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Over 2 percent of the US’s electricity generation now goes to bitcoin (arstechnica.com)

submitted 9 months ago by L4s@lemmy.world to c/technology@lemmy.world

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Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

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[–] WaterWaiver@aussie.zone 2 points 9 months ago* (last edited 9 months ago) (1 children)

Transactions per second. Bitcoin is slow and expensive to get your transaction "approved".

[–] makeasnek@lemmy.ml 2 points 9 months ago

Expensive is relative. It's expensive to send a $5 transaction and pay $1 in fees. However, you can move a million dollars in value and pay that same $1 in fees. That $1 in fees can also open a lightning channel which can contain essentially infinite transactions within it. For small transactions, Lightning transactions settle in under a second for fees measured in pennies.

Compared to a bank wire, western union, or other remittance services, $1 is an absolute steal.