Another victory: on the mining of Bitcoin is spent 4 times less than gold production
Source:One of the favorite arguments of the opponents of cryptocurrencies — stories about what mining has too much power. However, when mining cryptocurrency is used four times less energy than the extraction of gold. Information analysts voiced LongHash. Their report results .
According to analysts ' estimates, every year in the production of gold is spent of electricity, labour and other resources amounting to more than 87,3 billion dollars. In contrast, for mining Bitcoin is used by less than 4.3 billion.
theBitcoin vs dollar: who will win
Now the crypto market is worth 200 billion dollars and the total market cap of gold is estimated at about 8 trillion dollars. Given the enormous discrepancy in valuation between the two markets analysts may argue that the high cost of energy for the extraction of gold may be justified.
The fact that this estimate included costs incurred by the exchange and the Agency for the sale of gold by HSBC, ICBC, Standard Bank, JPMorgan, Scotiabank and UBS.
At the same time a top Manager of the company ConsenSys John lillich believes that the specific value of cryptocurrency transactions is higher than with gold. However, significant energy consumption during mining digital money is still a big problem in the first place for the miners who are trying to reduce costs.
The Question is whether the gross value of inefficient use of energy in the cryptocurrency benefits that brings further storage assets. I would say Yes. It's worth it, but only if industry members will be given priority and will continue to work on improving the efficiency of energy use, especially in Proof of Stake.
Is it Worth mining to operate at a loss? Please share your comments .
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