What Is Bitcoin's Impact on the Environment?
Вставка
- Опубліковано 16 бер 2022
- Bitcoin uses as much energy as a small country to secure the blockchain. Is crypto mining strengthening America's power grid and hastening the transition to renewables, or propping up the ailing fossil fuel industry while making the climate crisis worse? It depends on who you ask.
Follow correspondent Alice Hines to Texas, which is quickly becoming a global Bitcoin mining hotspot, followed by a panel discussion on whether Bitcoin lives up to the promises of its biggest supporters or reflects the fears of its strongest environmental critics.
Watch all 8 episodes of CRYPTOLAND here: • CRYPTOLAND
Subscribe to MOTHERBOARD: bit.ly/Subscribe-To-MOTHERBOARD
Follow MOTHERBOARD
Facebook: / motherboardtv
Twitter: / motherboard
Tumblr: / motherboardtv
Instagram: / motherboardvice
More videos from the VICE network: www. vicevideo - Наука та технологія
Watch the next episode of CRYPTOLAND here: ua-cam.com/video/ZaSpoGIsEII/v-deo.html
If Bitcoin mining was done by using solar energy or wind it wouldn't be having that much of a problem with it but it's not being done that way and if they're putting gases like carbon in the air they're not helping the hurting they are hurting our environment. Simple fix of those Wells is to plug them. Burning the natural gas doesn't fix the problem and just adds to it.
RobG
1 second ago
And yet Bitcoin BSV running on the original Bitcoin protocol scaled to be the most energy efficient and is Turing complete if being ignored. I wonder why?
🤦♂️ you do know that guys work is based on using the price of Bitcoin to figure out how much energy a miner uses? That's like taking the price of bread and using it to figure out how much energy the toaster uses.
Ask yourself why someone would create a convoluted formula. when all he actually needs to do is use data from the mining pools that will tell him the exact make up of the miners running and hence the exact consumption of each miner. Like what guys like coinshare research does.
@@robganon bsv is efficient because know one uses it. Get out of here with your scammer coin.
"wow, that's actually not terrible!" -me, before 11:40
6:00 very sloppy reporting here, confusing the continunous consumption of this facility (750MW) vs the city of Philadelphia "each year"?! You're mixing units presumably MW vs MWh. I could believe that this facility uses as much energy in a year as the city of Philadelphia does in a single hour, but that's not how the data was presented or interpreted. Sources for data should also be cited.
I think it's quite accurate. Residential electricity consumption per person is about 4000 kWh per year or 0.5 kW.
700 MW / 0.5 kW = 1.4 Million.
The only imprecision is the wording "per year", when in fact it's not dependent of the unit of time.
@@artuselias Wrong comparisons from you also. Residential elec consumption per capita x population is nothing near the total consumption of a city (which is the implication made in the video). Industry and transport vastly outweigh domestic use almost anywhere in the world. If you believe this couple of building facility owned by a single company uses more energy than one of the largest cities in the US, then let me tell you about this bridge I have for sale.
"The only imprecision" - there are many faults and lacking sources in the data reported in this video, and it is very important to be precise and well informed when discussing the energy impact of proof-of-work blockchains.
I hope everyone does more research before accepting the "crypto is an ecological disaster" narrative, there's a lot more nuance.
When miners relocate to green energy sources such as sewage treatment plants, compost farms and geothermal it will be more environmentally sound...
POS will happen in 2022
The first part was good but the panel was woefully lacking in knowledge. Get Nic Carter or someone who knows about Bitcoin mining as it relates to energy consumption and the environment.
Omg so true
I love it how the data scientist said proof of stake is better and that it “benefits the wealthiest” and neither of the other three pundits batted an eyelid and asked the why on earth that is a good thing.
Hierarchical societies and systems will always form. There needs to be an authoritative power structure otherwise it will be anarchy. The so called "pundits" are leftist. They think America is broken but they will freeze at any conversation why countries that have implemented all their socialists ideas and are their idea of a perfect society yet miniscule in comparison to the auth-right economy of America.
@@nigel-uno There is a strong case that the US is leftist.
