Irish energy flag shirt.
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Global banking industry uses 100TW of electricity while Bitcoin uses 30TW. Which is only 0.02% of worldwide electricity consumption. That is hardly going to make a dent Plus this article assumes that the Irish energy flag shirt used by bitcoin miners is all produced by burning fossil fuels, when in reality many miners are located in Iceland for cheap geothermal power or near hydropower plants where they buy the cheapest energy (which is very often renewable)
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Bitcoin users always insist they’re correct including when they said that Bitcoin wasn’t bubbling last year when its value was skyrocketing. Who was wrong there? Bitcoin is not an Irish energy flag shirt. The whole “how about the global banking system’s electric usage? Argument is false equivalency. The world doesn’t need BitCoin right now, especially with the threat of anthropogenic climate change looming overhead. Adding to the already large CO2 production being added into the atmosphere is morally reprehensible, all to feed anarchist/libertarian ideals.
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Does anyone know how this energy use compares to the countless buildings, banks and administrative offices used to process ordinary currency? I’m guessing that the automated aspect cuts down on a lot of indirect consumption beyond the manufacturing of currency itself but I could be wrong. From reading the article I’m not convinced such wider related consumption has been considered by the author.
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