in

The FUD campaign continues — Electricity needed to mine bitcoin is more than used by ‘entire countries’

The FUD campaign continues — Electricity needed to mine bitcoin is more than used by ‘entire countries’



View Reddit by agorillaredView Source

Comments

Leave a Reply

Your email address will not be published.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

GIPHY App Key not set. Please check settings

20 Comments

  1. tldr; The amount of electricity used to mine bitcoin “has historically been more than [electricity used by] entire countries, like Ireland”, said Benjamin Jones, a professor of economics at the University of New Mexico who has researched bitcoin’s environmental impact. The energy wasted by plugged-in but inactive home devices in the US alone could power bitcoin mining for 1.8 years.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. What’s really interesting is that there is never a comparison done between btc and current fiat systems. For example do we even have an idea of how much energy the current banking system consumes? Do we have a meaningful way to compare it to BTC? I have a feeling that our current banking system consumes much more energy and resources than BTC mining.

  3. So you want to tell me how to use electricity and that somehow I’m using it wrong? Well, I have a lot of opinions on how other people use electricity wrong but I figure it’s their electricity and they are paying for it, so I should shut up about it!

  4. Oh no – the combined global mining of btc uses more than Ireland. How can that be? <—- Sarcasm.

    Ridiculous concern except myopically in specific locations where it is a definable problem.

    And please tell me, articles of FUD, how mining wattage compares to ACH, bank locations, corporate offices, the stock market, mining companies and operations, processing & storing metals. Good lord.

    IMO it’s just such a dumb argument. I haven’t had anyone confront me irl with this argument yet thank goodness. I’m not sure I could counter through my laughter.

    I mean, unless I’m missing something. Am I missing something?

  5. THIS IS A LIE!

    The amount used is far far far less than what we use in the USA to deal with physical CASH and certainly a million times less than is used to handle millions of transactions per second that the US Dollar is part of daily. The compute power needed to deal with FIAT currency is staggering to the amounts you would find laughable.

    To try to twist a minor portion of what coin MINERS use to figure out their daily profits is stupid. Lets instead focus on the ENDLESS amount of energy used to advertise shitty drugs to the American populace by big Pharma? no…. instead let us examine the endless energy used to transport the millions of government workers to/from their homes or meetings or other countries in an era of ZOOM MEETINGS and WORK FROM HOME? no?….

    I pray for all the little electrons killed in the making of this lie…. they could have been put to better use like…. I dont know maybe…… mining Bitcoin so we can all save up for a new hairdo for Janet???

    I am done….. need to go setup another shitty “GoFundMe” campaign to buy Janet a new wig.

  6. But bitcoin is a global asset. Most miners run clean energy with renewable sources because it’s directly tied to their profits. They’re lumping them with “dirty” energy estimates and averaging it out – very misleading. The dirty energy being used to mine isn’t dirty because it’s bitcoin. It’s dirty because ALL the energy in that particular country is dirty.

  7. I wonder if anyone has made calculations of how much electricity electric cars consume and how much they are going to consume if the trend of going electric continues. Is it right now more or less than bitcoin? I’m inclined to assume that much more, now the question is, should we give up electric cars for the sake of the environment? Probably not…

  8. Yeah 24/7 in German online “newspaper” it’s like 100 lines bashing btc because of the global warming, that others need to use coal electricity because the miners steal the green energy, and what not, only to say in the last sentence that it is run by 75% renewable energys what makes them actually one of the greenest big industries worldwide.

    Fuck this misinformation campaigns and fuck that they work so well!

  9. but bank use more electricity than bitcoin for a simple transaction ….

    ie employes using toilet …..brick n mortard building cost tax ……gas money for transfering fiat using armored truck …..

    paying mexican peolpe to clean useless parking area and hot heat pocket during summer

    atm machine sometime glitchy …

    too much shit to write

    bitcoin use less juice than anything nuff said
    r

Loading…

0

What do you think?

Meanwhile, Elon is pumping doge which runs on shit

Things We Saw: A 'Terminator' Anime Series Is in the Works

Things We Saw: A ‘Terminator’ Anime Series Is in the Works