Bitcoin is Actually Going to Ruin The World, Climate Scientists Say

[Stormysaga + 62]

According to a team of scientists from the University of Hawaii, the software-based form of money uses so much electricity that it could push global temperatures up by 2 degrees Celsius before the year 2048 if it grows in popularity. 

It's the most recent piece of analysis to assert that bitcoin is bad for the environment. Mother Jones wrote in December that one bitcoin transaction consumes as much electricity as a household does for a whole week. Environmental publication Grist wrote last year that "bitcoin is slowing the effort to achieve a rapid transition away from fossil fuels."

[JunoTen + 118]

If this analysis doesn't take into account gains in efficiency in validating transactions, then it's worthless. Also I don't see how cryptoes are slowing down renewables, renewables are on exponential growth.

[BlackTortoise + 103]

And here is the other side of this analysis.

https://www.axios.com/no-bitcoin-is-not-going-to-destroy-our-climate-3fafbe80-d80c-4a0c-b191-1fcdafa18da1.html

 

[Guillaume Albasini + 851]

I agree with the conclusion of the Axios article :

"The high energy costs and climate impact of Bitcoin mining is a legitimate ongoing concern, but specific predictions are only as good as the assumptions they're based on, and those assumptions — of rates of technology adoption, sources of energy, and efficiency of the applications — are very hard to nail accurately."

I will add that the energy consumption will also depend on the protocol adopted by the blockchain. The Proof of Work protocol used by the Bitcoin consumes huge amounts of energy but a blockchain using instead the Proof of Stake protocol could be more sustainable.

https://blockgeeks.com/guides/proof-of-work-vs-proof-of-stake/

 

 

[Sofia + 35]

Bitcoin uses far less energy than the systems it replaces, such as banks, Visa, MasterCard, American Express and Western Union. 

https://bitsonline.com/bitcoin-vs-banks-uses-energy/ 

[Dan Warnick + 6,100]

Of course, the important question, beyond ALL others is:  Will Bitcoin go to $65,000?

I need to know because there are a few things I'd like to put on lay-a-way.

Edited October 30, 2018 by Dan Warnick

[Epic + 390]

When have the climate "scientists" ever been right about anything?

  (like @Guillaume Albasini said: proof-of-stake).