3 ms·
To put things in perspective, a single Bitcoin transaction (transaction, not block), consumes roughly as much energy as driving a Tesla Model 3 from Los Angeles
by throwawayzRUU6f 6y ago
To put things in perspective, a single Bitcoin transaction (transaction, not block), consumes roughly as much energy as driving a Tesla Model 3 from Los Angeles to New York.
- whatever1 6y agoBut do the trading apps actually transact? When I buy crypto in Robinhood, I really doubt that there is a dedicated transaction for me. Probably RH is buying batches of crypto and “distributes” their value equivalent to the buyers/sellers.
- throwawayzRUU6f 6y agoThat's my understanding, too. On some (most?) exchanges, you're not really buying Bitcoin, you're buying a balance on that exchange - a right to withdraw or transact BTC at moment's notice. Given the amount of shady practices, it wouldn't surprise me if some exchanges operated on fractional reserves, being vulnerable to bank runs, a practice that many BTC adherents decry the traditional banking sector for.
- xbar 6y agoNo. But what is the effect on BitCoin demand and the pressure to produce more BitCoins when you make that trade?