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One bitcoin transaction is not directly comparable to one transaction on other payment systems. One bitcoin transaction can represent thousands or millions of t
by daniel_ameli 7y ago
One bitcoin transaction is not directly comparable to one transaction on other payment systems. One bitcoin transaction can represent thousands or millions of transactions.
It isn't fair to say bitcoin requires this amount of electricity. Different people all over the world choose to spend electricity to try to find new bitcoin. The amount of new bitcoin is exponentially decaying to zero. It's like telling someone their gold jewelry uses up too much electricity because someone they don't know is spending electricity to mine gold.
Some amount of mining is necessary for the security of the network. Most global endeavors use electricity, whether it is traditional finance or video games.
Bitcoin mining believed to be one of the greenest industries (a very high percent of electricity comes from solar, wind, and hydrolelectric). This is due to some of the cheapest electricity in the world being from green energy in remote places (and bitcoin mining is extremely portable)