A case for Burst's Proof Of Capacity - page 2.

pinkflower

sr. member

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How long would it take for us to really be concious that BTC mining is not sustainable? The BTC Asic producers and Chinese miners which really is a cartel has become so powerful that if they are stopped, almost all mining will be stopped. The centralization of BTC mining has become a weakness and I hope all of you understand the situation fully. It will fail unless BTC changes its mining algorithm to oblige CPU or GPU mining again. But that still burns too much electricity.

Having that said, invest in the future, invest in Proof of Capacity.

China To 'Shut Down Three-Quarters Of The World's Bitcoin Mining Network'

Thanks to cheap electricity, Chinese miners are estimated to be responsible for producing around three-quarters of the world's supply of bitcoin, but stringent measures that look set to be put in place over the coming months could see that number shrink dramatically.
A leaked January 2 memo from the 'Leading Group of Internet Financial Risks Remediation' - the country's internet finance regulator which initiated the clampdown on bitcoin - said that bitcoin miners are to make an 'orderly exit' from China because they have consumed 'huge amounts of resources and stoked speculation of virtual currencies'.
In the documents, authorities were instructed to force mining operations out of business using measures linked to tax, environmental protection, electricity pricing and land use.
It's also possible that a blanket ban on bitcoin mining in China could impact the price negatively.
A likely spike in transaction times and in turn increased transfer fees would see the digital currency become even less practical to use.
Pan Gongsheng recently predicted the death of bitcoin, so it's unsurprising that the decision to ban mining has been taken in the country.

pinkflower

sr. member

Activity: 868

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A small reminder that the energy our planet produces is limited. It is time for a new mining algorithm. A time for Proof of Capacity.

We know its not perfect but with your support, Burst can be better, more efficient and greener than it is today.

The Proof of Capacity Consortium has invested a lot of their resources into the project. Lets show our appreciation by downloading Burst, trying it, and post what you hate aboutit , post suggestions on how to improve it, criticize it. Its the only way to improve.

Having said all that. Dont buy Burst, its risky. But do try it.

Bitcoin's sky-rocketing energy use is a viral story.

Eric Holthaus wrote for Grist that “by July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.”
de Vries puts the network’s energy use at 35 terrawatt-hours per year, close to the annual energy consumption of Bulgaria and enough to power more than three million U.S. homes.
Dutch professor Harald Vranken used figures from January to estimate that the global network drew 100 to 500 megawatts, or between .88 and 4.4 terrawatt-hours per year. But he updated his numbers in early December and increased that by an order of magnitude, to somewhere between 9 and 35 terrawatt-hours per year.
The most current and widely cited estimates put bitcoin’s yearly energy use at somewhere between 4 and 35 terrawatt-hours. To put that in perspective, all of Google used about 5.7 terrawatt-hours in 2015.
According to the ECB, it takes .025 kilowatt-hours to produce a banknote. That means it takes about the same amount of energy to produce a 50 euro bill as it does to power a 60-watt lightbulb for roughly half an hour. Producing the same value of bitcoin would require enough energy to power your house for four days.
Digiconomist’s de Vries estimates the carbon footprint of a single bitcoin transaction is 118 kilograms of CO2, about the same as driving a car 300 miles.

rico666

legendary

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฿ → ∞

Quote from: pinkflower on December 10, 2017, 08:48:56 PM

I found another article trying to defend BTC's huge power consumption.

Yes we are polluting the planet, we are killing it in fact. But that doesnt mean that BTC or any cryptocurrency has to let everything stay the same. Why dont smart developers do some research and development on other mining algorithms that lessens the power consumption but maintaining the same security?

Ludicrous Headlines About Bitcoin Mining Will Kill Us All

Unless you’re living in a mud hut and recycling your own urine, you’re damaging the environment. We all are. From the moment we emerge kicking and screaming into this world till the moment we disclose our wallet seed with our dying breath, we pollute. Eating packaged food; taking public transport; using the internet; it all takes its toll on the environment. Bitcoin mining is no exception. There’s expressing concern about energy consumption, however, and there’s issuing apocalyptic warnings about how bitcoin will turn our planet into a smoldering molten rock.

1st german "state TV":

https://boerse.ard.de/boersenwissen/boersenwissen-fuer-fortgeschrittene/umweltsuender-bitcoin102.html

Google Translate says

Quote

ENVIRONMENTALLY FRIENDLY ALTERNATIVES TO THE BITCOIN

Some mining farms now rely on electricity from renewable sources such as hydropower, the so-called "green mining". This is praiseworthy from an environmental point of view, but does not change the immense energy demand of Bitcoin. The Burstcoin based unlike the Bitcoin not on the provided computing power of the miners, but on free hard disk space. While the Bitcoin network currently requires just under 280 kilowatt-hours of electricity per transaction, Burstcoin consumes only 0.5. When you mine the Burstcoin, the computer does not use more power than it does during normal operation. And as soon as a new block of the burst blockchain has been found, the space of the miner is free again. Very similar to the Burstcoin is the Chia-Coin. Again, it depends on the free hard disk space and not on additional computing power. However, chia coins can not yet be gemined. Only at the end of 2018 is the start of the new eco-coin planned. In addition, the miners are no longer miners, but farmers. But: These are relatively small projects that have not yet established themselves on the market. And that's exactly where there are risks.

