You may have seen the piece entitled "The Debate About Cryptocurrency and Energy Consumption" originally posted at TechCrunch, and later syndicated through Pocket.
Anyway, it makes some valid comparisons like this:
... bitcoin miners are expected to consume roughly 130 Terawatt-hours of energy (TWh), which is roughly 0.6% of global electricity consumption. This puts the bitcoin economy on par with the carbon dioxide emissions of a small, developing nation like Sri Lanka or Jordan. Jordan, in particular, is home to 10 million people. It’s impossible to say how many people use bitcoin every month, and they certainly use it less often than residents in Amman use Jordanian dinars. But CoinMetrics data indicates more than 1 million bitcoin addresses are active, daily, ...
And,
The Ethereum ecosystem uses enough energy every year to power the nation of Panama.
These two are valid because they are flow to flow comparisons.
BTW: Remember all the graphs about power in Texas? The state uses about 75,000 Mw-hours. The 130 figure above is annualized (according to the source), but works out to about 16,000 Mw-hours.
The article also makes some less valid ones like this:
If the bitcoin market cap were ranked as a country ...Bitcoin would come in fifth place behind Japan.
This is a nonsense comparison since the total value of Bitcoins is a stock variable, and the GDP of Japan is a flow variable.
Thank you so much for the post you do. I like your post and all you share with us is up to date and quite informative, i would like to bookmark the page so i can come here again to read you, as you have done a wonderful job. bitcoin
ReplyDelete