"The average energy consumption for one single Bitcoin transaction in 2020 was 741 kilowatt-hours."
Just to put this into perspective:
The average value of a Bitcoin transaction is currently $119 and requires energy worth roughly $100 (the world average price is $0.14 per kWh).
The global energy consumption in 2017 was 22.3 terawatt hours.
If we moved all financial transactions over to Bitcoin, we'd require over 1000 terawatt hours... each day(!) for Bitcoin transactions alone(!).
That doesn't even factor in that Bitcoin's energy consumption will be exponential to the amount of transactions.
Still believe that Bitcoin is the future of financial transactions?
I'm sorry, but no, that's laughable.
Bitcoin and the blockchain are amazing technologies, but they don't scale for what we are currently using them for.
Yes, there are enough clueless people in the market so that you can still make a quick buck (with a bit of luck anyway), but it's just one big bubble waiting to burst - by design.
Does that mean all crypto currencies suck? No, we're working on better alternatives.
@fribbledom people need to stop with this "Bitcoin can't scale FUD"
lightning exists today and it works great, with protocol upgrades coming soon to make it even better and *way* more scalable as-is
there's also no reason that the zk-rollups that *already work on ethereum* can't work on bitcoin once we fork in more expressive primitives to bitcoin's script system to verity snark proofs
people love to suck off shitcoins for being "way more scalable than bitcoin" without actually understanding the sacrifices they give to make that happen and then cite energy usage as why bitcoin can't work
also a point on this:
>Bitcoin's energy consumption will be exponential to the amount of transactions.
this is also just untrue, at worst it's linear
and with L2 protocols we can fit essentially unbounded tx volume into the same block space
@fribbledom points I want to emphasize are:
* we know how to make it scale as far as we need to, it's a matter of ensuring it's secure and that the technology is something you can actually trust with money
* nobody thinks that proof of work is perfectly fine so we want to take advantage of it best we can now that it exists
* hashrate does not directly translate into carbon emissions, miners have the freedom to move wherever power is cheapest and the cheapest power availability is in areas with abundant renewables anyways, and hashrate will not grow without bound into the future
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