What data scientist? He is an accountant that did this as a hobby. It's on his website. He based his calcs on the price of Bitcoin to figure out how much energy a miner uses. That's like taking the price of bread and using it to figure out how much energy the toaster uses.
Ask yourself why someone would create a convoluted formula. when all he actually needs to do is use data from the mining pools that will tell him the exact make up of the miners running and hence the exact consumption of each miner. Like what guys like coinshares research does.
I think the number of spam comments on this video should tell you something about bitcoin. I’m not going to say what, because I don’t know, but it says something.
Just close the natural gas hole I’m confused
No word about layer 2 solutions? Which are tools to reduce the energy costs and increase the number of transactions per second.
Lightning Network is the name ;-)
@@bitcoinyoda8321 Yes thanks; Lightning Network
Biased journalism
@@wrestler20000 This was of course 2 years ago before Layer 2 became prevalent. Now, looking at it today, the transaction speed and throughput has indeed increased with off-chain Layer 2 solutions, but still retaining the rock-solid decentralized security of Proof of Work that is more difficult to overcome than Proof of Stake.
K now do Petrodollars effect on the environment.
You should have asked Michael saylor, or someone who actually knows what BTC is instead of that random noob
Whenever talking about the energy consumption of Bitcoin mining it's misleading to say that the mining operations "require" every increasing amounts of energy. It's more accurate to say that the competition provides incentives to invest more energy into the process. Emphasize that the only thing that drives greater (aggregate) energy consumption is the competition.
The comment section is a mess. Unwanted crypto advertising spam is dominating.
Bitcoin mining uses more renewable energy than most other industries (10-20% higher than industry average) 👀
International shipping is dirtier I think
More like 30 to 40% more.
@@vicmarc4984 Sure - but bitcoin's energy use gives us a decentralised form of currency, whereas international shipping gives us.... Literally the backbone of our global economy.
@@thomasam4118 bitcoin gives us a currency with a fixed supply, empowering the people who run the network (which can be anyone), not the filthy rich elites. Plus, doesn’t make the poor people poorer by creating high inflation which we are seeing in every single country in the world. Bitcoin is more than a currency - it’s freedom, empowerment and simply genius.
@@usepureshilajit But the governments can just shut the internet off then what
The panel was really bad, they literally know nothing about POW mining
How come they didn’t discuss how much power the us government and banks spend every year to physically ship money between banks and print it and all the people that that requires. Wholly inefficient and equivalent to the difference between the horse and buggy and the car
Love this series.
If we can say Bitcoin / Ethereum is a currency?
Then how much environment impact does not the Dollar for example has to protect its value.
US military , all American banks + Data centres and all other people working directly or indirectly do regulate this.
So i think the real question should be is Bitcoin / Ethereum more environment friendly then the USD?
Don't forget the war machine that backs the US dollar.
Exactly. How could you have this conversation without comparing it to what it is replacing
@@cooper3790 Crypto is not replacing the USD any time soon. So why add a new alternative that is going to consume much more on top of what the USD is already consuming?
@@Lalo-dh8xq the road to a better world is slow but you have to start somewhere
And if you wait too long it’ll be too late and 3rd world countries won’t be the only ones being crushed by inflation. Just because it’s not useful to you because you have the privilege of a stable society doesn’t mean others don’t desperately need it.
@@cooper3790 This is a discussion that should be had with economy experts as it concerns them, not us; because we, naturally, exploit the concept to get quick money. Meaning that all these positive impacts that crypto "MAY" have in the future are meaningless to the people who consume it because they are just interested in the money. And frankly, if virtually every people who supports crypto does it with that intention, then it's not going to have any positive impacts ever.
Nice content, Investment are stepping stone to SUCCESS, investing is what creates you wealth and wealth brings you assets.
and assets buys you Freedom.
His trade execution quality and profiting is well structured with great financial features.
Working with Romero pieto is the best thing that can happen to a beginner trader who is aspiring to be fruitful out of the market he is trustworthy and straightforward we surely need more men like him in trading world.
Good good content.
Yes I'm a living testimony of Romero pieto his platform has also done a great thing for me.
I've seen so many review about this man called Romero pieto who is he ?
