Post
Topic
Board Bitcoin Discussion
Re: When will Bitcoin be more energy efficient?
by
1Referee
on 25/08/2019, 23:11:23 UTC
Quote
"Ethereum (ETH), the second largest cryptocurrency by market value, processes more than twice as many transactions as the bitcoin network while using only about one-third of the electricity consumed by bitcoin. ETH also operates on a Proof-of-Work (PoW) consensus mechanism"
https://www.iea.org/newsroom/news/2019/july/bitcoin-energy-use-mined-the-gap.html

This doesn't take into consideration how much more secure Bitcoin's transactional network is compared to Ethereum. Ethereum needs several days of POW to match the same level of security of just one day of Bitcoin POW. Saying that Ethereum processes more transactions with just a third of its electricty consumed (as in it being unnecessary to consume more electricity) is shortsighted.

If we look at how much on-chain transaction activity there was in the last 24 hours, dollar wise, then the stats speak for themselves;

https://bitinfocharts.com/bitcoin/ $5 billion
https://bitinfocharts.com/ethereum/ $244 million