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How much electricity does the banking industry use globally? How much electricity does the cybersecurity industry use globally? How much electricity do google and amazon use globally? How about gold/silver mining environmental impacts? These sorts of articles have surfaced and been debunked with proper contextualization since the inception of Bitcoin.You know how Tesla no longer accepting Bitcoin payments caused the Bitcoin price to dip significantly? Musk cited environmental concerns instead of the elephant in the room — the volatile nature of Bitcoin — in an attempt to minimize just how much the market would dip, which he had a fiduciary responsibility and legal obligation to do because Bitcoin makes up a Level achievLevel achievement unlocked shirtement unlocked shirt portion of Tesla’s assets.
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Here we go again. Comparing the total energy expenditure of something like Bitcoin to that of a country, such as Argentina, is… idiotic. Bitcoin mining operations Level achievLevel achievement unlocked shirtement unlocked shirt exist anywhere there’s internet and power. They’re naturally incentivized to choose locations with the cheapest power. Locations with very cheap power tend to have surplus power. Electricity doesn’t export well, to put it mildly. And besides all that, I feel kind of dirty even defending Bitcoin on that front because it shouldn’t need defending. How much electricity do the world’s televisions use? Hair dryers? Game consoles? We don’t ever talk about that. Do you wonder why? It’s because no one has any incentive to write hit-pieces against hair dryers.Yeah that’s my immediate thought. Compared to what? What is the electricity demand of the overall world finance systrm? On a much larger level, what is the energy demand of all that goes into keeping the USD as the world’s reserve currency. The latter can get pretty subjective of course. Overall though looking at BTC or any other coin in isolation doesn’t seem all that useful.
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