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Bitcoin costs 8 billion dollars per year in electricity

According to Google, the average price a residential customer in the United States pays for electricity is 13.31 cents per kWh. According to Forbes Bitcoin uses an estimated 61.76 terawatt-hours (TWh) of electricity per year. Multiply that together and you get 8.220256 billion U.S. dollars per year. I wonder how much that makes per transaction.
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Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by maxwellhill to science [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

submitted by maxwellhill to worldnews [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by maxwellhill to Futurology [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by BrodieDigg to Silverbugs [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by maxwellhill to energy [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals • r/science . Calling all cryptobros to defend this worthless shit

submitted by thisgoeshere to circlebroke2 [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by sirboozebum to neoliberal [link] [comments]

04-14 10:13 - 'You can use bitcoin cash instead, where the fees are about $0.001 per transaction. Why would you even think of sending cents when the tx costs are a dollar?' by /u/chocknog removed from /r/Bitcoin within 426-436min

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You can use bitcoin cash instead, where the fees are about $0.001 per transaction. Why would you even think of sending cents when the tx costs are a dollar?
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Context Link
Go1dfish undelete link
unreddit undelete link
Author: chocknog
submitted by removalbot to removalbot [link] [comments]

[ShowerThoughts] If Bitcoin gets to a million dollars, even 1 satoshie per byte transactions will minimally cost $2.66

submitted by mrtest001 to btc [link] [comments]

Bcash is not ancap, as some people in this sub are saying. The reason has to do with decentralization and so far, Bitcoin is focused on maintaining that at all costs. Even if fees rise to thousands of dollars per transaction, this is ultimately the best and only option going forward. Here's why.

Bcash does not make sense from a technological and ancap perspective. Just calling something ancap does not make it so.
The argument in favor of bcash is that it is still decentralized and 8mb blocks will hardly cause it to centralize. That is a high time preference attitude, sacrificing long term integrity of bitcoin for the short term gains of cheap transactions. Transactions will keep increasing, fees will keep rising. That is a given. The act of creating bcash established a precedence - that when fees reach an arbitrary expense, block size will be increased to compensate. This will undoubtedly lead to centralization.
The unique characteristic of bitcoin is decentralization. So far, that is being preserved at all costs. Even if transaction fees rise to thousands of dollars per transaction, decentralization must be preserved. It is the foundation upon which higher layers (some more centralized) will be built. But without that foundation those layers are pointless and bitcoin has no purpose.
You have to crawl before you can walk.
Bcash doesn't make any sense from a technology point-of-view. It doesn't solve any scaling issues. Nothing does, yet. Decentralization is the only thing that matters in both the short and long term. Bcash has demonstrated that it is comfortable setting a precedence that will compromise decentralization for short term gain.
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Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by Kunphen to Astuff [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by nbhatt_10 to u/nbhatt_10 [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by worldnewsbot to theworldnews [link] [comments]

Bitcoin mentioned around Reddit: Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals /r/science

Bitcoin mentioned around Reddit: Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals /science submitted by cryptoallbot to cryptoall [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by Kunphen to EcoNewsNetwork [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals - r/science

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals - science submitted by mappersdelight to Linky_links [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

This is the best tl;dr I could make, original reduced by 57%. (I'm a bot)
The amount of energy required to "Mine" one dollar's worth of bitcoin is more than twice that required to mine the same value of copper, gold or platinum, according to a new paper, suggesting that the virtual work that underpins bitcoin, ethereum and similar projects is more similar to real mining than anyone intended.
One dollar's worth of bitcoin takes about 17 megajoules of energy to mine, according to researchers from the Oak Ridge Institute in Cincinnati, Ohio, compared with four, five and seven megajoules for copper, gold and platinum.
All the cryptocurrencies examined come off well compared with aluminium, which takes an astonishing 122MJ to mine one dollar's worth of ore.
The new paper is the first to look at the mining efforts from the point of view of energy cost per dollar benefit.
"The comparison is made to quantify and contextualise the decentralised energy demand that the mining of these cryptocurrencies requires," the authors write, "And to encourage debate on whether these energy demands are both sustainable and appropriate given the product that results from relatively similar energy consumption."
To account for the wild fluctuations in cryptocurrency price, and therefore effort expended by miners, the researchers used a median of all the values between 1 January 2016 and 30 June 2018, and attempted to account for the geographic dispersal of bitcoin miners.
Summary Source | FAQ | Feedback | Top keywords: Mine#1 energy#2 cryptocurrency#3 bitcoin#4 dollar#5
Post found in /science, /worldnews, /AutoNewspaper, /fbitcoin and /GUARDIANauto.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
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Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by unremovable to unremovable [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by unremovable to unremovable [link] [comments]

/u/rupertbayern responds to: Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals [+31]

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Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals - November 05, 2018 at 08:51PM

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals - November 05, 2018 at 08:51PM submitted by JTTBot to JustTheTopNews [link] [comments]

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