Wow. Great job Vice on having a well balanced round table with not one Bitcoin or mining expert.
Good point
really though wtf hahahahah
I was thinking the same, whats the point of making a table well everyone thinks kind of the same….?
@@davidfontdevilarobles1505 precisely! Nothing wrong with some disagreement… particularly when you give the other side a chance to respond
@@edawg654 this whole series is a bunch of journalists giving opinions with no experts. They had a cyber security guy and the creator of litecoin. Everyone else has just been opinionated journalists. Be better vice!
good ep
Whoops! Forgot to actually research the topic again vice! 👍😀. Next time though. You guys got this.
The next time I'd like to see a PoW and PoS advocate in your round table. I genuinely think it would make the discussion a lot more meaningfull.
I will really like more details on this, I'm new to trading and I don't understand how it really works. Can someone guide me on the right | approach to investing and making good profit from trading?
@Lethabo W I've always wanted to invest in stocks but was always discouraged. I wanna start now
I personally intro y'all to Gaila Benartzi Fx trade financial institution. Galia has always been the best in that institute, i have been working with her for months now, Investing with her is awesome and of no regrets...
@@anna_kendrick oh my gosh I saw that recommendation last week but I didn't bother chatting her up 🤦🤦
@Cody I just copied all.. This must be a USA number
@Flori Marquez I'm glad to share to you all on talking about stocks, Forex and cryptocurrency trading is the most profitable venture I ever invested in, I reached my goal of $30k monthly trade earnings. Am feeling happy meeting up viewers here are already familiar with Ms Galia Benartzi trading
Ted Cruz endorses it. What more do you need to know?
Riot Blockchain acquired Whinstone, btw.
Oh the vacuity!
What a poor excuse of a round table discussion 🤦
Love this segment on vice
22:57 😬
Pretty bias reporting, no counter argument
Lol these commentators are clueless. HFSP.
3:09 capping the well is impossible then?? bad reporting
rehashing the same argument at 15:30, incredibly dumb
Get people experts in crypto not people who don't have any idea of crypto
Oh fuck Vice is educating people about crypto for real now
They say that Bitcoin mining consumes 0.5% of the earth's electricity, what percentage of the earth's electricity is generated from renewable resources? And also, do they understand the significance of an immutable digital ledger?
Electricity wasted on proof-of-work cryptomining cannot be used to displace fossil fuels. So for the climate, it does not matter if you waste green energy or if you waste fossil fuel energy, the problem is that you are wasting it.
@@kurtilein3 proof of stake is a waste indeed
@@bastol85 edited.
They do not understand a lick about money unfortunately...
"immutable"until it forks.
So if a Bitcoin farm uses renewable energy like pump-hydro, solar, wind or warehouse full of people using pelotons stuck with generator. Does that means its green. Problem solved?
pretty much, proof of work incentivizes the use of cheap green energy.
@@bastol85 We can only hope the world's govts take heed your advice. 😄
That power could just be used for other things, like providing cheap power to normal people.
You're still incurring an opportunity cost, there's no way to make crypto mining make sense, unless we're in a utopian perfect state where power is *literally* infinite and free.
@@thinnedpaints6503 yep that's what it's incentivizing. Go read on fiat power consumption.
@@bastol85 It's not incentivizing anything, increased demand *only* serves to raise prices short term, and long term incentivise cheaper power. Eco friendly or not, it means nothing, cost is the only important metric.
This isn't crpyto unique, actually this is just basic economics. Companies only exist to create wealth, being eco friendly is not important, therefore, cheap power is the only important thing. If power is cheapest by expanding oil drilling, like they do in Texas, then that's what will be used.
If a carbon tax was levied, then it would essentially force companies to persue eco-friendly power, but that would also completely cripple mining, as it's an incredibly unsustainable buisness.
Who would have guessed the pundit who spent time researching and interviewing people in the crypto industry was able to give the most balanced take and put the blame towards the right culprits, the dirty grid.
Great show, however, the difference between proof of work and proof of stake is still not clear to me.
proof of stake: the more coins you have the more rewards you get for simply having coins. i.e: the rich get richer, less decentralized.
proof of work: you transform electricity into exchangeable value across the world via mining. Way more decentralized .
