The idea of too much energy consumption by miners is contrived.
Talk about the amount you can compare with anything. Write the figures for electricity consumption by the banking system.
Or we spend too much energy on the production of dildos!
Topic: Bitcoin consuming too much Electricity. - page 4. (Read 993 times)
Please how do btc utilize too much electricity, like it really consumes electricity? Don't all our appliances do?
from what I know, Bitcoin transactions will be processed and validated by miners in the Bitcoin network. The miners use a special hardware in mining. While in the mine perform calculations and calculations called "hash". Hash operation is needed as a solution to solve complex mathematical algorithms. If the miners are successful, will get a number of new Bitcoin units (rewards), and added with a certain amount of transaction costs.
well .. mining process is what will ensure system security in Bitcoin network. According to Deetman, (Sebastian Deetman is a graduate of Industrial Ecology at Leiden University in 2010) Bitcoin mining process consumes approximately 350 megawatts of electricity. The amount is equivalent to the electricity needs of 280,000 households in America.
Sebastian Deetman started off by referring to Christopher Malmo article on MotherboardVice. Malmo in his article, underlines that the level of electricity consumption in Bitcoin network is quite large. check here for your reference https://motherboard.vice.com/en_us/article/ae3p7e/bitcoin-is-unsustainable
IMHO bank services are using much more electricity. Anyway some countries even now receive huge % of electricity from nature sources (sun, wind etc) and with time this percent will even increase
yes it consumes but it also gains money, which might not be said for other things, like TV.
I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?
That's a great idea. We all know how much energy a regular mining consumes in a month. We should take into consideration that mining have huge energy consumption because the rigs run 24/7. I cannot even imagine how much bigger mining farm consumes. Not all countries are capable to give the amount of energy demands of the public and so the possibility of higher cost of it is very high. In order for a miner to be worry free of the monthly bills, renewable energies are the answer.
If someone wants to have the least environmental impact, they should go nuclear. Think of that, a nuclear bitcoin miner 
Nuclear energy has arguably the least environmental impact out of any other source of power for how much electricity it creates. Things like solar panels take a lot of materials for how much power they make.
Nuclear energy has arguably the least environmental impact out of any other source of power for how much electricity it creates. Things like solar panels take a lot of materials for how much power they make.
Yes ... it's a very good idea, mined bitcoin is very much consuming electricity of course it will have a bad impact for the future let alone the majority electricity of the country originated not from electricity that can be in renewable. So the longer it will run out, hopefully the miners are reading this and they have the initiative to create their own power plant of course it will also cut their expenses.
I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?
well.. It can not be denied that, the difficulty of mining by computer networks has real-world consequences. that is, a surge in the consumption of electrical energy, especially those sourced from not environmentally friendly energy.
however, not all digital currency mining is not environmentally friendly.such as The mine computer in Iceland gets energy from geothermal power plants. Even in China, there are also mines that use electricity from hydroelectric power plants in Sichuan and Yunnan. of course, both mines could be the inspiration of other miners to reduce adverse impacts on the environment.
Please how do btc utilize too much electricity, like it really consumes electricity? Don't all our appliances do?
I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?
I think that's a good thing because with technology such innovation will reduce the impact of electricity usage and environmentally friendly. miner currently consumes enormous power and requires huge fees for monthly electricity payments. I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?
The energy created that way is not enough for the miners because its not steady and we know very well that how much energy is required by the miners to run smoothly. The more the electricity fluctuations the more rusty rig we make. It can destroy the rig lifetime very quickly and over the time we may not see it profitable. So its better to use the normal electricity because in anyway we pay for it. Its just the same thing as plugging in the mobile phone to charge or turning on the refrigerator! So why should we be worried that much as you are saying. I love the environment too but sometimes we also need to manage things with what we can get. The insufficient needs first must diminish then we can think of goodness of nature. Im not offending environment in anyway, I'm just telling you the facts.
I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?
True enough, bitcoin mining does use up a lot of electricty. But renewable energy like solar panels and wind turbines small enough to fit to a house cannot sustain a lot of power. You also have to consider the environmental conditions to which you will be placing these technologies.
What is the energy consumption of the world wide banking system?
I mean, including everthing: salaries and bounties, buildings (incl. its energy consumption), transaction costs, everything related to FIAT (printing, transporting and storage), banking fees, safes, vaults and a lot more...
I bet this number is a lot higher right now, than Bitcoin will ever consume.
I mean, including everthing: salaries and bounties, buildings (incl. its energy consumption), transaction costs, everything related to FIAT (printing, transporting and storage), banking fees, safes, vaults and a lot more...
I bet this number is a lot higher right now, than Bitcoin will ever consume.
Yeah, but I think they do contribute on how to make a good environment. They sometimes invest in renewable energy. Miners on the other hand, are just focus on how much they can maximize their earnings.
I wouldn't compare mining to banking system, because mining is completely different story. Mining bitcoin in energy inefficient because block don't have to be very difficult to hash. Hashing difficulty is big just because there are a lot of miners with large hashing power. Bitcoin is designed to adjust the mining difficulty to hashing power of the miners. If the hashing power of the miners would be less, then Bitcoin would be much more energy efficient.
i guess one of the biggest problems of bitcoin and any other crypto mining is the huge use of electricity but i hope they could find a solution for it in the nearest future pointing out using the clean energy is one of them but i could a solution in every place in the world not only in the places that has alot od wind movement or a thing like that
I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?
For me bitcoin doesn't use so much of electricity.
In every time we use electrity, a lot more electronics or gadgets were consume more on electricity rather than bitcoin. You may access bitcoin using you phone and phone doesn't use that much as compare to other appliances.
I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?
The miners consume only a fraction of the industrial company. Though i agree with you that renewable energy is a must for miner. it helps to conserve energy and have a better ROI.
It's true. Consumption of energy by the producers of crypto-currency is comparable with the energy of a small country. But with the help of technology proof-of stake it is possible to solve this problem.
I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?
Yes, if miners investors use solar panels and wind turbines then it is useful for them. But i see it is working very slowing. Because in my country people like to investment or trading with bitcoin and avoid to mining, becasue it is easy for them to earn bitcoin.
Well they do consume a lot of electricity due to large amount they got from mining. The price that they will need to pay for electricity is just a small part compare to multiple amount of bitcoin that they can receive.
This is a great fact because Mining Machines runs 24 hrs and consumes much electricity.
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