Bitcoin Energy Per Transaction Metric Is Misleading

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Environmentalists say Bitcoin uses too much energy. The world can’t afford it. It’s not worth it. That’s what they say. So, it must be true. Or must it? If you’re reading this, you’re probably aware of the popular anti-Bitcoin “energy per transaction” narrative. You’ve seen it in many major media publications. It goes something like this:

“According to Digiconomist, a single bitcoin transaction uses the same amount of power that the average American household consumes in a month — which equals roughly a million times more in carbon emissions than a single credit card transaction. And globally, the carbon footprint of bitcoin mining is greater than that of the United Arab Emirates and falls just below the Netherlands.”

–”Environmentalists Sound Alarm At US Politicians’ Embrace Of Cryptocurrency,” The Guardian


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