4 ms·

0.1% of all the power generated on the entire planet is being destroyed by bitcoin mining. If that is not massive harm I do not know what is.

Andrew_nenakhov 5y ago
Pffff, several orders of magnitude more energy is "destroyed" by dumb heating, because there is a lot of places where humans can't survive without warmth. It is only a matter of time when byproduct heat generated by mining will be used to heat water and homes.
- user-the-name 5y ago
  There is a whole world of difference between heating homes across the planet, and running a network that can do 7 transactions a second. A single home PC from 2004 could run the bitcoin network, but instead, it uses 0.1% of all the energy in the world. It is by a wide margin the most ridiculously inefficient thing ever created. And it won't improve, because it is built that way by design.
  - Andrew_nenakhov 5y ago
    You are clearly missing the point of why it uses so much energy. It is the price of security, decentralisation and permissionlessness. As for "7 transactions per second", sure, 7 on-chain transactions with the current block size. You don't need them for things like buying a cup of coffee. So this FUD is somewhat outdated.
    - user-the-name 5y ago
      Yeah, it's the price of that. And that price is ridiculously, stupendously high. Much, much, much too high. It is in no way worth that price.
      - Andrew_nenakhov 5y ago
        Maybe, for you. Probably you're lucky to live in a country that doesn't abuse its financial system. But others pay this price gladly, because bitcoin provides clear and undisputable value for them.
        user-the-name 5y ago
        Not for me. For the entire world. It is the entire planet that is paying the price. And the price is utterly overwhelmingly large, and you are forcing them to pay this price while getting nothing in return.
        Andrew_nenakhov 5y ago
        I just love this rethoric, 'overwhelmingly large', without specifics. If it is not worth the price for you, nobody is forcing you to pay it. Those that do, buy electric power from energy companies at the commercial rate. If you what to forbid people using bought power as they see fit, I suggest you start with yourself: do not use electricity, stop eating meat, stop traveling, stop using any items produced with electricity or burning trees.
        user-the-name 5y ago
        I am literally forced to pay it. I am living on this planet, and Bitcoin is helping destroy it. I can not opt out of paying this price. You are literally forcing me to pay it.
        Andrew_nenakhov 5y ago
        So, you are not going to start with yourself in saving the planet? These hypocrites always want others to do as they like...
        user-the-name 5y ago

Andrew_nenakhov 5y ago

Pffff, several orders of magnitude more energy is "destroyed" by dumb heating, because there is a lot of places where humans can't survive without warmth. It is only a matter of time when byproduct heat generated by mining will be used to heat water and homes.

user-the-name 5y ago
There is a whole world of difference between heating homes across the planet, and running a network that can do 7 transactions a second. A single home PC from 2004 could run the bitcoin network, but instead, it uses 0.1% of all the energy in the world. It is by a wide margin the most ridiculously inefficient thing ever created. And it won't improve, because it is built that way by design.
- Andrew_nenakhov 5y ago
  You are clearly missing the point of why it uses so much energy. It is the price of security, decentralisation and permissionlessness. As for "7 transactions per second", sure, 7 on-chain transactions with the current block size. You don't need them for things like buying a cup of coffee. So this FUD is somewhat outdated.
  - user-the-name 5y ago
    Yeah, it's the price of that. And that price is ridiculously, stupendously high. Much, much, much too high. It is in no way worth that price.
    - Andrew_nenakhov 5y ago
      Maybe, for you. Probably you're lucky to live in a country that doesn't abuse its financial system. But others pay this price gladly, because bitcoin provides clear and undisputable value for them.
      - user-the-name 5y ago
        Not for me. For the entire world. It is the entire planet that is paying the price. And the price is utterly overwhelmingly large, and you are forcing them to pay this price while getting nothing in return.
        Andrew_nenakhov 5y ago
        I just love this rethoric, 'overwhelmingly large', without specifics. If it is not worth the price for you, nobody is forcing you to pay it. Those that do, buy electric power from energy companies at the commercial rate. If you what to forbid people using bought power as they see fit, I suggest you start with yourself: do not use electricity, stop eating meat, stop traveling, stop using any items produced with electricity or burning trees.
        user-the-name 5y ago
        I am literally forced to pay it. I am living on this planet, and Bitcoin is helping destroy it. I can not opt out of paying this price. You are literally forcing me to pay it.
        Andrew_nenakhov 5y ago
        So, you are not going to start with yourself in saving the planet? These hypocrites always want others to do as they like...
        user-the-name 5y ago