Post
Topic
Board Speculation
Re: Debunking the waste of energy argument against Bitcoin
by
shield132
on 19/02/2018, 22:22:23 UTC
I´m tired of hearing the argument "but Bitcoin wastes more energy than
a whole country..." all over the mainstream media.

Here are a few reasons why the energy that is consumed by Bitcoin mining is not wasted:
1. The energy that is consumed by Bitcoin mining is the foundation of the security of the network
2. Proof-of-work is superior to other consensus algorithms like Proof-of-Stake and offers less attack vectors
3. Fiat currencies are supposedly backed by the power of the state... meanwhile the US military consumes more energy than Bitcoin mining per year
(this is a comparison of the military of a single country compared to a truly global currency)
4. No one is talking about the enormous costs of transporting fiat money, securing it and printing it in the first place
5. The mining of other commodities is extremely energy-intensive as well

If you take all these factors into account, Bitcoin may actually be less energy-intensive than traditional
fiat currencies. Besides, many mining companies have set up their operations in countries with an abundance
of renewable energies like Canada or Iceland. The days where Bitcoin was solely mined in rural Mongolia and China
may finally be behind us.



4th one is absolutely correct, no one talks that printing money costs a lot and there are a lot of trees cutted for that.
If you look, both side has arguments to say that energy for bitcoin mining is wasted or not.
You use electricity for miner which does virtual job - mining bitcoins, in reality there is nothing created and even fiatmoney is behind bitcoin because it's value is determined in usd. So can't we say that it's just a pure waste of energy which can be used for more better things?
But now look it on different way, we get decentralized currency which is more independent, anonymous, easy to use and able to save money/bitcoin offline in some small drive.