[charlieo1126@gmail.com]

Originally Posted by MartinSE

I am not smart enough to have any thoughts on Bitcoins themselves. BUT. From what I understand the value in Bitcoins is two things. One they are 100% untraceable. And two, they disempower banks. A lot of people see banking as "evil". I am not taking a side, just repeating what I have read. It will be interesting to see how it goes. My biggest problem with Bitcoins is that the farms use hellish amounts of energy, most of which is in China and produce using coal. Not good.

Bitcoin mining consumes around 91 terawatt-hours of electricity annually. The Digiconomist's Bitcoin Energy Consumption Index estimated that one Bitcoin transaction takes 1,544 kWh to complete, or the equivalent of approximately 53 days of power for the average US household.

To put that into money terms, the average cost per kWh in the US is 13 cents. That means one Bitcoin transaction would generate more than $200 in energy bills.

china has now banned crypto and the USA has quietly slipped into the number 1 mining spot