but it uses so much energy!!
- 121 TWh/a
-> for a global payment network that millions of people use & secures billions of dollars in value
Bitcoin is more economical than gold as a store of value & much more economical than the payment network of banks
How much energy is the wrong question, and hardly anyone has paused to ask why.
Traditional financial industry does not use stranded or otherwise underutilized energy sources. Bitcoin on the other hand.
What if a pacific island created a mining farm on thermal energy that doubled the energy consumption of the bitcoin network. Is that an environmental problem (except maybe the noise in that corner of the pacific..)? No. Does the network compete with other industry for that energy? No.
EXACTLY my friend
WHICH Energy is the right question!
(I know my article is in German but it states exactly that)
„In the long term, green mining companies that use excess or curtailed energy and are paid to switch off during power peaks will further decrease the hash price and thus displace old fossil miners.“
We are on the same page!
