Re:Bitcoin’s energy usage is huge – we can't afford to ignor...
by lubos on Thursday January 18, 2018 @12:26PM
(#16179019)
> Fair point. All I was trying to show was that currencies like the Euro or USD has greater than zero energy usage to create/distribute.
How many cash transactions occur in the world in 1 year? The number must be over 7 trillions assuming average person on this planet makes 1,000 cash transactions per year.
Now, let's divide 1 TWh by 7 trillions, we will get 0.14 Wh per cash transaction which is equivalent of having 60W light bulb switched on for about 8 seconds.
Considering one Bitcoin transaction currently consumes 345 kWh of electricity. That's equivalent of having 60W light bulb switched on for about 8 months.
So yeah, technically you are right. 8 seconds is not zero. But it's hell of a less than 8 months.
How many cash transactions occur in the world in 1 year? The number must be over 7 trillions assuming average person on this planet makes 1,000 cash transactions per year.
Now, let's divide 1 TWh by 7 trillions, we will get 0.14 Wh per cash transaction which is equivalent of having 60W light bulb switched on for about 8 seconds.
Considering one Bitcoin transaction currently consumes 345 kWh of electricity. That's equivalent of having 60W light bulb switched on for about 8 months.
So yeah, technically you are right. 8 seconds is not zero. But it's hell of a less than 8 months.