A New Study - Bitcoin is 56x more energy Efficient than Traditional Banks

[fennic]

"We demonstrate Bitcoin consumes 56X less energy than the classical system. When Lightning is compared to Instant Payments, Bitcoin gains exponentially in scalability & efficiency, proving to be up to a million times more energy efficient per transaction."

- Source of article, that might helpful to some users to get knowledge too
https://twitter.com/lopp/status/1537440210203553792

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[acroman08]

I suggest sharing the article where you took this information so people who might be interested in the story can read it in full, and also to prevent your account from getting banned due to plagiarism.

I am seeing that only Bigger members like hero or legendary members are giving merits each other, not to newbies or other such people. I was hoping that people who have best and good post might get merit but that's not the case 😁

if you actually paid attention high ranking members are giving merits to any ranks that they think to deserve it. what you might consider "best" or "good" might not be the best or good for other members. if you want merit, do better, quoting or sharing a link from an article won't get you one(unless someone found it extremely helpful and decided to give you merit)

[AnotherAlt]

I suggest sharing the article where you took this information so people who might be interested in the story can read it in full, and also to prevent your account from getting banned due to plagiarism.

The source of his post is this: https://cryptoslate.com/bitcoin-uses-56-times-less-energy-than-classical-system/. I would request OP to Edit his post and add the source of his post to get rid of getting banned.

I am seeing that only Bigger members like hero or legendary members are giving merits each other, not to newbies or other such people. I was hoping that people who have best and good post might get merit but that's not the case 😁

Almost 90% of newbies have the same thought as yours. Look at my Rank. I am not a hero member or a Legendary. I am a full member and I am getting merits from others. I wouldn't say my post quality is good. But, Try to post something helpful and informative or write something interesting that is worth reading. Don't do Copy-paste, or you will find yourself banned.

[franky1]

most people give merits if someone say something enlightening, a light bulb moment that inspires the community and makes everyone a little bit brighter.something unique and interesting and worthy.

just linking an article well, talking about an article without even linking it is not worthy of merit

also merit is not that important

[mk4]

I am seeing that only Bigger members like hero or legendary members are giving merits each other, not to newbies or other such people. I was hoping that people who have best and good post might get merit but that's not the case 😁

Posting a quote even without the source is a "good post" now? Lmao.

Also, there's a reason why most high ranks have high ranks in the first place — because most of them deserved the merits.

[Kakmakr]

"We demonstrate Bitcoin consumes 56X less energy than the classical system. When Lightning is compared to Instant Payments, Bitcoin gains exponentially in scalability & efficiency, proving to be up to a million times more energy efficient per transaction."




I am seeing that only Bigger members like hero or legendary members are giving merits each other, not to newbies or other such people. I was hoping that people who have best and good post might get merit but that's not the case 😁

When someone post a half-ass thread like this, without the source for their information and then complain about "Merit" .... I have to respond.   Have you ever scrutinized the post that are getting "Merit" and learnt from that?

This would have been a "great" post, if you did it properly, because it is a "hot" topic in the community and everyone are waiting for someone to do proper research on the energy usage of Banks vs energy usage of Crypto currencies.

Try again... and do some proper research and discussion... then you might get some "Merit" for it.

[Tytanowy Janusz]

I am seeing that only Bigger members like hero or legendary members are giving merits each other, not to newbies or other such people. I was hoping that people who have best and good post might get merit but that's not the case 😁

Was thinking the same in 2018 when I created my account. As you can see I was wrong and my account is far from having 0 merits. Just continue to create good content it will be here for ever. Some of my posts are getting merits half year after they were created.

People don't have much of them. As franky1 said - post have to be special. if i read like 50 posts a day and I have like 1 merit to give... do not feel offended it wasn't your post.

"We demonstrate Bitcoin consumes 56X less energy than the classical system. When Lightning is compared to Instant Payments, Bitcoin gains exponentially in scalability & efficiency, proving to be up to a million times more energy efficient per transaction."

Source of article is needed in OP. Number are devastating. And yet people will continue to fud that bitcoin will be banned because of carbon footprint while its 56x better than its main competitor. Bitcoin is more eco-friendly than PC gaming -

Let's ban bitcoin mining ... meanwhile new graphic cards made for gamers are about to hit the roof with power consumption GeForce RTX 4000 “Lovelace“ power draw might exceed 800 W. Just to run AAA game with 4k in 60 fps. Why not ban gaming? why not allow minesweeper and solitaire only as the most eco-friendly games?

"Based on our very rough estimates, we found that the worldwide electricity consumption of people playing video games is 46% higher than the total consumption of Bitcoin mining as of November 2019."
https://braiins.com/blog/bitcoin-mining-vs-gaming

What about warm baths? We can all take cold baths. Its even healthier for us. I bet that warm baths worldwide consume more energy than bitcoin.

