this post was submitted on 09 Feb 2024
989 points (97.1% liked)
Technology
59223 readers
2915 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
It's a drop in the ocean compared to how much energy the banking industry uses.
Watch out! Lemmy is full of Fudd that are not part of the cult. You need actual data to convince them and not even just the comparison of 2 numbers but something that takes into account the comparative size of both industries.
Don't worry, you will be able to laugh at them after your gambling addiction pays up.
(Jk you might not even be a line goes up guy but you do seem to have a lot of the crypto bible memorized)
I can't tell if these crypto people (comparing the energy use of banking to Bitcoin) are dumb, or if they think everyone else is.
Yes.
The banking industry uses at least 50x more, right?
Lets talk about the bank branchs, data centers, and energy consumption vs crypto.
"Research has found that bitcoin miners alone consume approximately between 60 to 125 TWh of energy annually, which is equivalent to around 0.6% of global electricity
"Traditional banks' total annual energy consumption of traditional banks is around 26 TWh on running servers, 26 TWh on ATMs, and 87 TWh from an estimate of 600k+ branches worldwide. Totaling 139 TWh."
Not to mention banks impact on people's lives. Limited purchasing power of the poor and soon to join them middle class.. to purchase disposable products. Like the old tale of buying a expensive boot vs a cheap one.
I'm all for less power usage .. but seems like a witch hunt compared to what banking gets away w. It's the the first time banks can point the finger at someone other then themselves.
https://www.iyops.org/post/energy-consumption-cryptocurrency-vs-traditional-banks
So it's okay for crypto to consume more energy than banks because... Banks somehow limit the purchasing power of the poor?
I don't think I'm understanding your argument.
A system used by everybody, and a system still used by a tiny fraction of the population are using a comparable amount of energy?
hey, most of the crypto fans are all temporarily embarrassed billionaire libertarians anyway, so the bottom 99.5% can all eat shit and die
Banks use negligible electricity lmao
Yeah. 600k Branches, 1 million atms, data centers..
yup, tho they also serve more people than crypto bros, about 100,000 times as many
Including everything, about a million times less energy per transaction than crypto.
I think this is the most forced 'lmao' I have ever read
Might want to brush up on that reading comprehension.