this post was submitted on 09 Feb 2024
988 points (97.1% liked)
Technology
59204 readers
4036 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Whoever Satoshi was, I wonder how he's responding to the thought that he's personally contributed more to global warming than the average billionaire.
It's a drop in the ocean compared to how much energy the banking industry uses.
The banking industry uses at least 50x more, right?
Lets talk about the bank branchs, data centers, and energy consumption vs crypto.
"Research has found that bitcoin miners alone consume approximately between 60 to 125 TWh of energy annually, which is equivalent to around 0.6% of global electricity
"Traditional banks' total annual energy consumption of traditional banks is around 26 TWh on running servers, 26 TWh on ATMs, and 87 TWh from an estimate of 600k+ branches worldwide. Totaling 139 TWh."
Not to mention banks impact on people's lives. Limited purchasing power of the poor and soon to join them middle class.. to purchase disposable products. Like the old tale of buying a expensive boot vs a cheap one.
I'm all for less power usage .. but seems like a witch hunt compared to what banking gets away w. It's the the first time banks can point the finger at someone other then themselves.
https://www.iyops.org/post/energy-consumption-cryptocurrency-vs-traditional-banks
A system used by everybody, and a system still used by a tiny fraction of the population are using a comparable amount of energy?
hey, most of the crypto fans are all temporarily embarrassed billionaire libertarians anyway, so the bottom 99.5% can all eat shit and die
So it's okay for crypto to consume more energy than banks because... Banks somehow limit the purchasing power of the poor?
I don't think I'm understanding your argument.