Debunking the “Bitcoin's Electricity Consumption” Problem
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Debunking the “Bitcoin's Electricity Consumption” Problem
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Re: Debunking the “Bitcoin's Electricity Consumption” Problem
#2Argument 1: "Well that's how bitcoin work."
Argument 2: "Bitcoin is more than a company, so lets compare it with the costs of securing the whole internet"
Fact is the cost of a transaction is orders of magnitude bigger, and it's just getting worse with time.
Re: Debunking the “Bitcoin's Electricity Consumption” Problem
#3Currently, 12.5 BTC are rewarded for each new block and that value is $8154. With a new block targeted every 10 minutes that means that (6x24x12.5x$8154) 14 million dollars is spent each day on electricity and depreciating mining rigs.
Bitcoin could use alternate means of securing the network other than proof-of-work.
Or if needed, nations can forbid the use of utility electricity for mining.