a form of cryptocurrency; a decentralized digital currency.
Questions tagged [bitcoin]
9 questions
65
votes
0 answers
Does one transaction on Bitcoin require 215 kWh?
This seems unbelievable:
This averages out to a shocking 215 kilowatt-hours (KWh) [sic] of juice used
by miners for each Bitcoin transaction (there are currently about
300,000 transactions per day).
Source: One Bitcoin Transaction Now Uses as…
Dan Gravell
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22
votes
1 answer
Did Elon Musk's bitcoin transactions release more carbon in a few days than the amount saved by all Teslas ever sold?
In The Guardian, on May 29, 2021, Adam Greenfield writes:
Elon Musk’s recent large-scale transactions in proof-of-work-based Bitcoin released more carbon into the atmosphere in just a few days than the amount saved, in principle, by all the Teslas…
krubo
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11
votes
0 answers
Can Bitcoin's huge energy footprint be easily reduced?
In Uninhabitable Earth, David Wallace-Wells notes Bitcoin's huge energy footprint ("more electricity than is generated by all the world’s solar panels combined") and asserts that
a simple change to the algorithm could eliminate that Bitcoin…
orome
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10
votes
1 answer
Was the control over Bitcoin network ever largely centralized?
I'm watching a YouTube video with over a million views, where someone called munecat claims that the control of the Bitcoin network was largely held by several big players around 2014, with implication that it is so now as well. The link is…
jaskij
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5
votes
2 answers
Does the average carbon footprint per bitcoin transaction range from 233.4 to 363.5 kg of CO2?
https://www.cell.com/joule/fulltext/S2542-4351(19)30087-X says,
According to the Bitcoin Energy Consumption Index, Bitcoin’s energy use in 2018 translates to a carbon footprint of 19.0 to 29.6 million metric tons of CO2 (475 g CO2 / kWh). The…
5
votes
1 answer
Can governments destroy the value of Bitcoin, if they wanted to?
Note that this is a question about Bitcoin that is separate from my other question, which had asked whether Bitcoin is a pyramid scheme.
Jamie Dimon, the CEO of JP Morgan, claims that the governments from around the world can -- and will -- crush…
D.Hutchinson
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5
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0 answers
Does the Bitcoin network consume as much energy as Denmark?
According to Ars Technica:
One estimate suggests the Bitcoin network consumes as much energy as Denmark.
There are other sources that make similar claims:
Greentech Media claim:
The Bitcoin Energy Consumption Index tracker puts Bitcoin’s…
Fluidized Pigeon Reactor
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3
votes
2 answers
Is the cryptocurrency Bitcoin a pyramid scheme?
Bitcoin has long received both praise and accusations of being a pyramid scheme. So, I was wondering whether it is a pyramid scheme or not. Googling for answers led me to the Quora post Why is Bitcoin not a pyramid scheme?, the top answer to which…
Sakib Arifin
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vote
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Has illicit cryptocurrency mining surged 459 percent in 2018 compared to last year?
If you are unaware, a recent trend in cyber attacks involves hijacking your computer's processing power to "mine" cryptocurrency, which they sell for money. Some discovered attacks were large spread enough that experts estimate over a million…
user11643