Bitcoins Bites too Hard, Dies By James Reed
Mike Adams was issuing a lot of warnings about Bitcoin a few month’s ago, or was it longer? Things have gone a bit quiet on the Bitcoin doomsday front. Until now:
“This paper has outlined various methods that are currently used in determining the current and future electricity consumption of the Bitcoin network. These methods tell us that the Bitcoin network consumes at least 2.55 GW of electricity currently, and that it could reach a consumption of 7.67 GW in the future, making it comparable with countries such as Ireland (3.1 GW) and Austria (8.2 GW). Additionally, economic models tell us that Bitcoin’s electricity consumption will gravitate toward the latter figure. A look at Bitcoin miner production estimates suggests that this figure could already be reached in 2018. With the Bitcoin network processing just 200,000 transactions per day, this means that the average electricity consumed per transaction equals at least 300 kWh, and could exceed 900 kWh per transaction by the end of 2018. The Bitcoin development community is experimenting with solutions such as the Lightning Network to improve the throughput of the network, which may alleviate the situation. For now, however, Bitcoin has a big problem, and it is growing fast.”
In other words, mining Bitcoin is now consuming so much energy, that the entire system is in danger of collapsing, or at least diminishing in profitability. That is one of many ways predicted for the cyber-currency to fall. That would be a pity since something along these lines would be a good first step to breaking the iron cage of financial tyranny before a better solution of social credit can be put into place.