A paycheck is proof of work, a deed to a house is proof of stake.
@@genericsomething wtf does that mean
@@BenGoroshnik That is an English-language word used for several grammatical purposes. These include use as an adjective, conjunction, pronoun, adverb, and intensifier; it has distance from the speaker, as opposed to words like this. -Wikipedia
@@genericsomething when sound money is being used, yes.
I will forever be grateful & indebted to you , you’ve changed my whole life I’ll continue to preach your name for the world to hear you’ve saved me from huge financial debt with just little investment thanks so much Mrs Jane Cockrum .
_WOW….amazing to see o there who traded with Mrs Jane I am currently on my 7th trade with her and my portfolio has grown tremendously_
I invest with Mrs Jane too, she charge a 15%commission on profit made after every trading session which is fair compare to the effort she put in to make huge profit…
This is not the first time I am hearing of Mrs Jane and her exploit on the trading world but I have no ideal on how to reach her_
@@Miroslav516 I've been hearing so much about this lady all over youtube , please how do I reach her ?
@@melkajerry1248 You can reach her through teleg_ram
Use nuclear power to produce electricity.
A very simple solution..
Store nuclear waste properly.
No more carbon problem
God, that round table conversation was cringe. These guys sounds just like congress. Speculate on things you don't understand.
Cool episode, informative but patchy and a bit of smashing open doors. It actually deserves someone on the other side who can provide counter arguments on breakthrough use cases (Nigeria, Turkey, Argentina, Salvador) and long term environmental benefits rather than short term impact. Maybe check the Jason Lowery series to get a sense of the potential scope of bitcoin. To me it's been a real eye opener.
wow cool, can't wait to wave my magnet and spill some water at these mining farms!
And why would you do this?
Lots of crypto bots in the comments, someone needs to clean this up!
“so are coinboys the new cowboys?” best line 🤣
number go up
Plug that old oil well. No more leaking gas. Problem solved.
Nice to see Telugu person in vice.. Krishna andavolu
Vice title: People who know little about blockchain, give their expert opinions on blockchain.
THIS. Plus very little emphasis on the meaning of decentralisation and why POW existst and how it protects Bitcoins existence
🤦♂️ you do know that guys work is based on using the price of Bitcoin to figure out how much energy a miner uses? That's like taking the price of bread and using it to figure out how much energy the toaster uses.
Ask yourself why someone would create a convoluted formula. when all he actually needs to do is use data from the mining pools that will tell him the exact make up of the miners running and hence the exact consumption of each miner. Like what guys like coinshare research does.
Can you link me to some of these mining pool figures? I'm struggling to find out much about them.
yeah dudes Proof of Stake is the way to go, huge ass warehouses for mining is just objectively when there are alts like Cardano that runs off a raspberry pi
that east texas site is pretty sick
Except for the low security and centralization. Yeah great choice.
I still have no clue what exactly these miners receive-wtf is the value? Who’s ‘coin’ are they ‘finding’?
Is it just the interest off of customers investments? Shouldn’t the actual investors be ‘earning’ it?
The cost in energy may be no big deal for the miners, however it’s a ridiculous cost to our future environment.
Miners create new bitcoin by solving calculations. There's 21million total bitcoin and 2.3million left to mine and every 4 years there's a halving where the amount of computer power needed to receive a bitcoin is doubled or the amount of bitcoin you get for the same power is cut in half.
I think they get the concept of proof of work (POW) a little bit wrong. It's not competing for BTC when you mine BTC in a mining pool, it's working together for the reward which is BTC. The mining pools issue what is called shares or Satoshis which in itself is equivalent to a certain amount of BTC.
What evidence do you have that the two miners they interviewed are in pools?
@@GeniusUnleashed Even if they are doing solo mining hashing power is less of a competing factor. Lower ping to the mining server is more of a factor. In solo mining you can find blocks and get all the reward of the blocks you found where as in pool mining, even though multiple computers are working together an individual computer in the pool may or may not find the same amount of blocks in the pool and rewards will be shared. The coins are already there to be mined it's just about solving the blocks of the algorithm for it. It's like a peanut farm for everybody and it's harvesting time. You just have to do the work get peanuts to eat. When you find peanut you crack the shell open for the reward
@@marlonapowellful that's a great way to explain it to people who don't know !
