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Bitcoin as environmental disaster

If you are thinking about handing in your bitcoin because you're worried that bitcoin might ruin the planet, I have some good news: it won't. Or at least not before everything else we do that produces carbon ruins the planet, even though the recent FUD claiming bitcoin mining "wastes" the same amount of electricity as large countries would have you believe.

The best analysis I could find about bitcoin's energy usage was from earlier this year by Marc Bevand. Also, don't miss out on this great analysis of the current banking and financial industry's energy usage from 2014, which still dwarfs the size of bitcoin's.

There is also a decent argument to be made that because bitcoin intimately links the cost of energy with value we'll be forced to confront our wastefulness and develop cleaner, cheaper sources of energy.

And, if bitcoin does turn out to be Sound Money, decreased consumption could more than outweigh the energy cost of keeping bitcoin secure.

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