2 ms·

Bitcoin mining devastated this New York town (2022)

• m348e912 3y ago
  >Each Bitcoin transaction consumes 1,173 kilowatt-hours Seems like a bitcoin hit piece. The average cost to transfer bitcoin did spike to a 30USD recently but that's a lot less than the cost 1173kw hours of energy. There are cheaper and more efficient proof-of-work cryptos out there but it doesn't mean we need to mispresent the energy impact and cost of bitcoin mining and transactions.
  • zaroth 3y ago
    You have to factor in the block reward, that pays for a lot of electricity.