El Salvador President Nayib Bukele plans to introduce legislation that will make it the world's first sovereign nation to adopt bitcoin as legal tender.
  • k_o_t
    12·
    3 years ago

    😎 1 megawatt hour per single btc transaction 😎 (useful for paying for things like your electricity bill 😉)

    • AgreeableLandscape
      41·
      3 years ago

      Any cryptocurrency not on a non-mineable and energy efficient blockchain system like Proof of Stake needs to die at this point, for the sake of the environment.

    • trokhymchuk
      2·
      3 years ago

      I don’t think so. РБМК-1000 (same reactor that was in Chernobyl power plant) produces only 1000 megawatts of electricity.

      • k_o_t
        2·
        3 years ago

        yeah, it’s a ton of energy, but keep in mind that the entire btc mining operation consumes the same amount of electricity as a country like austria, and has a throughput of only a few tx per second

        • trokhymchuk
          22·
          3 years ago

          Mining has nothing to do with transactions. Mining can consume huge amount of energy, but btc transaction is just a blockchain operation.

          • k_o_t
            31·
            3 years ago

            uuhm, i’m confused by what you’re trying to convey: mining is quite literally the process of processing and validating transactions…

            • null_radix
              21·
              3 years ago

              I also think its a confusing metric. It would be like saying the energy cost of a USD transaction is totally expenditure of energy of the US military + the cost of the bank infrastructure energy cost divided by the number of USD transaction. The block reward is essentially a defense budget. That said I would defiantly support decreasing the defense budget for all parties.

            • trokhymchuk
              11·
              3 years ago

              There are other transaction methods (like lightning).

              • k_o_t
                3·
                3 years ago

                for sure, but how is this relevant?

                • trokhymchuk
                  1·
                  3 years ago

                  There is actually no need in such energy wasting for transactions.

    • tracyspcyM
      22·
      3 years ago

      Lol, but still works for sending billions globally

      • k_o_t
        6·
        3 years ago

        sure, but you could also send billions globally using significantly less energy…

        • tracyspcyM
          12·
          3 years ago

          Not so fast and cheap though. Previously when countries were moving gold to/from USA by ships it were also very expensive in terms of energy transactions.

          • k_o_t
            3·
            3 years ago

            i rather meant other cryptocurrencies…

            but if you’re a billionaire trying to move a billion to another address, 1MWH doesn’t seem that much

            • tracyspcyM
              11·
              3 years ago

              Fun thing that the same functionality would be with lower amount of miners, spikes in price lead to increase in miners amount and hashrate.

          • uthredii
            2·
            3 years ago

            I can’t think of a slower or more expensive way lol