Bitcoin energy consumption and media spinning

in #bitcoin6 years ago (edited)

Probably you have heard stories how Bitcoin mining is unsustainable because even now it consumes more energy than some countries. This is classic media spinning, when you take a point at one data and you hide other datas.

Yes, Bitcoin mining is consuming more power than some countries as we can see on this picture.(this is pointed data)

Bitcoin-Energy-Consumption-vs-Ranked-Countries-768x549.png

So media took information about Bitcoin mining and point on that like Bitcoin mining is causing environmental disaster without making comparison with similar things. Bitcoin is store of value and money so lets see comparison with Gold mining and Paper money minting.

DfLHjCDUwAAtSEG.jpg

As we can see on this picture, Bitcoin mining energy usage is a drop in a sea compared to other similar things but you can't hear that in most of media because of media spinning.

Bitcoin is developing and growing and it is threat to regular banking system so we can expect similar spinning in future for sure. Banksters will not surrender without fighting and we gonna hear many trash talking about Bitcoin like Jamie Dimon is doing.

Dough I think that Bitcoin is threat to regular banking system, I don't agree with many people from crypto space that Bitcoin will destroy banks. Banks will always be there and they will just change and adjust to new circumstances. Some Banks have already implemented Bitcoin into their portfolio and more and more Banks will follow that. I am sure that in the future all Banks will support Bitcoin.

If you ask me, why we need banks to support Bitcoin when I can hold my Bitcoin without Bank?

There will always be people who don't want to think about passwords, private keys and other staff and there is huge number of them.

Banks and Bitcoin will coexist together in my opinion but fight between them will always be there.

I would like to hear your opinion about this topic.

Regards,

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@cicbar I can not to see how and where are the base of this information. I can not to check the numbers of miners they considered, for this study; how the electricity for consumers, and much more questions.
I could not to find, any reference, of those data.

Hello @cicbar Thanks you. Now I can analyze the information with this data; is a thing that, I enjoy to do; while, I hope to read your next posts.

Why you don't write posts any more? Last was 3 months ago.

@cicbar I do not have one special reason, maybe others situations are taking me time. Thanks you for question me; it is motivating, I am going to post again. Thanks.

Thanks it is actually really interesting to see these electricity numbers for banks compared to crypto mining. I knew banks used somewhat of a lot of electricity but I had no idea it would be this much!

You welcome 😁

It seems to me that the crypto world is moving more towards proof of stake.

True and that will happen for sure but Bitcoin is safest cryptocurrency because of huge POW.

How does the banking system generate so many more tons of CO2 compared to the other systems?

Just imagine how many Banks there is and how much electricity they use.

This is some data from Quora and this is number of banks. Each bank have numerous branches so there is 30k Banks times X number of Bank branches. Huge energy consumption :

US has approximately 7K banks and 7K credit unions (Credit unions grow in size and services, shrink in number)

EU has about 9K (Number of European banks decreases rapidly | Business | DW.COM | 21.01.2013)

I would assume that another 3,000 banks from 20 or so countries (Russia (700), Japan (200), China, Canada, UK, Mexico, Indonesia, etc.) with over 100 banks/country.

For the rest of the world I would take Faisal’s estimate - average of 30/country for another 3–4K.

This yields about 30K banks and similar FIs (credit unions, building societies, landesbanken, S&L) globally.

I totally agree with you regarding banks. They're not stupid. They were meant for making money and they will do that forever. The difference between them and normal people is that they adapt very easy. That utopia with bitcoin destroying banks and giving power back in the hands of the people is just a utopia and nothing more. The ones who ow the banks and almost every company on earth ( they're not many by the way) will never allow such freedom on earth because they will loose the power so in my opinion Banks will stick around long time from now. They will just adjust the way they play the game.

Meant for making money and they will do that forever, so crypto is going to hit banking system?

Or banks will hit crypto...

They will coexist together, I am sure...

That's considerable

So both stand a 50-50 change then :p

Already are, ever heard of FedCoin? Yes, this is real and apparently they're going to destroy crypto forever by having a government version.

Will this work? Honestly, I don't think so but dad told me they're looking to shut down crypto forever just so we don't just get money for free and untax us crypto lovers.

Nobody will shut down crypto, but they will tax it until it becomes an actual currency.

True, but there is claims that it will crash as soon as FedCoin comes into picture. (I don't think it will, but hey that's what they're stating)

When will FedCoin come into the arena?

Not sure yet. They don't got a full ETA about it yet but apparently It's on the way.

Way my dad stated about it, it's going to be in July of this year. Not totally sure about that, so don't quote me unless it happens. LOL

Really nicely written. I've always known that BTC mining consumes more power than it can afford to from an ecological perspective (which is why I bought Envion (EVN)). That's also one of the main reasons I support PoS (or similar systems) over PoW (which is just one more reason to love NEO! 😀).

But I'd never thought in terms of comparing it to other mining operations. Wow, that suddenly changes your perspective!

I still don't think we can afford to mine crypto using non-renewable energy in the long-term, but as you say, it's a drop in the ocean for now! With coins like ETH planning to become PoS, and projects like Envion (the scandal of their CEO notwithstanding), crypto is moving in the right, socially responsible direction.

Nice one man! This one gets a resteem.

Thanks :-)

Wow, I didn't realize mining Bitcoin is less than 1% of the cost of mining gold. BTC will moon soon!!

Изванредан текст, @cicbar! Већ неко време сам намеравао да напишем нешто слично, али нисам могао да нађем ваљане податке. Ослободио си ме даљег размишљања.

Планираш ли да објављујеш исти текст на српском, или да га ја преводим?

Hvala :-) Slobodno prevodi i ovaj i svaki budući moj tekst. Pozdrav :-)

Биће надам се за који дан, @cicbar. Него, видим да си повукао највећи део улога у Steem Power. Прелазиш на нешто друго? ЕОС?

Nisam, samo sam delegirao veći deo SP pa dobijam dnevno dividende. Za 12000SP dobijam oko 10SBD dnevno plus još nešto malo STEEM. Po trenutnoj ceni SBD od 1.7$ imam mesečno otprilike jednu Vučićevu obećanu prosečnu platu :-) Lepo :-)

Па то делује суперфеноменално, @cicbar. Имаш ли намеру да опишеш то у неком тексту? Ето прилике да привучеш нове кориснике у гомилама 😄

Naravno. Gledam da vikendom objavim neki sadržajniji tekst a tokom nedelje kraće informativne postove. Znaš čime se bavim i da za više od toga vremena nema. Planiram da napravim post o tome posle mesec dana korišćenja. Biće zanimljivo videti rezultate delegiranja SP.

Bitcoin will not replace the banks it rather will be a major treat to banksters mode of operation most especially in business transactions. Because Bitcoin transaction fees for money transfer is lower than that of the banks and obtaining loans for business will be more easier with decentralize peer 2 peer networks with a lower interest rates than the banks.

So for me Bitcoin will makes those banks to reforms so that they can be able to compete favourably with decentralize networks that transacts with Bitcoin @cicbar

This makes sense ... not sure about the future of the sense :D

I think similar. Banks will reform for sure.

It always depends how data is represented and correlated other data.
Media needs to attract our attention, so design news in a way, that you get interested. If crypto currencies will succeed, they will just use a title like "Paper money produces 6,7 t of CO2 a year, resulting in thawing gletchers".

Agree :-)

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