Gold mining consumes 240.61 TWh per year, which is comparable to the electrical energy consumed by a country like Australia.
Source: https://globalenergyprize.org/en/2021/11/24/the-bitcoin-gold...
Source: https://globalenergyprize.org/en/2021/11/24/the-bitcoin-gold...
https://www.nasdaq.com/articles/a-comparison-of-bitcoins-env...
That includes the cost of making jewelry. Also, transactions with gold basically 0 energy.
Transactions with gold often involve transporting it from one location to another location.
> when countries exchange money for goods in other countries, the gold bars aren't even moved. they bar just gets recorded as belonging to another country
And I don't think individuals or companies make transactions with gold that often.
Of course, bitcoin transactions incentivize block creation, but gold transactions also incentivize gold mining to some degree.
Source: https://www.statista.com/statistics/299609/gold-demand-by-in...
Thanks for the link!
Investment. 46.64%
Jewelry. 36.83%
Central banks. 8.58%
Technology. 7.95%
I don’t think it’s fair to lump in jewelry with currency and investments. Much of the discussion I hear argued around cryptocurrency is in comparison to fiat currency. Investments are something again different in my opinion, though I might be convinced otherwise if I saw the those making the comparisons to, say, gold, and making cogent, nuanced points.
Frankly I was pleasantly surprised it was only 46% used for investment.
now that population has irrevocable possession as well, which still doesnt exist for digital tradable goods outside of this system, and all those people can use their digital property for multiple things too
even if it only does any one of those multiple thing moderately well, instead of anything exceedingly well, thats still value. it relies on cognitive negligence to make a separate higher standard for this, that could not apply to any asset under supply and demand pressure.