Topic: [2018-05-31] Bitcoin's Need For Electricity Is Its 'Achilles Heel' (Read 130 times)
Electricity is really a weak spot for bitcoin. This suggests that the mining of bitcoin will benefit only large mining enterprises that have privileges for electricity.
It's important to understand that mining equipment is still in its very early days in terms of energy efficiency. It's already an ongoing process where equipment is becoming more energy efficient, and this is literally just the beginning. I am sure that eventually, the network will be able to keep growing massively, but without the massive increase in energy consumption. People just need to stop being so short sighted.
I think it's even safe to say that we as home and professional consumers have wasted more energy than Bitcoin's network will ever be able to consume. Mining farms are the most consistent consumers of energy, where there is very little waste, which can't be said about how inconsistent we all are. All the fools blaming Bitcoin for its energy consumption should look at how they are wasting energy at home without even knowing. Pathetic beings.
I think it's even safe to say that we as home and professional consumers have wasted more energy than Bitcoin's network will ever be able to consume. Mining farms are the most consistent consumers of energy, where there is very little waste, which can't be said about how inconsistent we all are. All the fools blaming Bitcoin for its energy consumption should look at how they are wasting energy at home without even knowing. Pathetic beings.
... Other than being a weakness, this huge electricity consumption is also very bad for the environment.
You are aware of the fact that many Bitcoin mining operations are based in Iceland or Canada and
run exclusively on renewable energy? More advanced operations even use cold air for cooling.
It doesn´t really get more environment-friendly than that.
Of course there are also miners, who consume energy from more questionable sources, but to say that
the huge electricity consumption is a problem on its own is dishonest. Besides, people constantly
push the narrative that Bitcoin mining is bad for the environment and yet no one has ever made the same
claim about the fiat money system, which arguably consumes even more energy.
Indeed, the need for massive electricity consumption has been a problem for bitcoin. At this rate, bitcoin mining is not very sustainable however bitcoin needs it. There's no control over the use of electricity because the government controls it and miners are at their mercy. Even with mining equipment advancing to keep up with the demand, the electricity consumption remains to be a problem for miners because it doesn't get any cheaper. It may be likely that bitcoin's need for electricity will be its "weakness" and may eventually kill it unless a solution is made. Other than being a weakness, this huge electricity consumption is also very bad for the environment.
Bitcoin’s desperate need for electricity arises from its Proof of Work (POW) protocol. This gives the impression that hard-working miners with advanced computer equipment will win out. More about this article here: https://www.forbes.com/sites/francescoppola/2018/05/30/bitcoins-need-for-electricity-is-its-achilles-heel/#caa93a12fb1a
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