@@marlonapowellful Yep, and it only takes the entire electrical grid of all of Argentina to do it, even though Bitcoin only has, on average, 1 million daily active users. With clean energy usage decreasing after China kicked out miners, Bitcoin pollutes more than ever!
@@GeniusUnleashed If that's all you want to see, that's all you'll ever see.
you can tell those last 3 people talking about the Bitcoin network and mining don't fully understand it or why proof of work is important. You need people talking about these things like Nic Carter whose has spent hours and hours on the subject.
Everyone needs to be talking about it & sharing information & ideas about cyrpto. That way, we all become empowered, knowledgeable, & able to help others with that information. I don't believe in small groups of highly intelligent people controlling desired knowledge & information, like an elite secret society.
The people needs a currency to regain power from the nation-state. What is the environment impact of NOT having BTC.
so one-sided... 7 year bitcoiner
More or less I believe that Bitcoin mining for the individual that cannot afford it is dead therefore we are left to mine the altcoins and those that are asic resistant
Those coins are the most inefficient users of energy. Asics are extremely efficient. For one TH of eth mining(GPU) can easily consume 32000 watts of energy. The most efficient eth asics using 11200 watts per TH. While Bitcoin asics use 30watts per TH (21watts with the next gen 5nm chips launching in june). Asic resistance is not as great a feature as u think. Also there's more asic manufacturers than there is GPU manufacturers. Asic resistance just means less competition and more centralization.
So, if POW means the person with the biggest computational power can get the largest chunk of the network, and POS means the person with the biggest stake (aka money) can get the largest chunk of the network. Where is the decentralisation?
They don't "get a chunk of the network", they get paid out on Bitcoin for validating transactions on the network. Even hash power approaching 100% wouldn't control the network or have any real power over it. If they tried to act against Bitcoin, they'd just fork themselves off the network. The rest of the hashpower would step in to take their place.
the only flaw in your logic is saying "person". you're saying one person has more than 51% of the network power which is not even close to true. any blockchain that has that will nearly instantly be abandoned. however if you expand this to countries not person, then at one point china controlled more than 50% of the hash rate of BTC and that WAS an issue.
Second half scientist was chringe. PoS is the current system
You did so well in the previous episode by having a person who was PRO crypto on the panel to offer an insider view as to why some of us DO think the energy use is worth it. For this episode you created an echo-chamber of people who barely even get what POW is. The first part was great though but if you're going to make a "debate" panel, make sure to invite someone on the other side so you don't waste our time.
But on the last episode they lacked anyone who wasn’t pro crypto, which made it terrible journalism.
@@CP-uk3sx on the last episode THEY were anti-crypto. They're always anti-crypto, which was also the case here.
@@jakobsievers its vice they always have an agenda
What a terrible research
Good video. But the scaling argument presented by Digiconomist dude is incomplete or incorrect. He wouldn't be wrong f there was not layer 2 solutions but there are. At the layer 2 level (Lightning in BTC specifically) you don't have any of the efficiency or slow speed problems. For example, in El Salvador in where BTC is legal tender now (love or hate it) they conduct most transactions using the layer 2 and at that level it has worked wonderfully.
Pretty sad a show dedicated to learning about crypto has a guy on that doesn't understand crypto all that well. Overall this was uniformed and counterproductive to the crypto conversation.
He has been criticizing bitcoin for years and still hasn't learned about off chain transactions and lightning, or pretends he hasn't.
yo the first point you make is 100% incorrect, anyone can mine
Anyone CAN mine but it wont be profitable at this point in time due to current hashrate of the network. If you want to mine at home(GPU or CPU) you would need to use a algorithm that isn't SHA256 so that people can't use ASICs.
If you're hip with economic thinking, crypto currency is free-market speculation. What I call wonky capitalism. The concept is explained by application of a not-so-commonly-used tool for breaking down the pros and cons of technology. Pioneered by Marshall McLuhan and advanced by his son Eric McLuhan, The Tetrad.
