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Bitcoin Is the Size of an Entire Country

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The world's largest cryptocurrency, Bitcoin, is secured by a system known as Proof of Work. Thanks in large part to the enormous success of blockchain technology, the electricity consumption of the network has grown to monumental proportions. In this video, we look at some estimates, talk about why this is a big deal, and then maybe a reason that it's really nothing to worry about. Check out these up-to-date stats on the Digiconomist! https://digiconomist.net/bitcoin-energy-consumption --- This eposide is sponsored by KeepKey: The Simple Bitcoin Hardware Wallet. KeepKey is a hardware wallet that secures bitcoin, ethereum, litecoin, dogecoin, dash, and more! Your assets are protected from hackers and thieves. Pick up yours today at https://keepkey.com. --- About the show: One Minute Crypto is among the fastest-paced bitcoin shows in the universe. We cover everything on blockchain technology: walkthroughs, tutorials, news, and more. Check us out at http://oneminutecrypto.com. Music: http://bensound.com
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Text Comments (12)
Chronos Crypto (8 months ago)
This eposide is sponsored by KeepKey: The Simple Bitcoin Hardware Wallet. KeepKey is a hardware wallet that secures bitcoin, ethereum, litecoin, dogecoin, dash, and more! Your assets are protected from hackers and thieves. Pick up yours today at https://keepkey.com.
J. Hanley Smith (8 months ago)
The sun is a ball of nuclear fire that is 1 million times bigger than earth. The earth itself is mostly molten. I'm not seeing much of a long term energy shortage.
Chronos Crypto (8 months ago)
Good perspective. I am trying to embrace an abundance mindset, too. Create more.
Troi Bryan (8 months ago)
Great episode. I think that DPOS systems, which were invented by Daniel Larimer, will win out in the end. I am long on EOS for sure. I do like SmartCash too, which only pays out 5% of it's tokens to POW miners and 10% to nodes (POS). 15% goes to Hodlers as Smart Rewards... and here's the kicker... 70% goes to the community in exchange for growing the SmartCash Network.
Beef Stroganoff (8 months ago)
Also all the high security trucks that move money around must be pretty wasteful
Chronos Crypto (8 months ago)
Good point!
Sabanata (8 months ago)
China wastes a lot of energy made from renewable sources each year. They have hydroelectric power stations attached to ghost cities without any way to transmit the power to other regions. This is the energy that is being used for bitcoin mining (in China at least).
Sabanata (8 months ago)
Hard to find any articles about the energy waste problem: https://www.reuters.com/article/us-china-renewables-waste/renewable-power-wastage-declined-during-jan-sept-nea-idUSKBN1D14DV
Sabanata (8 months ago)
Not really. Here is an Andreas video about it. https://www.youtube.com/watch?v=2T0OUIW89II
Chronos Crypto (8 months ago)
Great insight! Do you have any suggested sources where we can learn more about this?
jezulatko (8 months ago)
unlike what most media would like to tell you, we are not short of energy in any way. So no - nothing wrong with Bitcoin (when it comes to electricity)
Lorenzo Zjalarre (8 months ago)
It’s still an experiment and the most efficient and secure will survive. Right now it’s BTC, but it’s losing ground to competitors!

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