must die


If Bitcoin were to cease trading tomorrow, 0.5% of the world’s electricity demand would simply disappear. This is roughly equivalent to the output of ten coal-fired power plants, emitting 50 million tonnes of CO2 per year – which would cover one year’s worth of the carbon emission cuts required to limit temperature rises this century to 2C.


This is a beautiful statement.

is made from ashes, and if ashes were legal tender, humanity would burn everything in sight and call it progress.

@jalcine I think society would call it progress towards "building wealth", wealth ain't worth jack if everything worth using it for is fucked up in the process of acquiring said tokens of "value".


Btc clearly must go if it's eating that much. Have you looked at faircoin? That claim to use way less energy by choosing not to be completely 'trustless'.

@jalcine Careful with those click bait articles.

For the first link, its only reference to the claim that "it consumes as much power as #Austria" is a Vice article headlined "Nobody knows exactly how much energy bitcoin is using" and in the subheading it says "New research suggests..." which is #journospeak for "it doesn't *actually* say that, but that's what for the purposes of my article I would like it to mean".


The second link, which is a legit press release following some sort of methodological process (the nature and/or quality of which I am personally unable to ascertain) does not mention Bitcoin at all.

In other words, the original article is #clickbait. Also, however much power #bitcoin may or may not use, how does that compare to, say, playing console games, using a hair dryer, or whatever other non-essential but less trendy activity?


Let us use a bit more #criticalthinking when processing #information, whatever the source.

@61 @jalcine beautiful statements, albeit not true. Bitcoin consumes exactly as much electricity, as is competitive against all the other possible uses for that electricity. In other words, if the price of electricity goes higher than the block reward times hashrate divided by difficulty, miners will stop mining. Also if they had a better use for that electricity, they wouldn't mine bitcoin. Want to stop coal plants? Close them. Bitcoin runs on solar too.

okay but how much electricity does printing processing and trading other currencies use? Not trying to defend bitcoin I just don't know if it is actually worse then any other or just its expenditure is more easily tracked.

I loved the idea for the potential to decentralize money away from banks but that was before it became...this.

@imani Bitcoin failed on its own terms. That is it never succeeded in disintermediating banks. If anything, the usual suspects made a lot of money out of it.
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