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this post was submitted on 10 Feb 2024
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Just to expand on this, While eth is 99.99% less energy use than Bitcoin, it still added 2.8 kilotonnes of co2 last year which is equal to about 2000 average houses for a year.
It's a negligible amount in the scheme of things, but a lot for a virtual currency especially when you add up all the various cryptocurrencies out there.
It wouldn't hurt to make all the POS ones use green energy, but probably wouldn't impact anything by itself.
Changing Bitcoin to green energy alone probably would however.
Why is it "a lot for a virtual currency?" What's the typical energy usage of a virtual currency?
In 2019 Visa used 740,000 gigajoules of energy, which is equivalent to 6727 households (google dug up a figure of 110 Gj/year for that). So this really doesn't seem like a lot for this kind of thing.
By your estimate, visa used 3.4x the power of eth. I would guess visa handles much much more than 3.4x the volume of currency transactions and is way more efficient on energy.
The thing that everyone misses in these comparisons is that yes that’s the energy that VISA expended to make these transactions but for a crypto currency the energy use isn’t even to make the transaction. In the end each transaction is a few Bytes of data that have no difficulty getting across the world (much like this post or any comment). The energy use is so “high” because that’s is used to secure the currency. And of course that’s a much harder comparison to make but a fairer one.
How much energy does the the banking system actually use? How much energy is used to secure the US dollar for example?
You have to account for the entirety of it. That’s like saying that F1 doesn’t pollute all that much because they use bio fuel and the cars are very energy efficient, completely disregarding the fact that the majority of the pollution is in the constant global shipping of cars and gear, as well as R & D