I see news stories that will give examples of how much energy a type of technology uses (usually AI or crypto). They’ll claim very big numbers like the whole ecosystem using “as much as a small country” or one instance of use being “as much as an average home uses in a year.”
With the crypto ecosystem being so big and I’m less inclined to defend it, I haven’t thought as much about the claims. But with AI while it still has problematic aspects, it also has a lot of useful applications. When I run a single query the idea it’s the same energy as driving my car ten miles or whatever doesn’t seem to pass the smell test.
How are these numbers generated? Historically media doesn’t do great with science reporting (“a cure for cancer was just invented” etc) so just trying to get some context/perspective.
Don’t you think if some other currency surpassed Bitcoin as the best known and universally adopted currency that people would start speculating on the new currency instead of Bitcoin?
The issue is both proof of work and limited number of coins. As more people use a limited number of coins, the price will go up and so mining difficulty will go up, and so energy use goes up.
I think the future of cryptocurrency is inflationary coins that use proof of stake. (Also with anonymity built in instead of pseudonymity)