Earlier this month Warren Buffett called Bitcoin “rat poison squared”.
A report by a PwC economist says Bitcoin miners are currently using 2.55 GW of electricity to create new Bitcoins.
You can add at least another 1 GW to that for the production of chips used to mine crypto-currency chips.
The biggest producer of crypto mining chips is TSMC – it is said that a tenth of its revenues come from crypto mining ICs which presumably means that a tenth of TSMC’s total 10 GW electricity usage goes into mining crypto chips.
So we now get to a figure of 3.5 GW for crypto-currency production which is more electricity than Ireland uses.
Could there be a clearer indication of the silliness of the way we live now?