To put this in perspective, Bitcoin's 73.12 TWh annual energy consumption is enough to power over 10 million electric cars each driving 100 km (61 miles) daily, every day of the year.
Bitcoin Energy Consumption Index
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Re: Bitcoin Energy Consumption Index
#22A footnote says: > The assumptions underlying this energy consumption estimate can be found here [1]. Criticism and potential validation of the estimate is discussed here [2]. [1] https://digiconomist.net/bitcoin-energy-consumption#assumpti... [2] https://digiconomist.net/bitcoin-energy-consumption#validati...
FWIW, [2] doesn't seem to offer substantive criticism at all. It mentions a couple independent verifications of the numbers in [1], with one complaint (from a very biased party) whose claims are not sourced.
This pretty much lines up with what I've seen in all Bitcoin energy use debaters: the evangelists insist the numbers are all wrong, but never really provide any evidence to that point.
Re: Bitcoin Energy Consumption Index
#23A footnote says: > The assumptions underlying this energy consumption estimate can be found here [1]. Criticism and potential validation of the estimate is discussed here [2]. [1] https://digiconomist.net/bitcoin-energy-consumption#assumpti... [2] https://digiconomist.net/bitcoin-energy-consumption#validati...
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Re: Bitcoin Energy Consumption Index
#24This seems completely outrageous to me. I had seen similar numbers thrown around casually in the past but still found it hard to believe to be true, (despite being pretty bearish on Bitcoin myself). This seems to provide some pretty detailed evidence, analysis and validation directly addressing criticisms. It seems pretty thorough. Is there any more to discuss on the topic of Bitcoin being outrageously wasteful? Or i…
Wasteful compared to what though? How much energy, human capital, and resources are consumed by the banking industry?
If (and big if) bitcoin is able to replace a significant fraction of the banking industry it will be extremely efficient in comparison. Per-transaction measures isn't the right metric since the Bitcoin blockchain can still be successful as a reconciliation backbone without being used for small everyday purchases.
Re: Bitcoin Energy Consumption Index
#25Define “transaction”.
Re: Bitcoin Energy Consumption Index
#26This seems completely outrageous to me. I had seen similar numbers thrown around casually in the past but still found it hard to believe to be true, (despite being pretty bearish on Bitcoin myself). This seems to provide some pretty detailed evidence, analysis and validation directly addressing criticisms. It seems pretty thorough. Is there any more to discuss on the topic of Bitcoin being outrageously wasteful? Or i…
Perhaps look at it another way: this is what people will pay to avoid tyranny.
Re: Bitcoin Energy Consumption Index
#27This seems completely outrageous to me. I had seen similar numbers thrown around casually in the past but still found it hard to believe to be true, (despite being pretty bearish on Bitcoin myself). This seems to provide some pretty detailed evidence, analysis and validation directly addressing criticisms. It seems pretty thorough. Is there any more to discuss on the topic of Bitcoin being outrageously wasteful? Or i…
Wasteful compared to what though? How much energy, human capital, and resources are consumed by the banking industry? If (and big if) bitcoin is able to replace a significant fraction of the banking industry it will be extremely efficient in comparison. Per-transaction measures isn't the right metric since the Bitcoin blockchain can still be successful as a reconciliation backbone without being used for small everyda…
There’s no indication I’m aware of that Bitcoin is removing any labor or equipment from the banking system. So far all I’ve seen is traditional banking layering crypto on top.
Re: Bitcoin Energy Consumption Index
#28This seems completely outrageous to me. I had seen similar numbers thrown around casually in the past but still found it hard to believe to be true, (despite being pretty bearish on Bitcoin myself). This seems to provide some pretty detailed evidence, analysis and validation directly addressing criticisms. It seems pretty thorough. Is there any more to discuss on the topic of Bitcoin being outrageously wasteful? Or i…
Wasteful compared to what though? How much energy, human capital, and resources are consumed by the banking industry? If (and big if) bitcoin is able to replace a significant fraction of the banking industry it will be extremely efficient in comparison. Per-transaction measures isn't the right metric since the Bitcoin blockchain can still be successful as a reconciliation backbone without being used for small everyda…
> Wasteful compared to what though? How much energy, human capital, and resources are consumed by the banking industry?
The article actually answers this to some degree. See the following graphic: https://i.imgur.com/8TdKevG.png
Re: Bitcoin Energy Consumption Index
#29If only governments and corporations did not insist on limiting people's freedom to trade freely and anonymously we wouldn't need that. Just make trading and privacy fundamental human rights like air breathing is and huge amount of energy will be saved.
Re: Bitcoin Energy Consumption Index
#30>"Single transaction footprint: Equivalent to the carbon footprint of 742,348 VISA transactions"
One thing is clear, no matter how far blockchain technology progresses, proof-of-work will never reach the efficiency of a trusted intermediary.