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Ah yes, bitcoin, the currency of the future that gives one big fat middle finger to the environment!
by x0054 13y ago
Ah yes, bitcoin, the currency of the future that gives one big fat middle finger to the environment!
- GigabyteCoin 13y agoNo, OP gave the middle finger to the environment, bitcoin is ambiguous. Nobody really mines using CPUs anymore, they use ASICs which are multiple levels of magnitude more efficient.
- x0054 13y agoI disagree. ASICs is far more efficient, for sure, but at best, it's slightly more profitable than the used electricity, because with every new mining technology introduction the difficulty is readjusted to compensate. So, even with current ASICs you might spend $8 worth of electricity and bandwidth to make $10 worth of virtual goods, goods which by them selves have no real world value outside their ability to facilitate trade. So you use $8 worth of real electricity to make the $10 worth of somewhat liquid currency.
- masmullin 13y agoYour values are dramatically off. I myself mine $0.50/day spending $0.04 in electricity, and I live in an extremely costly area for electric. I do not come anywhere near my bandwidth cap so thats a non discussion point.
- oakwhiz 13y agoExcept that the decentralized bookkeeping that Bitcoin does is a lot more efficient than the bookkeeping done by financial institutions, and it is more difficult to falsify on top of that. So you could say that Bitcoin is more efficient in terms of energy cost vs bookkeeping accuracy.