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Not sure what you're talking about, Bitcoin is way more energy efficient than any fiat currency: "Still, it’s important to put things in perspective. A recent
by patrickaljord 9y ago
Not sure what you're talking about, Bitcoin is way more energy efficient than any fiat currency:
"Still, it’s important to put things in perspective. A recent report suggests that at current prices, Bitcoin miners will consume an estimated 8.27 terawatt-hours per year. That might sound like a lot, but it’s actually less than an eighth of what U.S. data centers use, and only about 0.21 percent of total U.S. consumption. It also compares favorably to the currencies and commodities that bitcoin could help replace: Global production of cash and coins consumes an estimated 11 terawatt-hours per year, while gold mining burns the equivalent of 132 terawatt-hours. And that doesn’t include armored trucks, bank vaults, security systems and such. So in the right context, bitcoin is positively green."
https://www.bloomberg.com/amp/view/articles/2017-12-07/bitcoin-is-greener-than-its-critics-think https://www.bloomberg.com/amp/view/articles/2017-12-07/bitco...
- tigershark 9y agoBitcoin is only a microscopic fraction of the whole fiat currency that is around, processes an even more abysmal fraction of the total transactions per day and it uses basically the same amount of energy as the whole global currency production as per your post. Ah, and this energy cost will only go up because of the increase in difficulty. It’s like saying that 10000 people that for a living are destroying the Amazonian forest are positively green because they do less harm than the whole coal burning that happens in the world. Honestly I can’t wait for the day when this cancer for the whole humanity will disappear.
- patrickaljord 9y ago> Honestly I can’t wait for the day when this cancer for the whole humanity will disappear. I have bad news for you, we will probably all end up using cryptocurrencies eventually. Even banks are starting to see the writing on the wall. It is just a superior technology to fiat https://www.cnbc.com/2018/02/23/bank-of-america-worried-about-threat-of-cryptocurrency-to-its-business.html https://www.cnbc.com/2018/02/23/bank-of-america-worried-abou...