Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?
Bitcoin was started as an alternative to present monetary system. Now compare the resources used in Bitcoin development (mining and other expenses) to Monetary System (banks, ATM, running costs). Bitcoin hardly utilize 1-2% as what utilized by present banking and monetary structure. And what about presence of 2 AC in 10x6 feet ATM room? Do these ACs contribute nothing to Green House gases?
Re-think!
In the case of the energy consumption caused by mining, the whole thing needs to be analyzed by comparing it to the other currencies and payment systems that are in use. I read somewhere that Bitcoin is currently using 30% of the amount of energy used by the banking system, and yet Bitcoin is involved only in a small fraction of the economic activity taking place (this 30% doesn't include the production and shipping of mining equipment). So, as more people start using Bitcoin, the amount of energy consumption is going to increase by a huge amount.
Perhaps more energy efficient ways of mining Bitcoin can be invented. What miners can do today is to purchase and use the most energy efficient mining equipment. They could also set up their mining systems in cold climates, so that cooling doesn't use up additional energy.