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RE: How much energy does it take to mine one Bitcoin? (March 2018)

in #bitcoin7 years ago (edited)

Since this is where we're talking about mistakes, I hope you don't mind me adding something to the discussion: From a mining perspective, I agree that this is the amount of energy required to create a Bitcoin. Unfortunately, the conclusion doesn't account for the fact, that the energy is primarily used to secure the network and that creation of a Bitcoin is just an incentive. In other words: Mining primarily secures the network, the computational power needed to create the block reward/Bitcoins is minimal and adds almost no additional energy requirement. Which is why, although the calculation is correct and can be applied to mining, I think it's delicate to use it in a general context. Although the energy is used for more than just creating Bitcoin(it's used to secure the network), it still leaves us with the question of whether or not the amount of energy invested is justified.