Digiconomist

Let’s start the year by reflecting on the colossal waste of resources in Bitcoin mining:

During 2022 Bitcoin consumed 161 TWh of electricity in total, exceeding a country such as Sweden.

Related CO2 emissions were ~90 Mt; again negating the entire global net savings from EVs.

Jan 1, 2023 at 9:56pmWeb
Show threadDigiconomistJan 1, 2023

In 2022 the Bitcoin network handled ~93 million transactions; less than the prior year. Meanwhile the worldwide volume of non-cash transactions is growing past 1 trillion.

BTC’s share is down to just 0.009%, while Bitcoin’s share of global electricity consumption is up to 0.64%

Show threadDigiconomistJan 1, 2023

On average the network consumed 1,738 kWh of electrical energy for every transaction processed on the Bitcoin blockchain.

The same amount of electricity could power an average US household for two months.

Show threadDigiconomistJan 1, 2023

The carbon footprint of a single Bitcoin transaction was 969 kilograms of CO2.

This is equivalent to the per passenger carbon footprint of a one-way flight from New York to Sydney or the total footprint of around two million credit card transactions.

Show threadDigiconomistJan 1, 2023

On top of all that, miners also continue to be responsible for 411 grams of electronic waste per Bitcoin transaction on average.

That is equivalent to throwing away an iPad every time you send money through the Bitcoin network.

For daily updates follow: https://digiconomist.net/bitcoin-energy-consumption

Bitcoin Energy Consumption Index - Digiconomist

The Bitcoin Energy Consumption Index provides the latest estimate of the total energy consumption of the Bitcoin network.

Digiconomist
Show threadQizzio 𖡣Jan 1, 2023
@digiconomist ... or could power an average European household for half a year.
Show threadPierre WikiJan 3, 2023
@qizzio @digiconomist An average European household consumes about 4 MWh/yr of electricity. So 161 TWh would power about 40k of them.
Show threadQizzio 𖡣Jan 3, 2023

@pierrewiki @digiconomist Check the reference toot: "On average the network consumed 1,738 kWh."

We (3+cat) stay below 3 MWh, sounds OK :)

Show threadPierre WikiJan 3, 2023
@qizzio @digiconomist 1,738 kWh per transaction. It means that it takes 5 months of a household electric consumption for one single average transaction.
Show threadQizzio 𖡣Jan 3, 2023
@pierrewiki @digiconomist q.e.d.
Show threadPierre WikiJan 3, 2023
@qizzio my bad, your toot appears to me like it is referring to the first of the thread. Which led me to think your were minimizing the craziness of those consumption levels.
Show threadQizzio 𖡣Jan 3, 2023
@pierrewiki I know 😅 Thx for checking. It is always helpful to relate to something we know. Like km driven or households.
My electric skateboard consumes 100W / 10km. So 1 bitcoin transaction could propel me 173800 km. How crazy is that. Earth perimeter is 40000 km.
For 1 bitcoin transaction I could skate over 4 times around the earth. That would be fun!
Show threadAlberto BerrettiJan 2, 2023
@digiconomist
That's about 10000 km on my (small: a Volkswagen e-Up) electric car. Complete folly.
Show threadQizzio 𖡣Jan 1, 2023
@digiconomist
This amount of energy could power 50 million electric cars.
That is twice the amount of electric cars that are on the roads today worldwide. (20 kWh / 100km, 15.000 km yearly driving per car).
Show threadTony LawrenceJan 3, 2023
@digiconomist Why don’t we just outlaw digital currencies period? There is precedent: you cannot make your own money, so why do we allow this nonsense?