Topic: Bitcoin and global warming - page 4. (Read 3019 times)
I think the percentage of energy consumed to mine bitcoins is negligible compared to the total energy consumed by humanity as a whole. Therefore, we should not assume that this is a serious problem for bitcoins.
The greed of miners is causing serious problems for the Earth's climate. The amount of electricity supplied to the mining plant is enormous. We need new solutions to minimize this. Perhaps the plant operators should look for green energy sources to protect the environment and reduce pollution.
As I know, Bitcoin consumes more energy, than my whole country. Yes, it is a problem, but not sure, if it could be changeda, as it also makes the system secure IMO.
If Bitcoin will facilitate or improve the lives of its users - it is justified.You need to live comfortably! Better than the population to give up gasoline in favor of electricity.
As I know, Bitcoin consumes more energy, than my whole country. Yes, it is a problem, but not sure, if it could be changeda, as it also makes the system secure IMO.
However, it is still very strange to hear (read I mean sure) that somebody finds the connection between Bitcoin mining and global warming. It is nonsense as for me.
i think at one year ago we can see that there are people that use computer and mining rig to mine bitcoin around the world, and it spend many energy of electricity and makes global warming, but we can see right now, the mining is not popular right now because its not profitable again, so many miners stop mining the bitcoin
This is not going to be a problem in the future as miners move to cheaper forms of energy which is likely to be renewable. Something like solar power or biogas which is better for the environment. Switching to colder climates will reduce airconditioning requirements
the thing about electricity is that until we are presented with options about power consumption alternative, there's nothing much that we can do but use electricity when mining bitcoins. Unless there are some renewable energy that we can use as electricity, there's not much that we can do to reduce global warming because electricity is needed to mine bitcoins.
I think our main problem is the huge electricity expense induced by mining and its noxious effect on the climate. This is, to my mind, the only serious argument against Bitcoin.
Alleviating the electricity expense should be one of our priorities. If we do not do it for the sake of the Earth (which we really should) we should at least do it selfishly because governments will not tolerate this forever and they will be right. The more the exchange rate increases, the worse it gets, of course.
Some solutions exist though: first there is proof-of-stake, of course. This technology may be too young to be deemed reliable enough but we should at least start considering it.
If we do not like proof-of-stake I think we could drammatically decrease the electricity expense by stopping monetary creation now. Nowdays Bitcoin is famous enough to remain secure even if miners earned transaction fees only. And if as a whole there are 16.5 M coins instead of 21 M, this does not make much of a difference. That is even good for holders. To make miners agree with that solution, they must be compensated for their lost income. More precisely, active miners must be compensated because they have already bought ASICs. Futures miners do not need to be compensated. Since mining is a competitive industry, future miners will make no profit on average, whatever the reward scheme. To compensate active miners we could decide that the next 2016 blocks yield, say, 100 new coins and then 0 forever. Everybody would win and the Earth above all!
There are probably many other solutions and I wish the community cared a little more about this fundamental issue.
gold mining consumes more electricity until each finish product for about 20% more than the bitcoin accordong to research you can google it to verify, so i wonder why electricity consumption on mining bitcoin becomes an issue and not for gold? Alleviating the electricity expense should be one of our priorities. If we do not do it for the sake of the Earth (which we really should) we should at least do it selfishly because governments will not tolerate this forever and they will be right. The more the exchange rate increases, the worse it gets, of course.
Some solutions exist though: first there is proof-of-stake, of course. This technology may be too young to be deemed reliable enough but we should at least start considering it.
If we do not like proof-of-stake I think we could drammatically decrease the electricity expense by stopping monetary creation now. Nowdays Bitcoin is famous enough to remain secure even if miners earned transaction fees only. And if as a whole there are 16.5 M coins instead of 21 M, this does not make much of a difference. That is even good for holders. To make miners agree with that solution, they must be compensated for their lost income. More precisely, active miners must be compensated because they have already bought ASICs. Futures miners do not need to be compensated. Since mining is a competitive industry, future miners will make no profit on average, whatever the reward scheme. To compensate active miners we could decide that the next 2016 blocks yield, say, 100 new coins and then 0 forever. Everybody would win and the Earth above all!
There are probably many other solutions and I wish the community cared a little more about this fundamental issue.
