Topic: [2018-01-29] IMF’s Lagarde Says That Bitcoin Mining Consumes Too Much Electricit - page 2. (Read 273 times)
January 30, 2018, 01:35:39 PM
How would a central banker know the "right" amount of electricity a competitor should use? After a while, you notice the patterns of smear techniques from the central banking advocates. They lost their credibility long ago. People might think I mean 2007 ("too big to fail" and all that), but where I live the locals don't trust the banks because of stories from the Great Depression in the 1930s. Hard-earned lessons from one generation are often forgotten by the next. Stay alert out there. Fiat is gonna blow sooner or later.
January 30, 2018, 11:45:20 AM
The IMF boss is mounting a smear campaign against bitcoin using electricity consumption as a reference is uncalled-for there have been other alternative to the regular Electricity which is solar energy and bitcoin miners had been utilizing it for their operations, I belief this is another threat and campaign against bitcoin and at the of the day bitcoin will remain unscathed.
January 30, 2018, 07:22:05 AM
Gold / PM mining, fiat money minting and securing uses much more energy and even pollutes / destroys our planet much worse.
January 30, 2018, 07:05:28 AM
I'm concerned as to how humans have been consuming non-renewable energy at such a fast rate when renewable energy is not yet a thing.
Bitcoin miners (even in China) are using mostly renewable hydro-electric or geo-thermal energy, because they're the cheapest
January 29, 2018, 10:41:44 PM
I reckon the world's governments will start using that argument to kill where bitcoin can be killed. Its mining process. If their campaign against mining captures more support, what other means of securing the blockchain is there? Proof of Stake? That has its own problems, especially in initial distribution. Also, there was the Vericoin incident.
https://www.coindesk.com/bitcoin-protected-vericoin-stolen-mintpal-wallet-breach/
https://www.coindesk.com/bitcoin-protected-vericoin-stolen-mintpal-wallet-breach/
January 29, 2018, 07:43:38 PM
Battling climate change is already very alarming and I wish that a new way of mining - one that does not consume that much energy would be discovered really soon. I'm concerned as to how humans have been consuming non-renewable energy at such a fast rate when renewable energy is not yet a thing. This should be given more attention given the effects that this would bring and the possible aftermath if we do not resort to more environment friendly options.
January 29, 2018, 09:58:43 AM
Bitcoin mining is too energy intensive — that’s the message that International Monetary Fund (IMF) Managing Director Christine Lagarde has for advocates of the flagship cryptocurrency.
Bitcoin Mining Too Energy Intensive: IMF Director Lagarde
Lagarde, who was speaking from Davos at the World Economic Forum, said that Bitcoin mining is an “energy angry” industry, a factor that the IMF finds concerning.
“The Bitcoins mining, which is this accelerated and augmented use of computers to actually determine the value and incentive the functioning of the mechanism, is energy angry,” Lagarde said in Bloomberg TV interview. “And we figure that in 2018 if it continues that system will actually consume as much electricity as Argentina.”
According to Bloomberg, the Bitcoin mining industry’s collective power consumption tripled in 2017, reaching a peak daily usage of 43 GWh in December.
Many analysts and environmentalists have sounded the alarm on the industry’s power usage, and Lagarde said that it has turned in to a “big concern” given that the world is already battle climate change.
“In times of climate change and when we look at how much coal is being used in some Chinese provinces to actually mine Bitcoin it’s a big concern,” she concluded.
However, despite such clarion calls, other analysts have said that the industry’s energy consumption has been overblown. Last week, a Credit Suisse report said that although miners’ electricity usage will increase as long as the practice remains profitable, actual projections are a “far cry from the power and environmental Armageddon that some have feared.”
Source: > https://www.ccn.com/imfs-lagarde-says-bitcoin-mining-consumes-much-electricity/
Bitcoin Mining Too Energy Intensive: IMF Director Lagarde
Lagarde, who was speaking from Davos at the World Economic Forum, said that Bitcoin mining is an “energy angry” industry, a factor that the IMF finds concerning.
“The Bitcoins mining, which is this accelerated and augmented use of computers to actually determine the value and incentive the functioning of the mechanism, is energy angry,” Lagarde said in Bloomberg TV interview. “And we figure that in 2018 if it continues that system will actually consume as much electricity as Argentina.”
