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It's much, much less efficient if you measure the utility of the banking system vs. the utility of cryptocurrency.
by skohan 5y ago
It's much, much less efficient if you measure the utility of the banking system vs. the utility of cryptocurrency.
- jeffe 5y agoOkay, so if we're using energy consumption per unit 'utility' as a metric, how much energy should bitcoin consume to be in line with its utility?
- skohan 5y agoOff the top of my head, I could see it as reasonable to pay a 5-10% cost in energy efficiency comparing with traditional transaction systems to enable a truly decentralized model. Bitcoin is nowhere near that in terms of cost/transaction.
- imtringued 5y agoI was going to do a very fancy calculation but 136 TWh would be perfectly ok if Bitcoin did at at least 5k transactions per second with a transaction fee of $0.10.