Bitcoin mining is based on very high energy costs and environmental costs.
One bitcoin =20 barrels of oil.
How many barrels of oil do you think the industry consumes every year?
10 barrels? 50 barrel?
Each year, the mining industry consumes more than 24 terawatts of energy, the equivalent of 13,239,916 barrels of oil.
Every 10 minutes, 12.5 bitcoins are dug up, meaning 20 barrels of crude oil have been reached since each bitcoin was dug up (not yet traded).
In other words, the amount of energy consumed by the global bitcoin mining campaign is 40 times greater than the amount of energy needed to support the Visa card network.
One bitcoin transaction = one American family USES electricity a week.
According to encrypt the currency analyst Alex DE Vries estimate an index, the currency trading energy consumed each year more than 24 tw, this is equivalent to total energy consumed each year in Nigeria, which has a population of 186 million.
Currently, about 300,000 bitcoins are traded each day. Each bitcoin transaction costs 215 kilowatt-hours of energy.
The average American household USES about 901 kilowatt-hours of electricity a month, which means that each bitcoin exchange consumes enough energy to make an American family comfortable for a week.
What do you think about the energy consumption of bitcoin?
Think the game is over. Starting to ask myself why do we need crypto again? A dollar is a dollar. Hardly get scammed using a visa card or transacting with my bank. The system we have works. Blockchain will survive but I think crypto is dead. No reason for coins especially bitcoin. Up and down prices, high fees and slow transactions. I feel sorry for all the companies that accepted crypto. Wonder how many are going to go out of business.
Everything in crypto is safe until the scam pulls the plug. Tether could last or go under tomorrow. That's crypto. They claim to be backed by USD. So the price of tether really never moves. So it's a good way to store money for a dip or a crash. Makes you sleep a little better at night knowing if you wake up to a crash you actually could make a profit off it.