Bitcoin already using too much power by 2020? - page 7.

AGD

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Keeper of the Private Key

https://bitcoinmagazine.com/articles/bitcoin-doesn-t-waste-electricity-it-s-used-for-security-1446482572

Quote

Bitcoin’s Hashing Computations are Not Useless
The key point to take away from this excerpt of Antonopoulos’s presentation is that all of the hashing power pointed at the Bitcoin network is not useless. All of that processing power and electricity is, essentially, being used to create a new public good -- the blockchain. Until there is an alternative to proof-of-work that is proved to be secure enough to power a global, decentralized ledger, it would not be correct to call bitcoin mining useless or wasteful -- unless, of course, you don’t think Bitcoin provides any value to the world.

Ultrafinery

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Quote from: AGD on May 11, 2016, 10:03:45 AM

Quote from: Ultrafinery on May 11, 2016, 10:00:09 AM

Quote from: AGD on May 11, 2016, 09:39:00 AM

Quote from: Ultrafinery on May 11, 2016, 09:31:19 AM

Quote from: AGD on May 11, 2016, 09:16:02 AM

How much electricity and other energy goes into fiat?

Probably more than into bitcoin, depending on what metrics you use.
Caveat: Fiat economy is at least a million times bigger than Bitcoin, so unless you think fiat uses x1,000,000 more power than bitcoin, this is irrelevant.

Bonus: fiat is primarily used for IRL business and to pay for legit IRL needs, like roads, baby formula, public schools, etc., etc.
Bitcoin is primarily used for laundering fiat, gambling, ransomware, and trying to buy overpriced drugs on shifty DNMs.

Glad I could be of some help

Your simple accounting is wrong and if you even think your rubbish is helping somebody, you might be the one needing help.

Look, if you got nothing, just say "I got nothing" & thank me. Don't mope, no one likes that petulant shit.

You are too arrogant to see even the simplest facts, so discussing with no content people like you is just leading nowhere. Get a brain!

Isn't that what you brainy people call an ad hominem argument, to sound smart to each other?

AGD

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Keeper of the Private Key

Quote from: Ultrafinery on May 11, 2016, 10:00:09 AM

Quote from: AGD on May 11, 2016, 09:39:00 AM

Quote from: Ultrafinery on May 11, 2016, 09:31:19 AM

Quote from: AGD on May 11, 2016, 09:16:02 AM

How much electricity and other energy goes into fiat?

Probably more than into bitcoin, depending on what metrics you use.
Caveat: Fiat economy is at least a million times bigger than Bitcoin, so unless you think fiat uses x1,000,000 more power than bitcoin, this is irrelevant.

Bonus: fiat is primarily used for IRL business and to pay for legit IRL needs, like roads, baby formula, public schools, etc., etc.
Bitcoin is primarily used for laundering fiat, gambling, ransomware, and trying to buy overpriced drugs on shifty DNMs.

Glad I could be of some help

Your simple accounting is wrong and if you even think your rubbish is helping somebody, you might be the one needing help.

Look, if you got nothing, just say "I got nothing" & thank me. Don't mope, no one likes that petulant shit.

You are too arrogant to see even the simplest facts, so discussing with no content people like you is just leading nowhere. Get a brain!

Ultrafinery

member

Activity: 84

Merit: 10

Quote from: AGD on May 11, 2016, 09:39:00 AM

Quote from: Ultrafinery on May 11, 2016, 09:31:19 AM

Quote from: AGD on May 11, 2016, 09:16:02 AM

How much electricity and other energy goes into fiat?

Probably more than into bitcoin, depending on what metrics you use.
Caveat: Fiat economy is at least a million times bigger than Bitcoin, so unless you think fiat uses x1,000,000 more power than bitcoin, this is irrelevant.

Bonus: fiat is primarily used for IRL business and to pay for legit IRL needs, like roads, baby formula, public schools, etc., etc.
Bitcoin is primarily used for laundering fiat, gambling, ransomware, and trying to buy overpriced drugs on shifty DNMs.

