Proof of work (PoW) crypto-currencies like Bitcoin are physically non sustainable.
The Bitcoin network currently consumes more electricity than Argentina (130 tWh / year), for 400 000 transactions per day. This is ridiculous : it represents only 0.02% of the global daily digital payment transactions (about 2 billions / day).
Bitcoin is the worst waste of resources and energy in human history. It is solely used for financial speculation, with no genuine utility. This is a call to ethical hackers: through targeted and repeated computer attacks, we could undermine the confidence of speculators and burst this irrational and destructive financial bubble.
The price of Bitcoin recently reached new highs: more than $ 30,000 for 1 bitcoin. The electricity consumption of this cryptocurrency follows the same trend  The blockchain constantly consumes as much electricity as Chile (77.78 terawatt-hours per year) and has the same carbon footprint as New Zealand (36…
Most wallets and transactions are handled off-chain by the cartel of exchange platforms. In practice, Bitcoin is more centralized than the banking system.
In order to assess the (insane) consumption and footprint of Bitcoin per active user, we looked into the blockchain and found only 31 millions wallets with positive balance, of which only 10 millions were active past year.
How is it possible, since we usually hear Bitcoin has more than 100M users ? Coinbase alone advertises 56M active users ? 70% of which owning Bitcoin, this is already 40M Bitcoin users on Coinbase only. Right ?
Looking at the blockchain, we find only 8.2 millions active users in the past year. This allows to compare the environmental footprint of Bitcoin with other activities, per active user.
We know it compares to the consumption entire countries (between Sweden and Egypt) and exceeds the consumption of all GAFAM and all electric cars on earth, combined :
Bitcoin already consumes more than systems used by billions of people, daily.
However, to compare…
The data of "coinshares" have proven to be wrong with the recent drop of 25% of hash rate caused by a global black-out in the province of Xijiang : a province of china running mostly (80%) on coal :
The data from the University of Cambridge is much more accurate and detailed : https://cbeci.org/mining_map
Based on this data of shares per region, and on a database of life cycle assessment (ecoinvent) I show that the average carbon footprint of bitcoin mining is 830g CO2 / kWh : way worse than the US mix :
With the current consumption ( 140 TWh / year), this sums to over 115 Mt CO2 / year : more than the carbon footprint of whole Belgium !
At 50k, Bitcoin will soon consume more electricity than Australia with higher carbon footprint than whole Belgium.
At 1M$, it would consume 20% of all world electricity and top the carbonn footprint of all EU.
This thing is a fucking cancer ! This is insane. You guys are criminals.
I see you refer to CBECI, and then continue with general talking and twisted logic to conclude that on average, Bitcoin mining might use more renewables than US.
Data proves you wrong : by crossing the shares of mining per region provided CBECI with the Ecoinvent database (DB of lifecycle footprint) we find that the Bitcoin mix is 830g CO2 / kWh on average : way worse than the average USA mix (530g per ecoinvent).
Bitcoin is mostly powered by fossils.
@Nic Carter : Why did you delete this comment ?
Developing renewable energies to replace fossil fuels is a good thing. Developing them to increase the global consumption, especially for frivolous and inefficient usages, is not.
Bitcoin’s energy usage skyrockets along with its price, burning currently around 130 TWh / year (as much as Argentina) and is expected to double again in the coming months, reaching the power of whole Australia … for processing only 0.02% of all digital transactions.
We recently demonstrated, by crunching the data from recent studies, that contrary to what the bitcoin industry says, bitcoin runs mostly on fossil fuels, with an average carbon footprint of…
By crunching the data, we find that the average carbon footprint of electricity used for bitcoin mining is 830g CO2 / kWh : Worse than the average US mix (530g CO2 / kWh). We should rise up against this madness.
As Bitcoin’s energy usage skyrockets along with its price, the Bitcoin industry (miners, traders, …) use a proportional energy to build legends for green washing. They invent a parallel world where burning phenomenal amounts of energy becomes good for the planet, in violation of the most elementary laws of physics.
You may already know that bitcoin currently consumes more electricity…
The bitcoin network currently consumes as much power as Argentina. This could be twice as much in a few months.
As the price of Bitcoin is skyrocketing on the market, its tremendous energy consumption is following the same path. According to estimates by the university of Cambridge, the Bitcoin network currently consumes about 130 TWh per year, around the consumption of Argentina :