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Bitcoin miners win legal battle to keep mum about energy use [US]
(www.theverge.com)
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this post was submitted on 27 Feb 2024
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Does anyone know how much energy the banking system uses?
Edit: lol so much downvote for a reasonable question? Enjoy your inflation and your money being sent overseas by your masters squares
https://www.youtube.com/live/1jOUnFH-Ins?si=DNiscpajsDoUmbvd
A fraction of what it takes for thousands of machines to perform rework of the same problem.
This isn't the good argument you think it is.
Bitcoin miners aren’t doing re work, they mine the next block of thousands of transactions.
There’s also the other side of the conversation that over 51% of the network uses green energy.
Here is an alternative Piped link(s):
This isn't the good argument you think it is.
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I'm open-source; check me out at GitHub.
NFTs aren't bitcoin lmao. Nice try though.
Damn, if you'd actually watched the video you'd know he spends about 40 minutes covering the issues with crypto as it's crucial to understanding NFTs.
Nice try, though.
Dude it wasn't from a reasonable place if you immediately swing to screaming about masters like a delicate snowflake because people don't like your MLM.
The conversation is about bonfire of resources this speculative "free" asset uses and you weren't asking in earnest you just wanted a win that your blaze wasn't the the only one.
I never liked this kind of argument, because if bitcoin ever becomes truly mainstream, the similar ecosystem will grow around it in addition to the mining itself.
We really should focus on the renewable energy sources rather than argue who burns how much and for what reason. There's a price mechanism (albeit flawed) for that.
I totally understand, I’m tired of having the conversation as well. In the video I posted earlier it sheds light on how renewable energy companies can be incentivised to add mining bitcoin to their process. Has a lot to do with modern tech and how energy is used/distributed.
Example of a mining company working with the Navajo nation in the US adding solar panels.
https://finance.yahoo.com/news/bitcoin-mining-in-navajo-land-yields-jobs-revenues-while-revealing-economic-disparity-195141438.html
No. If a crypto were adopted at that scale, it wouldn't be proof-of-work, so there would be no "miners" and (comparatively) no energy consumption whatsoever.
There is no clear advantage of proof of stake cryptocurrencies compared to blockchain-less centralized databases. IMHO It's either Bitcoin, or PayPal 2.0
edit: But since people tend to be weird, maybe no advantage is needed...
If what you said was true, Bitcoin would already have given its place to any of the proof of stake coins.
But it hasn't because it won't. Crypto people only care about becoming rich, so to them the technology behind doesn't matter. And there is much more money to make using Bitcoin than the rest.
The amount of energy the banking system uses is linear.
The amount of energy crypto uses is exponential.
It really isn't the argument you think it is.
Yes. Legacy banking systems use way more than at least Bitcoin.
"Bitcoin's emission intensity, a measure of emissions per unit of power, is now its lowest ever, dropping 18x faster than the banking sector over 4 years."
https://www.batcoinz.com/p/issue-001-the-narrative-is-shifting
Lol. Fucking batcoinz? That's the source? Also love that you have to pay to read this random guys musings about bitcoin. The way to make money in Bitcoin is still mostly selling others on Bitcoin.
What a slow burn of a pyramid scheme.
I encourage you to read more. If you’re using lemmy then you should already understand the core concept of bitcoin (not crypto/shitcoins)
LOL I understand it just fine. I have made some money on it too.
Still a pyramid scheme. But so engrained that I'm not sure it will ever truly die because someone else will be along to swear it's worth it cause of how much time, effort, money, and the energy of a small nation that was put into it.
But oh man "uhh Bitcoin isn't like all the other crypto which is worthless scams" lol
Could you explain how it’s a pyramid scheme? General curious as no one owns it
You’re right I shouldn’t have lashed out, just frustrated. I’ve posted links to support my argument, not everything is black and white and some bad actors will always taint any good work done in any industry.
P.s I started swinging after everyone’s comments. Note the edit portion of my post
The link isn't the sources but merely a conduit for the cited information. Also, you don't have to pay to read it. Clearly you didn't see the "continue reading" link to get passed the popup.