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Sunday, Sep 19, 2021

Why everyone from Elon Musk to Janet Yellen is worried about bitcoin's energy usage

Why everyone from Elon Musk to Janet Yellen is worried about bitcoin's energy usage

Elon Musk’s decision to stop Tesla from accepting bitcoin as payment has led to fresh scrutiny of the cryptocurrency’s environmental impact.
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James Pierson 128 days ago
"Bitcoin consumes unfathomable amounts of electrical energy" is pure click bait. The network consumes 147 Twhr of electrical energy every year. This is the power consumption of a small country like the Netherlands however since power is always lost between the source and the consumer due to I^2R heating, a great quantity of power is undeliverable and known as "stranded" power. Bitcoin miners locate their mining systems next to remote power plants and harvest this otherwise lost energy at very low rates, not to mention the fact that a growing percentage of bitcoin energy supplied by renewable resources. Secondly, using dollars and cents as a yardstick , at 5 cents per Kwhr for stranded energy, the ANNUAL energy consumption of the Bitcoin network equals 7.35 Bn dollars while the US Fed creates $22Bn EVERY SINGLE DAY! This is the price of honest money. Let's drop the click bait and try some honest reporting for a change.....
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