"The Medium Is The Message." - Marshall McLuhan
As an aside,
"Life is too short to not be coo." - Grandpa
"Life is too long if too hot." - Grandson
"Careful as we will, careful as we go." - Grandpa
Sine Timore
This is nonsense you do not need a ware house full of miners to make a buck 1 GPU = 1 GPU, 1 ASIC = 1 asic, 1 tb of hard drive for chia mining = 1 tb... Sure you get more efficient when you add more machines but you don't have to that many to make it worth while so stop lying to people! Find out your KWH price on power and then find out your usage and do the math your self to find out the cost, do not trust other people who do not know your situation with the most important part of your business!
The end product of mining crypto is not solving of the block chain but the generation of heat. Producing this heat should be taxed. These companies should pay an environmental tax that is used to vegetate areas, plant trees, subsidize green energy, etc.. also I live in Canada, so can I get 10 machines to run in winter time and heat my house while mining Bitcoin? Seriously, maybe apartment buildings can have Bitcoin mines that produce the heat for the buildings.
Well that's a loose definition of end product (I also believe you're referring to Bitcoin, and not simply "crypto"). But miners are already incentivised to cut costs down in order to maintain their profit margin (Bitcoin revenue per block halves every four years, while costs probably remain constant if not increase). There are mining operations that utilise the heat of their equipment, and Bitcoin mining can more easily utilise renewable energy than most industries. is heavily geared towards . Subsidising environmentally beneficial practises would probably me more effective than tax (due to its mobility, miners would simply flock to the less environmentally friendly countries).
Make a video on home much energy is used to print a trillion dollars, from gathering the resources and all
It is funny to see that even Motherboard does not understand why BTC protocol is so energy intensive. The issue is the hugely inefficient distributed consensus protocol. In a short, without an artificial delay, aka mining, prime number factorization or math problem solving, there will not be order of adding the block and the chain will start to branch chaotically.
When the storms knock out the network, when the fires burn down the transmission towers, when your city is devastated by floods, how will you access your bitcoin?
How do you access a bank account?
The problem is how we generate our energy (gaz, coal, wind, solar, hydro, etc...), not what we do with it (bitcoin mining).
Mining in Texas is the worst idea ever, these miner used to be in China on hydro power, they were kicked out and went to Texas who generated their power with fossil fuel, not to mention texas SUCK at managing their grid ...
I think if Bitcoin is able to conserve the wealth we put in it over the wealth that get dissipated in any recession, it's worth it.
*🔝🔝MY GRATITUDE WON'T TELL THE MUCH I DO VALUE THE HELP💰 OF ☝️☝️....BECAUSE I COULDN'T BELIEVE THEY COULD SAFE MY KID LIFE ON A DYING MOMENT🙏*
This is a really good series. Hopefully people educate themselves and stop spewing rethoric on both sides.
Thumbs down👎on this waste of time, if you want to understand bitcoin, proof of work, proof of stake or monetary systems you simply cannot rely on Motherboard or Vice. The last Bitcoin episode was OK because they brought someone knowledgeable enough to speak on the subject, but the hosts just simply don't understand money like most humans on this troubled planet... Keep educating yourselves, this subject will get us out of the rut we currently live in...
Later half of this video is a joke. Bunch of one sided views and totally shows a lack of research.
Texas re energy: Wastes much, wants much.
He answer the journalist these miners are my slave.
I know this sounds like it should be somewhat obvious, but couldn't they somehow find a way to recycle all that heat coming off those mining rigs into another form of stored energy? Like using the heat or wind power to turn some sort of turbine that powers generators that in return can help power the mining rigs again. Seems like a massive win-win if someone can utilize that kind of process that I'm talking about.
I’m hoping Safemoon tackles this issue
The people taking part in this video have no clue what they are talking about. Crypto utilizes less electricity on a per transaction basis than it's most comparable example which are credit/debit cards. There is an actual cost to that which is hidden from the consumer and connects to the environmental impact. The scaling issue is specific to Bitcoin and is an entirely technical matter those particular developers have refused to properly address. There are also other innovations when it comes to stability and decentralization which wasn't even brought up in the video. Though this is only in response to the argument implied that there is no useful purpose in the first world when in fact there is.
