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The other half of that perspective is that US manufacturing is a critical, productive part of our economy. The US dollar is backed by a complex of factors, inc

The other half of that perspective is that US manufacturing is a critical, productive part of our economy. The US dollar is backed by a complex of factors, including our willingness to invade or otherwise bring to heel countries that threaten the US dollar. Trying to do math on the "efficiency" of bitcoin versus the US dollar is a category error.

AustinDev 4y ago
It very well could be a category error to claim bitcoin is 200x more efficient than the USD. I did the comparison for my own purposes to try to bring some sort of perspective to the number 50 billion kwh because it's so large it doesn't mean much to me without meaningful comparisons. It's also worth noting that most mining power consumption happens where & when energy is cheap. Bitcoin as a whole uses more renewable energy than the US economy by a factor of 2x @ 58.9%[1] vs Total US usage from renewables @ 23%[2] [1]: https://www.globalxetfs.com/bitcoin-mining-is-set-to-turn-greener/#:~:text=The%20Bitcoin%20Mining%20Council%20(BMC,36.8%25%20estimated%20in%20Q1%202021 https://www.globalxetfs.com/bitcoin-mining-is-set-to-turn-gr.... [2]: https://www.usatoday.com/story/news/2023/03/01/clean-energy-hits-record-us-2023-sustainable-energy-factbook/11324041002/#:~:text=Energy%20from%20renewable%20sources%20produced,23%25%20of%20U.S.%20electricity%20in%202022 https://www.usatoday.com/story/news/2023/03/01/clean-energy-....
- peteradio 4y ago
  > Bitcoin as a whole uses more renewable energy than the US economy by a factor of 2 You say that like its a good thing.
- woodruffw 4y ago
  The "unit" of value backing the US dollar has dimensions that you can't factor into a meaningful comparison here; any comparison you do make is going to result in nonsense answers, regardless of your opinion of Bitcoin's value. Bitcoin does indeed use power where it's cheap[1]. The argument that justifies Bitcoin's use of renewables needs to account for Bitcoin's concurrent prolongment of nonreneweables. [1]: https://www.sierraclub.org/sierra/2022-1-spring/notes-here-there/crypto-throws-coal-industry-lifeline https://www.sierraclub.org/sierra/2022-1-spring/notes-here-t...

AustinDev 4y ago

It very well could be a category error to claim bitcoin is 200x more efficient than the USD. I did the comparison for my own purposes to try to bring some sort of perspective to the number 50 billion kwh because it's so large it doesn't mean much to me without meaningful comparisons. It's also worth noting that most mining power consumption happens where & when energy is cheap. Bitcoin as a whole uses more renewable energy than the US economy by a factor of 2x @ 58.9%[1] vs Total US usage from renewables @ 23%[2] [1]: https://www.globalxetfs.com/bitcoin-mining-is-set-to-turn-greener/#:~:text=The%20Bitcoin%20Mining%20Council%20(BMC,36.8%25%20estimated%20in%20Q1%202021 https://www.globalxetfs.com/bitcoin-mining-is-set-to-turn-gr.... [2]: https://www.usatoday.com/story/news/2023/03/01/clean-energy-hits-record-us-2023-sustainable-energy-factbook/11324041002/#:~:text=Energy%20from%20renewable%20sources%20produced,23%25%20of%20U.S.%20electricity%20in%202022 https://www.usatoday.com/story/news/2023/03/01/clean-energy-....

peteradio 4y ago
> Bitcoin as a whole uses more renewable energy than the US economy by a factor of 2 You say that like its a good thing.
woodruffw 4y ago
The "unit" of value backing the US dollar has dimensions that you can't factor into a meaningful comparison here; any comparison you do make is going to result in nonsense answers, regardless of your opinion of Bitcoin's value. Bitcoin does indeed use power where it's cheap[1]. The argument that justifies Bitcoin's use of renewables needs to account for Bitcoin's concurrent prolongment of nonreneweables. [1]: https://www.sierraclub.org/sierra/2022-1-spring/notes-here-there/crypto-throws-coal-industry-lifeline https://www.sierraclub.org/sierra/2022-1-spring/notes-here-t...