Bitcoin’s green problem could pose an existential threat

[Ed48]

What about Ronaldo?

Ronaldo has 163 Million followers on Instagram, in fact his is the largest Instagram account in the world, and the energy needed for his followers to visualise every single photo he posts is estimated at 24 MWh, which is again something around 5 to 6 years electricity consumption of a UK household.

Hardly much of a comparison.

Bitcoin's annual electricity consumption is over 40% of the total UK annual electricity consumption.

Or put another way...

The electicity consumed by Bitcoin in a year could power the entire UK for 5 months.

 

[MrMuppet]

Hardly much of a comparison.

Bitcoin's annual electricity consumption is over 40% of the total UK annual electricity consumption.

Or put another way...

The electicity consumed by Bitcoin in a year could power the entire UK for 5 months.

but it serves probably 100x the number of people who live in the UK

 

[AbbotAle]

The electicity consumed by Bitcoin in a year could power the entire UK for 5 months.

As I said, most get their big talking points from the media/twitter.

For example, I've never heard the media/twitter talk that much about any other form of direct and perceived wasted energy, only Bitcoin.

• A trillion+ wasted on energy in wars without possible ends
• Big government getting ever bigger (think about how much energy that all wastes)
• Inflationary economic policies that demand excess consumption at all costs alongside ever rising energy usage to power it, and so on.

So why if people are worried about 'wasted energy' do they pick on a tiny sparrow like Bitcoin when there are many massive elephants in the room? The reason is simple, the media/twitter have set their sights on Bitcoin and not the others so that's where the sheep and/or parrots set their stalls up.

And it's pretty easy to get all the sheep/parrots on your side, just inject in some emotion (Bitcoin is boiling the oceans!) and they're all yours...

 

[Ed48]

So why if people are worried about 'wasted energy' do they pick on a tiny sparrow like Bitcoin when there are many massive elephants in the room?

If it keeps doubling every year, as it has done over the past 5 years, then it won't be a "tiny sparrow" for long.

Jan 2021 - 0.5% of total worldwide electricity consumption
2022 - 1%
2023 - 2%
2024 - 4%
2025 - 8%
2026 - 16%
2027 - 32%
2028 - 64%

Now, maybe it won't keep doubling. Maybe the rate of increase will slow down.

But if it does continue on an unsustainable trajectory, something will have to change/break/give at some point.

Who knows. Only time will tell.

 

[Ed48]

OK, here's an idea.

FACT: virtually 100% of Bitcoin's electricity consumption ends up as heat energy

At the moment, most of this heat is probably wasted.

But what if it could be put to good use? Eg. heating people's homes, shops, offices, factories, swimming pools etc.

Using Bitcoin rigs for heating would certainly change the narrative.

 

[Ed48]

but it serves probably 100x the number of people who live in the UK

You live up to your name.

There are 65 million people in the UK.

100 x 65 million = 6.5 billion. That's virtually the entire population of the world.

 

[MrMuppet]

You live up to your name.

There are 65 million people in the UK.

100 x 65 million = 6.5 billion. That's virtually the entire population of the world.

Exactly right. We're at 7.8b so if you subtract the 1b from first world countries you're looking at about 6.8b population in the 2nd and 3rd world. They're the main real world users.

By the way: BTCs market cap is now bigger than the Korean Won...just saying