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Re:Cambridge Bitcoin Electricity Consumption Index by bccdee on Wednesday February 10, 2021 @10:34AM (#26090501)
If you want to analogize 1:1, a bitcoin transaction consumes approximately five hundred thousand times more energy than a visa transaction [1].

[1]: https://www.statista.com/statistics/881541/bitcoin-energy-co...

Re:Cambridge Bitcoin Electricity Consumption Index by hakesdev on Wednesday February 10, 2021 @11:04AM (#26090952)
Please read. Nic Carter is a good place to start. https://www.coindesk.com/what-bloomberg-gets-wrong-about-bit...

"First of all, Bitcoin and Visa are fundamentally different systems. Bitcoin is a complete, self-contained monetary settlement system; Visa transactions are non-final credit transactions that rely on external underlying settlement rails. Visa relies on ACH, Fedwire, SWIFT, the global correspondent banking system, the Federal Reserve and, of course, the military and diplomatic strength of the U.S. government to ensure all of the above are working smoothly.

Any energy comparison must take the above into account – including the externalities from the extraction of oil, which implicitly backs the dollar. As those who make this comparison inevitably fail to mention, the dollar’s ubiquity is partly due to a covert arrangement whereby the U.S. provides military support to countries like Saudi Arabia that agree to sell oil exclusively for dollars. It’s worth noting that the grossly oversized U.S. military, whose presence worldwide is necessary to backstop the international dollar system, is the largest single consumer of oil worldwide."

Re:Cambridge Bitcoin Electricity Consumption Index by bccdee on Wednesday February 10, 2021 @11:27AM (#26091230)
Obviously there's more infrastructure behind USD transactions than just Visa. But that doesn't change much about my initial comparison — Fedwire energy costs are low and amortize across many transactions, as is true of the rest of the infrastructure you list.

And if you want to start talking about the Fed and US imperial power, then we have to start talking about the bitcoin hype industry which exists to pump the value of various cryptocurriencies. Cruises, conferences, etc, etc. Besides, it's not as if we could get rid of US imperialism or oil extraction by switching from USD to BTC. You're just naming tangentially-related institutions with high externalities, not actual costs of USD transactions.

This is a deliberate obfuscation on the massive inefficiency in Bitcoin's transaction infrastructure. We don't need to talk about geopolitical power to talk about Bitcoin's transparent wastefulness.

Re:Cambridge Bitcoin Electricity Consumption Index by rawtxapp on Wednesday February 10, 2021 @10:45AM (#26090692)
But you're also not counting all the people, buildings, surrounding systems needed to make the VISA network work.
Re:Cambridge Bitcoin Electricity Consumption Index by bccdee on Wednesday February 10, 2021 @11:29AM (#26091260)
Nor am I counting the infrastructure surrounding Bitcoin mining. This tabulates only the energy expenditure of the computers performing the transactions.
Re:Cambridge Bitcoin Electricity Consumption Index by xorcist on Wednesday February 10, 2021 @12:42PM (#26092310)
A better comparison with Visa is perhaps an intra-exchange transaction, such as Bakkt? Or perhaps a Bitcoin Lightning transaction?