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A comment on Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014). Parent comment

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by nietzsch3 on Monday February 15, 2021 @05:34PM (#26148468)
Did you read my initial comment? Bitcoin uses 7% of the energy the global financial system uses and its energy usage does not scale with adoption. Transactions are meant to be run on the Lightning Network which consumes next to nothing compared to Visa, and long term savings are meant to be stored on the blockchain. This argument that Bitcoin uses too much energy has been around since its whitepaper and has been countered multiple times.

*edit, not debunked but countered with practical solutions

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Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by SamBam on Monday February 15, 2021 @09:28PM (#26150263)
> its energy usage does not scale with adoption

And yet it has scaled, drastically, hundreds-fold over the past few years.

You could say that it scales with the price, which is true, but tell me with a straight face that if seven billion people started buying BitCoin that wouldn't affect its price to an extraordinary degree.

> Lightning Network

The magic words that have said every time energy is mentioned for the past six year, supposedly making us ignore the energy BitCoin is actually using.

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