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I mean specifically people using servers at offices/university to mine BTC, spinning up AWS instances with stolen credentials to mine BTC, students using "free" power in college dorms to mine BTC, etc. Make any power/compute available & it will be abused immediately, for a few $
But talking about the inefficiency of Bitcoin independently of abuse: sure it is crazy inefficient. It consumes more energy than the entire banking industry (0.5% of the world's electricity or so) while serving ~0% of the market. And while being more centralized than banking
I wonder how this comparison would play out between Bitcoin and gold. One would need to estimate how much energy it costs to extract, transport and secure all the gold in the world.
Eeek. Serving 0% of the market? Really? Maybe that's true for us privileged people in the US, but let's also remember that there's countries like Venezuela or Zimbabwe where Bitcoin is the savior. I'll leave this here: https://www.bloomberg.com/view/articles/2017-12-07/bitcoin-is-greener-than-its-critics-think …
In the case of Venezuela, is confirmation bias possible within the crypto space? "No, you could not buy groceries with bitcoins, as they are not that common to the average Venezuelan. Only tech savvy people know about it." Source:https://www.quora.com/How-common-are-bitcoin-in-Venezuela …
I think it's great that we're taking the opportunity to talk about profitable vs sustainable uses of renewable energy subsidies. "What a waste of energy" Is the market failing to transform us to a renewable energy economy while demand is falling (even with EV grid buildout)?
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understand your frustration with the hype, but I think calling it "inefficient" is a bit too harsh. Bitcoin expends external resources in place of internal people/processes. Can you share any insights into how you are measuring the "abuse" of these resources?
