Bitcoin is Bad for the environment, taking the worlds energy - yes? - page 2.

X-ray

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Quote from: lixer on June 23, 2016, 02:18:27 AM

Quote from: Enotche on June 22, 2016, 01:23:42 AM

By the way in the spring, the new cryptocurrency EDRCoin was introduced in the Asian market. A distinctive feature of the EDRC creators call environmentally friendly mining, achieved through the use of solar panels.

Maybe someone knows if mining Bitcoins can move to solar energy? Or the power will not be enough even for a small farm?

Some people may say yes and some people may say no, yes because it takes the world's energy and no because a lot
of people generate income more than they are spending by just mining a bitcoin block.

What?it's just for income?When they want to take care of their environment. Well, The country needs hard work to save their environment. It's too difficult to save our environment .

leopard2

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Yes it is consuming a lot of electricity. Wink

Now the thing is, that fiat currency (debt based money, exponentially growing due to compound interest) forces every economy on the planet to grow continuously.

This growth is required in order to offset the growth of the monetary base.

In other words, if the total value of goods and services in an economy grows slower than the monetary base, price increase (falsely named inflation) will destroy the peoples buying power and savings. Hyperinflation and (civil) war is the end result. Current example is Venezuela. Older examples are the World Wars.

The electricity consumption of Bitcoin is nothing compared to the insane forced economic growth that results in much more ecologic destruction.

Birth control and a different money system will save the planet.

Cheers
Leo

Quote from: CoinCarrie on June 16, 2016, 05:17:31 PM

(I think this should go in mining)

There has been a lot of talk on this. Quite a few good papers
https://karlodwyer.github.io/publications/pdf/bitcoin_KJOD_2014.pdf
From this paper: "Bitcoin mining is comparable to Ireland’s electricity consumption".

As bitcoin grows the amount of energy on the planet is not increasing. Anyone who understands the article, it seems very legitimate to me, discuss, Yes, I realize the miner wants to reduce cost & cut waste. Therefore they may seek alternative forms or desire to do so. Yes, I read about the Hydrofarmer on this very forum. It is just not the norm with all the major miners around the planet. Proof of work is expensive. https://en.bitcoin.it/wiki/Proof_of_work

**Title was sarcastic. But it is still something to think about?

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Bitcoin is not at all bad for environment. Only in terms of energy consumption it might be in the last but the innovation had given high security for the users in terms of earning and investment.

Carlton Banks

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Quote from: eternalgloom on June 23, 2016, 08:07:24 AM

Does Bitcoin give us as a society enough benefits to warrant the energy usage, and I think the answer is 'Yes'.
It's good that there is now a way of transferring money that isn't controlled by big multinationals.

And in the future the energy needed for Bitcoin mining will be less of an issue, when we see more advances in the area of green energy (it becoming very cost effective).

What if 97% of scientists didn't agree with your reasoning though? Roll Eyes

eternalgloom

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I think it's just a matter of cost vs benefits. Does Bitcoin give us as a society enough benefits to warrant the energy usage, and I think the answer is 'Yes'.
It's good that there is now a way of transferring money that isn't controlled by big multinationals.

And in the future the energy needed for Bitcoin mining will be less of an issue, when we see more advances in the area of green energy (it becoming very cost effective).

neonshium

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Quote from: calkob on June 22, 2016, 11:51:41 AM

Yeah by making a comparison to banking i am almost sure that the banks of the world have a larger impact on the enviroment than bitcoin. just another deflection to paint bitcoin in a bad light

Of course, a bank investor will say that bitcoin is bad for environment but a bitcoin investor/traders will say it only takes a few of the worlds energy and not almost all the energy. Bitcoin energy needs are not depending on a single source, so it is not a bad IMO.

pandalion98

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Quote from: bitcoineverything on June 23, 2016, 02:31:43 AM

Mining is not forever. Once 21 million bitcoins are already mined, mining will stop. So it could hardly affect world's energy for now.

Oh, no. Mining will still continue, albeit with no block rewards.

The only way for miners to profit would be to take in transaction fees. At that time, I think transactions without a fee will never be confirmed, unless there's a contract to do so.

bitcoineverything

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Mining is not forever. Once 21 million bitcoins are already mined, mining will stop. So it could hardly affect world's energy for now.

pandalion98

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Physical fiat production is so much more energy-intensive than this. It takes more than 1 cent to produce a 1 cent coin.
They take energy and resources at the same time.

Bitcoin, on the other hand, only takes energy. Therefore, it can safely be moved to purely renewable power resources.
Fiat still needs wood and mining to produce paper and coin currency.

lixer

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Quote from: Enotche on June 22, 2016, 01:23:42 AM

By the way in the spring, the new cryptocurrency EDRCoin was introduced in the Asian market. A distinctive feature of the EDRC creators call environmentally friendly mining, achieved through the use of solar panels.

