Topic: Bitcoin already using too much power by 2020? - page 8. (Read 6843 times)

proof of stake is the future of all cryptos and blockchains.

The miners will not leave mining bitcoin and also the price will not drop down because the miners are not only with small amount of bitcoin but most of them are big whales and they can manipulate the price.

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.

Coal mines ... gold mines ... Datacenters ... and a lot of other things consume more energy than bitcoin network.
But yes. I think we need better ways (ecological forms) for bitcoin mining(as we need for a lot other things), but that should come from farms not from Bitcoin devs.

why not you attach a small solar panel to your computer/laptop for that work? with solar panel you will cut up the cost of electricity and so will be benefited with mining and transaction etc.

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.

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. 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. And even then, the continued halving every 4 years will keep driving electrical use down.

Eventually, in a few dozen years, even if bitcoin is the dominant world currency, the mining of new bitcoins will be so small that the electrical costs will still be correspondingly small. Transaction fees will drive the mining system and corresponding electrical usage, but the need for those fees to stay modest in the face of competition from other cryptocurrency (or whatever) will keep the system from becoming inefficient and overly wasteful of electricity.

TL/DR: Electrical costs for mining bitcoin can only increase if the value of each bitcoin more than doubles every four years (each halving).

You never know what there will happen with Bitcoin in that year because Bitcoin is a currency and that is impossible to predict for what is going to happen.
So you have to wait and see for what will happen later in the future and have also the patience for it.

Bitcoin uses 0 power compared to the resources that mining gold is required, not to mention all the geological negative impact that mining gold has as a side effect of moving all the terrain because you are forced to hardcore terraform in order to extract whatever gold its left, yet I dont see anyone complaining about it.

Lot of alarmist threads about energy use for bitcoin and it always fails to consider that tech in this field is also moving forward an Tesla is just one example of this. Not worried!

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

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...

That will not work. Doge coin used to use the random block reward. But it failed as people do not mine the lower reward block.

We are very close to solving this problem. The new scheme basically randomizes the block reward and equalizes the playing field.

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Let's make cryptocurrency great again!

maybe it's true, to mine bitcoin require enough solar energy to generate a bitcoin, probably in 2020 had a lot of energy is expended to generate a bitcoin

dont think so,i'm sure satoshi create bitcoin with all his heart,they lve technology and create bitcoin for our future. if they earn money from sell ASIC devices,he will need more cost for it,and he just have so much money from bitcoin.

Electric costs each year will be getting more expensive and yes solar power is one good solution but need how many solar power to keep miner alive at night.

that's not going to be a problem if the miners do use an alternate energy,and the technology still grew up and i can sure any electronic thing in 2020 will consume electricity as low as it possible

What if ... Satoshi planned all that and created bitcoin so he can sell ASIC devices ?

I like the PoW mining, the energy used put a bottom of the price of the bitcoin. The bitcoin price does not drop below the cost of the mining.

Bitcoin would work just as well with much less mining power. In the end a large portion of the value of mined bitcoins is used for mining. Part for hardware (which also takes energy to produce), part for electricity. Until now block halving has not been able to keep up with the increase in value.