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Cambridge Bitcoin Electricity Consumption Index

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Re: Cambridge Bitcoin Electricity Consumption Index

#111

Post by simonebrunozzi »

addicted wrote: post #65
simonebrunozzi wrote: post #40

I'm tired of this BS about Bitcoin and pollution. So tired that yesterday I wrote this [0]. Of course you might be in complete disagreement with me, but please read it and let me know what you think. Be kind. I am trying to have a good conversation about it, not to impose my view. [0]: https://simon.medium.com/bitcoin-and-pollution-the-definitiv...

You ask commenters to be kind and say you want to have a good conversation but start your comment by declaring the viewpoint you disagree with as BS. I would suggest that is not an effective way of starting a conversation.

I should have explained the "BS" part at the beginning of my comment in a different way.

I think that comparing Bitcoin energy consumption with a country (it used to be Chile, now Argentina), while technically correct, misses the big picture.

I also avoided a discussion on the true cost of having a global currency like the US$, which one might argue pollutes far more (military, etc).

Re: Cambridge Bitcoin Electricity Consumption Index

#113

Post by 2pEXgD0fZ5cF »

Jonnax wrote: post #23

From what I understand bitcoin currently has a $20+ transaction fee with a transaction time takes 60 minutes+ With these issues in addition to the high power consumption, how will Bitcoin become a usable currency?

The last years were the strongest indicator that bitcoin will not become any kind of usable currency. Seeing that it is as volatile as ever I'm honestly not sure what bitcoin can even still become except yet another abstract plaything to "invest" (bet) money on, the very thing it has been for a while now.

Also while it is decentralized, the reality of how it is used is very much not. The typical use case is buying and selling it via an exchange, not much else. Depending on where you live you have to reveal more information about yourself to "just buy bitcoin" than you have to when opening a bank account.

Re: Cambridge Bitcoin Electricity Consumption Index

#114

Post by joshxyz »

Jonnax wrote: post #23

From what I understand bitcoin currently has a $20+ transaction fee with a transaction time takes 60 minutes+ With these issues in addition to the high power consumption, how will Bitcoin become a usable currency?

For large transactions.

Small transactions can be done on sidechains and other chains.

Re: Cambridge Bitcoin Electricity Consumption Index

#116

Post by maclured »

AnIdiotOnTheNet wrote: post #33
Jonnax wrote: post #23

From what I understand bitcoin currently has a $20+ transaction fee with a transaction time takes 60 minutes+ With these issues in addition to the high power consumption, how will Bitcoin become a usable currency?

It won't and even BTC enthusiasts have given up on that. They narrative is now that BTC is a "store of value".

It's going to take some pretty big balls to dump your money into bitcoin instead of gold or cash the next time the stock market crashes. Then we'll see how good a store of value it is.

Re: Cambridge Bitcoin Electricity Consumption Index

#117

Post by IgorPartola »

burke wrote: post #47
IgorPartola wrote: post #24

Earlier quoted context omitted.

Electricity is one of the most inefficient ways to heat a dwelling. I think natural gas is still considered to be several times more efficient but I haven’t looked at it in a few years. Of course if you are also getting benefits from the crypto you mined that will offset the cost.

This depends on what you’re measuring the efficiency with respect to though, right? Cost-wise, yeah, natural gas outperforms electricity everywhere I’m aware of. On a grid powered entirely by renewable energy though, there’s a meaningful sense in which the electrical method is “more efficient”

Yes I meant on a cost basis. Renewables do throw a wrench into it of course.

Re: Cambridge Bitcoin Electricity Consumption Index

#118

Post by kaba0 »

lynndotpy wrote: post #63
Jonnax wrote: post #23

From what I understand bitcoin currently has a $20+ transaction fee with a transaction time takes 60 minutes+ With these issues in addition to the high power consumption, how will Bitcoin become a usable currency?

In theory, "lightning networks", which are basically a network of open transactions across wealthy, participating nodes (e.g. banks and exchanges.) A lot of smaller transactions can piggyback on the larger transactions basically for free. I don't think these are widely used in practice yet, but I might be wrong.

Isn’t that the point of Corda?

Re: Cambridge Bitcoin Electricity Consumption Index

#119

Post by detaro »

epalm wrote: post #107

Forgive my ignorance but aren't there a finite number of bitcoins? A casual search says the world has mined 18.5 million out of a total of 21 million, after which, doesn't the mining process stop, along with the current environmental impact?

No it doesn't, since the primary purpose of mining is processing transactions, not creating new bitcoins. The created bitcoins are merely an incentive to mine.

Re: Cambridge Bitcoin Electricity Consumption Index

#120

Post by jiriknesl »

Jonnax wrote: post #23

From what I understand bitcoin currently has a $20+ transaction fee with a transaction time takes 60 minutes+ With these issues in addition to the high power consumption, how will Bitcoin become a usable currency?

I use it as a currency for years.

Especially for large transactions internationally, where my bank asks me+the other party to fees like $30 and it takes 3 days if everything goes well.

In comparison with that, BTC for those years, gave me on average 40 minutes and $1 fee.

This is thirty times better than what my bank provides.

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