I'm just kidding with all this, but I want to show only how much hypocrisy we live in that elites can ban/limit everything they want only because it does not fit their narrative. I don't understand why bitcoin is treated differently from others. Its only a customer of companies producing and selling electricity. It's their fault that energy they produce is dirty. Just like gamers are customers only, just like every single one of us is. No one check what percentage of your gaming PC energy consumption is made from renewables. No one force to buy and run 1 solar panel unit for every GTX 1060 or stronger GPU you have.

[KennyR]

With banking, the ATMs itself will cost big in energy consumption. At present the available number of the cryptocurrency ATMs in comparison to the traditional banking ATMs were very low in number. A small Bank branch have got atleast 5 to 10 computers. There'll be energy consumption variation, but the organisation that keep on mentioning bitcoin is against the go green process. Even with statistical and real-time data they never believe in it.

[jackg]

"We demonstrate Bitcoin consumes 56X less energy than the classical system. When Lightning is compared to Instant Payments, Bitcoin gains exponentially in scalability & efficiency, proving to be up to a million times more energy efficient per transaction."

Source of article is needed in OP.

I found it! https://twitter.com/lopp/status/1537440210203553792

(there's others but I don't have seen that name before so I'll share there's).


I've found research papers that point at its efficiency being higher and I wouldn't doubt that either. Especially if bitcoin's inflation drops and the price stabilises. Computers consume power even if they're idle, if these are used in companies to handle the burden of lighting payments then they'll still consume about the same amount of energy and will be contributing to the network for free (same goes for normal computers that are lighting enabled).

[Anonylz]

"We demonstrate Bitcoin consumes 56X less energy than the classical system. When Lightning is compared to Instant Payments, Bitcoin gains exponentially in scalability & efficiency, proving to be up to a million times more energy efficient per transaction."

Such posts should be accompanied by the source link, some forum members like to check the source of the content to ensure its authenticity. That being said, btc has been castigated for high energy consumption and bad to the environment severally for a long time but if some new study is out to counter such claims, it will be good for btc and the entire crypto community but unfortunately, I doubt the btc haters would find this new study any relevant.

I am seeing that only Bigger members like hero or legendary members are giving merits each other, not to newbies or other such people. I was hoping that people who have best and good post might get merit but that's not the case 😁

You should focus more on providing good and quality posts than merit even though i know it is important to help you grow in rank, but once you post something worthy of being merited, am sure you will be merited.

[Raflesia]

It seems that in this case you are only fixated on merit, not on quality posts.
You need to understand that indeed pasting something but without a clear source and only half of it is not something of a quality friend

I am seeing that only Bigger members like hero or legendary members are giving merits each other, not to newbies or other such people. I was hoping that people who have best and good post might get merit but that's not the case 😁

From what you just said it actually explains what you mean by creating this thread for. Just because bringing in bitcoins with the paste results without providing a completely valid source and ending with a sentence like this is really not a good thing in my opinion.

[Pumared]

"We demonstrate Bitcoin consumes 56X less energy than the classical system. When Lightning is compared to Instant Payments, Bitcoin gains exponentially in scalability & efficiency, proving to be up to a million times more energy efficient per transaction."

- Source of article, that might helpful to some users to get knowledge too
https://twitter.com/lopp/status/1537440210203553792


I am seeing that only Bigger members like hero or legendary members are giving merits each other, not to newbies or other such people. I was hoping that people who have best and good post might get merit but that's not the case 😁

Sharing news will generate merits for you, if it does, it will be very little. Try to create your own opinion based on sources and at the end cite them. In my view, this is a way where you learn and still manage to pass your vision and knowledge to several people.

Regarding the topic, even saving energy, the number of bank transactions is several times higher than that of Bitcoin. So this big expense is justifiable.

[Piesel]

This thread could have been one of the most active threads on this board but you deviated from the original content of this thread and shifted your attention to merits and how high-rank members share their merits.

All I can say about bitcoin energy consumption is that this topic has become a highly speculative discussion that many members are diving into research as to accertain the true data and what makes up for the bitcoin energy consumption and banks since their both make use of computing system to perform transactions within the system.

I believe the banking sector consumes more energy than Bitcoin due to centralization and public acceptance.

[348Judah]

I am seeing that only Bigger members like hero or legendary members are giving merits each other, not to newbies or other such people. I was hoping that people who have best and good post might get merit but that's not the case 😁

Are you argitating for merits or what? When i started reading your post it sounds interesting not until i come across the second and ending paragraph that just make a spoil to your post, should in case you don't know, Merits in given base on individuals convinctions, touch or impact they got served from your post, you don't beg for it, ask for it, sell or questions anyone for not giving you, you will understand better how to takes to earn a merit and your own turn will soon come, by then we will see how you will display fareness and justice in giving out merit on posts.

[KingsDen]

Almost 90% of newbies have the same thought as yours. Look at my Rank. I am not a hero member or a Legendary. I am a full member and I am getting merits from others. I wouldn't say my post quality is good. But, Try to post something helpful and informative or write something interesting that is worth reading. Don't do Copy-paste, or you will find yourself banned.

