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Topic: [2018-08-23] Banks Consume Over Three Times More Energy than Bitcoin, Research - page 2. (Read 342 times)

Thekool1s
legendary
Activity: 1512
Merit: 1218
Change is in your hands
Re: [2018-08-23] Banks Consume Over Three Times More Energy than Bitcoin, Research
August 23, 2018, 11:30:52 AM
#2
Quote
If Bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.

Exactly, These Fudsters need something better than "Bitcoin is causing the climate change!" It's not you dumbfucks! At least get your numbers right. More energy is being wasted around than what Bitcoin's network uses for the whole year.

On Average an American wastes around 283 KW of energy each month.

Multiply that by 12 months, that's 3396 KW of energy wasted for a year!

Let's take the least favourable figures and say only 50 million Americans waste this much energy all year round. That's around 169800000000 KW of energy wasted which translates into 169.8 TW of energy wasted each year! While Bitcoin's Network hardly uses 75 TW of energy for the whole year.

Anybody complaining about Bitcoin using too much Electricity or is causing the climate change needs to check up with a doc, Cuz Numbers don't lie hun!
ivanpoldark
sr. member
Activity: 700
Merit: 250
Re: [2018-08-23] Banks Consume Over Three Times More Energy than Bitcoin, Research
August 23, 2018, 05:40:57 AM
#1
Bitcoin’s network energy consumption has become somewhat of a hot topic as the cryptocurrency grows in popularity. A clean energy researcher, however, says that naysayers are missing critical factors when making their claims.

HAVING THE WRONG CONVERSATION

According to Katrina Kelly-Pitou, the popular debate on whether or not Bitcoin’s network electricity consumption is causing serious damage to our climate is not headed in the right direction. Kelly-Pitou is a clean energy technology researcher at the University of Pittsburg,

Citing recent studies, which suggest Bitcoin dramatically increases the consumption of electricity on a global scale, Kelly-Pitou claims that experts are failing to understand some of the basics behind renewable energy systems:

Quote
Electricity production can increase while still maintaining a minimal impact on the environment. Rather than focusing on how much energy Bitcoin uses, the discussion should center around who indeed is producing it – and where their power comes from.

While she doesn’t neglect the substantial amount of electricity used for Bitcoin mining, she also notes that banking alone consumes “an estimated 100 terawatts.”

This is a little bit more than three times the energy Bitcoin mining consumes. She also makes an interesting claim, assuming 100x increase in Bitcoin’s current market size. Kelly-Pitou notes:

Quote
If Bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.

Read more: https://bitcoinist.com/banks-consume-energy-bitcoin/
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