There’s been a constant over the last few weeks’ news, thanks to Elon Musk we’re in another Bitcoin hype cycle. The cryptocurrency soared after the billionaire endorsed it, at one point coming close to $60k, before falling back to its current position at time of writing of around $47k. The usual tide of cryptocurrency enthusiasts high on their Kool-Aid hailed the dawn of their new tomorrow, while a fresh cesspool of cryptocurrency scam emails and social media posts lapped around the recesses of the Internet.
This Time It’s Different!
The worst phrase that anyone can normally say about a financial bubble is the dreaded phrase “This time it’s different“, but there is something different about this Bitcoin hype cycle. It’s usual to hear criticism of Bitcoin for its volatility or its sometime association with shady deals, but what’s different this time is that the primary criticism is of its environmental credentials. The Bitcoin network, we are told, uses more electricity than the Netherlands, more than Argentina, and in an age where global warming has started to exert an uncomfortable influence over our lives, we can’t afford such extravagance and the emissions associated with them.
Here at Hackaday we are more concerned with figures than arguments over the future of currency, so the angle we take away from it all lies with those power stats. How much energy does Argentina use, and is the claim about Bitcoin credible?
Continue reading “What Uses More Power Than Argentina But Doesn’t Dance The Tango?”









