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by majinuub
1372 days ago
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> Because every bitcoin transaction costs $60 in electricity. That is a monumentally stupid amount to pay. It's $125 per kB. Its incredibly fallacious to measure the cost of electricity per transaction on Bitcoin. Blocks can be completely full or utterly empty and still use the amount of power. You're also missing the point of the power consumption. Its not used to move capital from one person to another, its used to secure the network from attacks and preserve its integrity. Measuring the cost of electricity per transaction is like measuring the amount of energy bank vaults and the US army use per dollar transaction. Stats like the one you quoted don't take into account the number of Lightning network transactions happening off-chain but is secured by a past on-chain transaction. > No, it is not. Projects like that may be branded with bitcoin, but bitcoin miners are buying the same electricity as everyone else. The rising cost of electricity is causing new sources of power to be exploited. > Instead of being used for something useful, that electricity is being turned into waste heat. One, value and usefulness is subjective. Because something is "useless" for someone like you doesn't mean its useless to others. I, and many people around the world, find Bitcoin to be incredibly useful and worth the electricity. Secondly, if oil and gas companies could profitably monetize flared methane, they would have already. They don't because trapping and transporting the methane would lose them money. Its an industry standard to simply release or burn the methane instead. So Bitcoin IS useful in that respect. |
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It has been steady around 1500 tx/block for years.
> You're also missing the point of the power consumption. Its not used to move capital from one person to another, its used to secure the network from attacks and preserve its integrity.
I'm not. That's a completely insane amount of money to pay for that service. It's totally unnecessary.
> Stats like the one you quoted don't take into account the number of Lightning network transactions happening off-chain but is secured by a past on-chain transaction.
They don't have to. All those techniques are equally applicable to POW, but POW doesn't spend $18 million daily on electricity to do it.
> Secondly, if oil and gas companies could profitably monetize flared methane, they would have already.
Oil and gas companies sell oil and gas, not electricity. Bitcoin miners are not running methane gas turbines. Electricity companies are.