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1. bitacadie@bitacadie.com's status on Monday, 13-Jun-2022 05:40:10 UTC BitAcadie

   in reply to

   • Fabio Manganiello

   @blacklight Numbers don't lie but your logic is incorrect.

   I want to help you understand.

   The energy spent performing the proof of work is not spent processing the transactions.

   The proof of work is keeping all the existing bitcoin transactions immutable.

   Any node can validate a transaction without doing any proof of work.

   So it's false to say it cost this incredible amount to process a transaction.

   We can say it cost this much energy to secure the bitcoin network.

   • Fabio Manganiello (blacklight@social.platypush.tech)'s status on Monday, 13-Jun-2022 05:40:16 UTC Fabio Manganiello

     @BitAcadie let's do the math together.

     Pulling some publicly available data (some of that referenced in the articles you mentioned), #Bitcoin:

     - Processes 230,000 transactions per day
     - Consumes about 110 TWh per year

     That accounts to an average of 1.3 MWh per transaction (1.1e14/2.3e5/365).

     So the estimate from the MIT article is actually quite accurate.

     The average US household consumes 11 MWh per year.

     Therefore, in order to process a single Bitcoin transaction, in average, we need more energy than the average US household consumes in a month. Numbers don't lie.