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Cryptocurrency mining is a waste of energy – IMF's Lagarde
| “The bitcoins mining, which is this accelerated and augmented use of computers to actually determine the value and incentive the functioning of the mechanism, is energy angry,” Lagarde said at the World Economic Forum in Davos in an interview with Bloomberg on Thursday.
“And we figure that in 2018, if it continues, that system will actually consume as much electricity as Argentina.”
| According to the Bloomberg’s data, cryptocurrency miners used more than 37 gigawatt-hours a day – equivalent to 30 1.2-gigawatt nuclear reactors running at full capacity.
Digiconomist’s Bitcoin Energy Consumption Index says cryptocurrency mining could power 4,124,115 US households, and the energy consumed can be compared to Iraq’s electricity consumption.
| he cryptocurrency network is mostly fueled by coal-fired power plants in China because energy is cheap there, which results “in an extreme carbon footprint for each unique bitcoin transaction,” the website claims.https://www.rt.com/business/416946-bitcoin-mining-energy-waste-lagarde/
| It's been pretty common knowledge for a while now that's why sites use Javascript to mine using the user's computer, that way the extra energy cost goes to the users
| >>127166 I mean people only care about gaining money without having expenses
Ecology is only their concern when it cuts costs
| People wasting resources to get fake socially accepted money instead of helping people? That's a new one.
| That's obviously a huge waste of resources, but that's what people want and pay their money to do it. Like video games. Are you gonna ban them? Just wait until the bubble burst and cryptocurriencies in which mining is used to do actual productive stuff survive.
| >>128359 videogames are productive I became an engineer because I played video games nonstop instead of properly studing
| I mean, this isn't really surprising. It just so happens data was compiled on it.
Imagine if we calculated how much power is consumed from devices watching YouTube videos. It doesn't seem shocking that if a lot of people do something, then a lot of resources will go towards doing that one thing.
And +1 to >>127168. From mining coin to watching videos, ecology has never been a concern unless it's a bonus to some other end.
| >>127159
>is energy angry
Wow, chill. I know you liked angry burgs, but you don't need to have a Tourette's over it.
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| The amount of power wasted on producing bitcoin and other cryptocurrencies could soon be equivalent to the yearly energy needs of a large country like Argentina if current trends continue, according to IMF chief Christine Lagarde.