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The mining of Bitcoin uses this amount of electricity. How much resources does the mining of gold use? Afaik, 3000 tons of gold are mined per year. Which is w
by ArtTimeInvestor 6y ago
The mining of Bitcoin uses this amount of electricity.
How much resources does the mining of gold use?
Afaik, 3000 tons of gold are mined per year. Which is worth about $150B. I would expect the mining uses resources of about $150B as well?
By my calculation, the value of bitcoins mined per year is $15B:
900 Bitoins per day = 328500 Bitcoins per Year
328500 * $45000 = $15B
So I would expect that Gold mining uses about 10x as much resources as Bitcoin mining.
- avaldeso 6y agoWhat's your point? Gold is useful. One of the most versatile metals. You can find gold almost en every electronics, or medical implants, or scientific equipment, or in space telescopes. BTC isn't even useful data. It's just a number. What an utterly disingenuous comparison.
- emteycz 6y agoBitcoin is useful too. It's impossible to quickly and reliably transfer money between many places (e.g. Africa and Europe, USA and Africa, USA and EU) by any other way than Bitcoin. African banks will steal your money if they have a chance to claim it was lost in transport. Transfers between EU and USA take so much paper and gasoline (to travel to banks) that Bitcoin must be more ecological. And transfers between many country pairs are totally impossible without Bitcoin.
- avaldeso 6y agoThere's levels of usefulness. Not dissing your argument but gold is still way more useful. There's has to be better ways to solve the problem you mention. Like they say, Bitcoin is a solution looking for a problem.
- emteycz 6y agoGold is not much useful to millions of Nigerians while Bitcoin is praised daily there. I think if there was another solution, we would be using it already.