense to run a processor or a graphics card for 24/7 hours non stop. A lot of electrical energy is consumed, which of course also has to be generated first. In the meantime, however, about 70 of the electricity needed for mining is produced from renewable energies and additional incentives are created for the manufacturers of CPU and graphics cards to make them more efficient.
Germany produces more electricity than it needs!
Did you actually know that Germany is produced more electricity from renewable energies than is needed. It is even so that this energy is often deceived abroad or our neighbours even get money for it if they take off the excess German electricity. And this is not an easy assertion from me, but this has even been published in Focus.
In 2017, the ECB printed 40 billion euros every month!
Why, then, is this point raised again and again and, above all, by whom? Who could it not suit if we ordinary citizens were able to monitor and control our own financial transactions. This is possible due to the blockchain. You wouldn’t need third parties (banks) to transfer the money from A to B. If we take the Bitcoin which is limited in number, it can never lose value like our oh such great Fiat Money. In 2017 alone, the ECB printed 40 billion euros each month, driving the devaluation of money. Our money will be less and less valuable and therefore, unfortunately, your savings.
In Germany, you do not currently make a profit as a private individual unless you have a solar system on the roof and thus produce your free electricity. But this does not mean that it has to stay that way in the future, because if the courses go up, the mining is worth it again. So Yes! It is morally justifiable as long as we have a surplus of electricity in Germany and you produce or buy the electricity from renewable energy yourself.