this post was submitted on 19 Mar 2024
25 points (68.7% liked)
Privacy
32142 readers
727 users here now
A place to discuss privacy and freedom in the digital world.
Privacy has become a very important issue in modern society, with companies and governments constantly abusing their power, more and more people are waking up to the importance of digital privacy.
In this community everyone is welcome to post links and discuss topics related to privacy.
Some Rules
- Posting a link to a website containing tracking isn't great, if contents of the website are behind a paywall maybe copy them into the post
- Don't promote proprietary software
- Try to keep things on topic
- If you have a question, please try searching for previous discussions, maybe it has already been answered
- Reposts are fine, but should have at least a couple of weeks in between so that the post can reach a new audience
- Be nice :)
Related communities
much thanks to @gary_host_laptop for the logo design :)
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
It's possible to see an estimate of how much electricity is being used for bitcoin (obviously not the only currency being mined). Higher prices results in more mining so the amount of electricity varies all the time. Here's a graph showing estimates of energy consumption. I guess you can come up with an estimate because you could have an idea of how much it costs to mine a bitcoin and you would see them entering circulation on the blockchain.
During its peak in 2021 it was using about the same amount of electricity as Norway or Argentina uses in a year (according to a University of Cambridge analysis).
Compared to these amounts the banking system would be using a tiny proportion given that fiat currencies don't need to be mined they are just created by the banks when they issue loans.
Don't forget the other things that go into the banking system though. You've got the mining for minerals to make their buildings. You've got the gas that it takes to get employees to and from work, the electricity to power those buildings, the electricity to make and distribute coins and physical money, The presses and machines to make physical currency, etc. And there's probably a ton I am missing.
You can certainly include all that stuff too, but the banking system provides services for 67% of the world's population. Bitcoin is owned by about 100 million people.
And I don't think Bitcoin is the end-all, be all cryptocurrency. In fact, I don't even have any. What I prefer using is Monero. It is still a proof of work coin yes, but instead of using ASICs, it uses CPUs, so it uses a lot less power. Having ASICs Promotes centralization of mining hashrate, and therefore it's easier for the government to require rules be followed. A few examples are OFAC compliant transactions only, mixers, etc.Monero does not have that problem because how are you going to ban CPUs from being used by normal people without just straight out banning the use of any computing device? And that would not go over well.