In the short term, at least 100 megawatt-hours of daily #Wasted electricity should be saved thanks to the 45% crash in bitcoin price in the last 9 days

In the short term, at least 100 megawatt-hours of daily wasted electricity should be saved thanks to the 45% crash in bitcoin price in the last 9 days

For the unaware, bitcoin’s network is secured by a few centralized companies colluding and wasting as much energy as possible using special computers to guess trillions of mathematical equations each second in a pointless lottery to prevent an adversary wasting more energy to take it over. This is called PoW or Proof of Work. Commonly referred to as Proof of Waste.

Sounds dumb doesn’t it?

Rewards are tiny amounts of bitcoin sold to suckers in a zero sum game.

Since the price has fallen nearly 50% in less than 2 weeks, one would deduce a massive reduction of energy wasted by these irresponsible companies propping up this decades most expensive and environmentally harmful Ponzi scheme.

Further information and sources:

Bitcoin price https://international.bittrex.com/Market/Index?MarketName=USD-BTC

Keep mindful that most bitcoin trading volume are bots sending money between their own wallets that are free to generate and nearly limitless in number.

https://digiconomist.net/bitcoin-energy-consumption

An excellent site reporting how wasteful this scam is and how much damage it’s caused.

submitted by /u/Butter_Departure
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