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No – Bitcoin is not “powered by 75% renewables.” Here is the actual report that figure comes from.

Ever since this Elon Drama started Ive been blown away by peoples mental gymnastics and outright misinformation around the Bitcoin PoW network.

**It is NOT powered by 75% renewable energy**

I know this because that particular figure comes from the below report :

https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/3rd-global-cryptoasset-benchmarking-study/

In particular here on page 26:
>Despite increasing transparency and research on the environmental impact of PoW mining,16 the topic is
still typically misrepresented in most sources and on both sides of the debate. Similar to 2018, this year’s
survey data shows that a significant majority of hashers (76%) use renewable energies as part of their
energy mix (Figure 15). **However, the share of renewables in hashers’ total energy consumption remains
at 39%**

Every single person trying to justify the btc network seems always land back at the claim of ~75% from the first half of that sentence – when the actual report and facts do not back it up.

Bitcoin is NOT green. Heck they opened actual coal mines in Australia just for local mining operations. People go where the energy is cheap – green or not.

https://theconversation.com/bitcoin-isnt-getting-greener-four-environmental-myths-about-cryptocurrency-debunked-155329

The whole network uses the same energy as the Netherlands right now – meanwhile **per transaction uses the same energy as a house does for 40 days** along with a carbon footprint of over **1.1 million visa transactions**. Every time you even send a hundred dollars of bitcoin you are using *that much energy.*

That is a disgusting amount of energy for a 3-7 tps network. Especially compared to modern blockchains.

If bitcoin was actually mass adopted and started pushing the high 6 / 7 figure valuation there wouldn’t be enough energy in the world to secure that network in any sustainable way.

Once again – for a *3-7 tps network.*

Power usage figures below:

https://digiconomist.net/bitcoin-energy-consumption/



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24 Comments

  1. > Bitcoin is NOT green. Heck they opened actual coal mines in Australia just for local mining operations.

    https://en.m.wikipedia.org/wiki/Redbank_Power_Station

    > On 10 April 2018, Fairfax Media announced that the power plant could be restarted in Q1 2019 to provide cheap off-the-grid power for blockchain mining applications.[8] As of 2019, these plans have been discontinued, and there is no intention for blockchain mining to be a part of Redbank moving forward.

    > Redbank Power Station is currently offline, with owner Verdant planning to bring it online in late 2021. The station is reportedly ready to refire using 100% waste-biomass, and is waiting for final funding and fuel allocation to finish before commencing operation.

  2. Thing is though, any PoW chain that could replace BTC will reach and exceed the current energy consumption of BTC anyway because as the price goes up, so does the value of mining and so more miners move in. Eventually as the block reward decreases and the price stabilizes there will essentially be a hard cap on mining.

  3. I appreciate your post. As investors, people should not fall in love with their coins and ignore its flaws. If we want to succeed with our investments, we need to address its issues.

    It doesn’t matter that “the banking system uses more energy”, the energy consumption of BTC is something that needs to be addressed (hopefully by the planet moving at a much faster pace to renewable), or we’ll have to find a new investment.

  4. What’s the solution here? Is there a way to make the network more efficient and/or reduce its environmental impact, or do we just have to hope renewable energy soon grows enough for Bitcoin’s energy requirements, or what?

  5. Good information and quality post. Bitcoin is the FuTUre….maxis are in denial about the store of value that has become the new banker boomer investment.

    The amount of scalable blockchains in this space is amazing, and this new tech will not be POW in the future. Further regulation will cause ALL crypto enthusiasts to funnel into DEXes and stop using exchanges, especially if wallets get KYC’d.

  6. Bull. Fucking. Shit.

    There needs to be some moderation done on this sub for stuff like this because Op is repeating misinformation already debunked. As a matter of fact, it was debunked thoroughly 6 days ago: https://youtu.be/DidAwxWaDKI

    BTC drives investments into cheap renewable energy and a deflationary currency influences saving instead of spending which in turn has a positive effect on the environment.

  7. Thanks for posting— it’s something we all knew and it’s an actual issue.

    I can be pissed at Elon for manipulating the DOGE market. But I can’t take digs at Elon for bringing this issue up.

    There also might be politics at play— he can’t be advocating for BTC while also receiving green energy subsidies and tax credits for EV’s— there’s information the public doesn’t know.

  8. Even though it’s now powered by renewable energy, if people really cared about natures well being they wouldr plant a tree or start using solar panels and similar things, it’s business man that attack bitcoin.

  9. What’s incredible to me is that the transaction fee clearly doesn’t pay for a month’s worth of electricity, so adding more bitcoin but at a slower rate clearly works well when people are still buying into the coin.

  10. You are right, except for the last part. Bitcoin blocks are already full, it cannot be used more than it is today. The maximum capacity is 4tps, take it or leave it.

  11. How much does Michael Saylor need to educate you buffoons? No one with a brain is suggesting that Bitcoin be used for every small transaction going. His analogy is that Btc is like an aircraft carrier and all of the small transactions that happen will be done on a network built on BTC as a base layer.

  12. >The whole network uses the same energy as the Netherlands right now – meanwhile per transaction uses the same energy as a house does for 40 days along with a carbon footprint of over 1.1 million visa transactions. Every time you even send a hundred dollars of bitcoin you are using that much energy.

    Rebuttal:

    >Many journalists and academics talk about Bitcoin’s high “per-transaction energy cost,” but this metric is misleading. The vast majority of Bitcoin’s energy consumption happens during the mining process. Once coins have been issued, the energy required to validate transactions is minimal.

    Source: https://hbr.org/2021/05/how-much-energy-does-bitcoin-actually-consume

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