Would be interested to hear what the point of view is on a recent increase in press statements as follows: ‘Bitcoin may soon consume more power than Australia’— almost 10 times more than Google, Microsoft and Facebook combined.
Is there anything behind this or is it just another angle of attack against bitcoin prompted by remarks by Bill Gates?.....is it even possible to calculate consumption in this way?
Bitcoin electricity consumption has always been an issue to the ones who hates it and whenever prices goes up in the Market then the argument is again raised with respect to its electricity consumption to various countries.But is the government not using high volume of electricity to power up their projects also and moreover banks combined cost is more than that of Bitcoin.If we need to secure the Bitcoin network we need miners to validate and secure network which will consume high voltage of electricity as POW concesus.Moreover the miners are moving towards new use of electricity like renewables resources which further reduces the cost so stay away from such FUD's and focus on your goals.