Quote:
Originally Posted by ithos
Before Ethereum’s switch (pre-2022): All crypto mining likely used ~1.5–2.5% of U.S. electricity.
Now (2023–2024): With Ethereum off proof-of-work, Bitcoin makes up ~90–95%+ of crypto mining electricity use. So the total for all crypto mining is still roughly the same range as Bitcoin alone — 0.6% to 2.3% of U.S. electricity generation.
BTC is a giant parasite that provides absolutely no benefit in enhancing productivity or prosperity. What happens when the last BTC is mined? Then comes the massive fees that will be tacked on to every transaction. Or will the the miners go away and transactions will be on the lightning network, virtually eliminating all of the benefits and security of mining?
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Just the same as the dollar and coinage, right? Look at the cost of operating the US Treasurer and the printing of dollars, creating coinage, replacing the same when lost, damaged or wornout. Can we even begin to evaluate the parasitic value of creation of the dollar?