this post was submitted on 11 Nov 2024
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Mildly Infuriating

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Yes, believable, from all the payment methods available, Greenpeace would choose the most fucking inefficient one, that wastes 700 kWh for a single transaction, that's 100 households!

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[–] Magnetic_dud@discuss.tchncs.de 6 points 3 days ago* (last edited 3 days ago) (5 children)

It's a conservative estimate, it's even higher than that

Crypto-biased source: https://www.coindesk.com/business/2021/08/18/how-much-energy-does-bitcoin-use/ (you would expect they downplay the number)

You can just take a calculator and do by yourself the math from publicly available stats https://bitinfocharts.com/bitcoin/

In the past 24 hours a block contains in average only 3500 transactions. Then that block needs to be validated by many other nodes in following calculations.

This is why it's the most inefficient payment method, very slow (only 3500 transactions in ten minutes instead of few seconds), expensive for the user (transfer fees are high) and power hungry

[–] PlantDadManGuy@lemmy.world 0 points 3 days ago (4 children)

You have no idea what you're talking about, or else you're intentionally misleading people. Transferring Bitcoin in a single transaction takes nowhere near as much power as mining it. Yes, BTC is stupid and terrible for the environment, but you don't need to lie about the stats.

[–] hitwright@lemmy.world 7 points 3 days ago (1 children)

https://www.forbes.com/advisor/investing/cryptocurrency/bitcoins-energy-usage-explained/

I mean by somewhat more up to date news it seems like he is correct. Bitcoin is wildly inefficient and basically non scaling.

[–] PlantDadManGuy@lemmy.world 1 points 1 day ago

He is wildly incorrect because he phrased it in an intentionally deceitful manner. It does not require 700 kilowatt hours of energy to transfer one Bitcoin one time. The verbiage quote "single transaction", is the entire problem with OPs post.

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