Bitcoin is now consuming 1% of the world's electricity. Is that sustainable? - page 3.

RadjorBlade

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Quote from: Dexion on September 18, 2018, 06:43:30 PM

I think, when the world's electricity supply is still large, and has reserves from every source, the world's electricity will be able to handle bitcoin.

in addition, the development of electricity is never stopped, the innovation of electrical energy from various sources has always been used to save world electricity, such as hydroelectric power, solar power, waste power, and steam power.

Electricity consumption is indeed a matter of bitcoin, unlike paper money. Bitcoin transactions and mining are very wasteful of electricity, but the solutions offered are not all able to solve the current problem. Maybe one day renewable energy can be a solution, because fossil energy will one day run out. If don't find an alternative and fossil energy runs out, bitcoin ends because the internet cannot be used without electricity.

MaximusJune

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The media, politicians and others consider wasting electricity due to the significant bitcoin mining in the world when there are too many other energy-wasting jobs in the world such as pollution and lighting. Other main areas. The issue of energy is not just about exploiting electronic money. In general, electricity consumption has accelerated. We can get energy from many different sources here on our planet, we have to think of ways to have energy or electricity in other ways so that we do not consume most of the main energy sources. The environmental problems arising from the consumption of electricity will not be reversible as long as the exploitation of bitcoin is increasingly difficult. Many farms use solar panels but it is always "wasted" energy.

eashikde

jr. member

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In my opinion, this is not critical and the fact that such energy consumption goes up takes a certain percentage, regardless of which they pay for it. I think if it will cause damage, it will immediately be prohibited to conduct such operations.

AliMan

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Vave.com - Crypto Casino

Quote from: Dmitry.Vastov on October 02, 2018, 08:51:36 AM

Quote from: Satosho Kakamolto on August 29, 2018, 03:24:59 PM

One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption.

https://digiconomist.net/bitcoin-energy-consumption

This, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming.
Is Bitcoin sustainable as it is?
I don't think so - in fact I'm sure it is not. There is a limit to insanity.
More data here:

https://digiconomist.net/bitcoin-energy-consumption

What is likely to happen next? Which are your thoughts?

The most important characteristic of bitcoin is its sustainability as it has made its existence since more than a decade and not only this bitcoin is that resource of the world that could hardly be exhausted as now till date there are millions of people around the world who are investing into bitcoin, as I heard the rumour that bitcoin is now consuming 1% of total worlds electricity and will consume double the amount of electricity as consumed the the entire world currently in the coming decade, so this is all rumours and nothing is going to happen like this.

I think Yes, even its consuming 1% of electricity it is still worth it. Bitcoin is only one that exist for many years and its sustain its existence until now. Also possible to Bitcoin to have changing because many people are now using it. If it continue to be like that possible Bitcoin will be more stronger and successful this time. The only need to do is keep believing to it to continue its legacy of being a best crypto.

Dmitry.Vastov

hero member

Activity: 840

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Quote from: Satosho Kakamolto on August 29, 2018, 03:24:59 PM

One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption.

https://digiconomist.net/bitcoin-energy-consumption

This, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming.
Is Bitcoin sustainable as it is?
I don't think so - in fact I'm sure it is not. There is a limit to insanity.
More data here:

https://digiconomist.net/bitcoin-energy-consumption

What is likely to happen next? Which are your thoughts?

The most important characteristic of bitcoin is its sustainability as it has made its existence since more than a decade and not only this bitcoin is that resource of the world that could hardly be exhausted as now till date there are millions of people around the world who are investing into bitcoin, as I heard the rumour that bitcoin is now consuming 1% of total worlds electricity and will consume double the amount of electricity as consumed the the entire world currently in the coming decade, so this is all rumours and nothing is going to happen like this.

dovedove

newbie

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Bitcoin consumes 1% of the world's electricity. Is this worth it? I hope through the PoS protocol as Lightining Network, power consumption will decrease.

Photographer

member

Activity: 157

Merit: 10

Quote from: Dexion on September 18, 2018, 06:43:30 PM

I think, when the world's electricity supply is still large, and has reserves from every source, the world's electricity will be able to handle bitcoin.

in addition, the development of electricity is never stopped, the innovation of electrical energy from various sources has always been used to save world electricity, such as hydroelectric power, solar power, waste power, and steam power.

