Is Bitcoin a Waste of Energy?

in LeoFinance2 months ago

Shit, I better be careful how I phrase that...

Is the massive amounts of energy needed to mine Bitcoin a problem? Guess it depends who you ask. If you ask me I would say no, not really. I would be happy if it where more efficient, used less electricity, cost less to mine.

I went looking for an energy consumption chart and found a Bitcoin Energy Consumption Index through https://digiconomist.net/.

And wouldn't you know it but the energy consumption has virtually gone flat and is relevant to the number of transactions happening on the network.

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While at the same time, it actually got almost 100x more efficient per dollar moved on the network, due to BTC total value of almost 1 Trillion.

But doesn't it use as much electricity per year as a country like Chile? Possibly, but Chile's entire economy is only worth around $245 Billion...

Is the Future of Mining Bitcoin Through Renewable Energy?

Maybe the future of all tech will run through renewable energy at some point, unless we're extinct first.

Not to worry, Elon Musk and his renewable energy company to the rescue! I guess we know what his back up plans is.... Mars anyone?

Do you think Elon has had thoughts about the Bitcoin network running on renewable energy?

That would not surprise me in the slightest. I can see it now, it's 2160, a fresh coin hasn't been mined in 120 years. The network continues to pulling massive amounts of electricity but solar energy is abundant.

It's harvested by the average person everyday, and also by massive data centers who fill their batteries at every opportunity in fear that a government attack could block out the sun at any moment.

Bitcoin Energy Consuption

Found this video online last night that I think goes into a good level of detail about BTC energy consumption, some interesting info if you've got a few minutes to spare.

Thanks for stopping by!

Ciao for now,

@agr8buzz

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I'd say one of the biggest issues is the majority of Bitcoin is mined by a country that gets most of its power from coal.

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