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RandomTroll 11-08-2018 10:04 PM

`"Mining" Bitcoin takes more energy than mining gold '
 
Quote:

'Independent researchers Max Krause and Thabet Tolaymat calculated that it takes about 17 megajoules of computer power to generate US$1 in Bitcoin, even when the energy used for peripheral activities, such as cooling computers, is not factored in. By comparison, it takes 5 megajoules to mine US$1 in gold and 7 megajoules to mine an equivalent value of platinum. Aluminium-mining energy requirements, at 122 megajoules, topped the researchers' list.


Over 30 months from 2016 to 2018, the authors report, Bitcoin mining produced an estimated 3 million to 13 million tonnes of carbon dioxide. That range does not account for mine operation and maintenance; even so, it is roughly equivalent to the range of carbon dioxide produced by about 1 million cars, although it is still less than 0.01% of global emissions.'
http://www.nature.com/articles/d41586-018-07283-3

ondoho 11-09-2018 04:05 AM

...so bitcoins are more precious than gold... /s

frankbell 11-09-2018 08:16 PM

More expensive than gold, more like.

ntubski 11-09-2018 09:58 PM

Quote:

Originally Posted by frankbell (Post 5924657)
More expensive than gold, more like.

Like how aluminium is more expensive than gold? Something seems a bit off about this metric...

frankbell 11-09-2018 10:28 PM

Aluminum is at least tangible and useful.

As P. T. Barnum is reputed to have said, "There's one born every minute."

And if that one has a computer, he or she will mine bitcoins.

(I have read that Napoleon once had a banquet at which the meals were served on aluminum dishes, because, at the time, an economical way of refining bauxite had not yet been developed, so the service was quite ostentatious.)

RandomTroll 11-09-2018 10:57 PM

Quote:

Originally Posted by ntubski (Post 5924665)
Like how aluminium is more expensive than gold?

Not more expensive, but requiring more energy.


Quote:

Originally Posted by frankbell (Post 5924672)
Aluminum is at least tangible and useful.

About 5% of gold's value is tangible and useful, in electronics, medicine, teeth...

Quote:

Originally Posted by frankbell (Post 5924672)
(I have read that Napoleon once had a banquet at which the meals were served on aluminum dishes, because, at the time, an economical way of refining bauxite had not yet been developed, so the service was quite ostentatious.)

Before they figured out to electrolyse bauxite in a bath of molten cryolite alumin(i)um was as expensive as gold.


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