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It's 100% efficient at worsening climate change due to subsidized Chinese coal electricity in order to further a Ponzi scheme.
by JBReefer 10y ago
It's 100% efficient at worsening climate change due to subsidized Chinese coal electricity in order to further a Ponzi scheme.
- AtheistOfFail 10y agoLol, the entire Bitcoin mining ecosystem uses less electricy than the Bank of America headquarters. Also, ponzi schemes require that money from users be stolen to pay off new users. Instead we pay miners to secure all the Bitcoins in the network by burning power (IE, just like a job, you use 8 hours of energy and you get a paycheck)
- sanswork 10y agoWhere did you see that figure because that sounds hugely wrong.
- redcalx 10y agoYou can sort of ballpark the bitcoin energy usage by assuming all mined coins are sold at the current exchange rate, and used to buy electricity at a reasonable average for the world... 12.5 BTC every 10 mins => 12.5 / 600 per second => 0.02083. 0.02083. * $600 = $12.5 / sec Assuming electricity cost of $0.10 per kWH... %12.50 / 0.10 = 125 kWh / sec. 125kWH * 3.6e6 joules, per second => 450 MW For comparison, the UK power grid runs at about 30-40GW.