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

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

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

@null_radix
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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
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There are other transaction methods (like lightning).

@k_o_t
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for sure, but how is this relevant?

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

@k_o_t
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yes, which is why bitcoin bad, which is what I was saying in my initial comment 😅

@tracyspcy
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Lol, but still works for sending billions globally

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

@tracyspcy
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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.

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

@k_o_t
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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

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

@tracyspcy
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Yeah, seems it’s happened already.

oof that sucks

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