Re: Is Bitcoin a scam: The long debated argument discussion by Bloomberg - Quicktake
A comment I liked from this tweet:
Wages to Freedom Man technologistMoney bag @bitsee2 Mar 19 Replying to @Quicktake and @EdVanDerWalt
Unfortunately an uneducated video. Especially the Visa comment. Visa is not analogous to Bitcoin. Visa does not provide final settlement.
What do you mean by that? What do you call a final settlement exactly?Wages to Freedom Man technologistMoney bag @bitsee2 Mar 19 Replying to @Quicktake and @EdVanDerWalt
Unfortunately an uneducated video. Especially the Visa comment. Visa is not analogous to Bitcoin. Visa does not provide final settlement.
Isn't it odd they compared bitcoin taking as much electricity as the whole country of Argentina to mine it?
Under what time frame?
Why it would be odd while it's true? Under what time frame?
The time frame is the same. In one second or in one year the Bitcoin network consume more electricity than Argentina.
Quote
Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year - and is unlikely to fall unless the value of the currency slumps.
[...]
The online tool has ranked Bitcoin’s electricity consumption above Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh) - and it is gradually creeping up on Norway (122.20 TWh).
The energy it uses could power all kettles used in the UK for 27 years, it said.
https://ichef.bbci.co.uk/news/976/cpsprodpb/1153B/production/_116917907_v266cd8de5-cf2e-4fb0-ba22-e6dfb9f2951c_nc.png[...]
The online tool has ranked Bitcoin’s electricity consumption above Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh) - and it is gradually creeping up on Norway (122.20 TWh).
The energy it uses could power all kettles used in the UK for 27 years, it said.
https://www.bbc.com/news/technology-56012952
The Cambridge Bitcoin Electricity Consumption Index : https://cbeci.org