Bitcoin already using too much power by 2020? - page 3.

JanpriX

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Buy The F*cking Dip

Quote from: BurtW on June 09, 2016, 08:13:43 AM

Quote from: JanpriX on June 09, 2016, 08:00:59 AM

By that time (2020), more people should be using solar power in a major way. And the equipment for this type of energy source should be cost efficient because right now, only few have been using this due to its price being costly. Using solar power is also a great form of investment because it will provide more benefits in the long run (in terms here, for the miners/farms of BTC).

If you are trying to say that massive energy consumption by Bitcoin mining will drive energy prices up to the point that renewable energy will become cost competitive then... maybe.

So basically burning through all of our non renewable natural resources will cause us to switch to renewable sources of power.

Your point really has nothing to do with whether or not Bitcoin mining is using "too much power".

Thanks for pointing this out. I like the way how you put into context the non renewable natural resources vs renewable sources of power. Greatly appreciate your comment on this one.

awesome31312

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Quote from: BurtW on June 09, 2016, 07:59:43 AM

Quote from: Real-Duke on June 09, 2016, 07:12:32 AM

First time I talked about mining with a friend he asked me wondered: You burn power to earn money?
Yes for some reason it sounds bad Undecided

I think it is more technically correct to say you burn energy to secure the Bitcoin network. You get paid to secure the Bitcoin network, burning energy is your cost, the difference between what you get paid to secure the network and your energy cost is your profit.

An attacker would need to burn more energy that us (the current miners), the high cost of the energy they would need to burn is the cost of the attack.

The more energy burned the more secure the network.

That is PoW in a nutshell.

Thank you for explaining this, among other things. It is very important that people know to distinguish.

BurtW

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Quote from: JanpriX on June 09, 2016, 08:00:59 AM

By that time (2020), more people should be using solar power in a major way. And the equipment for this type of energy source should be cost efficient because right now, only few have been using this due to its price being costly. Using solar power is also a great form of investment because it will provide more benefits in the long run (in terms here, for the miners/farms of BTC).

If you are trying to say that massive energy consumption by Bitcoin mining will drive energy prices up to the point that renewable energy will become cost competitive then... maybe.

So basically burning through all of our non renewable natural resources will cause us to switch to renewable sources of power.

Your point really has nothing to do with whether or not Bitcoin mining is using "too much power".

JanpriX

hero member

Activity: 1708

Merit: 606

Buy The F*cking Dip

By that time (2020), more people should be using solar power in a major way. And the equipment for this type of energy source should be cost efficient because right now, only few have been using this due to its price being costly. Using solar power is also a great form of investment because it will provide more benefits in the long run (in terms here, for the miners/farms of BTC).

BurtW

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All paid signature campaigns should be banned.

Quote from: Real-Duke on June 09, 2016, 07:12:32 AM

First time I talked about mining with a friend he asked me wondered: You burn power to earn money?
Yes for some reason it sounds bad Undecided

I think it is more technically correct to say you burn energy to secure the Bitcoin network. You get paid to secure the Bitcoin network, burning energy is your cost, the difference between what you get paid to secure the network and your energy cost is your profit.

An attacker would need to burn more energy that us (the current miners), the high cost of the energy they would need to burn is the cost of the attack.

The more energy burned the more secure the network.

That is PoW in a nutshell.

BTCBinary

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The PoW algo is an energy consuming process. Surely the future is not PoW because in due time it will turn the network totally unprofitable. Either they solv this issue by introducing a new and less energy spending algo or either they improve the PoS algo and try to implement it on Bitcoin

Real-Duke

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Wheel of Whales 🐳

Quote from: Cuntabula on June 09, 2016, 07:22:12 AM

Quote from: Real-Duke on June 09, 2016, 07:12:32 AM

First time I talked about mining with a friend he asked me wondered: You burn power to earn money?
Yes for some reason it sounds bad :-

Well, an aluminum smelting plant burns tons of electricity, makes aluminum, and sells that aluminum for money.
We're smarter, we just bypass the middle step & turn electricity straight into money

LOL thats right and we can buy aluminium from that company for our coins Wink

Cuntabula

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Quote from: Real-Duke on June 09, 2016, 07:12:32 AM

First time I talked about mining with a friend he asked me wondered: You burn power to earn money?
Yes for some reason it sounds bad :-

Well, an aluminum smelting plant burns tons of electricity, makes aluminum, and sells that aluminum for money.
We're smarter, we just bypass the middle step & turn electricity straight into money

iqlimasyadiqa

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yes I think 2020 is the year that bitcoin has had a lot of users. bitcoin resource will be even greater. where in 2020 almost everyone is familiar with computer technology will also recognize bitcoin.

