Bitcoin isn't very eco....
https://digiconomist.net/bitcoin-energy-consumption
Bitcoin isn't very eco....
https://digiconomist.net/bitcoin-energy-consumption
An I reading ir correctly? Bitcoin uses 1/3 of the total world's electric consumption? Facebok wants to start a banking system based on a similar currency? What am I not understanding here?
As Cicero said, “Gratitude is not only the greatest of virtues, but the parent of all the others.”
It's 0.32%, not 32% of all electricity, but that's still a huge amount of electricity.
It’s not using bitcoin but mining that uses electricity. That actually bothered me.
My understanding is that mining is essentially propagating the bitcoin transaction database, which will only become more energy intensive as the number of transactions increases, thus making the transaction database ever larger. Because of the distributed nature of the transaction database there's no way to make doing a transaction energy efficient. It's not like doing a credit card transaction where the data only gets posted to the buyer's bank and to the merchant's bank. Every bitcoin transaction gets posted to every one of countless copies of the entire transaction registry. That's the secret sauce of how cryptocurrencies work, but it also means that it's wildly inefficient energy-wise.
The part that's not clear to me is what will happen once the finite supply of bitcoin have all been mined. At that point no one will be interested in providing mining services so it's unclear to me who will actually be providing all the processing necessary to keep the database of transactions propagated.
Alas, using bitcoins uses a lot of power to verify the transaction. "Mining" also incorporates doing the transactional processing.
https://www.economist.com/the-econom...so-much-energy
When I looked about two years ago, it took about 200KWh to process a single transaction. That's enough to power my 4500 sq. ft. home for about 2 weeks. You can see why micropayments using bitcoin are having trouble getting off the launchpad.
There are currently 1 users browsing this thread. (0 members and 1 guests)