Topic: Bitcoin Consuming Too Much Energy? - page 3. (Read 2969 times)
I quite the the hybrid systems that Ppcoin and Novacoin proposed. The best solution in my opinion is: Mining (and possibly Auroracoin-like "Airdrop") for the initial distribution for 1-5 years, afterwards mining is replaced by POS mechanism. Scrypt / Dagger is prefferable over SHA because it will allow for more even distrubution, giving no advantage to ASIC-like hardware.
Well everything consumer a lot of power. Creating decentralized international monetary system is worth it. There are also more cheaper sources of energy.
I haven't done the math. I know there is more hashing power than ever and keeps going up. But at the same time, efficiency is going down.
Go blame Alt-Coin miners :
I use 47 KW/hr. between Scrypt and ASICs. My earnings are the same on both.
Scrypt: 42 KW/hr
ASICs: 5 KW/hr
Go blame Alt-Coin miners :
I use 47 KW/hr. between Scrypt and ASICs. My earnings are the same on both.
Scrypt: 42 KW/hr
ASICs: 5 KW/hr
Or how about design a system of "mining" that doesn't large computation capacity to do what amounts to "busy work". If you have a job, and your boss gives you busy work, which is basically work that is being done just to say you "worked", you would probably hate the company and call it inefficient. Yet bitcoin is based off of miners doing a HUGE amount of busy work. If that computer power and electricity was reallocated towards actually working towards maintaining the network, well, we would have the fastest most robust decentralized network in the world. Why not design a system that gives rewards to miners who actually maintain a network instead of doing busy work?
Hello,
First I would like to address the issue:
I think that bitcoin mining as a whole (all the miners in the world) are consuming a lot of power and all we are doing is creating another currency that is going to be so regulated soon that it could be pointless.
Before you say that other things require a lot of power:
Lets take the US dollar. It is not based solely on using your computer/hardware to mine which is consuming electricity rates. It has jobs that you earn the dollar without using electricity or limited like using a computer then doing other stuff.
I do not hate bitcoin and love the idea but I keep getting this idea in my brain that the world is already starting to get more demand for these supplies (fossil fuels) to get electricity. I do not want this to happen but I would like to keep bitcoin alive. I am not a hater but rather someone who looks at the whole thing. Yes the future is going into technology but do you think it would be possible to wait till the world has found a reliable power resource that will generate enough power to feed the hungry demand before we dive into the future.
Main questions
Is bitcoin a big contribution to energy consumption?
Is bitcoin = the amount of electricity used?
Will this be used as a way that people/regulators can shut bitcoin down?
My main hope is that we develop ASICs that are really efficient not per gh/s but for the world or that people find a really good way to use solar energy or other times of energy to power these electricity hungry machines.
I do not hate bitcoin.
First I would like to address the issue:
I think that bitcoin mining as a whole (all the miners in the world) are consuming a lot of power and all we are doing is creating another currency that is going to be so regulated soon that it could be pointless.
Before you say that other things require a lot of power:
Lets take the US dollar. It is not based solely on using your computer/hardware to mine which is consuming electricity rates. It has jobs that you earn the dollar without using electricity or limited like using a computer then doing other stuff.
I do not hate bitcoin and love the idea but I keep getting this idea in my brain that the world is already starting to get more demand for these supplies (fossil fuels) to get electricity. I do not want this to happen but I would like to keep bitcoin alive. I am not a hater but rather someone who looks at the whole thing. Yes the future is going into technology but do you think it would be possible to wait till the world has found a reliable power resource that will generate enough power to feed the hungry demand before we dive into the future.
Main questions
Is bitcoin a big contribution to energy consumption?
Is bitcoin = the amount of electricity used?
Will this be used as a way that people/regulators can shut bitcoin down?
My main hope is that we develop ASICs that are really efficient not per gh/s but for the world or that people find a really good way to use solar energy or other times of energy to power these electricity hungry machines.
I do not hate bitcoin.
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