Back to the costs per transaction it costs my business a ton of money every year- enough to buy a new car (and we're a small business) in credit card transaction fees. Using the traditional banking system is like buying a pack of smokes every day. If we actually moved away from it the environmental impact would be substantial in a beneficial way. The reason people don't get it is there are interests at play that get damaged (people invested in government/politics/big banks/etc) spewing fear, uncertainty, and doubt, and a left that doesn't understand it is actually hurting the poorest in our society the most through different forms of taxation (often hidden taxes, not the ones they account for when reporting who pays taxes and who benefits either).
If we stop listening to the fear mongering and dishonesty you'd realize just how expensive and environmentally damaging by comparison our traditional financial systems are. Think about how many banks exist in the world and everything that backs those banks up. We don't need to heat, employ, build, or travel to/from the banks, nor print dollars, or setup ATMs, nor run the various banking and merchant processing networks. It's only when you leave out the real costs that credit cards seem to be the better option. The number of transaction Bitcoin does is low- but it doesn't have to be. It's completely artificial and the technology to scale it to where it needs to be already exists. It took credit cards 70 years to see the level of adoption we have today. Crypto is a decade old by comparison.
In a world where government went by-by and money printing stopped and banks disappeared and what we had left was crypto we'd all be better off. The printed dollar wouldn't need replaced regularly (they get damaged). Traditional systems have a greater cost on a per transaction basis and no one is comparing it properly. If I sell a US $1500 computer that might have $70 credit card transaction fee. The person who pays is the SENDER for crypto and the cost in Bitcoin is probably under a dollar. BUT other cryptos it would be pennies if not less. That transaction cost is what you need to compare to get an honest understanding of the environmental impact. Crypto actually gets MORE efficient too with more users not less. So stop with the lies that it is worse.
Give this man some credit, hes spitting FACTS
I can testify Lady crista is a great being.Thank you for making my life a joyful one after several debt..After my first profit of 45000$ I was able to clear my debt and start up a good business..God bless you ma
@MOTHERBOARD+①⑧⑤⑥⑤①③②⑦④③ lmao you're telling another scammer to message you?
Sell your bitcoin. Buy more ETH
had to swap thumbnail and title cause the video wasn't getting traction or....?
dude...Dogecoin is also proof of work.
/facepalm
Ouch, this was hard to watch. People (en masse) hate everything new, this is always true. Also, the fact that we're defining POW in this segment says we're already lost.
👍 Typical Misinformation Campaign 👍
Useless. Ethereum PoW > PoS.
UA-cam (and Netflix) uses more electricity than bitcoin.
Can these people discuss that please?
I am so happy I just received my first profits of 15000$ from Lady Crista Fernandez..I have been loosing all my trade until I met Mrs Crista Fernandez,she is a good account manager and trading expert..she have help good profits in trading so happy to know her..Love from India
##Cristafx
Texas is doomed
Yikes
He says Bitcoin doesn't scale but we can send a dollar of bitcoin through lightning network for under a cent anywhere in the world. Bitcoin is scaling through layers. These people know nothing about money and the importance of Bitcoin. A whole country adopted Bitcoin using lightning network for daily transactions. El Salvador
Are you running a node and routing transactions?
Even with layers, occasional transactions on the chain are required. So with 10 tx/s that puts the limit somewhere around 100 million users.
Better ban gaming too. Power consumption is massive and completely pointless. And most tv shows. And fairy lights
None of those come close to the energy consumption of crypto.
I'm on board with the "most tv shows" thing.
@@YearsOfLeadPoisoning really, all the pointless electrical gadgets in our homes?
I’m sure it surpasses crypto by far.
@@YearsOfLeadPoisoning over 90 percent of products manufactured in a year are thrown away within the same year. Our whole economy runs on wasting energy making pointless crap ( maybe crypto included).
And most people’s livelihoods rely on going to work in places that make this pointless crap - just so the have the money to buy some more pointless crap.
