Yes, globally the entirety of the
banking industry consumes a lot of power,
and a non-trivial portion of that is
waste that could be better allocated. But it’s also
the global banking industry for seven billion people,
and not the hobby horse of a few hundred thousand gambling addicts.
So just to head all this off at the pass,
Bitcoin and proof-of-work cryptocurrency aren’t
incentivizing a move to green energy sources,
like solar and wind, they are offsetting it.
Because electrical consumption, electrical
waste, is the value that underpins Bitcoin.
Miners spend X dollars in electricity to
mine a Bitcoin, they expect to be able to sell that
coin for at least X plus profit.
When new power sources come online and the
price of electricity goes down, they don’t
let X go down, they build a bigger machine.
It matters a ton what system you use.
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