3 ms·
The article is misleading, as it compares Bitcoin power consumption to VISA, which is a payment processor. Bitcoin is a sound money system, so the proper compa
by clarkmoody 9y ago
The article is misleading, as it compares Bitcoin power consumption to VISA, which is a payment processor.
Bitcoin is a sound money system, so the proper comparison is all the people, buildings, vehicles, weapons, etc used in the creation and protection of the global fiat currency system.
I don't know for sure, but I bet fiat costs dwarf the $640M or so that Bitcoin costs.
- deepvibrations 9y agoAlso worth mentioning that other crypto-currencies do not require mining (proof-of-work). They instead use "proof of stake" or "Proof of burn" systems which would use less power. Things are still evolving very fast in this space, so you never know what's around the corner!
- root_axis 9y agoThis is wrong. Those people aren't employed to mint coins and facilitate payments, the vast majority of the traditional banking industry provides consumer services that would still exist even in a far-fetched future where cryptocurrencies are more than a blip on the radar.