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Just to put that "colossal waste of resources" in perspective... allegedly we're wasting 60 TWh/year 'mining' Bitcoin, and this is considered (maybe rightly) an
by mikro2nd 9y ago
Just to put that "colossal waste of resources" in perspective... allegedly we're wasting 60 TWh/year 'mining' Bitcoin, and this is considered (maybe rightly) an environmental catastrophe.
We also use around (again allegedly) 220 TWh/year mining Gold.
- hudon 9y agoI don't want to start a "Bitcoin is useless" flameware but to your question: the reason why the energy consumption of proof-of-work is important is because society hasn't found a purpose for Bitcoin to exist yet. Therefore, the energy consumed is considered "wasted" whereas it could have been used for something society already deems useful, like keeping the lights on.
- maxxxxx 9y agoIsn't the energy use of Bitcoin also continuously growing? The cost of extracting gold is pretty steady.
- EGreg 9y agoExcuse me, prove that we use more TWh/year mining Gold than bitcoin!!