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Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency

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Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency

#21

Post by zdragnar »

mistrial9 wrote: post #13

if a huge hydro power generator in a remote location on a far away continent wastes local energy, does my city power bill go up? because of BTC ? tell me more

Might be. If the hydro generator isn't supplying enough energy to the local area because of BTC, then presumably a higher load falls on petro energy to fill in the gap in supply.

That influences the global market a tiny amount. Your power bill likewise is affected, presuming your provider has any petro in its supply mix, which it likely does (even if only as a backup).

The impact is tiny to nonexistent at a scale of 1, but for numbers greater than 1 the impact likewise increases.

Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency

#22

Post by [deleted] »

danielvf wrote: post #12
Judgmentality wrote: post #5

Earlier quoted context omitted.

> so once Ethereum finishes its switch over to proof-of-stake Isn't there a lot of uncertainty as to how well proof-of-stake will work?

ETH2 (proof-of-stake) already has 16 billion dollars of ETH locked into it, and has been running for months. The proof-of-stake switchover seems to be on a good track and should work form technical standpoint.

[deleted]

Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency

#24

Post by Cantinflas »

GBiT wrote: post #19
danielvf wrote: post #3

Cool chart! Interesting to see how much of an outlier Bitcoin is. The middle tier currencies in this list (USDC, USDT, etc) are built on Ethereum, so once Ethereum finishes its switch over to proof-of-stake, both they and Ethereum will drop down to almost nothing in terms of power used per transaction.

We will see how proof of stake will work, and in FAQ is a paper about it. POS have one big problem, that you only have to buy coins once and stake them and you will get richer every day by doing nothing without any additional investment. Basically it will make rich richer and more centralized. We will see how it will works in future.

This is not true, you have to run a validator to get rewarded. Rewards will be much less than miners get now, and the whole "rich get richer" is literally how investment works in basically anything, even Bitcoin mining

Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency

#26

Post by wmf »

everfree wrote: post #17
huntertwo wrote: post #4

This is a solid idea, but needs more currencies like Cardano and Polkadot that claim energy efficiency as their strength

PoS-based cryptocurrencies use thousands of times less electricity than PoW-based ones, so all PoW cryptos would be above all PoS cryptos in the ranking. It wouldn't be an interesting chart.

On the contrary, that's the message that people need to see.

Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency

#27

Post by meowkit »

GBiT wrote: post #19
danielvf wrote: post #3

Cool chart! Interesting to see how much of an outlier Bitcoin is. The middle tier currencies in this list (USDC, USDT, etc) are built on Ethereum, so once Ethereum finishes its switch over to proof-of-stake, both they and Ethereum will drop down to almost nothing in terms of power used per transaction.

We will see how proof of stake will work, and in FAQ is a paper about it. POS have one big problem, that you only have to buy coins once and stake them and you will get richer every day by doing nothing without any additional investment. Basically it will make rich richer and more centralized. We will see how it will works in future.

>Basically it will make rich richer and more centralized.

So PoW doesn't have this problem? It costs money to run mining hardware and supply electricity. The more valuable a PoW coin is, the greater incentive there is to run more hardware. With Bitcoin specifically the block rate is limited via the difficult adjustment. With this in mind it sounds like whoever is mining will get richer faster and centralize the competition.

PoS just abstracts all of this into the code itself. I don't buy the quoted argument.

Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency

#28

Post by dehrmann »

This actually points out why Tesla not accepting bitcoin for environmental reasons is silly: 134.0 kg of CO2 per transaction about as much CO2 as a tank of gas. This is ridiculously inefficient, but it's a car; the energy inputs are already high.

The real issue is the interest Musk created when Tesla bought bitcoin a few months ago and how he grew a conscious suspiciously fast.

Re: Coin Carbon Cap – PoW cryptocurrencies ranked by energy efficiency

#29

Post by chrisco255 »

danielvf wrote: post #3

Cool chart! Interesting to see how much of an outlier Bitcoin is. The middle tier currencies in this list (USDC, USDT, etc) are built on Ethereum, so once Ethereum finishes its switch over to proof-of-stake, both they and Ethereum will drop down to almost nothing in terms of power used per transaction.

Are they double-counting the Ethereum tokens like Chainlink, Uniswap, etc? Ethereum hashing inherently includes ERC20 transactions. ERC20s are just state changes on the Ethereum blockchain and don't affect hashing use or non-use.
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