Topic: Bitcoin are playing with the big boys and cleaning their energy footprint (Read 269 times)

There are many development of energy resources that are currently developing, by utilizing them from nature and returning to nature. I think large-scale bitcoin mining is not a reason for environmental destruction, especially since there are still many that are more widely used than mining

people like to use a centralized exchange or wallets because they can transfer funds from their bank accounts there more easily. I do not know is there any fully decentralized platform like uniswap offers this kind of service. As long as we can not use crypto without the use of banks it can not be fully decentralized. At some points, we must pass through any centralized authority because fiat is the one we use at the end, not crypto.

So Kraken also plans to go public? That’s very nice, this is going to encourage a lot of other cryptocurrency companies and exchanges to open up to the public. At this level I don’t think there is anything that’s going to be stopping bitcoin anymore (and cryptocurrency as a whole), because the cryptocurrency has reached to another level with this kind of achievement. Even though there are still some countries that still ban it, just like Turkey and Nigeria, but I think it’s just a matter of time until their government understands what cryptocurrency fully is.

It is not 100% sustainable to use the renewable energy sources and they costs a lot considering the build up areas based on the type of energy farm. For windmills you need acres of stretches to have enough energy which can run mining farm smoothly. There is no guarantee it will produce the energy 24x7. Sometimes nature can be angry upon us giving to 0% output on the bad day!

Im not against using the energy which is clean but mining operation need mega energies and they need stable electricity to have proper hash rates.
But surely they must go on building the renewable energy plants which may benefit them with the operations and also nature at the same time.

About the coinbase: Yeah the forum itself is flooded with the topic of coinbase so can imagine the popularity and attention is growing for the same.

Just wait, the future is only for the decentralized crypto. They will get hold of your crypto if you keep your funds in centralized exchanges.

DONT buy the coinbase IPO, Buy the real bitcoin

So, big centralized exchanges becomes bigger and more centralized. The bright future of decentralized cryptos

Characterizing the criticism as coming from “fiat shills” is disingenuous at best. Bitcoin is never going to replace fiat, it’s just not a viable currency. So people don’t need to tear down bitcoin because it’s not a threat to fiat. The criticism about energy consumption is legitimate, and it has nothing to do with fiat.  You’re projecting your own insecurities about bitcoin way too hard.

No matter how environmentally friendly bitcoin is, if fossil fuels are still the biggest energy source for almost every country, we probably aren't going to appreciate it that much because renewable energy sources only make up around 20% of the total energy source, the number is not accurate so I might be wrong but it is true that fossil fuels are dominating the energy market.

My goodness!
Never imagined that this will happen. A public exchange within a public exchange? That is like unlimited funds, unlimited financial instruments for coin base. Never though Coinbase can pull it up like this. I hope this will proceed to the next level which is being consistent and having a promising stock value per share.

I was eyeing for Coinbase since their early days but I really never expected for them to be listed in a very much reputable public stock exchange! That was very impossible back then. I will be waiting for their Initial Public Offering soon and anyone here has strategies they could share?

Well, most of the Bitcoin mining is done in China and as we know, most of their power is still generated in coal power plants. See this site for the proof : https://www.statista.com/statistics/859266/number-of-coal-power-plants-by-country/

That is not to say that most mining operations are centered around these power plants, because China is also the country with the most hidro electricity power plants.  Source : https://www.statista.com/statistics/474799/global-hydropower-generation-by-major-country/

I am still happy that the USA and other countries are shifting their focus to "clean" energy for mining now. 

Bitcoin is surprisingly environmentally friendly, as opposed to what most of the people think. Individual Miners may definitely use their in-home internet which is then again derived from fossil fuel burning, but large mining rigs out there are using greener and more efficient ways to tap energy, like wind and solar energy for instance. This rally bitcoin is making may actually help onboard the industry into switching to renewable energy resources in the future.

Environmentally friendly renewable power is cheaper than fossil fuel based alternatives across the board. Which should naturally align market forces with carbon neutral power in bitcoin mining.

It is possible the only coal and petrol based crypto mining operations are those that are state subsidized in order to create jobs and boost certain regional economies.

The concept of bitcoin miners needing to clean their energy footprint could be misleading in that regard. Bitcoin mining could be clean today. It may always have been clean in an overwhelming majority of cases. The media's attempt to push agendas by implying the opposite is certainly not appreciated.

Renewable energy will be required in the future no matter what. I do not care if you believe in climate change or not (which is a data proven thing, quite idiotic not to believe it) but you should realize that one of the methods is limited and only exists in finite numbers, whereas the other one is limitless and forever, as long as sun shines we can get energy from that, as long as winds blow we can get energy from that, oil will eventually be finished, gas too.

