The number varies a little bit (I’ve seen estimates 600-1200 kWh) but this is well within an order of magnitude of being correct. It’s the nature of the competitive mining network and the proof of work system: if you can spend more computing power (i.e. energy) than everyone else there are lucrative mining rewards to be had. At the same time adding more computing power to the network doesn’t add more transaction processing power, because mining difficulty is constantly adjusted to keep the speed more or less constant.
This naturally leads to exorbitant power consumption per transaction. Note that most of this power is not being purchased at EU exchange prices (mining naturally moves to where electricity can be had for cheap to maximize profits).
I just hope bitcoin will finally die. It’s literally just wasting absurd amount of energy, only to allow scammers to scam billions of dollars from victims, and regular people to steal from eachother by investing into it. I mean, if the only use of bitcoin by now is for speculation and investment, then it means that any dollar you made, you literally stole from someone else who will be left with useless bitcoin once it’s all over. There’s no value, and with the ledger getting bigger and bigger, and bitcoin more expensive to mine, it will eventually be worthless. And we all know it, so anyone who makes thousands of dollars, there’s someone who probably financially ruined himself by making a wrong and stupid investment at the wrong time.
The number varies a little bit (I’ve seen estimates 600-1200 kWh) but this is well within an order of magnitude of being correct. It’s the nature of the competitive mining network and the proof of work system: if you can spend more computing power (i.e. energy) than everyone else there are lucrative mining rewards to be had. At the same time adding more computing power to the network doesn’t add more transaction processing power, because mining difficulty is constantly adjusted to keep the speed more or less constant.
This naturally leads to exorbitant power consumption per transaction. Note that most of this power is not being purchased at EU exchange prices (mining naturally moves to where electricity can be had for cheap to maximize profits).
I just hope bitcoin will finally die. It’s literally just wasting absurd amount of energy, only to allow scammers to scam billions of dollars from victims, and regular people to steal from eachother by investing into it. I mean, if the only use of bitcoin by now is for speculation and investment, then it means that any dollar you made, you literally stole from someone else who will be left with useless bitcoin once it’s all over. There’s no value, and with the ledger getting bigger and bigger, and bitcoin more expensive to mine, it will eventually be worthless. And we all know it, so anyone who makes thousands of dollars, there’s someone who probably financially ruined himself by making a wrong and stupid investment at the wrong time.
I hate crypto so much :D.