Post
Topic
Board Development & Technical Discussion
Re: Is there any research being done to make the blockchain less energy consuming?
by
Samarkand
on 19/11/2017, 11:18:38 UTC
...

It would be interesting to learn how much energy is spent for FIAT, incl. producing bills, transportation to ATM, production of ATMs, heating for offices of banks etc.

The statistic that you are looking for is probably not available, because the energy costs are occurring at too many different levels of
the system. However, the total costs in terms of money are published by the European Central Bank.

According to the ECB the total cost of fiat money production, fiat money storage and fiat money transportation are
roughly 1 % of the total economic output of the European union each year, which equates to roughly 140 billion € at the moment.

However, even if Bitcoin mining is more energy intensive the enormous benefits (an asset that has properties of sound money) are preferable
to our current monetary system.