Bitcoin may consume as much energy as all data centers globally

Post by 627467 » Wed, Mar 10, 2021, 10:05 PM UTC

Guzba wrote: post #34

hudon wrote: post #15

Earlier quoted context omitted.

VISA alone processes over 60,000 transactions per second [0] and only uses a tiny subset of the world's data centers. Bitcoin processes a whooping 7 transactions per second and consumes as much energy as *all data centers globally*. I'm curious to hear what dumb use of energy you have in your head that rivals this level of stupidity. edit: I'll address the "apple to oranges" replies here: you can combine the energy c…

This conversation never goes anywhere because it's apples and oranges. VISA connects other intermediaries. It isn't actually transferring money, its basically getting two parties to agree to a transfer with a huge pile of terms and fees. It's just not the same thing.

Post by MBCook » Wed, Mar 10, 2021, 10:05 PM UTC

dvh1990 wrote: post #25

Bitcoin is a good thing. It's a simple financial system with very few rules that can serve as an anti-fragile backbone for much bigger systems on top of it. Instead of looking for ways to curtail it (because that ALWAYS works, right?) we should be looking for cleaner ways to power it like renewables and nuclear.

Post by rspeele » Wed, Mar 10, 2021, 10:05 PM UTC

inshadows wrote: post #8

Bitcoin does not consume energy. Miners do. Before presenting your views on Bitcoin, you should have some knowledge about how the network works, in particular how mining difficulty is regulated. Bitcoin would do just fine if its energy consumption dropped to 2008 levels.

Post by masklinn » Wed, Mar 10, 2021, 10:06 PM UTC

inshadows wrote: post #8

Bitcoin does not consume energy. Miners do. Before presenting your views on Bitcoin, you should have some knowledge about how the network works, in particular how mining difficulty is regulated. Bitcoin would do just fine if its energy consumption dropped to 2008 levels.

Post by lolsal » Wed, Mar 10, 2021, 10:07 PM UTC

SamPatt wrote: post #20

Another anti-Bitcoin article focusing on energy consumption, how original. HN has discussed this to death.