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diff --git a/content/entry/avoid-using-cryptocurrency.md b/content/entry/avoid-using-cryptocurrency.md index 6507e34..f1c8bb4 100644 --- a/content/entry/avoid-using-cryptocurrency.md +++ b/content/entry/avoid-using-cryptocurrency.md @@ -4,7 +4,7 @@ date: 2021-07-18T00:00:00 draft: false --- # Cryptocurrency's Unreasonably High Energy Consumption -The criticisms I'm about to levy do not apply to every cryptocurrency. I'm only criticising the cryptocurrencies that involve high energy usage per transaction. Proof of X based cryptocurrencies where X is work, storage or some other energy-intensive process fall into this category. But I'm mostly referring to proof of work. I'm excluding proof of stake cryptocurrencies because proof of stake does not cause considerable energy usage per transaction. I'm still including non-blockchain cryptocurrencies that employ proof of work and use a high amount of energy per transaction. From now on I'll use the word "cryptocurrency" to mean only those in that high energy consumption group without further explanation. +The criticisms I'm about to levy do not apply to every cryptocurrency. I'm only criticizing the cryptocurrencies that involve high energy usage per transaction. Proof of X based cryptocurrencies where X is work, storage or some other energy-intensive process fall into this category. But I'm mostly referring to proof of work. I'm excluding proof of stake cryptocurrencies because proof of stake does not cause considerable energy usage per transaction. I'm still including non-blockchain cryptocurrencies that employ proof of work and use a high amount of energy per transaction. From now on I'll use the word "cryptocurrency" to mean only those in that high energy consumption group without further explanation. What counts as "high energy consumption" is up for debate. But even in conservative estimates, the cryptocurrency with the highest market cap, Bitcoin, still uses enough energy per transaction to power the average American home for 1 to 2 months. At a few transactions per second, that adds up to more energy usage than some countries. We can argue all day long about what counts as "high energy usage", but Bitcoin is clearly far past that point. @@ -63,7 +63,7 @@ In this case, the social issues at conflict are privacy and freedom versus energ Well unless you've been living under a rock for the past 30 years, you know that climate change poses an existential threat to life on earth. In order to avoid climate mayhem, we need to cut down our energy consumption. Avoiding using cryptocurrency is a good way to do that. So I recommend you avoid using cryptocurrency wherever possible. But I'd like to break it down a bit more than that. ## Small Website Owners -Small website owners specifically should not accept cryptocurrency donations from high energy consumption currencies. This is why I've removed my crypto donation addresses from the about page[2] of this blog. I feel that I can no longer justify including them on my blog with the extreme energy consumption they use. Including them in the first place was a mistake. Small website owners like myself are also unlikely to receive sizeable donations. So, in practice, it doesn't make much of a difference choosing not to accept crypto donations. +Small website owners specifically should not accept cryptocurrency donations from high energy consumption currencies. This is why I've removed my crypto donation addresses from the about page[2] of this blog. I feel that I can no longer justify including them on my blog with the extreme energy consumption they use. Including them in the first place was a mistake. Small website owners like myself are also unlikely to receive sizable donations. So, in practice, it doesn't make much of a difference choosing not to accept crypto donations. I still accept donations via Liberapay. I will start accepting crypto donations again only for Ethereum after it switches fully to proof of stake. It'll be popular enough that someone looking at my website might have Ethereum they want to donate and it'll be fully independent of extreme energy consumption coins. Therefore I see no reason not to accept it in the future. @@ -72,7 +72,7 @@ I encourage all small website owners to follow in my footsteps and reject crypto ### Landchad.net I am disappointed to see Luke Smith's landchad website[3] promoting cryptocurrency to small website owners. I support the goals of the website in getting more people an online existence independent of social media, but Luke should at least mention the caveat of extreme energy consumption in the crypto article. Either that or outright take down the posts about accepting cryptocurrency. I plan on contacting him about this after publishing this post. -As I mentioned in my post on Integrated Activism, I have observed the cryptocurrency space largely ignoring the effects that crypto has on energy consumption, instead focusing only on privacy and freedom. In that post, I referred to this myopic focus to the detriment of other important social causes as "tunnel vision". Landchat.net is also guilty of this. It makes no mention of energy consumption at all. The crypto community needs to do better for environmentalists. +As I mentioned in my post on Integrated Activism, I have observed the cryptocurrency space largely ignoring the effects that crypto has on energy consumption, instead focusing only on privacy and freedom. In that post, I referred to this myopic focus to the detriment of other important social causes as "tunnel vision". Landchad.net is also guilty of this. It makes no mention of energy consumption at all. The crypto community needs to do better for environmentalists. ## Other Use Cases But what if you don't run a small website? What about a large website that regularly receives crypto donations? What about other internet services? What if you heavily rely on crypto donations? What if you pay for online services using crypto? |