Crap, eh?
Except those things u mentioned are beneficial to millions of ppl and has real life value. Its a bigger net positive
thats why it takes 3 days for ur VISA charge to clear and banks close on the weekends...flintstones...BTC FTW!
Bitcoin needs to fall. The concept of mining where 99 computations are for nothing and 1 wins cannot be a value add in any sense. Even if the energy consumed was 100% renewable they're still consuming electronic parts and exhausting huge amounts of heat. If 100% of the energy was renewable and 99 out of 100 computations were for something, then we have Blockchain cryptocurrency 2.0.
It hasn't failed, in fact it's thriving.
Do more research
@@Mastermined710 on what? I stated undeniable facts.
@@wrek the only undeniable fact is your lack of understanding of both PoW mining & the bitcoin protocol
@@kierenbonanno4319 Using 99/100 to simplify the argument doesn't make it wrong. Per block only one member of the Blockchain is awarded and every other computation is worthless. The Harbinger of doom for the environment is people trying to justify this extraordinarily inefficient system.
so cringe. bitcoin is going to eat your lunch.
1 container = ~ 1-2 megawatts
It’s a huge relief to see green on my Binary,stock and Forex market with the help of crista fernandez...She has been of great help with her wonderful trading skills and ideas..Her strategies are accurate and profitable.She a genius
Telegram helpline
##Cristafx
As Bitcoin mining is competitive it needs the lowest cost energy available. That is green energy, dams are build in remote areas for water management. Extending the power grid to remote dams is prohibitively expensive. So the energy these dams produce can't be transported to population centres. Bitcoin can be used to make these kinds of dams profitable to be build and be maintained anywhere in the world.
So, yes. Don't use coal plants to mine Bitcoin. But do build dams as that prevents flooding, creates fertile grounds for agriculture and reliable power sources for remote communities all over the world.
Dams aren't a purely positive source of energy. They can have massive downstream impacts and can require flooding of the up stream area, forever changing the ecology of the river/stream/body of water, not to mention the incredible amounts of water that can be lost to evaporation due to the reservoir getting blasted by the sun all day. Also, is green energy always the lowest energy cost? I'm sure there are currently many cases where they are, but that's simply not always the case right now. Do all those Chinese Bitcoin miners make sure that the large quantities of electricity they burn through is majority sourced from PV panels? I believe the assumptions you make (need lowest possible energy cost for mining, use green energy to save money and get an edge, thus creating a demand and incentivizing energy companies(?) to begin to build dams in remote areas (anywhere in the world!)) seems like my dream of everyone all of a sudden loving nuclear energy and not thinking Chernobyl 2.0 will happen if we build a reactor.
Thank you for thinking about the environment! And btw I love dams, but they aren't without very real drawbacks.
6min mark decentralized no middle man but dont you need the crypto network to approve transfers of crypto from one wallet to another….just like if you do a wire zelle venmo cashapp????
I think you have a fundamental misunderstanding of what decentralized means. In the case of those company's you listed, they are facilitations money transfers, and you are trusting them to do as you ask. In the case of a crypto-currency there is no single person or company that is approving your transfer, you make a requests(send money to this address) and once 51% of the network approves of the transaction it is now part of the ledger. It can't be undone or changed after the fact.
IPCC 🐝
I came here to learn how to invest after listening to a guy on radio talk about the importance of investing and how he made $460,000 in 4 months from $160k, somehow this video has helped shed light on some things, but I'm still confused, I'm a newbie and I'm open to ideas.
Investing in stocks and crypto is a good idea, a good trading system would put you through many days of success.
It is possible to produce superior performance provided you do something different from the majority. However most of us tend to pay more attention to the shiniest position in the market to the cost of proper diversification.
Having monitored my portfolio performance which has made a jaw dropping $370k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market.
@@wilsonbrown8993 Interesting, I have a lump sum doing absolutely nothing at all in my bank account, I wanna get something started with it. You seem to be doing excellent for yourself, how do you achieve this?
@@louisclifford9874 Exactly, the trick is to diversify your investment, don't panic when everyone else is and invest consistently.