Bitcoin electricity usage explained

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Bitcoin electricity usage explained

Bitcoin miners consume more electricity than many countries, making the technology ultimately unsustainable as a replacement or alternative to the current global financial system, or so the argument goes.

This narrative was bolstered recently through a series of tweets from Elon Musk in which he announced that Tesla has decided to stop accepting Bitcoin payments for its cars. Tesla first announced it would accept Bitcoin as payment less than two months ago.

It’s easy to see why the argument is so convincing.
 
People are only realising this now?
 
I'm speechless. The logic - or complete lack thereof - in some of the article's arguments are astonishing.

Reality:
  • BTC uses a lot of power.
  • There are more efficient ways - by orders of magnitude - to do financial transactions.
  • Yes. Power is wasted by other means. The fix is not to waste that either.
 
I suppose the real issue is the energy footprint of the USD, this must include the entire federal reserve, all its offices and networks, a portion of the FBI and CIA resources used to ensure the integrity of the USD from counterfeit and such. I have a feeling it's pretty massive. But once one factors in how widely used the USD is vs the BTC, the BTC likely loses out.
 
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Reactions: Swa
Kawak said:
I suppose the real issue is the energy footprint of the USD, this must include the entire federal reserve, all its offices and networks, a portion of the FBI and CIA resources used to ensure the integrity of the USD from counterfeit and such. I have a feeling it's pretty massive. But once one factors in how widely used the USD is vs the BTC, the BTC likely loses out.
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I could not easily find values for this (the US government only provide total energy usage reports in British Thermal Units (BTU), which is not exactly useful for this exercise). but I doubt it is more than a fraction of the power usage of BTC.
 
Use LTC or doge. Only a fraction of the energy bitcoin uses. I dont see the problem?
 
w1z4rd said:
Use LTC or doge. Only a fraction of the energy bitcoin uses. I dont see the problem?
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Only because it's unpopular. Energy usage per person would still be high.
 
Swa said:
Only because it's unpopular. Energy usage per person would still be high.
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No. Its measured in Kilowatt hour (KWh) consumed per transaction. LTC energy consumption is a fraction of btc.

2021-05-13 18_20_43-most energy efficient cryptocurrency - Google Search.png
 
w1z4rd said:
No. Its measured in Kilowatt hour (KWh) consumed per transaction. LTC energy consumption is a fraction of btc.

View attachment 1067921
Click to expand...
And that's because it's unpopular. Only a few people use it and even less mine it. environmentally friendly PoW is an oxymoron.
 
Swa said:
And that's because it's unpopular. Only a few people use it and even less mine it. environmentally friendly PoW is an oxymoron.
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It doesnt matter how many people are added, that amount will stay the same... Overall Kilowatt hour (KWh) consumed may go up, but this is per transaction. This stays the same.
 
w1z4rd said:
No. Its measured in Kilowatt hour (KWh) consumed per transaction. LTC energy consumption is a fraction of btc.

View attachment 1067921
Click to expand...
Those numbers are still pretty insane.

Should be milli-Watt hours consumed per transactions. But an "efficient" cryptocurrency transaction using more power that an entire household uses in one day, is clearly unsustainable.
 
Sapphiron said:
Those numbers are still pretty insane.

Should be milli-Watt hours consumed per transactions. But an "efficient" cryptocurrency transaction using more power that an entire household uses in one day, is clearly unsustainable.
Click to expand...
Security in the network costs. I read somewhere that 75% of bitcoin energy comes from renewables already.

I know my mining rig is going onto renewables later this year.
 
w1z4rd said:
It doesnt matter how many people are added, that amount will stay the same... Overall Kilowatt hour (KWh) consumed may go up, but this is per transaction. This stays the same.
Click to expand...
No it won't. It's unattractive for mining because of its unpopularity. If enough people use it the fees skyrocket the same as BTC. That would make it attractive for mining so the numbers would go up.
 
Actually he is right.

So Dogecoin its going to be Mr Musk. or XRP. Currently XRP is used by many banks to replace SWIFT transfers on their backends.

You must consider his cars are green energy, his solar roof idea is green energy, its only right to have a coin that doesnt cause more pollution but less.

I also think that Bitcoin is simply too expensive to maintain.
 
"However, the reality is far more complex than these simple electricity consumption comparisons would suggest. It is also a matter of perspective."

FEELINGS NOT FACTS!!!!!!!!!!!!!!!!!!

****ing lol.
 
Quite a while ago musk proved that he can control crypto currency. That's all this is. He's just playing his game making money. Chances are they playing between dogue and bitcoin.
 
BTC should not be looked at as a currency to replace, but more as a GOLD.

My question, is how much energy does it require to mine a piece of gold worth approx what a bitcoin costs currently?
 
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