The energy consumed from bitcoin PoW is used as a frequent rebuttal against the legitimacy of bitcoin, and it is an incontrovertible fact that the energy demands of bitcoin are non-trivial.
According to annualized energy forecasts extrapolated out from bitcoin PoW energy demands back in December 2017 (i.e. at the height of the recent crypto bubble frenzy) BTC miners are expected to use 8.27 terawatt-hours this year. That's more energy than 116 countries including the Democratic Republic of Congo.
On the other hand, the amount of energy bitcoin is forecast to consume in a year would only last the U.S. 19 hours. Additional the production of the global cash and coin supply will consume an estimated 11 terawatt-hours this year while gold mining will burn the equivalent of 132 terawatt-hours over the same period - and that doesn't include armored trucks, bank bank vaults, security systems etc...
I'm not saying it's worth it to burn all that energy to keep bitcoin (arguably) decentralized. I just want to provide some (now probably outdated) perspective to temper arguments, and stimulate others (on both sides) to advance their arguments beyond headline quotes.
According to annualized energy forecasts extrapolated out from bitcoin PoW energy demands back in December 2017 (i.e. at the height of the recent crypto bubble frenzy) BTC miners are expected to use 8.27 terawatt-hours this year. That's more energy than 116 countries including the Democratic Republic of Congo.
On the other hand, the amount of energy bitcoin is forecast to consume in a year would only last the U.S. 19 hours. Additional the production of the global cash and coin supply will consume an estimated 11 terawatt-hours this year while gold mining will burn the equivalent of 132 terawatt-hours over the same period - and that doesn't include armored trucks, bank bank vaults, security systems etc...
I'm not saying it's worth it to burn all that energy to keep bitcoin (arguably) decentralized. I just want to provide some (now probably outdated) perspective to temper arguments, and stimulate others (on both sides) to advance their arguments beyond headline quotes.
Sources
Pessimistic take: http://www.businessinsider.com/bitcoin-is-ruining-the-planet...
Optimistic takes: https://www.bloomberg.com/view/articles/2017-12-07/bitcoin-i... & https://blog.bitcoin.org.hk/bitcoin-mining-and-energy-consum...