Topic: Bitcoin is good for environment - page 2. (Read 723 times)

This is a good example of using the solar energy but starting a bitcoin mining facility there, it isn't going to be ideal. There are factors that you need to consider in starting one and you have forgotten about the temperature. This is just an example though but there's also a bit of reality in it.

Another energy source could be the hydro-electric, I think somewhere in the province of China there's this one big mining facility that uses hydro-electric to sustain their mining farm.

I think you're wrong because you think Bitcoin is good for the environment. This is completely wrong because Bitcoin's mechanism is POW - which uses the computing power of a computer to confirm a transaction. But a computer needs power - an energy loss. The energy consumed will turn into heat - causing the Earth to heat up - which has a negative impact on the environment. The truth is that the "Bitcoin Mining" process consumes enormous amounts of energy, about the size of an entire large city operating, and the amount of heat emitted from the computers is a huge number.

The good point that I see from this topic is people or even the government can build Mining Farm in a deserted area with renewable energy and then monetize it.

But after it's no longer profitable, they can divert it to another thing with that existing renewable energy.

I think only in the long term and then only if crypto including BTC gets mass adoption that the huge amounts of electricity to mine these coins can offset the direct negative effects BTC and blockchain based cryptocurrencies due to less financial infrastructures, handling etc. However, as it is at the moment the effect BTC and others have on the environment are by not any means positive but with time and more adoption this can turn right around.

Bitcoin also promotes digital payment that can prevent the spread of the New Corona Virus and other contagious diseases. It may sound unrealistic but if we consider what we currently experiencing today, Bitcoin can be one of the major help along with similar digital payments like PayPal and MasterCard that can prevent the passing of this contagious disease to other people. If we have so many choices of digital payment and many people are using it, that can become one of the reasons to slow the number of people who got infected by the New Corona Virus.

Bitcoin is not good for environment. That is a fact and we can easily accept that fact.

Bitcoin is not good for the environment because for it to run it has to use electricity, much electricity. Transactions are mined so electricity is used. It is an electronic money so every time spending with BTC is done electricity will also be used. It has to be verified online so electricity will be used once again. Moreover, it needs technologies which are mostly made up of plastic materials such as smart phone, mining hardwares, computers, etc.

We don't need to heap praises on Bitcoin for what it is not worth. Bitcoin is not here to address environmental degradation.

Good point but we should assume that some nations has high electricity rate value and mining would be certainly unprofitable, the electricity consumption was the focus question. What I mean is that there are nations with less electricity rate and they would get the advantage of earning more while others would take less from mining. This is the major issue to point out, if the scenario where most of the people started using bitcoin there would be an unbalanced profit from each individual with the same investment.

Actually the reduce in our monthly consumption of electric bill is up to us and also on the area we are living like for example here in my country, the mining industry is not in demand anymore because here in my country our monthly consumption is very expensive to pay and in reality when you are a miner here, most of your earning will be alloted for the monthly electrical billing and only a small amount of your payout will remain.

Well, I believe that indeed that there are many ways we can look at things. Indeed, with the scenario you painted above, Bitcoin mining using renewable energy which may mostly be inaccessible by ordinary consumers and hereby utilized for economic gains in cryptocurrency can be better. I know that many of environmentally-conscious opponents of Bitcoin are all ready to point to massive energy requirement to run Bitcoin mining but if the majority of mining can be done with renewable energy then maybe we can turn their opposition to appreciation. In addition, we also have to consider that all industries (including banks and financial institutions) are all using power without exemption.

I don't think PoW can ever be considered environmentally friendly.
For the second point, yes, bitcoin's deflationary nature incentivises saving rather than spending - but it's arguable that this will result in bitcoin becoming more of a store-of-value coin rather than one for everyday transaction. I'm not convinced that bitcoin by itself can reduce consumption.,

The renewable part is a good one. Hope it's fully renewable.
I think one of the few problems with the mining aspect is energy, resources consumption and centralization problem. Hopefully it becomes very energy efficient in the future, decentralized, does not take too much space and resources

Bitcoin is good for the society development and for the jobless people all around the world.People can earn by mining,they need to spend some for the mining setup and for electricity.In trading,they can earn by a margin investment and holding without the panic sense make the people to earn more and more from it as a profit.So social and economical development occur by the bitcoin and it won"t clean up the Environment.It make use of more electricity and may some how spoil the environment.If you make use of some renewable source of energy,it will not spoil the environment.

We are using the bitcoin on our transactions because it is easier, faster and secured and even we already have a lot of benefits using the bitcoin still it has an impact to the environment first is the miners you already stated because miners use an electricity too because they are mining with the use of their computers and some of them are using those computers for 24/7 just to mine a lot of bitcoin it has a lot of consumption of the electricity and where do resources come from it is from our natural resources. If you are in a country which has a low electricity bill it is good for mining but if you aren't don't attempt to mine because the bills are higher than your earning but still it is on your decisions. Also, we have cloud mining today you can use this to mine too.

Mining is the feature of bitcoin that it is doubtful.
Of course mining can happen via renewable energy  panels and protect the environment from pollution.
However, electricity is the cheapest raw material in order to mine bitcoin and this is the reason why it is mostly used - opponents are using this fact as an argument in order to declare that it is not good for the environment.

Bitcoin promotes renewable energy.
Bitcoin reduces consumption.

Many of renewable energy potential lies far away from consumers and electricity highways. But those potentials can still be realized thanks to bitcoin mining. Bitcoin mining is converting energy into digital data that can be easily transferred via satellite internet, from any part of the world. So, all that unreachable renewable energy can already be monetized without waiting till when electricity highways be built.
For example there was project of building huge solar facility on Sahara desert, where there are no electricity highways, nor consumers around. Bitcoin mining is the easiest way to join global energy market for many underdeveloped nations.

With the rise of human population and economic prosperity, there is an unsustainable rise in general consumption. We are unsustainably consuming resources on Earth, causing enormous pollution of environment, causing human inflicted climate change, which will lead to more and more catastrophic cataclysms. The future on Earth is worrisome. Our economic and particularly monetary system promotes consumption. It is good for economy, bad for environment. What if we don't need to consume that much, what if we can live a modest life and still be happy? What if we can save to consume later when issues with environment are resolved?
Deflationary Bitcoin gives you that, it encourages you to save, the longer you save the more value you get. Inflationary fiat encourages you to spend now, because later it will be worth less. Don't be selfish, it is not only about you, but your children, grandchildren, entire offspring. Bitcoin is about being responsible for future.