Monday, December 18, 2017

The only reason why I don't like Bitcoin is because of its exorbitant, staggering energy usage [COMPACTIDEA]

Can our planet, our world really afford to do billions of transactions using a system that consumes so much energy that your eyes could really pop out?

"The electricity consumed for a single transaction is 251 kW⋅h..." - [link]

My 1.5 ton air-conditioner consumes only 2 kWh of energy per hour of usage. Now imagine spending 251 kWh for every single Bitcoin transaction. Bullshit. Forget capitalism and free markets - the world, on an aggregate basis, shouldn't be wasting such a large amount of energy on doing and recording Bitcoin transactions, even if it's profitable for a subset of the folks.

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