The Wasted Electricity Objection to Bitcoin

The Wasted Electricity Objection to Bitcoin

One of the main arguments in favor of fiat currencies as opposed to currencies based on a scarce resource, whether gold, silver or Bitcoins, is that time must be wasted mining something that has no intrinsic value. Would it not be much more efficient, fiat currency proponents argue, to agree to use something easier to produce, like paper, as currency and....


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Kenyan Firm Using Wasted Energy to Mine Bitcoin — Business Model Said to Pote...

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A common criticism often thrown at Bitcoin is its heavy use of computing power, which in turn requires a large amount of energy. Some critics of the system believe that power is being wasted on useless computations that don't contribute much at all to society, but this line of thinking misses the point of why Bitcoin works in the first place. Mastering Bitcoin author Andreas Antonopoulos gave a talk on consensus algorithms and Bitcoin at University College London (UCL) over the summer, where he argued against this common misconception about Bitcoin's supposed wastefulness. Electricity....

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For Bitcoin energy usage to increase to absorb more of the world's waste energy, its market cap would end up being $420 trillion, calculates Sjors Provoost. A new contributor to the Bitcoin (BTC) energy debate says that 1 BTC would have to cost $20 million to use 100 times its current energy demands.In a Twitter debate on July 18, Sjors Provoost, a Bitcoin developer and author of “Bitcoin: A Work in Progress,” cast doubt on the largest cryptocurrency’s future energy use.Bitcoin could survive on "waste energy breadcrumbs"How much energy Bitcoin uses to survive has become a topic of friction....