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Is bitcoin environmentally friendly?

21 Comments
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21 Comments
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I'm not sure, but no less so than fiat currencies, when you consider all the energy that goes into running the banking computer systems, ATMs and cashless terminals that are spreading like wildfire.

-8 ( +3 / -11 )

It's obscenely inefficient though. Bitcoin mining consumes more energy than Argentina and almost all of that energy is used in unsuccessful attempts to earn Bitcoins by performing quintillions of calculations to verify transactions on the blockchain. Transactions measured at a rate of single figures per second.

12 ( +13 / -1 )

aharToday  11:12 am JST

It's obscenely inefficient though. Bitcoin mining consumes more energy than Argentina and almost all of that energy is used in unsuccessful attempts to earn Bitcoins by performing quintillions of calculations to verify transactions on the blockchain. Transactions measured at a rate of single figures per second.

Can you give a link or two to show that bitcoin mining consumes more energy than Argentina does?

-12 ( +2 / -14 )

Can you give a link or two to show that bitcoin mining consumes more energy than Argentina does?

Google is your friend: https://www.bbc.com/news/technology-56012952

12 ( +13 / -1 )

60% of bitcoin owned by China. Uses more power than countries like Holland or Argentina.

12 ( +14 / -2 )

No, the amount of electricity it uses and the heat it generates is unbelievable.

13 ( +15 / -2 )

No, it isn't.

3 ( +8 / -5 )

Hell no! It's terrible for the environment, but the monetary gains are awesome, so who cares?

-6 ( +4 / -10 )

I don't even think there is an argument to be had as to the environmental impact of bitcoin. More than many small countries, it is around ranked 30th in terms of power consumption (if we assumed bitcoin to be a country). That is absolutely staggering.

I have no idea what argument could be made for the environmental benefit, I suppose it consumes less paper?

7 ( +9 / -2 )

Not in the slightest. Bitcoin transactions require the electricity equivalent to powering a house for an entire month. There is not enough electricity on the planet compared to currency. Is a complete canard for the 1%

Source: https://digiconomist.net/bitcoin-energy-consumption

3 ( +5 / -2 )

Single Transaction Footprints Carbon Footprint:

358.73 kgCO2

Equivalent to the carbon footprint of 795,071 VISA transactions or 59,788 hours of watching Youtube.

A single transaction! It's utterly ridiculous

4 ( +5 / -1 )

As environmentally friendly as watching Netflix and storing your 2 terabytes of photos and videos in the cloud.

1 ( +5 / -4 )

More so than the fossil fuel industry.

0 ( +2 / -2 )

Literally NOTHING is environmentally friendly.

2 ( +5 / -3 )

Maybe bitcoin isnt the most power efficient crypto out there. But there sure as hell are other great projects which should be considered and adopted also. The crypto world is expansive. What it represents and how it works sure beats the ever-inflating US (reserve) dollar. Time will tell how this plays out.

-3 ( +1 / -4 )

Maybe bitcoin isnt the most power efficient crypto out there. But there sure as hell are other great projects which should be considered and adopted also. The crypto world is expansive. What it represents and how it works sure beats the ever-inflating US (reserve) dollar. Time will tell how this plays out.

It's a scam.

1 ( +2 / -1 )

More so than the fossil fuel industry.

Where do you think the energy BitCoin requires is coming from? Think carefully.

2 ( +3 / -1 )

It's a scam.

Care to explain why?

0 ( +0 / -0 )

Care to explain why?

The people who got in early stand to benefit the most, while those who got in late or who have yet to get in are being encouraged to invest in a currency with no real backing other than wild-eyed libertarians going "hrm hrm blockchain hrm hrm fiat currency hrm hrm buy weed off the internet hrm hrm".

This is why financial experts typically say that the blockchain is interesting as a means of conducting transactions, but cryptocurrencies are dangerous and to be at the very best treated with caution.

0 ( +1 / -1 )

no real backing other than wild-eyed libertarians

Hmmm, maybe weed smoking libertarians were the majority of bitcoin holders 5-10 years ago. Not anymore.

Why is it being adopted by major institutions now if their own "financial experts" should advise against it?

https://news.bitcoin.com/visa-cryptocurrency-extremely-mainstream-bitcoin-use-70-million-stores/

https://www.msn.com/en-us/money/markets/a-new-wave-of-institutional-interest-has-boosted-bitcoin-here-are-the-key-players-getting-involved-from-jpmorgan-to-paypal/ar-BB1ezqxB

https://edition.cnn.com/2021/02/11/investing/mastercard-bitcoin-bny-mellon/index.html

https://global.rakuten.com/corp/news/press/2021/0224_03.html

0 ( +0 / -0 )

This is why financial experts typically say that the blockchain is interesting as a means of conducting transactions, but cryptocurrencies are dangerous and to be at the very best treated with caution.

Which financial experts are you referring to?

0 ( +0 / -0 )

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