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Is bitcoin an environmentally friendly currency?

21 Comments
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21 Comments
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It’s neither a currency nor environmentally friendly.

3 ( +7 / -4 )

It’s a currency (I’ll go with the Japanese government evaluation over some dude on the internet), but not environmentally friendly.

2 ( +8 / -6 )

Mining uses huge amounts of electricity, so in that sense at least definitely not environmentally friendly.

7 ( +8 / -1 )

It’s a currency (I’ll go with the Japanese government evaluation over some dude on the internet)

Yeah and I'm sure the Venezuelan government evaluates their bolivar and new cryptocurrency (the "petro") as currencies too.

I am happy to make my own evaluations!

0 ( +2 / -2 )

Yeah and I'm sure the Venezuelan government evaluates their bolivar and new cryptocurrency (the "petro") as currencies too.

They are currencies, whether you would want them is another matter.

0 ( +2 / -2 )

Yeah and I'm sure the Venezuelan government evaluates their bolivar and new cryptocurrency (the "petro") as currencies too.

Um, because they are.

-1 ( +3 / -4 )

the advanced polymer in my wallet consumes no electricity, has high resistance to damage, and looks cool as it reflects history of my country

bitcoin is a coupon for rich people that consumes huge amounts of electricity not factored into its price nor maintenance. In a blackout it's useless

Cash is King

5 ( +5 / -0 )

Cash is King

So you don't use credit cards?

-4 ( +2 / -6 )

It is most definitely not environmentally friendly. The amount of electricity it uses it staggering.

7 ( +7 / -0 )

It’s a currency (I’ll go with the Japanese government evaluation over some dude on the internet), but not environmentally friendly.

Does not pass the standard economist's definition of 'money' by a long way. . Was not aware how the Japanese government had classified it, but its classification will be for expedient purposes, rather than a fundamental assessment of whether it has the characteristics of money.

0 ( +0 / -0 )

Bitcoin energy consumption index is 56 TWh per year

About 1.5 times the yearly power used by Denmark.

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

4 ( +5 / -1 )

zichiToday 09:24 pm JST

Bitcoin energy consumption index is 56 TWh per year

About 1.5 times the yearly power used by Denmark.

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

Ouch, I knew it was energy heavy but I didn't know it was that bad!

3 ( +3 / -0 )

Japan uses 78.19TWh per year

3 ( +3 / -0 )

Wonderful research on numbers Zichi. You should be editor and chief here and the boss of the science and data sections. Bitcoin really uses it up.

4 ( +4 / -0 )

Bitcoin energy consumption index is 56 TWh per year. About 1.5 times the yearly power used by Denmark.

Japan uses 78.19TWh per year

Zichi, those numbers don't look right. Japan's population is about 20 times that of Denmark.

0 ( +0 / -0 )

I suppose it depends on where the Bitcoin is mined. Iceland, for example, derives close to 100% of its electricity from renewables (hydro and geothermal). Japan is more like 10%

@Zichi, I think you are missing a zero from your Japan number. 78.19TWh may cover pachinko parlours....

0 ( +1 / -1 )

ADK99

Correct. Japan uses about 1,000 TWh. Bitcoin 56TWh about same consumption as Greece or 1.5 times Denmark.

1 ( +1 / -0 )

Apparently Google search results are personalized, so it mightn't work for you, but I just typed "energy used by" into it and the predictive text came up "bitcoin".

1.5 times Denmark? That's shocking.

0 ( +0 / -0 )

Yes, it is, I think. Bitcoins don't have its shape, so they don't require any indgredients to make except the power of the Internet and ideas of the creators.

-1 ( +0 / -1 )

Lots of videos on explaining Bitcoin, here's a good detailed one titled Why Bitcoin is Not Working https://www.youtube.com/watch?v=6q5mUNEEn2c

Shows the increased power consumption approaching 60TWh per year at 6:07, equating it with the energy use of Serbia or 0.8% of USA or 2.9 Million US households

They used VISA as a comparison, with 0.19 TWh and 111.2 Billion transactions compared to only 100 Million Bitcoin transactions. Bitcoin can't scale at exorbitant energy costs.

Bitcoin can't keep up to the modern world. We can't afford the power to run it so it's laughable that entitled people think it's a match or a global replacement

0 ( +0 / -0 )

Right now, the Bitcoin network consumes as much electricity per day as does the country of Ireland. Recent statistics indicate that every Bitcoin transaction requires around 245 kWh to process, which is equivalent to around 3,200 hours of watching television. Bitcoin’s electricity usage is getting out of hand, but it’s not taking away energy from mainstream consumers by any means. Nor is it necessarily harmful to our environment either. Considering all these facts I decided to choose other options like altcoins. And ICO Pulse source helped me to choose which altcoins to buy. But physical currencies use energy throughout their life cycles. Production costs, Storage costs, transport costs, distribution costs, etc. It's just for comparison.

0 ( +0 / -0 )

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