4 ms·

BTC uses 50% energy the banking industry uses, source: https://www.nasdaq.com/articles/research%3A-bitcoin-consumes-less-than-half-the-energy-of-the-banking-or-

by mmstan 5y ago

BTC uses 50% energy the banking industry uses, source: https://www.nasdaq.com/articles/research%3A-bitcoin-consumes-less-than-half-the-energy-of-the-banking-or-gold-industries https://www.nasdaq.com/articles/research%3A-bitcoin-consumes... BTC daily transactions, below 500k, soruce: https://www.statista.com/statistics/730806/daily-number-of-bitcoin-transactions/ https://www.statista.com/statistics/730806/daily-number-of-b... Cash and card (made available by banks) daily transactions are just on another level, more than 1 per person in EU for instance, and the number of people is easy to find, source: https://www.statista.com/statistics/893459/average-number-of-transactions-per-person-per-day-by-method/ https://www.statista.com/statistics/893459/average-number-of...

agilob 5y ago
nasdaq is a kind of a biased source for this. I checked the linked article and it still doesn't answer the question. Energy usage was only for green house gases emissions and it was an estimate, and it doesn't include drilling or expanding new mines, like the one that's 4km deep under the surface. The article still says: >Galaxy Digital also showed that a significant part of the world's energy production is wasted — about 2,205 TWh per year which is 19.4 times that of the Bitcoin network. >Cash and card (made available by banks) daily transactions are just on another level, more than 1 per person in EU for instance Totally agree, like I said in another comment, I think BTC holds trading value and sentimental value, but should be replaced by any other from dozens of better adapted networks.
liamwestray 5y ago
That “study” is comparing an entire industry including pension plans, atm and card networks, payroll systems, mutual funds, iras/401ks, sarbanes-oxley data retention, etc. etc. to just bitcoin’s network. These systems aren’t replaceable by bitcoin. Bitcoin is a debit banking transaction system equivalent only. It uses several times the energy of the equivalent portions of the banking industry.

by mmstan 5y ago

agilob 5y ago

nasdaq is a kind of a biased source for this. I checked the linked article and it still doesn't answer the question. Energy usage was only for green house gases emissions and it was an estimate, and it doesn't include drilling or expanding new mines, like the one that's 4km deep under the surface. The article still says: >Galaxy Digital also showed that a significant part of the world's energy production is wasted — about 2,205 TWh per year which is 19.4 times that of the Bitcoin network. >Cash and card (made available by banks) daily transactions are just on another level, more than 1 per person in EU for instance Totally agree, like I said in another comment, I think BTC holds trading value and sentimental value, but should be replaced by any other from dozens of better adapted networks.

liamwestray 5y ago

That “study” is comparing an entire industry including pension plans, atm and card networks, payroll systems, mutual funds, iras/401ks, sarbanes-oxley data retention, etc. etc. to just bitcoin’s network. These systems aren’t replaceable by bitcoin. Bitcoin is a debit banking transaction system equivalent only. It uses several times the energy of the equivalent portions of the banking industry.