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Bitcoins costs too much carbon says the greens
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2021-03-08 at 11:24 AM UTCThey say the amount of electricity it takes to do a bitcoin transaction these days equals 50,000 hours of youtube videos.
or 620,000 VISA transactions. And mining bitcoins uses as much electricity as Argentina and Ireland combined,.
What do you think folx? I think there are growing pains with such a new technology and once all the coins are mined (currently 18mil/21mil) the power consumption and cost per transaction will go down.
The normie mainstream investors and chinese ruined bitcoins but one day it will be worthless drug coins again
https://www.theguardian.com/technology/2021/feb/27/bitcoin-mining-electricity-use-environmental-impactA single transaction of bitcoin has the same carbon footprint as 680,000 Visa transactions or 51,210 hours of watching YouTube, according to the site.
A paper from 2018 from the Oak Ridge Institute in Ohio found that one dollar’s worth of bitcoin took 17 megajoules of energy, more than double the amount of energy it took to mine one dollar’s worth of copper, gold and platinum. Another study from the UK published last year said that computer power required to mine Bitcoin quadrupled in 2019 compared with the year before, and that mining has had an influence in prices in some power and utility markets.
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Bitcoin’s advocates have made it clear that they believe any environmental costs that come with mining bitcoin are worth the broader impacts it could have on society.
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2021-03-08 at 12:52 PM UTCNano is future
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2021-03-08 at 12:55 PM UTCThey're salty cos they missed out on the crypto-boat.The following users say it would be alright if the author of this post didn't die in a fire!
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2021-03-08 at 1:25 PM UTCOnce they mine all the coins all that hardware is gonna be cheap
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2021-03-08 at 1:27 PM UTC
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2021-03-08 at 1:27 PM UTC
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2021-03-08 at 1:29 PM UTC
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2021-03-08 at 1:36 PM UTC
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2021-03-08 at 1:57 PM UTC
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2021-03-08 at 2:01 PM UTC
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2021-03-08 at 2:04 PM UTCI wouldn't go that far given it's open to speculation and indirect manipulation by 'whales'
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2021-03-08 at 2:05 PM UTCmarket speculation is a dirty j'ewish practice and anyone who participates should do so with a measure of shame
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2021-03-08 at 2:37 PM UTC
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2021-03-08 at 2:56 PM UTC
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2021-03-08 at 3:01 PM UTCOn topic: I guarantee you banks pollute way more than any crypto could ever hope to.
I mean how many people work at a bank like 5 at least? All of them with their own cars. How many computers in that building? How many mini fridges and pod based coffee machines? -
2021-03-08 at 10:59 PM UTC
Originally posted by Antifa Member On topic: I guarantee you banks pollute way more than any crypto could ever hope to.
I mean how many people work at a bank like 5 at least? All of them with their own cars. How many computers in that building? How many mini fridges and pod based coffee machines?
I think banks are faggots but bitcoin probably pollutes way more. In 100 years this won't be a problem though and by then energy will be free -
2021-03-08 at 11:24 PM UTCIt is definitely a fucking retarded waste of energy is the truth. The technology is amazing if it came out in 50 years. I would be glad with it just being put on hold somehow until we get the world on renewables and clean energy.
At that point we would start it up again and it will just be about buying enough capacity for how much you want to do it, no different than any other stupid thing like video games or servers hosting stupid useless media and websites like 80000 pictures from Tina's vacation that she will never look at again yet has to be able to access instantly and essentially forever. -
2021-03-09 at 9:02 PM UTCedited for privacyThe following users say it would be alright if the author of this post didn't die in a fire!
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2021-03-09 at 10:47 PM UTC
Originally posted by netstat proof of stake the energy costs will go down but then you're basically just replicating the existing financial system in that those who hold large stakes have an outsized influence on the system
While true in a sense, it's a decent move and not wrong right off the bat, those who hold large stakes are backing up the value, and tying themselves to it's performance, acceptance as payment, speed of transactions and a lot of risk as well. By rewarding those who decided to back up the system early on can be a good thing but also lead to alot of pump and dump schemes I would suppose too. Maybe the price of a few widely accepted coins will stabilize over time and the speculative bubbles and games will go with the lack of wide variances. -
2021-03-09 at 11:42 PM UTC
Originally posted by netstat the block reward from mining new coins is only one part of the incentive miners have to dump increasingly large amounts of energy into the system, once all coins are mined they'll still compete to capture the mining fees attached to each transaction and there's no reason to think this won't lead to a similarly retarded race to deploy more hashing power running on cheap chinese coal electricity
cryptocurrency imo is neat but has serious fundamental design problems, monero does a pretty good job of addressing some of them but ultimately i just think it will always have a retardedly high cost per transaction as long as energy costs remain within a couple orders of magnitude of where they are now, or if they switch to proof of stake the energy costs will go down but then you're basically just replicating the existing financial system in that those who hold large stakes have an outsized influence on the system
Very surface level analysis lol
