Topic: Bitcoin consuming too much Electricity. (Read 991 times)

It would be nice to make a completely autonomous mining of solar panels. To just invest once and not pay for electricity anymore. There's no tax on solar panels, right?

So, how many trees did you plant last year? How many bird houses have you put up in the trees?


Lols at the logic.
So if they would use alternate energy they would not waste energy?
Is this alternate energy something that comes from another galaxy and it's free to acquire and unlimited?



It's pretty simple to approximate the number. But I must say it again Approximate!!!
Take a loot at the hashrate, divide it by 13Th (what an s9 is capable of) , then multiply it by 1300 W.

Check this thread also for a bit more complex estimate
https://bitcointalksearch.org/topic/bitcoin-power-consumption-at-the-current-price-2465881

This was what I thought, so I read the BitCoin dev. papers and deducted where it all goes wrong, then with my experience on cellulair neural networks, I started to build a new voting system (Thank you Alan Turing!!) which will eliminate all problems in a cartesian product, because we only need a subset.
By solving these problems I was able to free the mining process back to 'just a coinbase operation', you can even build a lottery of members which will turn out free money every X minutes
The main thing is, finally all computing power hunting for coinbase money is free to use where it can benefit, like folding molecules to cure deseases, searching for astral life, or rendering video, the sky is the limit as long as your problem is dividable into minable blocks.
Read https://factorialcoin.nl for more information.

The miners are already thinking about it. Unfortunately, the tool to divert energy is still too expensive so the miners still think to survive using existing electrical energy. The transfers of energy consumption is not an easy matter because the energy is now an alternative that is solar panels and wind turbines still have a deficiency that is not able to meet the electrical power required by the miners. However, I am glad that some miners have started the diversion of these energy sources.

This is one of the best materials they need in mining industry to lessen the expenses in paying elextric bills because solar panels can equaly distribute their daily electric needs and also increase your income when you use that can sources because you dont need to pay electric bills.

Actually, it would be really great, but do they really care about it? Not at all! Most of people are selfish, and they think only about their income. Tell me if I am mistaken. It is so evident, friends! IMHO.

you are absolutely right, mining requires a lot of electricity
and that matter causes waste of electricity and adversely affects the environment
they should use alternative energy, and if this continues in the canal, will certainly be very harmful to us all

There are plans going on to do that, but I believe that the consumption of electricity is one of the major reasons (or a main feature) which is why Bitcoin is the supreme of all. Mining process is the cause of investors' speculations, so thinking that the numbers might shrink currently is still hopeless because electricity is generating something that possesses much bigger value than what they earn through their 9-to-5 jobs. It takes few months to ROI and if these miners hold, they can make much more of their revenues in Bitcoins. I urge these miners to start investing some percentage of their mining income in purchasing solar based equipment to help reduce this rough consumption of electricity.

They could but they certainly don't have to and not for the environments sake. I do love the environment don't get me wrong but there are tons of other industries in the world that drain energy all day long yet we gotta keep having this discussion? Namely idle phones, and also the aluminum industry. Two random examples but they do apply and if I don't see changes there I don't see why we all of a sudden gotta change and are the worst culprit on the block. Not buying that narrative that the mainstream media is trying to push, not on this one. I see you and I sift you the hell out.

The claim that bitcoins consume more electricity than several developed countries has become as popular on the internet as the cryptocurrency itself. Approximately 3,600 new bitcoins are created daily through a complex process called "mining", which consists in awarding a bitcoin to computers that process complex mathematical equations through specialized software. A popular formula for calculating energy consumption is that of the Digiconomist cryptocurrency blog, which is based on the performance specifications of the most used technology for mining. As a starting point it takes all the income from mining, estimates the operational costs of the miners as a percentage of their income and converts them into expenditure for energy consumption based on the average prices of electricity.

This methodology yields an annual electricity consumption for the production of bitcoins that is currently equivalent to 32.56 kilowatts per hour (TWh), while Eurostat figures show that in 2015 Denmark consumed 30.7 TWh of electricity and the Republic of Ireland 25.07 TWh.

You could say that if it is true, it consumes extreme energy, but this is an exaggeration ... The above information is a summary that I have found of additional information, but the problem is to generalize so much when in fact less than 30% are the ones that are In charge of mining, most prefer trading.

Bitcoin exists primarily online and only about 3,600 new units of this cryptocurrency are created daily. But while the task requires electrical energy, can something that has no physical presence consume as much electricity as a whole country?

if bitcoin use solar energy it is good for society and environmental and more energy conversion resource should be thinked before implementing energy saving mining

I agree with your opinion. Bitcoin really need much electricity because it is depend on technology. The miners should thinking wise in finding the renewable energy source so we can also save the environment. If the miners success in doing this, bitcoin will be more appreciate in all over the world. 

miners have strong incentives for various industries to consume less energy. the miners should be able to find ways to reduce the damage because cryptococcal mining requires a lot of electricity to make mining more effective.

For your information,bitcoin mining is now an industry where millions of dollars are spend and you need to have a big storage space and you really need a lot of electricity and most of the farms in China is run on renewable energy ,fixing a solar panel in your house is not a hurdle anymore,it is a bit expensive but if you are getting a lot of sun shine,then you must try solar panels.

Which bigger "all bitcoin mining /transactions in this world" or "all computers of all office in this world"?




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Privatekey "1BitcoinEaterAddressDontSendf59kuE" :
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I dont really notice wheater bitcoin mining consume so much energy or not that can make impact to enviroment.
However now its time for green energy. Green energy is our best solution now.

Well, that is how it is, that is how bitcoin work it consumes a lot amount of electricity, you cannot earn bitcoin without consuming an electricity since bitcoin works with a use of technology it only simply means that bitcoin would working together as electricity would consume. Maybe a moderate use of it would help to lessen the consumption.

now is the beggining of crypto and I hope within time they would invest in renewable energy and consume less, by doing this they would take down governments excuses for electricity.

Is Bitcoin's power consumption really that high, when counteracting the power drain, created by the traditional monetary system? I do not think,that the financial institutions could withstand a direct comparison. Electricity consumption through previous financial transactions is many times higher. I can not understand the reasoning of the institutions and governments about electricity consumption.