Anyone else find it a bit odd being told how energy inefficient bitcoin is, whilst watching tv and seeing several gigantic diesel machines churn up thousands of tonnes of earth in Alaska to produce tiny flecks of gold?

A quote from Satoshi Nakamoto:It's the same situation as gold and gold mining. The marginal cost of gold mining tends to stay near the price of gold. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange.I think the case will be the same for Bitcoin. The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste.

Submitted April 03, 2021 at 08:23PM