Bitcoin

[agentzero]

Bitcoin's estimated annual electricity consumption has increased around 30-fold since Jan 2016, from 4TWh/year to over 120TWh/year. Source:
https://cbeci.org

Total worldwide annual electricity consumption is about 25,000 TWh/year. So, bitcoin currently only accounts for about 0.5%.

But if it kept on going up 30-fold every 5 years or so...

And at a time when we should be trying to reduce energy consumption.

Not exactly what you'd call sustainable.

Compared to what?

This is like somebody who hears people say big numbers, such as the NHS total budget, and says "look! big numbers! It's being funded!" It's being funded sure, but compared to what? NHS spend is one of the lowest of similar rich countries in Europe. When you compare, things become easier to understand.

Fiat currency supply has a large computerised chain involved in processing it, printing it, creating it. Why not have a stab in the dark about how all that technology works and how much power the entire physical chain, including physical logistics, costs to the taxpayer and private companies. It will dwarf bitcoin's electricity usage by an enormous multiple.

 

[Andy2]

If anyone has any suggestions for stocks in renewable energy and energy storage feel free to shout...

you are late to the party. Alternative energy stocks have been to the moon and now crash landing.
for example iShares Global Clean Energy UCITS ETF USD (Dist) GBP

 

[DealorNoDeal]

Compared to what?

This is like somebody who hears people say big numbers, such as the NHS total budget, and says "look! big numbers! It's being funded!" It's being funded sure, but compared to what? NHS spend is one of the lowest of similar rich countries in Europe. When you compare, things become easier to understand.

Fiat currency supply has a large computerised chain involved in processing it, printing it, creating it. Why not have a stab in the dark about how all that technology works and how much power the entire physical chain, including physical logistics, costs to the taxpayer and private companies. It will dwarf bitcoin's electricity usage by an enormous multiple.

Yes but I bet none of that is doubling ever year like bitcoin's electricity consumption.

Going from 4TWh/year in 2016 to over 120TWh/year now is a staggering increase.

 

[Lance]

Compared to what?

This is like somebody who hears people say big numbers, such as the NHS total budget, and says "look! big numbers! It's being funded!" It's being funded sure, but compared to what? NHS spend is one of the lowest of similar rich countries in Europe. When you compare, things become easier to understand.

Fiat currency supply has a large computerised chain involved in processing it, printing it, creating it. Why not have a stab in the dark about how all that technology works and how much power the entire physical chain, including physical logistics, costs to the taxpayer and private companies. It will dwarf bitcoin's electricity usage by an enormous multiple.

aside from the fact that unless you quantify that it's just made up....

BTC mining costs increase exponentially. So are not sustainable. Whether it's bigger, smaller or whatever compared to FIAT now is immaterial to its sustainability.
And the mining cost impacts transactions not just coin creation. It already costs too much per transaction to allow it to be a currency. And there are alternative coins that don't require exponentially increasing energy requirements to function.

So BTC will die. But I'm still hodling.

 

[DealorNoDeal]

https://www.bbc.co.uk/news/science-environment-56215787

How Bitcoin's vast energy use could burst its bubble

 

[DealorNoDeal]

But I'm still hodling.

That's a reasonable bet IMO.

I did consider speculating a few £k in 2019 when it hit $4k. Obviously I'm kicking myself now.

I'm a rubbish investor though. I didn't even take advantage of the obvious massive buy signal when Scooty sold at $12k.

 

[d000hg]

How much does it cost to produce gold? Not declaring whether or not I have any crypto

Produce, probably a lot. But once you've got it, transferring it is cheap.

 

[Andy2]

I'm a rubbish investor though. I didn't even take advantage of the obvious massive buy signal when Scooty sold at $12k.

I took advantage of scooty indicator but sold too soon

 

[administrator]

Produce, probably a lot. But once you've got it, transferring it is cheap.

Depends on the volume. It's heavy old stuff and armoured vehicles, armed guards and vault space aren't always cheap

 

[Andy2]

could bitcoin triple by next year ?
https://edition.cnn.com/videos/busin...ets-investing/

only 21 million bitcoins that can be mined in total,18.6 million have been mined so far. its a demand and supply issue.