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this post was submitted on 23 Mar 2025
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Don't thrown all crypto under the bus. Only bitcoin and other proof of work protocols are power hungry. 2nd and 3rd generation crypto use mostly proof of stake and ZKrollups for security. Much more energy efficient.
Sure, but despite all the crypto bros assurances to the contrary, the only real-world applications for it is buying drugs, paying ransoms and getting scammed. Which means that any non-zero amount of energy is too much energy.
There are some use cases below, and none use proof of work.
https://hbr.org/2022/01/how-walmart-canada-uses-blockchain-to-solve-supply-chain-challenges
https://alastria.io/en/renewable-energy-certification/
https://www.prnewswire.com/news-releases/south-american-airline-adopts-travelxs-nftickets-on-the-algorand-blockchain-pioneering-a-new-era-in-travel-industry-301785516.html
I'm aware of this, but it still mostly just something for people speculate on. Something people buy, sit on, and then hopefully sell with a profit.
Bitcoin was supposed to be a decentralized money alternative, but the amount of people actually, legitimately, buying things with crypto are highly negligible. And honestly even if it did serve it's actual purpose, the cumulative power consumption would still be a point of debate.
Yes, most people buy, sit on, and then hopefully sell with a profit.
However, there are a large number of devs building useful things (supply chain, money transfer, digital identity). Most as good as, but not yet better than incumbent solutions.
My main challenge is the energy misconception. The cumulative power of the ethereum network runs on the energy equivalent of a single wind turbine.
Yeah, but at that point you'd have to consider it against how much power the traditional banking system uses.