It's a lot of energy no matter how it's expressed and comes with a very real cost - at heavy industrial energy industrial prices that's roughly $12 billion a year worth of electricity (will vary with location but that's a ballpark figure).the estimated annualised consumption of electricity by the Bitcoin network is 149.6 terawatt hours and growing.
Another way of seeing btc is as a real world non digital srorage of used energy.as such, it has a value.It's a lot of energy no matter how it's expressed and comes with a very real cost - at heavy industrial energy industrial prices that's roughly $12 billion a year worth of electricity (will vary with location but that's a ballpark figure).
That's a decent sized energy overhead given the tiny market share Bitcoin has in terms of being a payment method for real world goods and services of any sort.
For infoAnother way of seeing btc is as a real world non digital srorage of used energy.as such, it has a value.
Look at it as a statue taking 200h of an artist time.
May not even be nice but the effort in creating it can be seen as a justification for its price,whereas many would find it hard to pay $ for a white A4 piece of paper sold as" a dot "artpiece
Aluminium was once seen as gold and a store of value without use.
This disappeared when manufacturing process changed and we were able to extract it.
While this argument is used by the save the planet narrative, this is a fake problem IMHO
What is the power consumption of FB..which is not a store of value...?
Disclaimer i own some bits of btc
Yes, not a problem a pretext, as often discussed, it has to be firty money: so dirty crime, dirty environment, dirty morally, etc.Of more concern for bitcoin IMO, is when the 'woke' brigade take exception to the power usage and apply the climate change pressure on it.
Personally I'm looking at it purely in financial terms.Of more concern for bitcoin IMO, is when the 'woke' brigade take exception to the power usage and apply the climate change pressure on it.
As you know the governments aren't going to allow a 'black market' currency to exist, but would love to introduce a digital currency where every dollar can be traced.Personally I'm looking at it purely in financial terms.
High energy consumption is a real economic cost and creates an incentive for someone to come up with an alternative that doesn't have such high costs.
It's a possible trigger for negative public perception and so on which would advantage a lower energy competitor. Whether that actually happens is uncertain but it's possible.
The big one though is more about what I'll refer to in generic terms as "the financial establishment" or "Wall Street banks" or anything else of that generic nature. I can't see why they'd be even slightly keen on something that's outside the realm of traditional finance and which to the extent it has a "natural" home, that home is nowhere even remotely close to New York or London.
That aspect leads me to think there'll be some very powerful entities keen to not have it go too far and while that's a bit on the "tin foil hat" side, I don't doubt that "big finance" does have at least some influence.
All that says nothing about the short term price action but it makes me cautious about the longer term situation with Bitcoin. I wouldn't be surprised if the concept ends up being a big thing but not actual Bitcoin itself.
As mentioned from my previous posts ...Cardino (ada) Xrp / xlm and other alt coins are on the move..As predicted, 12hrs later as I posted i purchased bitcoin cash it has gained 50% , and cardano and other alt coins are now are on the move, should see massive moves other the next couple of weeks
This is not finacial advice. Pls DYOR
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