If crypto could spear head into that and spend more and more money into proving that all those mining operations requiring so much power could be harnessed from renewable energy and be cheaper in the long run, and still can be done in a way that doesn't hurt the world, I believe that could be eye opening for some people. Its just too simple to choose, one is bad and the other is good, why hesitate?

     I never really lost hope for bitcoin even when it came crashing down from an ATH of 20k back then. I truly believed in its potential and now even the people who doubted and talked crap about bitcoin and this industry has eaten their words and jumped into the hype. These scumbags even profited from the industry that they have been talking trash about. But yeah, past is past. Even with what they did back then, they still helped bitcoin rise up even more because of their support along with other big names and companies. 70k is nothing. In fact, we may even reach 100k in a few months or in the last quarter of this year. I'm feeling positive right now.

Most of the criticism directed towards bitcoin when it comes to the energy it consumes is absolutely ridiculous, to begin with most of the energy used to secure the network already comes from renewable sources and it is energy that would have not been consumed otherwise, also when it comes to the economy there is nothing more important than to keep the currency secure and bitcoin uses the more efficient way to do this.

If we were to calculate how much energy is spent by the current economic system we will find out that the amount of energy it consumes is way higher than the energy bitcoin would consume if it reached that scale so all of those arguments are completely flawed and are made in bad faith.

I always knew Gryphon Digital mining can secure those funding.  Their company and their vision are very promising since day one and it was so clear as crystal and their founding team are very much professional.

Now, this will give a very high potential to Bitcoin to pump in order to survive the IPO.  The possible inflation will be countered because of these companies and sooner, cryptocurrencies will be widely accepted worldwide.

However, there's a theory that Bitcoin will be used to cause inflation in currencies especially dollars, and it will make the people realize the currencies are not that valuable since most of the currencies are only being backed by trust and not with solid resources like golds, oil and minerals already.  It’s just the guns!  But we will never know, we will cross the bridge when we get there.

As for the listing of Coinbase and other similar companies, this is nothing strange or unusual, it is something completely normal in the business of any company - because everyone wants to increase profits and be as competitive as possible in the market. All this, of course, gives even greater legitimacy to cryptocurrencies, because it shows that these companies will not just disappear and that this is not a passing trend.

When it comes to crypto mining and its effects on the environment, I think one thicker book could be written just from the posts that exist on this forum - but everyone who has read those same posts carefully knows that the whole thing about mining is pretty harmless considering all the other industries that destroyed our planet 20-30 years ago, and now they are just driving the last nails into its coffin while at the same time calling out Bitcoin which consumes some miserable 0.2% of the world's total energy consumption.

As I already wrote in a previous post, it’s not just a question of whether BTC uses energy from renewable sources or is 100% on coal, the point is that it consumes it at all. Hatters will always raise this issue because it is very easy to manipulate such news, so we already have an idea that is spreading in the form of the message "BTC mining will leave us in the dark".

May the best man win, in this case it is not a competition between bitcoiners but to bitcoin to bitcoiners. We know that there are still big boys wanting to put their money on bitcoin and are still confuse whether to do it or not. It may be beneficial for those who are positive to put their money on bitcoin and gain on it just like those who invested bitcoin even @ 50K USD. Now they could reap the gains but due to the fact that bitcoin is always in the mainstream then it would be possible for them to still hold longer.

But we know one day bitcoin will going to fall and that would be the best time to invest again. Just wait for it and it will going to happen. It may take some time but for sure another cycle of bitcoin ups and down will going to happen. Many of it are benefiting it would going to happen again.

I am just waiting for now the right time. For me, it would be very risky to invest and play with bitcoin unless I would do trading but that would too so risky. Same also with the big boys out there. The play against bitcoin vs them would be crucial as of this moment. Positivity and luck is all it needa for them to be successful.

A clean and renewable energy source would make the cherry on cake for the positive events happening with regards to crypto. Coinbase has proved its loyalty in the long fight, and is paving the way for crypto to become completely normalized across the globe! I'm very optimistic regarding this, and surely as you said, not only $70k, btc might hit very soon $100k! 

Making use of renewable energy must be a good step toward green environment but I am just wondering how people are going to deal against heat emission problems because of bitcoin mining. It means the the process toward green environment assuring bitcoin mining needs to travel very long path ahead. Probably switching over to different algorithm would be the easiest solution here but I'm not sure how much feasible that one would be.

If bitcoin mining will be ensuring not harming our earth in any means, I guess there will be more chances for bitcoin to be adopted by each and everyone. I believe experts must work on this, so that we can make use of bitcoin without any guilty. Yeah, global warming must be a big threat right now.

