"The average energy consumption for one single Bitcoin transaction in 2020 was 741 kilowatt-hours."
Just to put this into perspective:
The average value of a Bitcoin transaction is currently $119 and requires energy worth roughly $100 (the world average price is $0.14 per kWh).
The global energy consumption in 2017 was 22.3 terawatt hours.
If we moved all financial transactions over to Bitcoin, we'd require over 1000 terawatt hours... each day(!) for Bitcoin transactions alone(!).
That doesn't even factor in that Bitcoin's energy consumption will be exponential to the amount of transactions.
Still believe that Bitcoin is the future of financial transactions?
I'm sorry, but no, that's laughable.
Bitcoin and the blockchain are amazing technologies, but they don't scale for what we are currently using them for.
Yes, there are enough clueless people in the market so that you can still make a quick buck (with a bit of luck anyway), but it's just one big bubble waiting to burst - by design.
Does that mean all crypto currencies suck? No, we're working on better alternatives.
Apparently some more clarification is needed here. I don't even mean to bash on Bitcoin. As I've said in this thread and many times before: it's an amazing and successful technology. By all means, go ahead and use it for whatever you like! It's great.
But please, just don't pretend and keep pushing it as the revolution that will be replacing our entire finance system. It just won't.
@roadriverrail The scale is all the people on the blockchain atm. It's already working at scale, and it could get bigger without technological worry.
@malin I'm aware of how to describe scale (and thus also why "it works for me" is irrelevant in a scale convo). The scale of blockchain use is miniscule compared to the actual financial system, and it will have issues operating at that scale.
Allow me to rephrase:
- It's currently working at a large scale. I have personally verified the scale and the workingness many times.
Perhaps in the future it'll suffer problems, but I'm not sure what problems people are talking about - there's no detail.
@malin It's such common knowledge it has its own Wikipedia page; no need to burn space rehashing it.
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