I´m tired of hearing the argument "but Bitcoin wastes more energy than
a whole country..." all over the mainstream media.
Here are a few reasons why the energy that is consumed by Bitcoin mining is not wasted:
1. The energy that is consumed by Bitcoin mining is the foundation of the security of the network
2. Proof-of-work is superior to other consensus algorithms like Proof-of-Stake and offers less attack vectors
3. Fiat currencies are supposedly backed by the power of the state... meanwhile the US military consumes more energy than Bitcoin mining per year
(this is a comparison of the military of a single country compared to a truly global currency)
4. No one is talking about the enormous costs of transporting fiat money, securing it and printing it in the first place
5. The mining of other commodities is extremely energy-intensive as well
If you take all these factors into account, Bitcoin may actually be less energy-intensive than traditional
fiat currencies. Besides, many mining companies have set up their operations in countries with an abundance
of renewable energies like Canada or Iceland. The days where Bitcoin was solely mined in rural Mongolia and China
may finally be behind us.
a whole country..." all over the mainstream media.
Here are a few reasons why the energy that is consumed by Bitcoin mining is not wasted:
1. The energy that is consumed by Bitcoin mining is the foundation of the security of the network
2. Proof-of-work is superior to other consensus algorithms like Proof-of-Stake and offers less attack vectors
3. Fiat currencies are supposedly backed by the power of the state... meanwhile the US military consumes more energy than Bitcoin mining per year
(this is a comparison of the military of a single country compared to a truly global currency)
4. No one is talking about the enormous costs of transporting fiat money, securing it and printing it in the first place
5. The mining of other commodities is extremely energy-intensive as well
If you take all these factors into account, Bitcoin may actually be less energy-intensive than traditional
fiat currencies. Besides, many mining companies have set up their operations in countries with an abundance
of renewable energies like Canada or Iceland. The days where Bitcoin was solely mined in rural Mongolia and China
may finally be behind us.
These stories that BTC causes enormous electricity consumption come from those who oppose the whole idea of decentralized currency.By some data bitcoin mining is using only 0.22% of total electricity consumption and that's comparable with Singapore EC in one year.But some say that it is big number and that we should be concerned due to a bigger increase in the future.
It would be interesting to see how much electricity is consumed by all world banks,other financial institutions,money printing and so on.I bet it is much more then what bitcoin mining is using today.I think that energy needs are becoming greater every day,but renewable energy sources are still very poorly utilized in the present time.
It would be really good to connect bitcoin and renewable energy sources-decentralized currency on green energy
