Post
Topic
Board Press
Re: [2018-01-29] IMF’s Lagarde Says That Bitcoin Mining Consumes Too Much Electricit
by
Hell-raiser
on 02/02/2018, 08:07:05 UTC
They are so stupid. Why doesn't the director say something about the electricity being wasted by appliances on standby? Why doesn't she mention the amount of electricity wasted by bank servers processing transactions? What about the computers run by clerks in every single bank branch? Bitcoin eliminates the need for branches, clerks and their computers. If you have people buying electricity and they want more get more them and profit from it instead of complaining!

I think she means something else, though it is hard to say since she doesn't say it directly. It seems she talks about the amount of electricity required to process transactions, and, honestly speaking, she has a point. If we removed the speculative part from Bitcoin, Bitcoin transactions would be very expensive in terms of electricity consumed. To put it differently, we could do the same with less, and this is what POS coins do. In this regard Bitcoin is very inefficient.