Quote:
Originally Posted by afc wimbledon
Bit coin cannot replace banks as what banks do mostly is lend money, banks are not money, they just happen to deal in money.
the only power consumption you could compare bitcoin to would be the printing process of producing money, which is negligable
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The evolution of Bitcoin has turned it into more of a store of value, which means it could be compared to the energy used to extract gold. I've been watching the show "Aussie Gold Hunters" which follows amateur and small-time gold miners in gold rich Australia. It's enlightening to see how a small operation using a loader and medium excavator can expend hundreds of dollars of diesel a day and be happy to get half an ounce of gold.