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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.
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
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
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.
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
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
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.
/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]
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
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