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Originally Posted by _Richard_
how so?
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Originally Posted by DWB
How did they debunk that? Logically, it makes total sense. More power is being used to just mine the coins.
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several reasons.
the logic is dishonest, you can't just take the electrical cost of something and determine if it's good or bad overall. the main article that started this myth takes electrical costs and examines them in a vacuum, not reality, it also fits the electrical costs into a u.s. analogy, that's also wrong.
fact is, btc mining moves to where electrical costs are cheapest, wherever in the world that may be and there are many many places on this planet that produce more electricity than they consume.
and finally, from the 2nd article:
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The first being that the amount of energy being used here (assuming those estimates are correct) is simply trivial. There are around 120 million or so households in the US. Therefore Bitcoin mining is consuming 0.025% of the US household electricity supply. This is without even thinking about the energy requirements of business and industry. Do also note that that is the power consumed by global Bitcoin mining set against only US electricity consumption.
The second is that at some point Bitcoin mining will stop. There is an upper limit to the number that can ever be mined: I think I’m right in saying that we’re about halfway there at present. Thus this energy consumption will not go on rising forever. At some point it will come to a dead stop in fact.
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