Maybe someone knows if mining Bitcoins can move to solar energy? Or the power will not be enough even for a small farm?

Some people may say yes and some people may say no, yes because it takes the world's energy and no because a lot
of people generate income more than they are spending by just mining a bitcoin block.

calkob

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Yeah by making a comparison to banking i am almost sure that the banks of the world have a larger impact on the enviroment than bitcoin. just another deflection to paint bitcoin in a bad light

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Quote from: BitcoinPC on June 22, 2016, 11:18:52 AM

Quote from: chineseprancing on June 21, 2016, 05:27:17 AM

yes maybe. Mining is consuming much energy in the future. But we can use alternative energy like solar panel to reduce the energy consumption of the mining machines.

Do you think bitcoins consumes that much energy that you need to switch to solar panel energy etc ? I dont think that is the case. Even most of the mainframe computers and high end Servers consumes more energy that bitcoin minning.

well I've seen some of my friends mining with his r9 380x vga and it'd take so many electricity compared to normal use,and most of electricity generated with non renewable energy,so,switch to alternative energy is really necessary

Viyamore

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Quote from: salmanahmedone on June 22, 2016, 11:13:35 AM

Quote from: Enotche on June 21, 2016, 03:26:34 AM

I think, For Bitcoin working does not require any additional business processes in addition Blockchain. We do not need any documents and employees, burning gasoline on the way to work, and there is no waste, as a result of the turbulent employment office workers. All this makes the carbon footprint of BTC equal to or even lower than that of competing payment systems.

The energy consumed by bitcoins minning is nothing as compared to energy consumed by factories and other industrial sector products. The bitcoin minning needs energy but it is not that it is burden for the environment.

This is a good statement .energy used by mining bitcoins is less than as said big factories and who waste after creating some things and the chemicals on air ,water and some of ut is bad for our environment .bitcoin is a clean and saves energy so it is good for tge environment.

BitcoinPC

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Quote from: chineseprancing on June 21, 2016, 05:27:17 AM

yes maybe. Mining is consuming much energy in the future. But we can use alternative energy like solar panel to reduce the energy consumption of the mining machines.

Do you think bitcoins consumes that much energy that you need to switch to solar panel energy etc ? I dont think that is the case. Even most of the mainframe computers and high end Servers consumes more energy that bitcoin minning.

salmanahmedone

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Quote from: Enotche on June 21, 2016, 03:26:34 AM

I think, For Bitcoin working does not require any additional business processes in addition Blockchain. We do not need any documents and employees, burning gasoline on the way to work, and there is no waste, as a result of the turbulent employment office workers. All this makes the carbon footprint of BTC equal to or even lower than that of competing payment systems.

The energy consumed by bitcoins minning is nothing as compared to energy consumed by factories and other industrial sector products. The bitcoin minning needs energy but it is not that it is burden for the environment.

ShrykeZ

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Renewable energy and Bitcoin go hand in hand as it's only the initial investment of funds to get the renewable energy up and running.

el kaka22

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Quote from: RobinHoodster on June 21, 2016, 11:49:02 PM

No I do not think this is true, and by the way what is not bad these days, they are saying everything is wrong for the world but otherwise we cannot even life.

It matters to anything, we can not just say bitcoin are going to ruin the world, it is invented to make easy transaction and all other unimaginable advantageous features. My conclusion, it will definitely need for the future generations.

AGD

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Did somebody yet compare it with the energy that FIAT is wasting in total? No? Why discussing this topic when nobody here (including me) has an idea about the facts?

ObscureBean

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The way I see it if it wasn't Bitcoin draining the energy, it would be something else so why pretend to be righteous? You're still gonna be draining the planet whether you're using a huge amount of energy or just a small amount. I guess for some people it's just about their own peace of mind, nevermind that using less energy doesn't actually resolve the problem. The lesser of two evils right? Cheesy

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Quote from: CoinCarrie on June 16, 2016, 05:17:31 PM

(I think this should go in mining)

There has been a lot of talk on this. Quite a few good papers
https://karlodwyer.github.io/publications/pdf/bitcoin_KJOD_2014.pdf
From this paper: "Bitcoin mining is comparable to Ireland’s electricity consumption".

As bitcoin grows the amount of energy on the planet is not increasing. Anyone who understands the article, it seems very legitimate to me, discuss, Yes, I realize the miner wants to reduce cost & cut waste. Therefore they may seek alternative forms or desire to do so. Yes, I read about the Hydrofarmer on this very forum. It is just not the norm with all the major miners around the planet. Proof of work is expensive. https://en.bitcoin.it/wiki/Proof_of_work

**Title was sarcastic. But it is still something to think about?

To gather bitcoin with a mining way it's can make dangerous for the environment because needs a lot of energy to mining bitcoin, and on some countries in European feel the disadvantages from mining to their environment.

Topic: Bitcoin is Bad for the environment, taking the worlds energy - yes? - page 2. (Read 4068 times)