Quote from: tsg on August 23, 2018, 11:08:38 AM

Interesting article in Bitcoinist:

According to Katrina Kelly-Pitou, the popular debate on whether or not Bitcoins network electricity consumption is causing serious damage to our climate is not headed in the right direction. Kelly-Pitou is a clean energy technology researcher at the University of Pittsburg,

Citing recent studies, which suggest Bitcoin dramatically increases the consumption of electricity on a global scale, Kelly-Pitou claims that experts are failing to understand some of the basics behind renewable energy systems:

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Electricity production can increase while still maintaining a minimal impact on the environment. Rather than focusing on how much energy Bitcoin uses, the discussion should center around who indeed is producing it and where their power comes from.

While she doesnt neglect the substantial amount of electricity used for Bitcoin mining, she also notes that banking alone consumes an estimated 100 terawatts.

This is a little bit more than three times the energy Bitcoin mining consumes. She also makes an interesting claim, assuming 100x increase in Bitcoins current market size. Kelly-Pitou notes:

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If Bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.

The whole article: https://app.algory.io/app/cryptonews/81214/banks-consume-over-three-times-more

What do you think about it? On Twitter someone said: "Now... let's talk about how banks destroy environment, shall we?"

But the fact is that banks process much more transactions than blockchains now. What would be the real energy consumption if all transactions (processed now by banks), would be in blockchain?

banks are institutions to recognize worthy enterpreneuers giving them power. so they can develop useful social structures. bitcoin only wastes energy to provide lambos for its miners. bitcoin is doomed