And I would like to add, that even the burstcoin.ist - a site where one could assume a pro-Burst bias, does not speak of 280 kWh versus 0.5kWh, but 195 kWh vs. 0.5 kWh per tx.

https://www.burstcoin.ist/2017/09/22/how-burst-puts-bitcoin-to-shame/

pinkflower

sr. member

Activity: 868

Merit: 259

I found another article trying to defend BTC's huge power consumption.

Yes we are polluting the planet, we are killing it in fact. But that doesnt mean that BTC or any cryptocurrency has to let everything stay the same. Why dont smart developers do some research and development on other mining algorithms that lessens the power consumption but maintaining the same security?

Ludicrous Headlines About Bitcoin Mining Will Kill Us All

Unless you’re living in a mud hut and recycling your own urine, you’re damaging the environment. We all are. From the moment we emerge kicking and screaming into this world till the moment we disclose our wallet seed with our dying breath, we pollute. Eating packaged food; taking public transport; using the internet; it all takes its toll on the environment. Bitcoin mining is no exception. There’s expressing concern about energy consumption, however, and there’s issuing apocalyptic warnings about how bitcoin will turn our planet into a smoldering molten rock.

stripykitteh

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CryptoTalk.Org - Get Paid for every Post!

Quote from: pinkflower on November 01, 2017, 09:54:13 PM

I opened a url for an article in motherboard.vice.com and I was hit hard at the moment I read the title, "One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week".

This is what the Burst community and the PoCC have been fighting for. A more energy efficient form of mining because securing the blockchain and the blockchain itself is inefficient. I hope some of you can see beyond your potential earnings and start supporting a project that wants to make a difference.

Here are some notes from the article.

Bitcoin miners to burn through over 24 terawatt-hours of electricity annually as they compete to solve increasingly difficult cryptographic puzzles to "mine" more Bitcoins. That's about as much as Nigeria, a country of 186 million people, uses in a year.
Bitcoin miners worldwide could be using enough electricity to at any given time to power about 2.26 million American homes.
At a minimum, worldwide Bitcoin mining could power the daily needs of 821,940 average American homes.
global Bitcoin mining represents a minimum of 77KWh of energy consumed per Bitcoin transaction.
Digiconomist's less optimistic estimate for per-transaction energy costs now sits at around 215 KWh of electricity. That's more than enough to fill two Tesla batteries, run an efficient fridge/freezer for a full year, or boil 1872 litres of water in a kettle.
That problem is carbon emissions. De Vries has come up with some estimates by diving into data made available on a coal-powered Bitcoin mine in Mongolia. He concluded that this single mine is responsible for 8,000 to 13,0000 kg CO2 emissions per Bitcoin it mines, and 24,000 - 40,000 kg of CO2 per hour.
As Twitter user Matthias Bartosik noted in some similar estimates, the average European car emits 0.1181 kg of CO2 per kilometer driven. So for every hour the Mongolian Bitcoin mine operates, it's responsible for (at least) the CO2 equivalent of over 203,000 car kilometers travelled.

Bitcoin mining is probably going to increase the electricity bill for the people in Bitcoin dominant countries.

pinkflower

sr. member

Activity: 868

Merit: 259

No, Bitcoin Won't Boil the Oceans

I highly disagree with that article. They are trying to justify it by reporting that BTC's power consumption is less than what the whole world's banking system energy consumption. While this is true, it doesnt mean we can change the financial system to use only BTC. But they will say anything to up the price.

pinkflower

sr. member

Activity: 868

Merit: 259

When will the wasteful use of energy end? The answer is never, as long as the price is of a PoW cryptocurrency is going up. But it doesnt have to be like this forever. Help us rally the cause for energy efficient alternatives like Burst's Proof of Capacity.

BITCOIN MINING GUZZLES ENERGY—AND ITS CARBON FOOTPRINT JUST KEEPS GROWING

Reddit Discussion

Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the US for one day. And miners are constantly installing more and faster computers. Already, the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world’s 500 fastest supercomputers combined.
The total energy use of this web of hardware is huge—an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year.
This is an unsustainable trajectory. It simply can’t continue.

rico666

legendary

Activity: 1120

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฿ → ∞

When it comes to this topic, I remember this infographic

https://www.burstcoin.ist/2017/09/22/how-burst-puts-bitcoin-to-shame/

and because it might be biased, did some computations and estimates on my own.
The "ca. 400x times more energy efficient" figure is founded though.

So if Burst blockchain was met with the same mining vigor as BTC is met today, the energy consumption would be 60 Gigawatt-hours annually (164 Megawatt-hours daily), or the equivalent of ~ 6.8 Megawatt for continuous operation - worldwide.

