US government tracking the energy implications of booming bitcoin mining in US.

Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

  • WaterWaiver@aussie.zoneEnglish
    2·
    11 months ago

    Transactions per second. Bitcoin is slow and expensive to get your transaction “approved”.

    • makeasnek@lemmy.mlEnglish
      2·
      11 months ago

      Expensive is relative. It’s expensive to send a $5 transaction and pay $1 in fees. However, you can move a million dollars in value and pay that same $1 in fees. That $1 in fees can also open a lightning channel which can contain essentially infinite transactions within it. For small transactions, Lightning transactions settle in under a second for fees measured in pennies.

      Compared to a bank wire, western union, or other remittance services, $1 is an absolute steal.