11–20 of 78 posts
Sincere question: what's the energy usage for e.g. USD or EUR?
It's zero. Exchanging banknotes or coins for goods or services does not consume electricity. Can't believe this was "sincere question".
Cost to print/replace notes?
Cost for teller's, ABM's, security personnel.
List goes on and on.
As if you said "0".... you think the Laws of Thermodynamics can be violated.
The quality of posts here is awful and manned by the technically inept.
I posted on FB while working on my degree and got a 5 year memory about it recently. I visualized the miners turning the polar bears black, and I was a good liberal who turned off my lights. Ethics would win. "It was a cool prototype" that I forgot about. Every CS student can figure this out, so it's surprising that we've let it go. Incentives, right.
Earlier quoted context omitted.
It's zero. Exchanging banknotes or coins for goods or services does not consume electricity. Can't believe this was "sincere question".
I think it's a fair question; each transaction of paper money causes wear so it might make sense to amortize the cross of minting over each transaction. Plus transactions between banks would use some energy. One can only assume the energy cost is negligible per transaction compared to bitcoin though, simply because if you scale up the transaction volume of bitcoin to what a real economy would need it's more than we p…
I posted on FB while working on my degree and got a 5 year memory about it recently. I visualized the miners turning the polar bears black, and I was a good liberal who turned off my lights. Ethics would win. "It was a cool prototype" that I forgot about. Every CS student can figure this out, so it's surprising that we've let it go. Incentives, right.
Polar bears have black skin with white fur
Sincere question: what's the energy usage for e.g. USD or EUR?
Using VISA transactions for fiat currency, BTC uses 5K times more energy per transaction than VISA.
https://motherboard.vice.com/en_us/article/ae3p7e/bitcoin-is...
Sincere question: what's the energy usage for e.g. USD or EUR?
It's zero. Exchanging banknotes or coins for goods or services does not consume electricity. Can't believe this was "sincere question".
Financial transactions are more than just exchanging pieces of paper in person.
Sincere question: what's the energy usage for e.g. USD or EUR?
It's zero. Exchanging banknotes or coins for goods or services does not consume electricity. Can't believe this was "sincere question".
https://www.coindesk.com/microscope-real-costs-dollar/
Looks like data was taken from places like: https://www.ecb.europa.eu/stats/policy_and_exchange_rates/ba...
and rest of the numbers were taking into account of how much each note costs to make.
"The Euro publishes sustainability statistics on their currency, and according to latest estimates, 3 billion banknotes printed in 2003 had an equivalent energy impact of 460,000 60W bulbs switched on for a year, which equates to 240 million kWh, or 0.87 million GJ. With circulation now at 15.8 billion notes, this would scale up to 4.6 million GJ (European Central Bank, 2007). To get to a global figure, for the purposes of this report, I will be multiplying this figure by a factor of four (i.e. a proportional share of global M0/M1 money supply). Therefore, we reach a figure of 18.4 million GJ, which would correspond to almost 3.07 million tonnes of CO2 equivalent."
This is just making a bank note, nothing about cost to distribute (guarding money, banking system, credit system).
Sincere question: what's the energy usage for e.g. USD or EUR?