Another super dishonest study. Using the metric “energy to mine one dollar’s worth” is very dishonest because it depends on the current market price of the asset. They conveniently used 2018 data for Bitcoin, but 2017 for precious metals to fit their predetermined FUD narrative.
If you look back at December, Bitcoin’s difficulty was actually about 1/4 of what it is now according to blockchain.com/charts/difficu…. Also the price was 3x as much. Since the block reward has not changed we can calculate the estimated energy usage last year to mine one dollar’s worth
19 MJ (current energy to mine $1 from article in 2018) / 4 (lower difficulty) = 4.75 MJ / 3 (higher price per Bitcoin) = 1.58 MJ of energy to mine one dollar’s worth in December 2017. Which happens to be significantly lower than Platinum (6 MJ), Gold (5 MJ), and Copper (4 MJ).
This is why you should be wary of any study like this. It is super easy to manipulate and cherry-pick the data to prove a specific point. #Bitcoin #ignorethefud
