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Only about 5% of gold is used in industry. The rest is stored as bullion or used in jewellery.



You sound very confident with using strong words like "absolutely irrelevant" and "completely fallacious" and "actual mindless busywork" and definitive quantities like "less than 0.01%", when it turns out that your numbers are off by almost an order of magnitude base 10 or three orders of magnitude base 2. So they're only burning eight times more coal than you claim (and rising).

You're saying that because worldwide production of gold is so small and insignificant and practically useless compared to Bitcoin, and since only 5% is used for anything but bullion or jewelry, it doesn't matter and it's absolutely irrelevant to the discussion at hand that the smartphone and computer that you're using contains and depends on gold?

If not for gold, then how would you be communicating your strong confident words and impressive sounding but inaccurate numbers with us? Do you use bitcoin in your smartphone instead of gold?

Where did you get your "less than 0.01%" number and your gold-free smartphone? Is it made of clay?


I could do without the smug lecture, guy. Anyway:

From https://digiconomist.net/bitcoin-energy-consumption

>16.26 TWh/yr

From https://en.wikipedia.org/wiki/World_energy_consumption

>109613 TWh/yr

Which yields 0.0148%. So you're right, not less than 0.01%, less than 0.015% instead. Still a far cry from 0.08$.

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I would really like to know when have I said my smartphone was gold-free, how that is in any way relevant to the discussion anyway and not a completely inane pseudo-gotcha, I would like to know why you keep linking bitcoin mining to coal (another completely transparent appeal to emotion), I would like to know when have I said worldwide production of gold is insignificant... I would like to know all those things but from the tone of your confident lecture responding to points I didn't even make I conclude you're not really into discussing this. Intellectual dishonesty is more your thing, I presume.

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And my point is that gold (of which, again, 95% is "useless" in the sense of not being destined to any practical application) costs on the order of ~1MWh per ounce to mine. At a yearly production of ~3000 metric tons that comes to 109TWh, almost an order of magnitude more than bitcoin.




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