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...it is. How much energy does it take to store gold?
by lwansbrough 6y ago
...it is. How much energy does it take to store gold?
- xiphias2 6y agoMuch more than to store Bitcoin....gold takes much more space than a digital wallet.
- Proven 6y agoComplete nonsense. Gold costs almost noting to store, there's some cost to secure it. Bitcoin on other other hand, consumes ever more power - the cost of maintaining the network (which is what it costs to store your BTC) is growing all the time. That's what the article is about.
- lwansbrough 6y agoAside from the fact that I’d be willing to bet that all the gold in the world occupies less space than all the Bitcoin mining equipment in the world, space is a terrible measure of energy consumption. So let me spell it out for you: Bitcoin is a system designed to maximize its energy use indefinitely for as long as it exists. The cost of holding any value of Bitcoin is equivalent to the energy consumption of the entire network for as long as it exists, because that Bitcoin’s existence is only guaranteed as long as the network remains online. By contrast, if I have a gold bar sitting in a safe in my house, there’s a fixed energy cost to that, and it’s virtually zero.