Re:Bitcoin has computed 2^83.9 hashes
by XorNot on Tuesday January 26, 2016 @05:00PM
(#10976476)
1 trillion is the current GDP of Australia, a modest szed industrial nation. 1% of energy consumption for just that much currency is not an all worth it.
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Australia consumes 5831 petajoules [1] or 1620 terawatt-hours yearly. In my model miners would consume a comparable amount (actually less): 800 terawatt-hours. Therefore Bitcoin and the Australian economy extract comparable economic value from energy.
IOW if you think Bitcoin is not worth it, then Australia is not worth it :) Thanks for this interesting comparison!
[1] http://www.industry.gov.au/Office-of-the-Chief-Economist/Pub...
Australia keeps 25 million people alive in a first-world lifestyle. Bitcoin keeps computers warm.
No, Bitcoin creates more than just heat: it created thousands of jobs (see section "Bitcoin already benefits the economy" in http://blog.zorinaq.com/?e=82).