[TechSpot] Kuwait declares cryptocurrency mining illegal amid power crisis crackdown

[Space Lynx]

Kuwait declares cryptocurrency mining illegal amid power crisis crackdown

Kuwait has launched a sweeping crackdown on cryptocurrency mining, blaming the activity for worsening a power crisis that has led to rolling blackouts across the country as...

www.techspot.com

Following the raids, energy consumption in Al-Wafrah dropped by 55 percent, according to a government statement.

Let's keep praising the progress of light bulbs going from 60 watts to 7 watts energy usage. We have made so much progress as a species, but the wasted electricity on crypto is just disgusting to me, at least AI is providing something towards civilization in the fields of science and medicine. I for one think Kuwait made the right decision here, it's just a shame other countries don't follow suit. It doesn't matter if crypto is even using green energy, it's the potential that energy has for AI and improving our life it could be allocated to instead. Don't get me wrong, some corporations will abuse AI, but it also has the chance to save us as a species. So, it is what it is. If AI went away completely I wouldn't be upset either, but again, at least it has the potential to provide civilization something, where as crypto is just a drain on everyone and combined their energy usage is 100% raising costs for everyone in day to day living energy costs.

 

[zenlessyank]

If you supply your own electricity is it still illegal? I can't see true profit and independence if you are tied into the grid.

 

[Space Lynx]

If you supply your own electricity is it still illegal? I can't see true profit and independence if you are tied into the grid.

It's a fair question and one worth debating I think. I just think greed has destroyed us, we could have been so much more as a species. I know most of you who believe in crypto think that idea is long dead, and fair enough. I guess I am just a fool who still dreams.

 

[zenlessyank]

It's a fair question and one worth debating I think. I just think greed has destroyed us, we could have been so much more as a species. I know most of you who believe in crypto think that idea is long dead, and fair enough. I guess I am just a fool who still dreams.

I don't 'believe' in crypto, it's just that it is a reality that I am curious about. The greed part of your comment stands on it's own and I totally agree with it.

I just can't wrap my head around what the value is and where is the money coming from and who pays so much money for doing some calculations? Ironically, it does not compute.

 

[Space Lynx]

I don't 'believe' in crypto, it's just that it is a reality that I am curious about. The greed part of your comment stands on it's own and I totally agree with it.

I just can't wrap my head around what the value is and where is the money coming from and who pays so much money for doing some calculations? Ironically, it does not compute.

I read somewhere recently 90% of all Bitcoin is held by just 1% of the ownership. So, my guess is companies like JP Morgan Chase, and hedge funds, that don't trust fiat will last forever, want a backup plan. I think it is a flawed argument on their end, if fiat fails, mass starvation and collapse of the entire energy grid will follow its collapse immediately. So, I don't know. Tis a sad state of existence we have though.