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Mining of bitcoin consumes a lot of electricity
06 Mar 2021 (102 views)

Mining of bitcoin now consumes an estimated 0.5% of the global production of electricity.

See this article:
https://www.bbc.com/news/amp/technology-56012952?fbclid=IwAR37AnSLQmELwVOKj0RdBqo2uqkle_B4mRRNYw-wTnlLQPbmklocKn7U_jc

The world consumes 23,398 terrawatt hours of electricity a year. Processing bitcoin takes up 0.5% of the global consumption.

It is wasteful and useless.

I expect that governments will use this as a reason to ban bitcoin and other crypto currencies. Someone told me that China already banned bitcoin for this reason.

If bitcoin is banned by a major government, e.g. the USA, we can expect the price to drop by a lot.

I may take a short position on bitcoin. I have not decided yet.

Note - this is sharing my thoughts. Do not take it as "investment advice". It is risky to speculate.

Tan Kin Lian



Mining of bitcoin consumes a lot of electricity
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Mining of bitcoin now consumes an estimated 0.5% of the global production of electricity.

See this article:
https://www.bbc.com/news/amp/technology-56012952?fbclid=IwAR37AnSLQmELwVOKj0RdBqo2uqkle_B4mRRNYw-wTnlLQPbmklocKn7U_jc

The world consumes 23,398 terrawatt hours of electricity a year. Processing bitcoin takes up 0.5% of the global consumption.

It is wasteful and useless.

I expect that governments will use this as a reason to ban bitcoin and other crypto currencies. Someone told me that China already banned bitcoin for this reason.

If bitcoin is banned by a major government, e.g. the USA, we can expect the price to drop by a lot.

I may take a short position on bitcoin. I have not decided yet.

Note - this is sharing my thoughts. Do not take it as "investment advice". It is risky to speculate.

Tan Kin Lian