6.8 Megawatt is already in the range of a single luxury mega yacht.

Crypington

full member

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Yeah, I don’t think this fits with Saotshi’s vision, to use the equalvent of 100s of kWh mining one transaction ... and each block has few thousand transactions. Lots of energy being used for a process that should use a tiny bit of electricity ... sending a few bytes on the Internet.

It makes a stronge case for POS, Proof of capacity, GPU only aglos, etc....

pinkflower

sr. member

Activity: 868

Merit: 259

I found another study about BTC mining's power consumption and how much higher it can go next year. Its simply not sustainable from my perspective, and reasonably, it should be your perspective too. But why do we keep denying it?

Bitcoin mining consumes more electricity than 20+ European countries

Researchers from British energy price comparison platform Power Compare have discovered that the total volume of electricity required for mining Bitcoin – the computational process that keeps transactions on the blockchain moving – now amounts to more consumption than 159 individual countries.
Power Compare further notes that Bitcoin’s current estimated annual electricity consumption stands at 29.05 TWh – the equivalent of 0.13 percent of the world’s overall electricity needs.
According to Power Compare, Bitcoin mining has seen a nearly 30 percent increase in consumption over the last 30 days alone.
Assuming Bitcoin’s electricity needs continue growing at this rate, the global mining consumption could be greater than the UK’s entire electricity supply by October next year.

Save the planet. Support Proof of Capacity.

andthereyou

full member

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I think that is impossible. However if that is true then people will lose faith in bitcoin because the transaction fee will surely become high. People will forget bitcoin and they will invest in altcoin instead of bitcoin.

pinkflower

sr. member

Activity: 868

Merit: 259

Heres another proof that Proof of Capacity, or some call it Proof of Space, is the future of mining. Bram Cohen, creator of the Bittorrent protocol, has announced his new project called the Chia Network.

But its release is still one year away, so for now theres only Burst for HDD mining. Please support it to help its development on PoC go on further. The planet will be better off for it.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: BluRPie on November 01, 2017, 10:00:09 PM

Not agree with article. There are so many depends, what kid of energy spending for mining? Some mining farm placed in the locations with overage of energy and it is not possible to get money from this energy in other way

But wastefulness is wastefulness, and its not practical that all mining farms can collocate in a single area to take advantage of an untapped energy source. Theres also the problem of carbon emissions and pollution. We are destroying the planet and proof of work, while a leap forward for decentralization when applied on blockchains, is making things worse for the environment.

That problem is carbon emissions. De Vries has come up with some estimates by diving into data made available on a coal-powered Bitcoin mine in Mongolia. He concluded that this single mine is responsible for 8,000 to 13,0000 kg CO2 emissions per Bitcoin it mines, and 24,000 - 40,000 kg of CO2 per hour.

amrulshare

hero member

Activity: 1316

Merit: 546

Monday Hit Me Every week

yes, it is possible
because hashrate and difficult increase day by day and it is not in line with manufacturers CPU or GPU Roll Eyes

BluRPie

hero member

Activity: 896

Merit: 504

Not agree with article. There are so many depends, what kid of energy spending for mining? Some mining farm placed in the locations with overage of energy and it is not possible to get money from this energy in other way

pinkflower

sr. member

Activity: 868

Merit: 259

I opened a url for an article in motherboard.vice.com and I was hit hard at the moment I read the title, "One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week".

This is what the Burst community and the PoCC have been fighting for. A more energy efficient form of mining because securing the blockchain and the blockchain itself is inefficient. I hope some of you can see beyond your potential earnings and start supporting a project that wants to make a difference.

Here are some notes from the article.

Bitcoin miners to burn through over 24 terawatt-hours of electricity annually as they compete to solve increasingly difficult cryptographic puzzles to "mine" more Bitcoins. That's about as much as Nigeria, a country of 186 million people, uses in a year.
Bitcoin miners worldwide could be using enough electricity to at any given time to power about 2.26 million American homes.
At a minimum, worldwide Bitcoin mining could power the daily needs of 821,940 average American homes.
global Bitcoin mining represents a minimum of 77KWh of energy consumed per Bitcoin transaction.
Digiconomist's less optimistic estimate for per-transaction energy costs now sits at around 215 KWh of electricity. That's more than enough to fill two Tesla batteries, run an efficient fridge/freezer for a full year, or boil 1872 litres of water in a kettle.
That problem is carbon emissions. De Vries has come up with some estimates by diving into data made available on a coal-powered Bitcoin mine in Mongolia. He concluded that this single mine is responsible for 8,000 to 13,0000 kg CO2 emissions per Bitcoin it mines, and 24,000 - 40,000 kg of CO2 per hour.
As Twitter user Matthias Bartosik noted in some similar estimates, the average European car emits 0.1181 kg of CO2 per kilometer driven. So for every hour the Mongolian Bitcoin mine operates, it's responsible for (at least) the CO2 equivalent of over 203,000 car kilometers travelled.

Topic: A case for Burst's Proof Of Capacity - page 2. (Read 675 times)