You could even run a small country with in. But I don't see it as a problem. The opposite really. Clean renewable energy is becoming cheaper than the dirty energy. That's why BTC is becoming a driving force in developing better and better renewable energy sources. That being said: for 99% of the cryptos out there, POW is a bad option. For BTC it's a good option, because with it's high hashrate, it's the most secure blockchain. However smaller players have only a fraction of this hashrate and can be attacked easily. Even LTC which is still pretty big is not safe.
But if better energy technologies get developed because of cryptos, those technologies can be used for other industries too.
Also let's not forget: right now BTC still consumes less energy than traditional payment systems. But I see that changing quickly in the coming years.
I hope there is some consolidation in cryptos and they move towards proof of stake. That will help reduce energy.
I bet Bitcoin transactions are less than 1% of traditional payment systems and probably less than .1% and maybe even less than .01%. It seems like it would be hard for Bitcoin to get up to 1%.
I thought Lambos were the only option? lol
Cryptos have gone "green" :)
Proof of Stake is a lot greener than POW. I think you could run quite a few cities with the electricity it takes to run Bitcoin.
You could even run a small country with in. But I don't see it as a problem. The opposite really. Clean renewable energy is becoming cheaper than the dirty energy. That's why BTC is becoming a driving force in developing better and better renewable energy sources. That being said: for 99% of the cryptos out there, POW is a bad option. For BTC it's a good option, because with it's high hashrate, it's the most secure blockchain. However smaller players have only a fraction of this hashrate and can be attacked easily. Even LTC which is still pretty big is not safe.
It still seems wasteful to me. I'd rather use the energy for cars or shutting down more coal plants.
But if better energy technologies get developed because of cryptos, those technologies can be used for other industries too.
Also let's not forget: right now BTC still consumes less energy than traditional payment systems. But I see that changing quickly in the coming years.
I hope there is some consolidation in cryptos and they move towards proof of stake. That will help reduce energy.
I bet Bitcoin transactions are less than 1% of traditional payment systems and probably less than .1% and maybe even less than .01%. It seems like it would be hard for Bitcoin to get up to 1%.