Glad I could be of some help

Your simple accounting is wrong and if you even think your rubbish is helping somebody, you might be the one needing help.

Look, if you got nothing, just say "I got nothing" & thank me. Don't mope, no one likes that petulant shit.

specown

newbie

Activity: 32

Merit: 0

Definitely agree, basically it is not profitable to mine without having free electricity plans or stuff like that.. just think what does this signalize, that the costs of the electricity or in other words the amount you spend is much higher that the profit..

eternalgloom

legendary

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Merit: 1283

I believe this will become a complete non-issue in the future once renewable energy production takes over.
Plus in comparison to other industries the power usage of Bitcoin miners is negligible.

Qunenin

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Merit: 506

I dont think mining will have any scope in 2020.

AGD

legendary

Activity: 2070

Merit: 1164

Keeper of the Private Key

Quote from: Ultrafinery on May 11, 2016, 09:31:19 AM

Quote from: AGD on May 11, 2016, 09:16:02 AM

How much electricity and other energy goes into fiat?

Probably more than into bitcoin, depending on what metrics you use.
Caveat: Fiat economy is at least a million times bigger than Bitcoin, so unless you think fiat uses x1,000,000 more power than bitcoin, this is irrelevant.

Bonus: fiat is primarily used for IRL business and to pay for legit IRL needs, like roads, baby formula, public schools, etc., etc.
Bitcoin is primarily used for laundering fiat, gambling, ransomware, and trying to buy overpriced drugs on shifty DNMs.

Glad I could be of some help

Your simple accounting is wrong and if you even think your rubbish is helping somebody, you might be the one needing help.

Ultrafinery

member

Activity: 84

Merit: 10

Quote from: AGD on May 11, 2016, 09:16:02 AM

How much electricity and other energy goes into fiat?

Probably more than into bitcoin, depending on what metrics you use.
Caveat: Fiat economy is at least a million times bigger than Bitcoin, so unless you think fiat uses x1,000,000 more power than bitcoin, this is irrelevant.

Bonus: fiat is primarily used for IRL business and to pay for legit IRL needs, like roads, baby formula, public schools, etc., etc.
Bitcoin is primarily used for laundering fiat, gambling, ransomware, and trying to buy overpriced drugs on shifty DNMs.

Glad I could be of some help

Quote from: Zulucia on May 11, 2016, 09:22:40 AM

In a small city, there are many banks branches, they all use a lot of energy and employ many people, that is also costly.

Yes there are.
Those brick and mortar bank branches are providing financial services like financing your house and lending you actual money. Services that bitcoin doesn't provide.

Zulucia

newbie

Activity: 73

Merit: 0

Quote from: AGD on May 11, 2016, 09:16:02 AM

How much electricity and other energy goes into fiat?

In a small city, there are many banks branches, they all use a lot of energy and employ many people, that is also costly.

AGD

legendary

Activity: 2070

Merit: 1164

Keeper of the Private Key

How much electricity and other energy goes into fiat?

co5hike

hero member

Activity: 798

Merit: 1000

Quote from: ?? on ??

why is the bitcoin using t much power that's only great because how many publicity he gets
how better it is for the future of the coin. And he wont disappear is more and more people are using them.
so be patient he will be big.

Yes bitcoin will be more powerful in future for sure, the only thing it needs is the support from the Government and the society once it is done,it will be the most powerful currency.

RobinHoodster

sr. member

Activity: 350

Merit: 250

Quote from: masewild on April 27, 2016, 06:04:31 AM

Quote from: 7788bitcoin on April 13, 2016, 09:33:52 AM

I think the growth of hashing rate is slowing down. With more efficient ASIC the power consumption should go under control... I have a feeling that many of the Chinese miners are on board for the gold rush and not planning to stay for long...

As long as the price of the bitcoin does not crash and there is profit to make, any miners will keep on mining.

You never know what can happen with Bitcoin and that is the problem because there are still a lot of people that is hoping that the value will be more worth but you cant control it and that is bad.
But it is the risk that you should take and that you have also to sell it on the right moment.

