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I said electricity, not energy. Energy use encompasses industry, transport (oil), heating, and electricity. As for the rise, as I said, I think money spent on
by FabHK 5y ago
I said electricity, not energy. Energy use encompasses industry, transport (oil), heating, and electricity.
As for the rise, as I said, I think money spent on energy and electro waste is largely proportional to BTC price, since unscrupulous miners will be incentivised to come in and mine if mining profits become larger due to a higher price (since they are unconcerned about the externalities. Private gain, socialised costs).
- gregwebs 5y agoDo you have a source for the electricity usage? 26% of US energy usage is for transportation. For your math to work, 90% of energy usage would have to be non-electrical. If you read the article I linked about Bitcoin, it explains how Bitcoin mining stops producing coins over time and instead miners have to make their money in transaction fees- this is a very different model for mining incentive. Again, it would be great to see some sources or math contradicting the researched article that I linked to.
- FabHK 5y agoSorry, no complete source, I’ve calculated it myself. The discrepancy arises from several issues: 1. The article you quote is from last year. Current estimates for BTC are around 200 TWh/a, not 140 as in the article. 2. The article looks at BTC only. My statement was BTC + ETH. 3. Energy vs electricity 4. There is also the issue of energy production vs consumption (differences arise from energy used for the production of energy, as well as transport losses). 5. It is plausible that electricity is “just” 10% to 35% of energy usage, would need to look that up. With all that, I stand by my statement that crypto uses 1% or more of the world electricity consumption.