Just a PSA that the second biggest cryptocurrency by market cap (ETH) is no longer proof of work, and in the process, reduced their power consumption by ~98%.
this post was submitted on 09 Feb 2024
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"Research has found that bitcoin miners alone consume approximately between 60 to 125 TWh of energy annually, which is equivalent to around 0.6% of global electricity"
"Traditional banks' total annual energy consumption of traditional banks is around 26 TWh on running servers, 26 TWh on ATMs, and 87 TWh from an estimate of 600k+ branches worldwide. Totaling 139 TWh."
Not to mention banks impact on people's lives. Limited purchasing power of the poor and soon to join them middle class.. to purchase disposable products
https://www.iyops.org/post/energy-consumption-cryptocurrency-vs-traditional-banks
Compare Wh vs # transactions. PoW is unsustainable and irresponsible. We need a different way.
I've always been a fan of having the USPS provide banking services to everyone. Make it a public service and it is no longer exclusionary.
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