Bitcoin is unsustainable in light of its energy consumption. Several authors have examined Bitcoin’s energy consumption and concluded Bitcoin is using up as much energy as a medium sized country. Currently about 72 in the world if considered a country.
I can not find a peer review, but I see several independent sources (see end) making their own assumptions, which seem plausible (I am no expert).
I highlight the digiconomist work. They calculate bitcoin’s energy consumption to power approx 1.5m US households, They estimate the VISA network to be equivalent to 50,000 households.
See above
As I have argued earlier, I do not believe Bitcoin is a good investment, but it might be thought of as a currency or a money. Many are excited by the possibilities of blockchain.
This work suggests more needs to be done to make blockchain energy efficient, if this will be a sustainable mechanism.
The author Deetman writes after his calculations: “I haven't given up on the idea of distributed network transactions, but a radical rethinking of how these may be secured would be beneficial, be it at least for the environment.” And if the calculations made by analysts below are true, I would concur. H/T to https://digiconomist.net/bitcoin-energy-consumption as source.
References: Bitcoin Consumes A Lot Bitcoin Is Still Unsustainable
Electricity consumption of Bitcoin: a market-based and technical analysis
Proof of Work Flaws: Ethereum Lays Out Proof of Stake Philosophy
An Unsustainable Protocol That Must Evolve
Bitcoin Could Consume as Much Electricity as Denmark by 2020
Bitcoins are a waste of electricity Bitcoin is Unsustainable
If you'd like to feel inspired by commencement addresses and life lessons try: Ursula K Le Guin on literature as an operating manual for life; Neil Gaiman on making wonderful, fabulous, brilliant mistakes; or Nassim Taleb's commencement address; or JK Rowling on the benefits of failure. Or Charlie Munger on always inverting.
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