What newbies need to understand is that merits in this forum is like money. Everyone needs money, but when they go about the street shouting and begging for money, they would be disregarded and likely no money will come their ways.

But when someone in need of money comes up with a good idea, profer solution to people's problems or offer some services, money will flow in.

That is what happens in the forum, no matter how you directly or indirectly beg for merit, it might not come until you start doing things that are merit-worthy.

[hatshepsut93]

Bitcoin is an electronic peer-to-peer payment system, and it's not correct to compare it with the whole banking and fiat money system. As the paper shows, a large portion of energy is spent on maintaining banknotes and coins, and it may seem that Bitcoin is winning here, but it's essentially like asking "what's better - a car or a ship?". The world needs both electronic and physical money, our civilization won't be able to function without physical money, and it's foolish to try to fully get rid of physical money, because it makes society vulnerable to disruptions of electronic payment methods, Internet, energy grid.

Second, the paper shows how banks consume a lot of energy because they employ millions of people, but that's because banks provide services other than simply transferring money, like approving loans, helping people invest and so on - Bitcoin has none of it. Also the human in the loop has features that Bitcoin doesn't have - it can save you from scammers by asking for additional verification, it can help you undo theft or transactions done by mistake, it can recover access to your account if you lost your password and so on. It also comes with negative sides like unjust fund seizures or account freezes, but overall it makes banks very different from Bitcoin, so again it's not correct to say "both systems transfer money, so we compare their total energy use".

If Bitcoin was offering EVERYTHING that banks offer, it would be possible to compare its energy use with full energy use of banks.

[LoyceV]

- Source of article, that might helpful to some users to get knowledge too
https://twitter.com/lopp/status/1537440210203553792

Instead of Twitter, you should post the actual source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4125499

Unfortunately, this topic is already lost with many posts about OP's Merit begging. But the paper is worth discussing. Therefore, I'll take the discussion to [LAUNCHED] Bitcoincleanup.com: a website to stop Greenpeace's bitcoin FUD.

[KaliLinux]

"We demonstrate Bitcoin consumes 56X less energy than the classical system. When Lightning is compared to Instant Payments, Bitcoin gains exponentially in scalability & efficiency, proving to be up to a million times more energy efficient per transaction."

Such posts should be accompanied by the source link, some forum members like to check the source of the content to ensure its authenticity. That being said, btc has been castigated for high energy consumption and bad to the environment severally for a long time but if some new study is out to counter such claims, it will be good for btc and the entire crypto community but unfortunately, I doubt the btc haters would find this new study any relevant.

Right, those bitcoin haters will always say what they want about Bitcoins energy consumption even though this has been proven many times not to be correct when compared to some other sectors' energy consumption of the economy, however, it is still good to continue to put this type of information out there for those dry brains.

[coolcoinz]

I agree with them that banks make a mistake when comparing their services to bitcoin. They only focus on bitcoin's power consumption and compare it to the ATM power consumption, while bank doesn't operate on those alone. They'd have to add every single card terminal in every single store and every data center that connects these. They'd also have to add every computer in every bank branch, every piece of light and CCTV system, every server of online banking and so on. If they use electric heating in their branches they'd have to add it, along with AC, water heaters in bathrooms and many many other little things like security systems.

I am seeing that only Bigger members like hero or legendary members are giving merits each other, not to newbies or other such people. I was hoping that people who have best and good post might get merit but that's not the case 😁

Why are you so cynical? Are you in some kind of merit competition? When I see someone frustrated about not getting merit I picture them standing in the middle of a street asking people to pat them in the back or hug them. Do you need a hug mate? I'll give you one!

[Die_empty]

The world needs both electronic and physical money, our civilization won't be able to function without physical money, and it's foolish to try to fully get rid of physical money, because it makes society vulnerable to disruptions of electronic payment methods, Internet, energy grid.

Most countries lack basic amenities that would aid bitcoin adoption and usage, therefore it would take many years for bitcoin to be used in such areas for transactions. Illiteracy is another major reason why physical money would still be around. Fiat is very easy to use for the uneducated. A high percentage of my country's population has never used ATMs and greater number lack internet banking skills. Bitcoin adoption would increase as more countries embrace mass education and technological development. For now, fiat would still be around.

If Bitcoin was offering EVERYTHING that banks offer, it would be possible to compare its energy use with full energy use of banks.

You just gave me a new perspective on why traditional banking services still prevail. Human intellect can not be compared to machines and robots and they still offer a wide range of services that bitcoin lacks. But I am predicting that bitcoin might start offering these services in the nearest future. But the fact that traditional banks consume more energy than bitcoin would always be underplayed by bitcoin haters, while they would always overblow bitcoin's energy consumption. Hence, I am very happy when I see findings like this.