Bitcoin Mining and the Beauty of Capitalism

One of the biggest problems people who levy attacks at Bitcoin mining are missing is that things are not static. We live in a dynamic world where things change on a regular basis.

Bitcoin miners have the reputation of consuming too much energy yet it takes about 1/10th the power to run Bitcoin as it does the banking network. Bitcoin is also lower than the energy used to produce gold.

Bitcoin 230 million gigajoules
Gold 475 gigajoules
Banking 2.3 billion gigajoules

Miners are also very creative. Since they know what their costs are in relation to the price of Bitcoin, they can do things to alter their production costs. Lower production costs = less energy used.

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