Bitcoin network average energy consumption per transaction compared to VISA
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Re: Bitcoin network average energy consumption per transaction compared to VISA
#2It's worth mentioning that this kind of comparison is strange. Bitcoin mining does not get more difficult or change in any way with the number of transactions you mine. Mining always occurs on a single 80-byte header, and the entire transaction portion of that is a Merkle hash tree.
The point here is that if Bitcoin would actually finally increase the block size of their chain (like Bitcoin Cash and others have done) then a.) there wouldn't be a constant backlog of transactions and b.) the "energy-per-tx" graph like this would look better.
Re: Bitcoin network average energy consumption per transaction compared to VISA
#3How about all the people work for Visa etc and their commutes and all the other things that come with it. If you think about it Bitcoin is completely autonomous
Re: Bitcoin network average energy consumption per transaction compared to VISA
#4apples and oranges
Re: Bitcoin network average energy consumption per transaction compared to VISA
#5[deleted]
Re: Bitcoin network average energy consumption per transaction compared to VISA
#6The lightning network will naturally grow as a result of this.
Re: Bitcoin network average energy consumption per transaction compared to VISA
#7The link doesn't state whether it's counting only the energy costs incurred by VISA, or if it includes the energy costs of making a transaction on the SWIFT payment network that VISA, Mastercard, banks, and other institutions run on top of. Obviously to do a fair comparison you have to take SWIFT into account, otherwise you're not capturing the true energy cost of making a VISA payment.
https://www.investopedia.com/articles/personal-finance/05051...
Re: Bitcoin network average energy consumption per transaction compared to VISA
#8How about all the people work for Visa etc and their commutes and all the other things that come with it. If you think about it Bitcoin is completely autonomous
> Bitcoin is completely autonomous
If we're counting the footprint of Visa's 19,500 employees [1], we'd have to start counting the footprint of every Bitcoin miner and ASIC manufacturer. Which is (a) silly and (b) unlikely to affect a difference of orders of magnitude.
Re: Bitcoin network average energy consumption per transaction compared to VISA
#9The link doesn't state whether it's counting only the energy costs incurred by VISA, or if it includes the energy costs of making a transaction on the SWIFT payment network that VISA, Mastercard, banks, and other institutions run on top of. Obviously to do a fair comparison you have to take SWIFT into account, otherwise you're not capturing the true energy cost of making a VISA payment. https://www.investopedia.com/a…
If you add every layer above or below you would end up consdering the own internet infrastructure, wouldn't you?
Re: Bitcoin network average energy consumption per transaction compared to VISA
#10How about all the people work for Visa etc and their commutes and all the other things that come with it. If you think about it Bitcoin is completely autonomous
> Bitcoin is completely autonomous If we're counting the footprint of Visa's 19,500 employees [1], we'd have to start counting the footprint of every Bitcoin miner and ASIC manufacturer. Which is (a) silly and (b) unlikely to affect a difference of orders of magnitude. [1] https://en.wikipedia.org/wiki/Visa_Inc .
> the footprint of every Bitcoin miner
Do they have 1000s of office all around the world with 100s of thousands working in offices and branches like banking industry?