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Debunking the “Bitcoin's Electricity Consumption” Problem
- Double_a_92 9y agoArgument 1: "Well that's how bitcoin work." Argument 2: "Bitcoin is more than a company, so lets compare it with the costs of securing the whole internet" Fact is the cost of a transaction is orders of magnitude bigger, and it's just getting worse with time.
- SlipperySlope 9y agoCurrently, 12.5 BTC are rewarded for each new block and that value is $8154. With a new block targeted every 10 minutes that means that (6x24x12.5x$8154) 14 million dollars is spent each day on electricity and depreciating mining rigs. Bitcoin could use alternate means of securing the network other than proof-of-work. Or if needed, nations can forbid the use of utility electricity for mining.