Bitcoin’s annualized footprint in electricity consumption reached an all-time high in early 2022, then believed to be higher than the power consumption of Finland.
Bitcoin uses <1% of global electrical usage, mostly from renewables since miners must chase the cheapest electricity and renewables at off-peak times are it. They turn off during times of peak demand since they can’t afford higher-priced electricity. How do you think that compares to banks? Remittance services? All the infrastructure used to move money from point A to point B? It takes energy and even more valuable: human capital to move value around.
For reasons why Bitcoin isn’t a huge waste of energy and why it actually helps stabilize grids, increase efficiency, decrease electrical costs, and subsidizes the provision of new renewable infrastructure, see https://endthefud.org/
Let’s talk about all the vaults and their maintenance, the security guards, the Brinks armored cars, all the tellers, wire transaction-handling, and so on and so on.
No, gee, hmm, they’ve never calculated how much a vast, global expense all of this is per second.
Maybe they want you to keep believing that it’s more efficient.
Don’t forget the dire environmental impact of pretty much every cryptocurrency!
Thats not true.
Sauce
Bitcoin != most cryptocurrencies
So your “argument” is purely semantic. Good to know.
Bitcoin uses <1% of global electrical usage, mostly from renewables since miners must chase the cheapest electricity and renewables at off-peak times are it. They turn off during times of peak demand since they can’t afford higher-priced electricity. How do you think that compares to banks? Remittance services? All the infrastructure used to move money from point A to point B? It takes energy and even more valuable: human capital to move value around.
For reasons why Bitcoin isn’t a huge waste of energy and why it actually helps stabilize grids, increase efficiency, decrease electrical costs, and subsidizes the provision of new renewable infrastructure, see https://endthefud.org/
Considering how much of a nieche Bitcoin still is: 0.5% of global energy usage is one hell of a lot of energy!
In what universe is proof-of-work more efficient than conventional banking systems?
Let’s talk about banks.
Let’s talk about all the vaults and their maintenance, the security guards, the Brinks armored cars, all the tellers, wire transaction-handling, and so on and so on.
No, gee, hmm, they’ve never calculated how much a vast, global expense all of this is per second.
Maybe they want you to keep believing that it’s more efficient.
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