Re:New study quantifies Bitcoin’s ludicrous energy consumption
by TomK32 on Thursday May 17, 2018 @11:31AM
(#17092166)
The world's banking system is at around 500 Billion transactions per year https://www.worldpaymentsreport.com/reports/noncash while bitcoin has a mere 200 thousand per day https://blockchain.info/charts/n-transactions
Even if the banking system (not sure why you include commuters, but then we should also include bitcoin lambos) were to consume the same amount of power it would still handle 2.5 million times (edit: >6000 times) as many transactions.
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Re:New study quantifies Bitcoin’s ludicrous energy consumption
by seunosewa on Thursday May 17, 2018 @11:39AM
(#17092262)
Note that 200,000 transactions per day equals 63 million transactions per year. It’s hard to compare figures if the units are different.
Re:New study quantifies Bitcoin’s ludicrous energy consumption
by TomK32 on Thursday May 17, 2018 @11:48AM
(#17092351)
oh, sorry. my mistake. still something like 6000 times more transactions than bitcoin.
Re:New study quantifies Bitcoin’s ludicrous energy consumption
by lostmsu on Thursday May 17, 2018 @03:01PM
(#17094425)
To multiply your mistake, those Bitcoin transactions in the chart can be multiparty transactions, where, for example, a store issues all the daily refunds to its customers in a single transaction. Basically, a better metric is needed.