> I'm curious how it compares to the entirety of a system like Mastercard You should also include the cost of running all of the world's central banks. US Fed

> I'm curious how it compares to the entirety of a system like Mastercard You should also include the cost of running all of the world's central banks. US Federal Reserve budget is about $5B. Assuming 328.5k BTC mined per year, no tx fees, $20k BTC value, and mining at break even, mining energy costs are about $6.57B. It seems like they're on the same order of magnitude. I am more concerned about the misaligned incentives for PoW, and to a lesser extent for PoS.