Bitcoin Energy Consumption

I'd like to point you to this Vice article titled "One Bitcoin Transaction Consumes As Much Energy As Your House Uses in a Week". Meanwhile swiping a credit card uses slightly more electricity than a google query.https://www.vice.com/en_us/article/ywbbpm/bitcoin-mining-ele...

Bitcoin mining (not even counting other cryptocurrencies) uses more electricity than most countries in the world. If you look at transactions per Watt, I would guess that the banks are doing better by multiple orders of magnitude

BTC consumes more electricity than many individual countries in the world. It is something like 0.1% of the electrical energy consumption of the entire world. That is not insignificant, it is a huge chunk that could be stopped with virtually 0 impact on the world economy (unlike all your other examples).

There have been previous threads on HN with some back-of-the-envelope comparisons of Bitcoin's energy consumption vs the global banking systems, e.g. https://news.ycombinator.com/item?id=18325430 . If these rough calculations are correct, the global banking system uses ~100TWh/year (including datacentres, branches, heating in offices etc.) while Bitcoin is around one-third of that a

Yeah, nope.Consider the amount of energy wasted right now and also in similar "industries".https://bitcoinmagazine.com/business/bitcoin-uses-less-than-...

no, but for sure you have to take in account the amount of buildings, air-conditioning, commuters, datacenters, branches, ATMs, bad written code, exchanges. Beside that, Bitcoin probably after the 21 million were mined, should drop the energy consumption (ok, ok, it will take almost 100 years to happen), but it means that in long term, bitcoin will be consuming much less energy than now. Probably impossible to compare apples x apples in that case, but we should at least try it.

Much less? Bitcoin currently powers almost none of the world’s transactions, yet consumes all that energy.The entire us consumes 75 twh in a year, the same as bitcoin’s global energy use.Of that, the entire commercial sector is about 12 twh. That’s not just banks. That’s every company. Banks alone are surely far less. Maybe 2-3 twh? And the us is 15% of global gdp. So, global finance might consume about 14-32 twh.Again, that is while doing all of global finance. Bitcoin po

What sort of calculation is that? Let's for a moment disregard the fact that banks do much more than just transactions, let's also ignore that there is more then the transaction energy in bitcoin (there are also people working for the miners, producing the hardware etc). Just the comparison between the number of transactions of the banking system (including credit cards) to the number of bitcoin transactions should tell you how different the scales are. There were around daily 400k bit

Estimated Bitcoin energy consumption is 1.8% of total US energy consumption. I don't think that printing and circulating US dollars even remotely adds up to 1% of the country's energy usage.

Not sure what you're talking about, Bitcoin is way more energy efficient than any fiat currency:"Still, it’s important to put things in perspective. A recent report suggests that at current prices, Bitcoin miners will consume an estimated 8.27 terawatt-hours per year. That might sound like a lot, but it’s actually less than an eighth of what U.S. data centers use, and only about 0.21 percent of total U.S. consumption. It also compares favorably to the currencies and commodities that