in

Waste from one bitcoin transaction ‘like binning two iPhones’

Waste from one bitcoin transaction ‘like binning two iPhones’



View Reddit by codeskipperView Source

Leave a Reply

Your email address will not be published.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

GIPHY App Key not set. Please check settings

7 Comments

  1. I call BS. Maybe the Dutch central bank would also like to do analysis on the constant need to replace laptops and smartphones so that ppl can keep browsing Instagram and Facebook and have access to the latest animated emoticons.

  2. Another day, another post about how wasteful bitcoin mining is.

    This argument has been addressed – fiat currencies create their own waste, but it’s so embedded in our society as to be invisible. It’s like lamenting all the dying Blockbuster Video stores due to Netflix.

  3. Bitcoin transactions are practically free and have practically zero emissions (see lightning network). The electricity is the security infrastructure of bitcoin, not the transaction cost. So instead of armies and mountains of dead bodies, and the worst environmental polluter in the world, and a global system of tyranny, bitcoin needs none of that. Bitcoin is peaceful and extremely efficient. It’s the most efficient and effective system I can think of.

  4. tldr; A single bitcoin transaction generates the same amount of electronic waste as throwing two iPhones in the bin, according to a new analysis by economists from the Dutch central bank and MIT. Specialised computer chips called ASICs are sold with no other purpose than to run the algorithms that secure the bitcoin network, a process called mining that rewards those who partake with bitcoin payouts.

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

  5. Been anticipating e-waste fud as the successor to energy use. Bitcoin energy use is too renewable to criticise vs almost any other industry, so it doesn’t hold water. So now moving onto e-waste. Fairly sure gold generates far, far more waste, but whatever, let’s continue to hold bitcoin to a much higher standard of criticism than we as a society extend to anything else – doesn’t matter, it will alway rise to meet the standard.

    Let’s contextualise the issue. The network is current at 140 million TH/s. An antminer S9 has a 14TH/s hashrate. Let’s assume for conservatism the ‘average’ miner on the network has a 10 TH/s hashrate.

    140,000,000TH/s / 10 H/s = 14,000,000

    The network is secured by 14 million machines. There are 750 million iPhones worldwide! 110 million PS4s, 10 million PS5s, 3 billion android devices. Doesn’t take more than a couple of minutes of back-of-the-envelope calcualting to figure out BTC doesn’t rank very high on the list of e-waste offenders.

What do you think?

Ethereum at Risk of L2 Balkanization – Trustnodes

Ethereum at Risk of L2 Balkanization – Trustnodes

ECC timeline updates and planning for 2022

ECC timeline updates and planning for 2022