MyBTT

sr. member

Activity: 378

Merit: 250

Aaaand thats why we made mining pools. We already know that Bitcoin uses a lot of power and thats why, if you want to make money, you get yourself into a mining pool. It still uses a lot of power, but you can earn more money.

masewild

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0xedA39AF25b25f179bed410EcC6d33060952b7Db3

Quote from: voztata on May 02, 2016, 10:12:35 AM

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/

I think energy is not that much expensive that miners will leave mining it, and in the coming days the developers will device some techniques so that the energy consumptions will be reduced.

If it is still PoW, the energy consumption will still increase if the bitcoin becomes more popular in the future.

voztata

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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/

I think energy is not that much expensive that miners will leave mining it, and in the coming days the developers will device some techniques so that the energy consumptions will be reduced.

BitconAssociation

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Quote from: Gleb Gamow on May 01, 2016, 04:13:03 PM

...
For sake of argument, even if ALL the cryptocurrency miners were powered by solar, wouldn't it take close to the same amount of electricity usage to produce, transport, install, etc. for the implementation?

Gleb Gamow

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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/

Quote

“Even in the optimistic scenario, just mining one bitcoin in 2020 would require a shocking 5,500 kWh, or about half the annual electricity consumption of an American household,” says Deetman. “I haven’t given up on the idea of distributed network transactions, but a radical rethinking of how these may be secured would be beneficial, be it at least for the environment.” Solar-powered Bitcoin farm: a worthy investment?

For sake of argument, even if ALL the cryptocurrency miners were powered by solar, wouldn't it take close to the same amount of electricity usage to produce, transport, install, etc. for the implementation?

Bitcoinbro

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Activity: 420

Merit: 250

Quote from: ricardobs on May 01, 2016, 09:57:35 AM

Quote from: masewild on April 27, 2016, 06:04:31 AM

Quote from: 7788bitcoin on April 13, 2016, 09:33:52 AM

I think the growth of hashing rate is slowing down. With more efficient ASIC the power consumption should go under control... I have a feeling that many of the Chinese miners are on board for the gold rush and not planning to stay for long...

As long as the price of the bitcoin does not crash and there is profit to make, any miners will keep on mining.

Yes, miners will not leave mining if the price will be at a good value, but if the price came back to a lower value then I think miners will no longer continue to mining bitcoin and will adopt some other alt coin to mine.

I also think this and I think it will not be a big issue in the year of 2020 to be honest, I really hope it will not.
I think there is a good chance this will not happen.

BitconAssociation

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Quote from: ebliever on April 28, 2016, 10:50:43 AM

What most people don't grasp (including the author of the article in the OP) is that the amount of electricity going into mining BTC is correlated to the amount of new bitcoins being mined - not to the total market cap of bitcoin. In other words, if $1 million of new bitcoins in being mined each day, than it makes sense that just under $1 million of bitcoin mining expenses (ASICs, technicians, warehouse rental, electricity and so on) will be expended in the effort to mine bitcoins. But if that drops to $500,000/day in new bitcoins, then the amount expended on mining will likewise drop in half.

Halving the reward = halving the security of Bitcoin network. Unless, of course, miners manage to compensate for the halving block reward with higher fees. In which case the total reward/power consumption remains the same.

Quote

So what does this mean? It means that with every halving the investment in bitcoin mining - including electricity expenses - is going to drop by half, all else being equal.

Correct, if BTC price does not go up, Bitcoin network will consume less electricity with each halving. Of course, Bitcoin will also become half as secure with each halving.

Quote

In 2020 we will be having another halving, so after that point the rate of bitcoins being mined will be 1/4 what it is pre-2016 halving. The only way bitcoin will consume as much electricity as Denmark is if the value of each bitcoin rises to stratospheric levels, which will probably only happen if there is a wholesale collapse of fiat currency systems.

By "stratospheric", you, of course, mean 2 * 2 * $450 = $1,800. Or just $600 more than it was worth in 2013.
Stratospheric indeed Sad

Topic: Bitcoin already using too much power by 2020? - page 7. (Read 6846 times)