I think not.
And for me this resources are not only for creating digital currencies only.
But it has now become a tool - a tool for us to change our perceptions with regards to our financial needs.
It enables us to be revolutionized and be independent to banking institution.
And i am very thankful for this.
Topic: ✨✨✨ Are we wasting resources to make digital currencies? ✨✨✨ - page 2. (Read 910 times)
There is a lot of power resources in very remote areas, all of the idle power. In addition, there are many encrypted currencies using the POS mechanism, which does not waste a lot of resources.
It appears that mining costs and the creation of crypto currencies consumes a lot of resources 
We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?
We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?
Okay, let's start with the electricity we used for mining and noding activites to keep our blockchain alive. We consume crazy amount of electricity and we produce this electricity from oil, coal and other petroleum sources mainly. This means we're wasting resources as it's a must.
Got to shut down all those electric signs in Times Square and Las Vegas too.
Bitcoin mining is never profitable in the present. Miners mine currently betting BTC's value will increase later. The market is dependent on fresh money investing in BTC futures. A price crash is coming soon. Smart investors will buy on the dips. Naive investors will panic sell at any price and give their money away.
wasting resources to make digital currencies, thats not true we are here to invest in crypto get good profits and get more knowledge about the new technonolgy of virtual cryptocurrency. If wasting of resources to make digital coin the miner go stop to mined if they get nothing.
Mining Bitcoin requires so much computational power and electricity that is unprofitable unless new money comes into the market to pay for the expenses. But ask yourself, if you are not an investor, once you get your bitcoin what will you do with it? If your answer is get rich quick, sell now and cut your losses.
Nowadays, many uses bitcoins as transferring virtual money. It is also appealing to younger population. They are considered as fintech (financial technology). With this, we are not wasting resources instead we are spending in order to invest. We cannot have want we want if we dont spend something like our time and effort to invest.
It appears that mining costs and the creation of crypto currencies consumes a lot of resources
We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?
We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?
Okay, let's start with the electricity we used for mining and noding activites to keep our blockchain alive. We consume crazy amount of electricity and we produce this electricity from oil, coal and other petroleum sources mainly. This means we're wasting resources as it's a must.
Its not wasting, its spending. Everything in life comes with a cost, otherwise Bitcoins would be worthless. Its a trade off for the system to function
Exactly. By mining Bitcoins we are buying it for fiat with the use of some middlemen. Those middlemen being hardware manufacturers and electricity suppliers. We could do this using the exchange owners as the middlemen and it wouldn't be much different. Somebody has to be paid for us to get cryptocurrency. It can be a guy from craigslist or localbitcoins, it can be an exchange owner or it can be the government if we buy at an auction. Nothing goes to waste! Many people won't realize the damage that is cost by wasted resources until it is far too late
We won't be able to stop ourselves from destroying every last resource in the name of greed.
"By November of 2020, it’d use more electricity than the entire world does today. That’s bad. It means Bitcoin emits the equivalent of 17.7 million tons of carbon dioxide every year, a big middle finger to Earth’s climate and anyone who enjoys things like coastlines, forests, and not dying of mosquito-borne diseases. Refracted through a different metaphor, the Bitcoin P2P network is essentially a distributed superintelligence utterly dedicated to generating bitcoins, so of course it wants to convert all the energy (and therefore matter) in the universe into bitcoin. That is literally its job."
(Source: Wired, December 15 2017)
This is just FUD, this is based on assumption on the energy consuption based on current mining equipment and growing difficulty but as you know, the energy efficiency and hash power of mining devices is improving with every new generation. There will be definitely some growth in consumption of energy but it would be very minor compared to this FUD prediction, also the mining of bitcoin is using the most efficient/cheapest energy sources - water, solar so the miners can maximize their profits. You can compare it with gold mining - only portion of gold is used for real pursposes, rest is for store of value but the impact on environment is much bigger - chemicals, energy, waste, landscape destruction. Bitcoin is a gold disruptor, store of value, gold 2.0 with many advantages. We won't be able to stop ourselves from destroying every last resource in the name of greed.
"By November of 2020, it’d use more electricity than the entire world does today. That’s bad. It means Bitcoin emits the equivalent of 17.7 million tons of carbon dioxide every year, a big middle finger to Earth’s climate and anyone who enjoys things like coastlines, forests, and not dying of mosquito-borne diseases. Refracted through a different metaphor, the Bitcoin P2P network is essentially a distributed superintelligence utterly dedicated to generating bitcoins, so of course it wants to convert all the energy (and therefore matter) in the universe into bitcoin. That is literally its job."
