No, Bitcoin Won't Use Up All The World's Energy
By Clem Chambers One of the first thoughts anyone looking at bitcoin will have is the amount of energy used by miners to maintain the blockchain. Apparently, some people think that bitcoin and blockchain will boil the seas dry with its energy consumption. Bitcoiners would say this is FUD--the modern equivalent of BS or just straight lies and is often used as an out of hand rebuttal of argument. FUD stands for fear, uncertainty and doubt and used to be an old strategy in marketing to confuse your competitors and keep them from buying your product in a corporate environment generally ruled by a culture of CYA (cover your rear) and fear. Bitcoin using too much energy is thus pure FUD as it originates in the sectors that will lose more or be disrupted most by the blockchain, the latest being the Bank for International Settlements (BIS), a core piece of the global banking infrastructure. Let’s have a quick look at banking’s footprint. According to the world bank th...