What do you not understand about Coinbase? That it has a high number of users? Perhaps despite of what you might perceive are poor features?

Coinbase has been around since the time when Bitcoin was only a single-digit currency. Somehow it has earned the trust of millions. Also, it is offering its services to the whole of the US market save alone Hawaii. During the surge of crypto exchanges, majority of them do not allow US residents. Finally, you can actually create limit orders on Coinbase. You can make orders at your own preferred price.

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Anyway, there's a lot of good news about cryptocurrency around. We're going more and more mainstream. Adoption has now gained acceleration. Bitcoin is now becoming a global phenomenon.

Thanks OP for important news. Coinbase and Kraken's interest in listing on Nasdad was imminent. I think it is natural and timely because it has come to fruition.

I am pleased to learn about how Gryphon Digital mining has raised $ 14 million to establish renewable energy-driven bitcoin mining operations in the United States.
This is the direction to take now that bitcoin is booming and we need to show that bitcoin operations can use renewable energy.

They have reported even before that they're increasing in users. AFAIK, there are about 1 million users that were registered per month last year, you've got it right, that's per month, not the whole year-round.

And that's why the number of their users has increased over time and there's more for this year because we're in a bull run which most of the interest of the people are coming when they see huge prices for bitcoin and other cryptocurrencies.

Both are good news? lol

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There is an alternate theory that said they will dump BTC after IPO, since it's only to artificially inflates Coinbase's valuation. But I think the price will pump because the sentiment is too positive. As long as whales still have money to pump, $70k is easy, but if they depend on average Joe to pump the market, it will not happen because the pandemic made them broke.

This is a really good news, and I can’t wait for Bitcoin to finally reach the $70,000 mark which will be a new ATH price. With the way I am seeing things it seems like we are going to be reaching the $100,000 price before the end of this year and we might even be crossing that price before the year ends.

Seriously I can’t wait to see that happen, and there have also been people who predicted $300,000 earlier this year and they were doubted, if the price should quickly cross $100,000 then we might be looking forward to some thing around that price of $300k. Also this news about Gryphon Digital Mining is a good one, this is what we needed at this time.

Those who have huge interests that differs from bitcoin would always be attacking the power consumption aspect of bitcoin even though the vast majority of miners from outside the United States are already converting to renewable energy sources in a fast rate. They'd continue to sling mud as long as they can see holes, and would be ignoring initiatives to drive away energy consumption from coal that a lot have been doing for years now.

For companies/platforms going public, Coinbase would be a nice example to gauge things and to see how things would pan out. I'm pretty sure it will receive a lot of support as it was heavily advertised and marketed for quite some time now.

I don't really understand Coinbase which until now has had an increase in users. and as far as I know when on coinbase it only exchanges instantaneously and is less fun to trade than other exchanges. Is there anything here that can tell me, so that knowledge increases why Coinbase users are increasing this year.

What is the link between Coinbase listed on Nasdaq and RE mining? Both things are different and there is no connection between them.
The allegations that Bitcoin consumes a lot of energy are closer to the ones that have been saying that Bitcoin is being used to finance terrorism and money laundering.
Unless they are illustrated with numbers that show how mining consumes unclean energy or generates heat emissions, it will remain a useless claims.

I think it was mostly mining in the USA that was cheaper to do with pollutant energy sources. Most other counties where mining is possible (Canada, China, Iceland, Norway) were generally using mostly renewable resources instead.

It's a good move though even if it is omnlu $14m.

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I've been looking at how much better companies manage to do when they go public and coinbase should be an interesting one to watch..

Coinbase with it's 56 000 000 verified users are being listed on Nasdaq and Bitcoin are going public and mainstream into the institutional financial system. (The prediction is that we might see a $70 000+ Bitcoin ATH price, before the end of April) 

"Kraken, another cryptocurrency exchange, also has plans to go public next year..."

Source : https://finance.yahoo.com/news/us-bitcoin-mining-venture-raises-145259255.html

It is also a trend for Fiat shills (competition) to complain about the high energy consumption that are needed to mine coins (tokens) and to run the Bitcoin Blockchain. Now, "Gryphon Digital Mining has raised $14 million to establish renewable energy-driven bitcoin mining operations in the United States."

Source : https://finance.yahoo.com/news/us-bitcoin-mining-venture-raises-145259255.html

It is nice to see that the industry are moving forward and also focusing on "burning issues" that has received a lot of criticism in the past. I hope other Bitcoin mining operations will take note about the changing environment and they will also shift their operations to run on "clean" and renewable energy sources.