According to Bloomberg, the Bitcoin mining industry’s collective power consumption tripled in 2017, reaching a peak daily usage of 43 GWh in December.
Many analysts and environmentalists have sounded the alarm on the industry’s power usage, and Lagarde said that it has turned in to a “big concern” given that the world is already battle climate change.
“In times of climate change and when we look at how much coal is being used in some Chinese provinces to actually mine Bitcoin it’s a big concern,” she concluded.
However, despite such clarion calls, other analysts have said that the industry’s energy consumption has been overblown. Last week, a Credit Suisse report said that although miners’ electricity usage will increase as long as the practice remains profitable, actual projections are a “far cry from the power and environmental Armageddon that some have feared.”
Source: > https://www.ccn.com/imfs-lagarde-says-bitcoin-mining-consumes-much-electricity/
Let's hope Bitcoin will switch to something more energy efficient like POS mining. Myself, I'm not a believer in global warming, at least not via human activity, especially when some scientists even say that we will be facing a new Ice Age soon, but such energy consumption is an absolute waste of resources. The good part is that we seemingly already hit technological limits so it is unlikely that power consumption will be rising so much in the future, though altcoin mining may still contribute to its growth.
January 29, 2018, 04:51:06 AM
Bitcoin mining is too energy intensive — that’s the message that International Monetary Fund (IMF) Managing Director Christine Lagarde has for advocates of the flagship cryptocurrency.
Bitcoin Mining Too Energy Intensive: IMF Director Lagarde
Lagarde, who was speaking from Davos at the World Economic Forum, said that Bitcoin mining is an “energy angry” industry, a factor that the IMF finds concerning.
“The Bitcoins mining, which is this accelerated and augmented use of computers to actually determine the value and incentive the functioning of the mechanism, is energy angry,” Lagarde said in Bloomberg TV interview. “And we figure that in 2018 if it continues that system will actually consume as much electricity as Argentina.”
According to Bloomberg, the Bitcoin mining industry’s collective power consumption tripled in 2017, reaching a peak daily usage of 43 GWh in December.
Many analysts and environmentalists have sounded the alarm on the industry’s power usage, and Lagarde said that it has turned in to a “big concern” given that the world is already battle climate change.
“In times of climate change and when we look at how much coal is being used in some Chinese provinces to actually mine Bitcoin it’s a big concern,” she concluded.
However, despite such clarion calls, other analysts have said that the industry’s energy consumption has been overblown. Last week, a Credit Suisse report said that although miners’ electricity usage will increase as long as the practice remains profitable, actual projections are a “far cry from the power and environmental Armageddon that some have feared.”
Source: > https://www.ccn.com/imfs-lagarde-says-bitcoin-mining-consumes-much-electricity/
Bitcoin Mining Too Energy Intensive: IMF Director Lagarde
Lagarde, who was speaking from Davos at the World Economic Forum, said that Bitcoin mining is an “energy angry” industry, a factor that the IMF finds concerning.
“The Bitcoins mining, which is this accelerated and augmented use of computers to actually determine the value and incentive the functioning of the mechanism, is energy angry,” Lagarde said in Bloomberg TV interview. “And we figure that in 2018 if it continues that system will actually consume as much electricity as Argentina.”
According to Bloomberg, the Bitcoin mining industry’s collective power consumption tripled in 2017, reaching a peak daily usage of 43 GWh in December.
Many analysts and environmentalists have sounded the alarm on the industry’s power usage, and Lagarde said that it has turned in to a “big concern” given that the world is already battle climate change.
“In times of climate change and when we look at how much coal is being used in some Chinese provinces to actually mine Bitcoin it’s a big concern,” she concluded.
However, despite such clarion calls, other analysts have said that the industry’s energy consumption has been overblown. Last week, a Credit Suisse report said that although miners’ electricity usage will increase as long as the practice remains profitable, actual projections are a “far cry from the power and environmental Armageddon that some have feared.”
Source: > https://www.ccn.com/imfs-lagarde-says-bitcoin-mining-consumes-much-electricity/
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