3600000 J in a KWh so that amount of energy is 4.2million KWh or 4.2 GWh.
Current power of bitcoin network is 12 GW, so that would provide 20th a of power.
Discussion
Thanks Dan - just to be crystal clear;
“provide 20th a of power” means exactly?
Typo. Meant to say 20 mins of power.
nostr is forever (no edit button) 😂. Well I wasn’t expecting that…. Just 20mins.
We need a clear and succinct way to communicate/compare the consumption of mining/bidder of last resort benefits to the grid and generators vs not having to fight wars over energy + open exchange of value without rent seeking middle men.
Man in the pub simple, a little bit of meme to get it moving around. My example above well off the mark. Perhaps global defence forces around the world as a comparable. Add in the DC usage of Visa, MasterCard, Amex for good order.
Tradefi banking uses 56x more energy than bitcoin mining (I posted a link on this a couple of weeks ago)
I often say that if you want inflexible power producers (like solar and wind that you can’t ramp up when you need them like coal and gas) you have to have flexible customers. And bitcoin mining is the world’s most flexible customer.
Otherwise if you don’t have flexible customers, you’re stuck with needing flexible generators (coal and gas) so take your pick: no renewable energy transition without bitcoin mining.
Wise words indeed. Will dig up that link of yours. Appreciate the explanation. BTC mining is the missing piece for the energy revolution, hopefully the rest of the world agrees.