(Source: Wired, December 15 2017)
Doesn't bitcoin mining present us with a workable test-case for renewable-energy production?
Its not wasting, its spending. Everything in life comes with a cost, otherwise Bitcoins would be worthless. Its a trade off for the system to function
I think as tech develops and clean energy is coming, the energy that mining takes will be improved. Also, Siberia just became a really good option or mining lol.
Yes. I believe that mining just consume too much of everything. The money you earn from mining is just being eaten away by the resources you use everytime you mine. In my own opinion, I think I'll prefer earning cryptos and I'll be contented.
I will sell all my savings and inverse in Bitcoin Mining.Because I had gained many bitcoin from the Mining. Only thing is you need to inverse huge money as a investment to start of Mining.In digital currency investment you will get double or triple of your Invested money.
Even though i support you on investing in a bitcoin mine i don't think it makes economic sense to sell just everything (your savings) for it because you might crash if it crashes even though it doesn't look like happening any time soon but its better to play it safe and diversify your investment as and when you can.
Yes. I believe that mining just consume too much of everything. The money you earn from mining is just being eaten away by the resources you use everytime you mine. In my own opinion, I think I'll prefer earning cryptos and I'll be contented.
I will sell all my savings and inverse in Bitcoin Mining.Because I had gained many bitcoin from the Mining. Only thing is you need to inverse huge money as a investment to start of Mining.In digital currency investment you will get double or triple of your Invested money.
This looks like a thread by a greenpeace activist. One of those guys who were using a ship that runs on diesel to sail from one oil rig to another in a protest against oil extraction 
We are wasting various resources on various things. Wood to make houses, natural gas to cook food and heat those houses, clean air to make jets move people from one place to another.
What resources? The same ones that you're wasting away by watching porn on your computer? Or maybe the ones that your christmas lights are burning away?
We are wasting various resources on various things. Wood to make houses, natural gas to cook food and heat those houses, clean air to make jets move people from one place to another.The money you earn from mining is just being eaten away by the resources you use everytime you mine.
What resources? The same ones that you're wasting away by watching porn on your computer? Or maybe the ones that your christmas lights are burning away?
Yes. I believe that mining just consume too much of everything. The money you earn from mining is just being eaten away by the resources you use everytime you mine. In my own opinion, I think I'll prefer earning cryptos and I'll be contented.
Many people won't realize the damage that is cost by wasted resources until it is far too late
We won't be able to stop ourselves from destroying every last resource in the name of greed.
"By November of 2020, it’d use more electricity than the entire world does today. That’s bad. It means Bitcoin emits the equivalent of 17.7 million tons of carbon dioxide every year, a big middle finger to Earth’s climate and anyone who enjoys things like coastlines, forests, and not dying of mosquito-borne diseases. Refracted through a different metaphor, the Bitcoin P2P network is essentially a distributed superintelligence utterly dedicated to generating bitcoins, so of course it wants to convert all the energy (and therefore matter) in the universe into bitcoin. That is literally its job."
(Source: Wired, December 15 2017)
We won't be able to stop ourselves from destroying every last resource in the name of greed.
"By November of 2020, it’d use more electricity than the entire world does today. That’s bad. It means Bitcoin emits the equivalent of 17.7 million tons of carbon dioxide every year, a big middle finger to Earth’s climate and anyone who enjoys things like coastlines, forests, and not dying of mosquito-borne diseases. Refracted through a different metaphor, the Bitcoin P2P network is essentially a distributed superintelligence utterly dedicated to generating bitcoins, so of course it wants to convert all the energy (and therefore matter) in the universe into bitcoin. That is literally its job."
(Source: Wired, December 15 2017)
At first some people may see it as wasting of resources once we invested in mining however if you come to think of it, mining investment thru bitcoin is the same as stock investment in various mining companies. Not all users of bitcoin are into mining and developing the digital currency thru it is not solely thru mining.
I predict a price correction will happen in 2018
I see bitcoin being around $1000-2000 or so. But before that happens it might go up in price. Could even get to 100k before the crash
I see bitcoin being around $1000-2000 or so. But before that happens it might go up in price. Could even get to 100k before the crash
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