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?
Let me ask you this.... Has anyone made a study of the electric consumption and eco footprint of ALL the banks in the world and also the electricity and
resources being spend to mine resources for metals for coins and also to manufacture paper currencies globally. Then they need to include the transport
of this currency and security systems needed to guard it.
..... I bet you, if you compare that to Bitcoin mining, you will not even have to ask this question.
{ ATM's run 24/7 and how much electricity do they use? } No question. Banking's energy use far outstrips current bitcoin use, but I'm actually not sure how much less crypto overall is using in relative terms to achieving the same purposes and needs.
Bitcoin alone might "win" this argument but if you were to count all the cryptocurrencies just focused on nothing but trading and mining..?
How would trading drastically influence the electrical consumption and push that past the electricity being used by banks? You know Wall street
and other financial markets around the world use much more electricity to operate than the average Bitcoin market. You only see the front end
and not the servers and mainframes behind it.
