Bitcoin consumes more electricity than Argentina

[Hobosapien]

It’s only cheap where they got fossil fuels they can’t export for real money - Iran, China (coal)

They can get around that by using their fossil fuels to create hydrogen, fully charged batteries, or other en vogue 'green' power sources for export.

Like leccy cars seen as green when the leccy to power them still relies on fossil fuels to produce the leccy.

Electricity generation | Energy UK

Most of the UK’s electricity is produced by burning fossil fuels, mainly natural gas (42% in 2016) and coal (9% in 2016). A very small amount is produced from other fuels (3.1% in 2016). The volume of electricity generated by coal and gas-fired power stations changes each year, with some switching between the two depending on fuel prices.

[AtW]

It’s only cheap where they got fossil fuels they can’t export for real money - Iran, China (coal)

[Hobosapien]

I read somewhere that lots of mining companies are based near some hydro electric dam in the USA where electricity is cheap as chips

Aye, the indicator of bitcoin power usage is handy for showing the percentage of green energy used worldwide as it is only cost effective to mine bitcoin where electricity is cheap, and it's only cheap where not reliant on fossil fuels.

Except for China, but the world gives them a free pass on their coal usage in return for cheap tat container shipments.

Does Iceland export any spare leccy like Russia does with its gas? Seems as feasible as building those solar farms in Africa to ship the leccy where countries will pay more for it.

So 'bitcoin consumes more energy than ...' is a moot point if the energy is mostly 'green' anyway and isn't reducing the amount of 'green' energy available elsewhere.

[AtW]

Tulip mania wasn’t wasting perfectly fine Leyden jars

[edison]

It's like 2017 all over again.


Another "interesting fact". 2% of Bitcoin hodlers hold over 70% of the crypto. When the whale's think it's time to cash in, the price is gonna cave again.

Or 1637 and tulip mania? Bitcoin was worth around $370 in Feb 2016 so in just five years has multiplied 123 times.

I can't really believe that the global financial system is going to take it seriously as a store of value if it cannot be controlled like the usual money supply by central banks.

[fullyautomatix]

Seem to recall a few years ago that Iceland uses more energy on bitcoin than for all other uses in their country. But ... because energy is very cheap over there (thermal heat etc) it's why a lot of crypto mining companies base their servers there.

Can't remember where I heard this, or if an urban myth .... I'm sure somebody will Google for me to confirm or correct me

I read somewhere that lots of mining companies are based near some hydro electric dam in the USA where electricity is cheap as chips

[fullyautomatix]

I find it bizarre that Musk has announced people can buy Tesla with bitcoin. Who would likely pay in bitcoin? The price might zoom in a year and double. You would not want to be like that dude who bought a pizza with thousands of bitcoin.

Musk clearly has other dark ideas with his bitcoin announcement and it has nothing to do with using it as payment for a car.

[Whorty]

Seem to recall a few years ago that Iceland uses more energy on bitcoin than for all other uses in their country. But ... because energy is very cheap over there (thermal heat etc) it's why a lot of crypto mining companies base their servers there.

Can't remember where I heard this, or if an urban myth .... I'm sure somebody will Google for me to confirm or correct me

[clearedforlanding]

When they cash in it will be on Teslas or Space-X flights.

No, Lambos.

[BrilloPad]

It's like 2017 all over again.


Another "interesting fact". 2% of Bitcoin hodlers hold over 70% of the crypto. When the whale's think it's time to cash in, the price is gonna cave again.

When they cash in it will be on Teslas or Space-X flights.

[_V_]

It's like 2017 all over again.


Another "interesting fact". 2% of Bitcoin hodlers hold over 70% of the crypto. When the whale's think it's time to cash in, the price is gonna cave again.

[AtW]

Bigger "value" than Argentina's GDP

[mallisarealperson]

Must be true BBC said so!!
Bitcoin consumes '''more electricity than Argentina''' - BBC News

What surprised me was this

"However, it also suggests the amount of electricity consumed every year by always-on but inactive home devices in the US alone could power the entire Bitcoin network for a year."