Quote:
Originally Posted by Boston-Sean
It's the mining that takes up all the energy. Not the trading. Once all of the bitcoins have been mined (about 120 years from now) most of that disappears. FYI, only 2 million more bitcoins will ever be mined. 19 million have already been mined.
El Salvador is working on mining bitcoins using thermal energy from volcanos. They are close to issuing Bitcoin backed bonds referred to as "volcano bonds".
More and more mining is done using excess energy that gets wasted otherwise. Flared gas from drilling, excess hydro power that can't be used, etc.
No doubt it uses a lot of energy though.
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In a world with many energy problems such as having a finite amount of fossil fuel and a growing world population with no moderation in sight - most of Europe facing harsh freezing winter conditions - Russia being in control of Ukraine's largest nuclear plant with fighting all around it. It seems to me like a bad time to be wasting large amounts of energy on the competition to mine more cryptocurrency at the fastest rate for a relatively small number of investors in a product that may not even be a useful product and might just be techno-gambling.
Obviously, I am not a crypto expert and never saw a need to be one. But, the more I read about it the more I think that people should run away from the concept and that governments should regulate cryptocurrency.