Sure, sounds like a nice story in theory. But let's look at what's happening in practice: https://www.cnet.com/news/australian-coal-power-plant-reopened-blockchain-bitcoin-applications/ …
Cryptocurrencies need to get their shit together. It consumes 0.5% of the world's energy today, and consumes 20% more month over month. May 2018: 1/200. Dec 2020: 200/200. Cryptocurrencies need to be banned today. Not tomorrow. Not in a year. Today.https://grist.org/article/bitcoins-energy-use-got-studied-and-you-libertarian-nerds-look-even-worse-than-usual/amp …
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don't know about the energy consumptions of banks, but i bet the do even worse. it's just not publicly available information, don't you think?
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Calling foul here. Literally a "what about"ism. Try again.
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I don't know what you mean, care to elaborate?
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Not sure about the details, but here's some facts that might resemble an answer: - hashes become increasingly more expensive to brute force - spending more time breaking hashes increases your chance of reward - energy consumption scales 1:1 with time spent breaking hashes
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I agree that energy could be used more purposeful. I would like to see evidence for your prediction though. You cannot simply add 20% more every month. If that would be true, I would earn millions of dollars because my salary increased by 300% the month I completed university.
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The evidence is literally in the paper that's linked. It's a scientific study. Please read before commenting.
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