Bitcoin Is More Energy Efficient than Banks Bitfury CEO Tells US Lawmakers
The market always needs 2.5 times more technology than Bitcoin (BTC) to generate the same value and no proof of doing (PoW) offers real confidence. indeed, according to Brian Brooks, CEO of blockchain technology giant Saint Bitfury and former U.S. chief financial officer.
In other words, the bank needs 573 TWh of skills to generate value for $ 1 trillion. That's more than or less than 2.5 times the amount of sites needed to generate the impact of value on bitcoin, Brooks said in his testimony before the announcement before the meeting. said in U.S. Bank Account Representatives by Thursday.
[] This distinction would be clear as to why venture capital firms like the market are often so important to the cryptocurrency process, Brooks added.
The company's comparison to Bitcoin and bank account came after Brooks first compared digital gold to his livestock. Bitcoin mining and gold mining consume in terms of associated electricity costs in a year, according to Brooks testimony, the accumulation of gold mines with a range of additives to environmental problems, including heavy waste, chemicals and pollutants.
Thus, for example, if bitcoin competes in creating value after gold, the next question is whether the animatronics used in bitcoin mines generate more financial value per person. the survival unit on gold mines, Brooks notes, adding:
If bitcoin and new cryptocurrencies compete when banks compete for payment, the question is whether the computer used in bitcoin mining creates more value for a person. power unit above the bank.
Discussing proposals for concept test (PoS) blockchains that use less life than justification excuse chains themselves related to changing the purpose of Bitcoin and Ethereum (ETH) (ETH) in PoS), Brooks said: these are an important thing. and non-essential part of the crypto-ecosystem. However, he added that they differ from PoW in terms of distribution and skepticism.
Brooks pointed out that there was no evidence of insufficient payments to secure the credibility of a peer-to-peer argument, Brooks noted, explaining that PoS can be compared to marketing marketing always has the greatest control over most products on the market. (Learn more: Fiat-like stock test chains like centralization and wealthy players)
Evidence of doing so, such as the Bitcoin network, on the other hand, does not necessarily guarantee that large investors will succeed in integrating them all, according to the statement.
In addition, Brooks, who not only served as Legal Administrator for Coinbase before becoming financial manager in his role as Treasurer, counts on what he calls Bitcoin the best value:
Ability to stabilize power lines from robust mining systems that can be supplied with electricity or shut down at the request of grid users.
Increase the performance of ASIC mining systems.
The result of the promise of cooling tape for mining machines that can reduce the use of computer graphics to cool.
Today the hearing has already been known in the crypto community, according to a published memorandum once accused of containing critical errors and praising the blocking chains of evidence.
The same statement was also issued by Coin Metrics co-founder and Castle Island Ventures co-founder Nic Carter, who also told the Bitcoin Mining Council on Tuesday that the newspaper has value associated with e-commerce. save, that we know it is twice.
In addition, Carter later went on Twitter to call the hearing and said he would not open the hearing.
He described his defense for not taking extra time at the hearing, noting that no major US mining companies had been invited, and concluded that it was important for the group's people to model them.
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