Nothing is perfect. You should know that each country's paper money is valuable worldwide, but to produce it loses a lot of natural resources but it still has many advantages over cryptocurrency. Printing money against money and fraud on the Internet, more importantly the value of paper money is always stable.
Does anyone know/have any figures about the total power consumption that bitcoin requires currently? It should be high I'm sure, and should also go even higher in the future. However, compared to other industries, where does bitcoin rank exactly? I would assume bitcoin's power consumption still ranks lower in comparison to most of the business sectors.
What about using solar panels to mine bitcoins? Do you think that this will help alleviate the power consumption when mining bitcoins? So far, this is the only solution I can think of. What do you think? Will it suffice?
As I know, Bitcoin consumes more energy, than my whole country. Yes, it is a problem, but not sure, if it could be changeda, as it also makes the system secure IMO.
Yes, there is more and more evident that the cost to mine bitcoin is actually more expensive than bitcoin itself - which, in reality, makes it impossible to make money if you mine your own bitcoin. Additionally, it is bad for the environment - neither of those sound good to me
I think bitcoin is not industrial product which contribute to the global warming and i think that bitcoin is the currency which is better the economy and it is the crypto so it is not transported through vehicles and other ways.
bitcoin is good for those who have no other course of income while through this forum bitcoin donation is good for the society i think it is contributing much to the economy while it is not taking any thing from them in reward.
Got a point. But we cannot remove the fact that people needs energy in every actions involving the usage of machines or technology. But then we should take the opportunity having cryptocurrency or bitcoin to finance researches that will solve those kind of problems. On the other side, i guess global warming is inevitable too just like death. bitcoin is good for those who have no other course of income while through this forum bitcoin donation is good for the society i think it is contributing much to the economy while it is not taking any thing from them in reward.
I think bitcoin is not related to global warming and I believe there is another thing that can cause global warming. The electricity for bitcoin mining is less than the total electricity in all country, but if because of bitcoin mining, global warming is on everywhere, then we can convert the electricity by using another source. I am sure that we can use wind power, water power to convert into electricity so the bitcoin mining process can continue and we can reduce the electricity for another thing.
yes, bitcoin can contributed to the global warming because more energy use can cause effect in our environment like mining bitcoin we can use more energy to fast in mining.china more people are going in mining and they are using coal energy and can cause more effect in our environment.
we have a new study to lesser energy consumption in mining bitcoin, proposing decarbonzing bitcoin : law and policy choices for reducing the energy consumption of blockchain technologies and digital currencies.
Bitcoin is here to stay, and so future models must be designed without reliance on energy consumption so disproportionate on their economic or social benefits.
we have a new study to lesser energy consumption in mining bitcoin, proposing decarbonzing bitcoin : law and policy choices for reducing the energy consumption of blockchain technologies and digital currencies.
Bitcoin is here to stay, and so future models must be designed without reliance on energy consumption so disproportionate on their economic or social benefits.
I strongly recommend that the source of the energy used in Bitcoin Mining should mostly come from renewable energy, like those coming from the sun, wind, water, etc they can really be of great help...
I am believe bitcoin electricity consumption not too large. Its true if thats a problem, we can use alternative energy as power source because we are living on innovation era. With renewable energy, we have cheaper cost on electricity
stop mining activities with high spec hardware which costs a lot of electricity. make bitcoin a fair industry, with all those who become investors with relatively similar capital.
It becomes one of the things that makes global warming even higher on this earth and it's true because hardware that takes up a lot of electricity will make it happen.
I strongly recommend that the source of the energy used in Bitcoin Mining should mostly come from renewable energy, like those coming from the sun, wind, water, etc they can really be of great help...
Changing the Bitcoin creation mechanism by decreasing the total amount of Bitcoin is something, which is against the basic idea of Bitcoin, never going to happen IMO.
Bitcoin mining is really contributing in the global warming but as others are saying even banks are doing the same maybe when the time comes that bitcoin replaced the currency fiat system then it will be an acceptable use of energy and contribution to the global warming.
Excessive use of electricity will also affect the environment, I would think that mining is also bad for the environment because its need much energy and electricity, but if you only use bitcoin for transactions or trade, it doesn't use too much electricity, so it doesn't give bad effects and global warming Jump to: