Bitcoins carbon footprint is HUGE.....
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| 1 | Interesting article on how much electricity is used to mine and transact Bitcoins. Bitcoin mining uses 77.78 TWh of electricity per year, the same amount of energy as Chile and has the same carbon footprint of New Zealand at 36.95Mt of C02 1 Bitcoin transaction consumes 643.16 kWh which is equivalent to the carbon footprint of 677,092 VISA transactions. According to Visa’s Corporate Responsibility Report, they used 740,000 gigajoules of energy across all operations in 2019 to process 138 billion transactions. This is equivalent to 205.56 GWh of energy. Bitcoin annual consumption is is 77.78 TWh (and increasing). Very well researched and worth a read..........................- Edited by keytag at 10:37 pm, Sat 13 Feb keytag - 2021-02-13 22:26:00 |
| 2 | https://digiconomist.net/bitcoin-energy-consumption/ keytag - 2021-02-13 22:27:00 |
| 3 | Bitcoin’s biggest problem is not even its massive energy consumption, but the fact that most mining faciilties in Bitcoin’s network are located in regions such as China that rely heavily on coal-based power. Put simply: “coal is fueling Bitcoin” (Stoll, 2019) keytag - 2021-02-13 22:34:00 |
| 4 | And I still don't see the point. tygertung - 2021-02-14 07:37:00 |
| 5 | tygertung wrote:
Clarify pls. mss2006 - 2021-02-17 18:37:00 |
| 6 | I don't see the point of bitcoin when one can just use normal currency. Seems like wasted effort and energy to produce. tygertung - 2021-02-18 07:26:00 |
| 7 | tygertung wrote:
Government's can't control or manipulate it, for one. loose.unit8 - 2021-02-18 07:46:00 |
| 8 | No, it just wildly fluctuates in value instead. tygertung - 2021-02-18 13:05:00 |
| 9 | loose.unit8 wrote: And yet, it can be manipulated, my example being Elon Musk buying USD$1.5 billion of bitcoin driving up the price by some 17% gyrogearloose - 2021-02-18 15:47:00 |
| 10 | This message was deleted. kittycatkin - 2021-02-18 15:56:00 |
| 11 | gyrogearloose wrote: I can do the same to tomatoes by spending USD$1.5 billion - that's the way markets work, basic supply and demand... king1 - 2021-02-18 16:51:00 |
| 12 | It's flawed in that its network relies on distributed hashing, once a single entity controls 51% of its hashing network (for example China) its compromised, and worthless. bitsnpieces2020 - 2021-02-19 13:19:00 |
| 13 | "1 Bitcoin transaction consumes 643.16 kWh which is equivalent to the carbon footprint of 677,092 VISA transactions. " That's 643,160 Watts. Utter bollox. tegretol - 2021-02-21 20:37:00 |
| 14 | I don't think it is a correct environmental comparison comparing Worldwide Bitcoin transactions and mining to Visa payment processing. A better comparison is Bitcoin mining vs Gold mining. Edited by mr-word at 11:31 pm, Sun 21 Feb mr-word - 2021-02-21 23:26:00 |
| 15 | Gold is used for making things, not for currency. The world has moved away from using golden coins. tygertung - 2021-02-22 08:15:00 |
| 16 | mr-word wrote: bitsnpieces2020 - 2021-02-22 12:16:00 |
| 17 | tygertung wrote: Mate you're on another planet.. In a world of uncertainty about what is real and what is pretence, the value of a tangible item can not be over-stated. Be it wheat, water, timer, air or gold is irrelevant (although gold has the advantage of taking up less space and being more manageable) but compared with the pretend money of an electronic 'IOU' then I'll take the gold any day. It's real. tegretol - 2021-02-22 18:59:00 |
| 18 | Yes, but noone is using gold coins down at the supermarket are they? Gold is usually used for industrial purposes, or jewelry. Its purpose is defeated by hoarding it. It has useful mechanical properties. Likewise noone is using bitcoin down at the supermarket. tygertung - 2021-02-22 19:40:00 |
| 19 | bitsnpieces2020 wrote:
The studies don't exist. mr-word - 2021-02-22 21:06:00 |
| 20 | tygertung wrote: True bit if the proverbial happens and everyone reverts backwards to their default positions, do you think Witcoins will buy you food or petrol? tegretol - 2021-02-22 21:31:00 |
| 21 | tegretol wrote: If the proverbial happens and you turn up with a gold bar to buy your food or petrol, I would suspect you will still go hungry... Edited by king1 at 9:38 pm, Mon 22 Feb king1 - 2021-02-22 21:38:00 |
| 22 | tegretol wrote:
Don't worry, I'm not pro bitcoin. It isn't useful for buying food or petrol. It seems to be only useful for speculation. tygertung - 2021-02-23 07:59:00 |
| 23 | tygertung wrote: And security. History proves that. tegretol - 2021-02-23 10:33:00 |
| 24 | tegretol wrote:
In what? Wildly fluctuating value, losing ones money in dodgy exchanges? Losing passwords and then it becomes inaccessible? Not sure what extra security it has? tygertung - 2021-02-23 12:21:00 |
| 25 | mr-word wrote: bitsnpieces2020 - 2021-02-23 13:04:00 |
| 26 | tygertung wrote: Sorry - I was referring to gold, my grammar. tegretol - 2021-02-23 13:53:00 |
| 27 | bitsnpieces2020 wrote:
I do not need to apologise for gold. I do agree that Bitcoin will probably not last 100 years let alone 5000. But how long does the average fiat currency last? Edited by mr-word at 3:09 pm, Tue 23 Feb mr-word - 2021-02-23 15:02:00 |
| 28 | tygertung wrote:
You're right, gold isn't used as currency, but it's most certainly used as a monetary asset. In the second quarter of 2020, approximately 24% of gold demand was for jewellery, 7% for industrial uses, 58% for investment and 11% for central banks. Combining investment demand and central bank demand gives you a total of 69% demand for gold as a monetary asset. In addition to that, most gold jewellery demand comes from India and China, where gold jewellery is traditionally held as a form of savings. Gifts of gold jewellery is traditional in Indian weddings to provide the woman with social security, so even a lot of gold jewellery demand is actually a form of savings/financial asset. utwo - 2021-02-28 12:33:00 |
| 29 | Why is anyone still worried about a carbon footprint? Do people still believe that carbon is changing the climate in a bad way? Where did they get that idea? trade4us2 - 2021-02-28 19:55:00 |
| 30 | trade4us2 wrote:
Oh are you one of the people trying to scam everyone with your climate change denial scam? tygertung - 2021-02-28 20:24:00 |
| 31 | Mastercard are getting ready to support crypto currencies apple pay is as well via bitpay king1 - 2021-03-02 09:57:00 |
| 32 | king1 wrote: Of course they will as there will be plenty of transactions for them to cream their % off. But read their fine print and you'll realise that at no stage do these companies expose themselves to any risks and that they will still only recognise real (government backed) currency. tegretol - 2021-03-02 11:07:00 |
| 33 | tegretol wrote: of course, mitigating risk is only sensible. It's kind of brings crypto one step closer to mainstream adoption though doesn't it... Edited by king1 at 12:45 pm, Tue 2 Mar king1 - 2021-03-02 12:35:00 |
| 34 | tegretol wrote: Don't really agree with this - more and more companies are accepting payments in bitcoin, no reason why credit card companies shouldn't... Most of them seem to look at it as an easy way to build up crypto holdings without actually having to fork out for it... king1 - 2021-03-02 12:42:00 |
| 35 | trade4us2 wrote:
Head in the sand, bum in the air. Ain't nothing happening here. ronaldo8 - 2021-03-03 08:54:00 |
| 36 | ronaldo8 wrote:
This is where the climate alarmists go wrong. The temperature around the world has been increasing for 400 years by slightly less than 0.01 degrees per year. Does that matter? Maybe to Australians. The rest of the educated world would mostly like it to be warmer. trade4us2 - 2021-03-03 12:18:00 |
| 37 | I think you may be mistaken about the effects of increased temperature. Increased energy in the system has a disproportional effect. tygertung - 2021-03-03 15:21:00 |
| 38 | tygertung wrote:
And what effect has there been over 400 years? Nothing, except that plants grow faster. trade4us2 - 2021-03-03 16:29:00 |
| 39 | why are you quoting stats over 400 years? industrial revolution on is when it all started, pretty sure your figures won't be quite so rosy over 50 or 100 years - what could possibly go wrong in another 100 years... Apparently it did stave off an impending ice age though, so that's a bonus king1 - 2021-03-03 16:37:00 |
| 40 | I see bitcoin as a difference in thinking between the generations. Younger people are not being hood winked into thinking every thing is rosy with our political and financial system. Because in their eyes gold is linked to our present system, they gravitate to cryptos. I am glad to see the true cost of bitcoin being talked about. People I know are making money speculating in cryptos. I am tempted, but not in bitcoin. laurelanne - 2021-03-03 16:52:00 |
| 41 | It is disputed by different experts how much carbon dioxide is made and how much energy is expended mining 1 bitcoin transaction. There is another article which quotes a different amount of Visa transactions. Digiconomist estimates that the energy footprint of one bitcoin transaction is equivalent to 453,000 payments on the Visa network. Edited by mr-word at 5:46 pm, Wed 3 Mar mr-word - 2021-03-03 17:42:00 |
| 42 | I used to mine bitcoin 5 years ago and the amount of power the PC consumed was horrendous. Then I used miners from countries where power is cheaper. When the price was low it wasn't worth it. loud_37 - 2021-03-03 18:14:00 |
| 43 | king1 wrote:
We have Central England temperature records for nearly 400 years. 0.01 degree per year rise is insignificant. Stop listening to alarmist liars. trade4us2 - 2021-03-03 18:30:00 |
| 44 | here is your Central England Temperature records How does that sharp rise in temperature from the 1900's on fit with your .01 degree steady as she goes rise? Edited by king1 at 8:11 pm, Wed 3 Mar king1 - 2021-03-03 19:57:00 |
| 45 | and why on earth would you think that temperature records from one tiny area in England is adequate evidence to refute climate change on a global scale. king1 - 2021-03-03 20:30:00 |
| 46 | king1 wrote:
Oh dear, YOUR graph shows a 1.1 degree rise in 360 years, that is a rise of 0.003 degrees per year. Big fail! trade4us2 - 2021-03-03 22:20:00 |
| 47 | if all that carbon is used to create something that has no physical presence. it shows what a scam climate change is. bill-robinson - 2021-03-04 07:34:00 |
| 48 | trade4us2 wrote: and right there is a perfect example of DENIAL. Cherry picking the evidence to suit your beliefs in the face of overwhelming evidence... That is a Fail! king1 - 2021-03-04 08:09:00 |
| 49 | Gases have a physical presence. tygertung - 2021-03-04 08:13:00 |
