Bitcoin is just like using your card to buy something… if every transaction cost you ~$50 and used as much electricity as 1,000,000 VISA transactions (or more energy than the average US household uses in a month).
@aral 2 years ago one single bitcoin transaktion has consumption round about 800 KW/h.
happy to see that more than one source.
@aral I don't understand why one transaction would be so expensive. Why would bitcoin then be used in the first place - I mean nobody wants to loose so much money. A bitcoin transaction seems to make only sense then if, say, a transaction is about 5k $ minimum (=> 1% transaction cost). (as a note, I don't have bitcoins nor do I intend to use them)
@dr0i @aral that’s because bitcoin isn’t a currency, contrary to what the bros are saying, it’s a speculative commodity only ever used for its potential for hyper inflation. The bros don’t care nearly as much about cryptocurrency as they do about how many EUR and USD they could amass this way. Yes it’s funny, but the bros harping about « evil global banking » and « centralised fiat currencies » actually live for them.
And yes, the « transactions » (of which there are only a measly 6 per second currently) do involve unsanitary amounts of money.
I still find it unbelievable that so many resources are put into bitcoin - it just seems to be doomed.
I see that many people are angry about banks and their power (although I don't know if it's really a good idea to not have a central bank to steer inflation), but bitcoin will not help them.
@dr0i @aral the cost of transactions depends on tools you use. Level 2 protocols such as Lightning Network nave near-zero transaction costs. L1 is like choosing to pay via SWIFT when you can use MasterCard. You can do it, but it's inefficient and too expensive. There is no limit on the amount of transactions per second, ~6 is just for base layer
@aral I'm not sure if the blackouts in China are caused by bitcoin mining, but it's a start to the end of this madness: https://bitcoinmagazine.com/business/bitcoin-mining-hash-rate-drops-as-blackouts-instituted-in-china
it appears to be a consequence of the sort of accident that can happen in any coalmine (and occasionally occured in Britain during the 20th century), but it seems to have disrupted coal supplies to the extent the electricity generating network has to be shut down for safety (or else *very* bad stuff can happen involving big sparks and fire), which does hint at the sheer level of energy these mining organisations are using..
@aral @zubat i thought y'all meant proof of space, like https://www.tomshardware.com/news/hard-drive-ssd-shortages-imminent-if-new-cryptocurrency-blooms
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