Bitcoin already using too much power by 2020?

BurtW

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Quote from: MFahad on June 26, 2016, 01:24:05 PM

Even if bitcoin mining uses lot of power now and it will be using more power by 2020, it does not mean that we abandon the project. There are ways we can eliminate waste and get energy efficient systems to get this done.

Wrong. The efficiency of the mining equipment only affects the mining difficulty. It does not affect the power consumption of the Bitcoin mining network.

Quote from: gilang on June 26, 2016, 11:17:48 AM

It would be better to install solar panels and wind turbines because renewable energy is the future.
Cool

The source of the power generated has no affect on the power consumed. The amount of power consumed is only affected by the cost of the energy consumed. Bitcoin mining will always use the cheapest available energy - and that is not solar or wind.

MFahad

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Quote from: Thereisnospoon on June 11, 2016, 12:09:27 PM

Any crisis can be solved in a few different ways and innovation is one of them even more so the crisis brings innovation.
If Bitcoin's intrinsic value is high enough nothing and nobody will stop it.
And that is a power what is greater then energy required to run it

Even if bitcoin mining uses lot of power now and it will be using more power by 2020, it does not mean that we abandon the project. There are ways we can eliminate waste and get energy efficient systems to get this done.

MingLee

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Quote from: hawkins on June 26, 2016, 12:32:47 PM

but I think the power will always be on the upgrade.
I think every country that has received the bitcoin will create its own power for bitcoin, to make bitcoin is growing. it is because bitcoin is able to change the ecosystem of a country.

There isn't any requirement for countries to generate power for Bitcoin, and a lot of the energy used for those who mine Bitcoin is drawn from the civilian grid and not being subsidized from any other source. Bitcoin might change up the economies of countries in the future, but that is a far ways away and Bitcoin will have to be valued far more highly than it is now.

hawkins

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but I think the power will always be on the upgrade.
I think every country that has received the bitcoin will create its own power for bitcoin, to make bitcoin is growing. it is because bitcoin is able to change the ecosystem of a country.

funbarrel

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Quote from: gilang on June 26, 2016, 11:17:48 AM

It would be better to install solar panels and wind turbines because renewable energy is the future.
Cool

i think thats true though chinese usually have cheap electricity thus i dont think we nee new electricity sources

2double0

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Quote from: gilang on June 26, 2016, 11:17:48 AM

It would be better to install solar panels and wind turbines because renewable energy is the future.
Cool

The power Bitcoin takes to run its network is too much already, that even solar panels won't be able to provide that much.

ning_chang

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Quote from: ObscureBean on April 05, 2016, 03:16:36 AM

I just stumbled upon this article that claims Bitcoin could be consuming as much energy as Denmark by 2020 Shocked

Since I gave up mining in 2014, I've almost forgotten just how much electricity goes into making Bitcoins. This got me wondering whether the devs are already working on a solution to this problem. Anyone knows what the plan is?

http://inhabitat.com/power-hungry-bitcoin-could-consume-as-much-energy-as-denmark-by-2020/

for in my opinion would be nice BTC in 2020, but no one knows what happens in the future. super advance of the question

gilang

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It would be better to install solar panels and wind turbines because renewable energy is the future.
Cool

takingthis4

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I actually believe that if the currency price of BTC will potentially going to grow, eventually the electrical costs for mining will also increase, it will simply take more blocks/bigger hash speed to build it up.

Though it really depends on the country you live in, it's all relevant to the price of the electricity, anything can happen. I could be wrong on that though, so correct me if I misunderstood it, since this is quite interesting.

Zulucia

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Quote from: BurtW on June 22, 2016, 07:20:38 AM

Quote from: masewild on June 21, 2016, 01:57:31 PM

Quote from: Superbitzz on June 16, 2016, 03:30:24 PM

i think 2020 is too far to say any thing about that. but the power of the bitcoin can be realize from today. the present condition of the bitcoins shows its position clearly.

If the bitcoin price just double from the current price, it will use similar amount of energy as now. So no worries.

TRUE: If the price were to just about double about every four years then the Bitcoin Network would continue to consume about as much energy as it consumes today. But, if the price more than doubles over each era then it will consume more than it does today.

