Bitcoin From Boiling the Oceans to Draining Them – a Critical Perspective

Critics Claim Bitcoin is Going From Boiling the Oceans to Draining Them

Longtime Bitcoin (BTC) critic, Alex De Vries, recently made a jaw-dropping claim that each transaction on the Bitcoin network uses over 16,000 liters of water. That’s right, enough to fill a small swimming pool. Talk about making a splash in the cryptocurrency world!

De Vries, who’s known for his colorful criticisms of Bitcoin, aired his findings in a recent research paper. According to him, the extravagant water consumption is a result of the miner cooling systems and the water usage of miner energy sources. It’s enough to make you wonder if Bitcoin mining is making a secret bid to become the Olympic champion of water sports.

But let’s not forget, De Vries has been critical of Bitcoin’s energy usage before. His tech research site, Digiconomist, has been keeping tabs on the electricity footprint of each Bitcoin transaction, comparing it to mind-boggling metrics like “808,554 Visa transactions or 60,802 hours of watching YouTube.” I don’t know about you, but that leaves me feeling a little overwhelmed and thirsty for some less energy-intensive activities.

Now, before we all jump to conclusions, it’s important to note that some experts believe the calculation of energy cost per Bitcoin transaction lacks context. Cambridge University’s Center for Alternative Finance, for instance, argued that increasing the electricity consumption won’t affect the number of processed transactions. It’s a bit like adding more treadmills to a gym; it won’t make the gym more efficient at counting reps, but it might make you more energized to tackle that water usage in your pool!

• MicroStrategy Adds to Its Bitcoin Stash 16,130 Coins Worth $593 Million!
• AntPool’s Generous Offer Refunding Affected User’s 83 BTC Transaction Fee! Grab It Before It Vanishes!
• LianGuai Daily | Wormhole Completes $225 Million Financing at a Valuation of $2.5 Billion; Cryptocurrency Mixer Sinbad Hit with US Treasury Sanctions

Of course, we can’t discuss De Vries’ claims without mentioning his previous prediction. In 2017, he boldly stated that Bitcoin’s energy consumption would match the world’s entire power consumption by 2020. Well, just like those fortune tellers from the early 1990s who predicted the traffic apocalypse on the internet, that estimate fell flat on its face. Sometimes, we just have to laugh at the outlandish predictions swirling around, like dodging traffic on a crowded internet highway.

Not everyone is so quick to dismiss De Vries, though. Daniel Batten, the founder of CH4-Capital, believes that Bitcoin mining can serve a noble purpose, such as removing methane from the atmosphere. Batten, dubbing De Vries the “Prediction King,” pokes fun at his inaccurate prognostications and accuses him of shifting his focus when proven wrong. It’s a bit like changing the subject at a dinner party when you’ve burned the soufflé.

So, whether you’re a dedicated Bitcoin investor or a casual observer, it’s always fascinating to see the spirited debates and claims thrown around in the world of cryptocurrencies. Will Bitcoin continue to make a splash with its water usage? Only time will tell. But one thing’s for sure, the cryptocurrency world never fails to keep us on our toes. It’s like diving into a pool full of unpredictable currents and thrilling possibilities.

---

Hey there, fellow crypto enthusiasts! What are your thoughts on Alex De Vries’ claims about Bitcoin’s water consumption? Are you feeling a sudden urge for a refreshing swim or reaching for a towel to dry off from all the excitement? Drop your comments below and let’s dive deep into this discussion! 💦🏊‍♀️

Read More: COP28 and Bitcoin: The Beginning of a Beautiful Friendship?

We will continue to update Blocking; if you have any questions or suggestions, please contact us!