Real-Duke

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Wheel of Whales 🐳

First time I talked about mining with a friend he asked me wondered: You burn power to earn money?
Yes for some reason it sounds bad Undecided

DeDordtenaar

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Quote from: FabioDelcatto on May 25, 2016, 08:59:33 AM

Nobody will know what is going to happen with the Bitcoin in that year and you see that Bitcoin was stable for a long time so it works not that much power and it has to rise also in the future.
And that is only nice if the halving is also going to be good but the bad thing is that we cant control it and that is bad.

in some time bitcoin experiencing a stable state and it will not last for a long time? and you've seen? in some time ago for bitcoin prices could rise rapidly over $ 100? I think halving will give a nice effect and 4 out later in 2020 halving will happen again. bitcoin might already have full power

Mandoy

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Aurox

Quote from: awesome31312 on June 09, 2016, 12:36:05 AM

Quote from: Mandoy on June 09, 2016, 12:35:13 AM

Quote from: awesome31312 on June 08, 2016, 10:41:36 PM

Eventually, technological advances will lower the cost of resources required to mine Bitcoins. You are not addressing that with your math. I will post more detailed calculations later.

We all hope that would be true and it will be great but if otherwise happens its another thing around.

There are so many other factors contributing to pollution of the environment. Why are we not saying anything about them?

I believe its because people are busy finding money to avail of their daily needs, environment is not a priority for almost all individual.

awesome31312

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Quote from: Mandoy on June 09, 2016, 12:35:13 AM

Quote from: awesome31312 on June 08, 2016, 10:41:36 PM

Eventually, technological advances will lower the cost of resources required to mine Bitcoins. You are not addressing that with your math. I will post more detailed calculations later.

We all hope that would be true and it will be great but if otherwise happens its another thing around.

There are so many other factors contributing to pollution of the environment. Why are we not saying anything about them?

Mandoy

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Activity: 644

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Aurox

Quote from: awesome31312 on June 08, 2016, 10:41:36 PM

Eventually, technological advances will lower the cost of resources required to mine Bitcoins. You are not addressing that with your math. I will post more detailed calculations later.

We all hope that would be true and it will be great but if otherwise happens its another thing around.

awesome31312

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Activity: 826

Merit: 504

Eventually, technological advances will lower the cost of resources required to mine Bitcoins. You are not addressing that with your math. I will post more detailed calculations later.

Mandoy

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Aurox

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/

It simply means that in the near future almost everybody will use bitcoin in their transactions and with high demands to bitcoins mining farms will pop out like mushrooms not only in a single country but the whole world.

BurtW

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I am so sick of hearing that if you use solar power it is somehow not using power. Power is power. If you build a coal fired power plant the power produced can be used for Bitcoin mining or something else. If you build a solar or wind or tide or geothermal plant then the power produce can also be used for Bitcoin mining or something else. Power consumption is power consumption. Renewable energy is not free, in fact it costs more than coal or natural gas.

Solar power is not some sort of "magical" energy that if you use it you are not using energy so that your mining equipment uses less energy. Bullshit.

groll

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Quote from: MWesterweele on June 08, 2016, 08:04:28 PM

Hmm.in year 2020 yes pretty sure that it will consume much power but not that much power.Bitcoin network it self dont consume that much power it's just like a normal company but tge miners do.Miners use much power if they are not using solar power to operate their mining machines and rigs.But if miner will use solar powered plant i think thats he solution to lessen bitcoin energy comsumption by 2020

Your conclusions are true, If the hardware miners use solar panel/solar energy, The Miners wouldnt affect the Electic energy so much, Plus if they used Solar power the are actualy lessening their electrical energy charges

MWesterweele

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Hmm.in year 2020 yes pretty sure that it will consume much power but not that much power.Bitcoin network it self dont consume that much power it's just like a normal company but tge miners do.Miners use much power if they are not using solar power to operate their mining machines and rigs.But if miner will use solar powered plant i think thats he solution to lessen bitcoin energy comsumption by 2020

BurtW

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Quote from: BitsandBites on June 08, 2016, 09:31:22 AM

2020 will be a year of the bitcoin everybody is saying that but if you want to know with year is for the bitcoin you have to see it by your self so i dont think it would happen in just 3 years that take time.

Just curious, what is your native language?

Topic: Bitcoin already using too much power by 2020? - page 3. (Read 6843 times)