Quote from: ckeith on June 22, 2016, 05:59:43 AM

2020 is pretty far from now.

I'm sure someday the devs will come up with something to solve the potential problem.

Since power consumption is fundamental to the design of Bitcoin it would take a fundamental change (like PoS or PoS/PoW hybrid as suggested) to change this. I personally do not believe that a change this fundamental would ever be accepted by the majority of miners and nodes. We will see.

The bitcoin's energy problem is less than the Etheruem. If the Ethereum continue to rise in price, its power consumption will be a lot as it does not have the block halving mechanism. But it will be PoS in the future.

BurtW

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Quote from: masewild on June 21, 2016, 01:57:31 PM

Quote from: Superbitzz on June 16, 2016, 03:30:24 PM

i think 2020 is too far to say any thing about that. but the power of the bitcoin can be realize from today. the present condition of the bitcoins shows its position clearly.

If the bitcoin price just double from the current price, it will use similar amount of energy as now. So no worries.

TRUE: If the price were to just about double about every four years then the Bitcoin Network would continue to consume about as much energy as it consumes today. But, if the price more than doubles over each era then it will consume more than it does today.

Quote from: ckeith on June 22, 2016, 05:59:43 AM

2020 is pretty far from now.

I'm sure someday the devs will come up with something to solve the potential problem.

Since power consumption is fundamental to the design of Bitcoin it would take a fundamental change (like PoS or PoS/PoW hybrid as suggested) to change this. I personally do not believe that a change this fundamental would ever be accepted by the majority of miners and nodes. We will see.

ckeith

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2020 is pretty far from now.

I'm sure someday the devs will come up with something to solve the potential problem.

satmas

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Quote from: pandalion98 on June 21, 2016, 11:34:52 PM

Quote from: Superbitzz on June 16, 2016, 03:30:24 PM

i think 2020 is too far to say any thing about that. but the power of the bitcoin can be realize from today. the present condition of the bitcoins shows its position clearly.

No, it's really close. It would be a good idea if they started worrying about it now.

I think they should implement some sort of PoW/PoS hybrid so the ASIC market won't crash.

They can increase the proportion of the PoS gradually so that the PoW can still be used. That willl save some energy.

blackmachinegun

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Quote from: Cryptonitex on June 11, 2016, 11:31:17 AM

Agree, if the banks are gone, and BitCoin takes over, it'll be alright.

Lol bank would not be dead. bank is an institution that is very important to manage the finances of the world. bank is not just a place to save money. but also set up state finances. each country has their own banks so it is unlikely if the bank will be dead or missing.

pandalion98

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Quote from: Superbitzz on June 16, 2016, 03:30:24 PM

i think 2020 is too far to say any thing about that. but the power of the bitcoin can be realize from today. the present condition of the bitcoins shows its position clearly.

No, it's really close. It would be a good idea if they started worrying about it now.

I think they should implement some sort of PoW/PoS hybrid so the ASIC market won't crash.

masewild

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Quote from: Superbitzz on June 16, 2016, 03:30:24 PM

i think 2020 is too far to say any thing about that. but the power of the bitcoin can be realize from today. the present condition of the bitcoins shows its position clearly.

If the bitcoin price just double from the current price, it will use similar amount of energy as now. So no worries.

Superbitzz

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i think 2020 is too far to say any thing about that. but the power of the bitcoin can be realize from today. the present condition of the bitcoins shows its position clearly.

Thereisnospoon

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Any crisis can be solved in a few different ways and innovation is one of them even more so the crisis brings innovation.
If Bitcoin's intrinsic value is high enough nothing and nobody will stop it.
And that is a power what is greater then energy required to run it

awesome31312

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Quote from: Cryptonitex on June 11, 2016, 11:31:17 AM

Agree, if the banks are gone, and BitCoin takes over, it'll be alright.

This is very true. The corporatocracy harms the environment more than Bitcoin ever will but nobody dares criticize it.

Cryptonitex

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Agree, if the banks are gone, and BitCoin takes over, it'll be alright.

Topic: Bitcoin already using too much power by 2020? (Read 6843 times)