Which transactions? The Bitcoin transactions running on coal, natural gas, hydro, geothermal, nuclear, solar, or wind electricity?
Figures don't lie, but liars will figure.
Figures don't lie, but liars will figure.
The mining-power relationship essentially creates a price arbitrage opportunity between electricity prices and Bitcoin mining fees. This is a very bad thing for the global economy as it ties all other uses of electricity to the Bitcoin mining fees in a very direct way. I can't think of another relationship this direct to energy prices, it could be catastrophic for entire industries. Oh and also it's emitting as much emissions as Argentina at the moment.
A friend of mine called Bitcoin a candidate for The Great Filter, and I'm inclined to agree.