in

Energy usage of Bitcoin compared to others

Energy usage of Bitcoin compared to others



View Reddit by orionsbluntView Source

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

28 Comments

  1. To everyone saying this isn’t a fair comparison to the entire banking system:
    This chart is no different than all those posted by the FUDsters comparing Bitcoin’s power consumption to small countries.
    The numbers are accurate, the comparisons are subjective.
    With that said, I think the important comparison to be made at this stage in bitcoin’s life is against gold. Currently bitcoin is in its stage of becoming a solid Store of Value which is what gold is.
    When bitcoin becomes a global Unit of Account which is still years, maybe decades away then we can make the comparison against the entire banking system.
    That’s just my 2 Sats though.

  2. Also Gold has besides the energy consumption a severe impact on environment (through the searching activities themselves, transportation, water usage etc.) and on people living in close approximation to mines. Don’t forget that still as of today, thousands of child’s are employed for wages <$1 per day.
    It seems that many people don’t want to see the true costs that gold extraction has.

  3. This is not a fair comparison. Bitcoin doesn’t handle 1/10000th as many transactions as the banking system. Bitcoins value comes from it decentralized trust system. It doesn’t need guns to protect it value. It doesn’t need to upset the environment to mine (as gold does). Plus its very easy to carry. Much easier than gold. You can byheart your passphrase and cross border with a million dollars.

  4. I’m more surprisde Fiat ins’t higher considering all the bbrrrrrrrrrrrrrrrrrrrrrrrrrttttttttttttttttttttttttttttttttttttttttttttttttttttt the printers are making.

  5. I’m massively pro crypto and bitcoin. But this comparison is unfair.

    But it’s unfair to compare the banking system (used by 8 billion people worldwide, every single day, by any company, and with billions of ATMs and transactions) with BTC that has some millions of users, and a fraction of the transactions of banking system every day.

    If you don’t put down the load of both these two systems, and not considering how many people each one serves at the moment, the comparison is invalid.

    No offence, just discussing.. 🙂

    Viva la crypto revolution!

  6. 60 TWh/yr is approximately 450 electric buses worth of energy per day. If you convert that energy content to diesel, that’s 130 diesel buses. (Assume 360kWh/day/bus before thermal losses)

  7. Yeah, I get that this is to counter the argument of “bitcoin is not viable because of the electricity” etc.. but wouldn’t an other cc that doesn’t need mining and is secure be the better option for transactions if energy is the core argument. Not naming the cc bc this is the btc sub and i dont know the rules unless i get specifically asked for it.

  8. I swear if bitcoin was initially marketed as ‘the green solution’ to banking like ‘new technology uses a tenth as much energy as banking!’ all the eco freaks would be all over it.

  9. I believe that in the long run, once new blocks are no longer able to be mined that this will cause an overall reduction in the number of Bitcoin miners operating which in turn will reduce the power consumption of the network. I’m curious what the power demands of a fully matured Bitcoin network would be.

  10. How is fiat currency printing not in the banking system?

    If you’re trying to make comparisons fitting your agenda, you should at least be completely honest.

  11. I work for a retail bank and this has been my answer for years when this “uses too much electricity” BS comes up…. I tell them that our one, small bank uses more energy to run 12 branches than mining equipment does and its only open 9-4 m-f its running 24×7

  12. I would like to see a chart of the spread of bitcoin mining that uses various sustainable energys vs fossil fuels. One argument that is favourable for bitcoin is that it can mined in remote locations where it would be too expensive to transport the energy away from due to the huge distances. I’ve also heard it could be mined by satellites?

Loading…

0

What do you think?

I miss Harry Potter

CryptoNewsZ

Bitcoin Value Slides Downward from Highest to Lowest