The world does not have "reserves" of electrical energy, since on large scale electricity cannot be stored. It must be produced just when it's needed. So if the Bitcoin network is consuming X energy, that quantity has to be produced in real time, with all the implications of that.

Dexion

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I think, when the world's electricity supply is still large, and has reserves from every source, the world's electricity will be able to handle bitcoin.

in addition, the development of electricity is never stopped, the innovation of electrical energy from various sources has always been used to save world electricity, such as hydroelectric power, solar power, waste power, and steam power.

dont-fomox

newbie

Activity: 9

Merit: 0

not as much as mining gold Wink

laiya94

copper member

Activity: 308

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I saw recently a number of ICO introduced as a solution to the world electricity problem and some of them were targeting cryptocurrency mining power consumption so in the near future we will get a good solution.

Photographer

member

Activity: 157

Merit: 10

Quote from: sinkfish on September 18, 2018, 02:20:14 AM

Quote from: Satosho Kakamolto on August 29, 2018, 03:24:59 PM

One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption.

https://digiconomist.net/bitcoin-energy-consumption

This, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming.
Is Bitcoin sustainable as it is?
I don't think so - in fact I'm sure it is not. There is a limit to insanity.
More data here:

https://digiconomist.net/bitcoin-energy-consumption

What is likely to happen next? Which are your thoughts?

its seems alot. but mainly alot of this mining facilities powered by surplus energy. like many power plant in china struggle to operate, mining could be there solutions to keep these power plant continue to operate.

You don't have such quantities of energy produced "as a surplus". This sounds like a desperate argument of someone in denial of the true echological implications.

sinkfish

jr. member

Activity: 252

Merit: 1

Quote from: Satosho Kakamolto on August 29, 2018, 03:24:59 PM

One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption.

https://digiconomist.net/bitcoin-energy-consumption

This, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming.
Is Bitcoin sustainable as it is?
I don't think so - in fact I'm sure it is not. There is a limit to insanity.
More data here:

https://digiconomist.net/bitcoin-energy-consumption

What is likely to happen next? Which are your thoughts?

its seems alot. but mainly alot of this mining facilities powered by surplus energy. like many power plant in china struggle to operate, mining could be there solutions to keep these power plant continue to operate.

Ninja Sword

member

Activity: 176

Merit: 10

What regulates the expenditure on electricity from the exploitation of virtual currencies is the quotation: if they are worth a lot, the consumption goes up, if they are low, it decreases.

bekkioPEK

member

Activity: 356

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many farms use solar panels but it is always "wasted" energy. I personally believe that PoS is a good alternative for emerging altcoins. the bitcoin will remain PoW as it should be

squatter

legendary

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STOP SNITCHIN'

Quote from: d5000 on September 17, 2018, 02:15:48 PM

And unfortunately, Lightning does also not really contribute to a "decreasing energy consumption". Bitcoin's energy consumption is mostly based on its price (higher price -> higher potential profit for miners -> higher hashrate -> higher energy consumption). Lightning could even lead to a boost in price, because of the increasing attraction to use Bitcoin for smaller real-world transactions, and thus to a higher energy consumption.

Correct. I think that mining speculation -- and thus energy consumption -- are tied to price, which is tied to adoption and speculation about adoption. Eventually those two things will converge, but for now it's a gold rush that assumes future exponential adoption.

Lightning may bring renewed utility and micropayments to Bitcoin, which could certainly foster adoption and drive price up. Not only that, but Lightning requires that users lock up BTC to use the network or collect fees from it. That can lessen available supply on the market.

With that in mind, I don't really see the mining arms race slowing down anytime soon...

Delinquency

sr. member

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Ecologic disaster is the biggest problem of bitcoin in my opinion. Environmental problems which arise from electiricity consumption will be irreversible as long as bitcoin mining is getting harder and harder.

d5000

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Decentralization Maximalist

Quote from: omorfi on September 16, 2018, 07:01:56 PM

I hope through the PoS protocols such as Lightining Network, electricity consumption will decrease.

Lightning is not a PoS protocol. Lightning transactions are simply "bundled" Bitcoin transactions. So Lightning's security is, ultimately, based on Proof of Work.

And unfortunately, Lightning does also not really contribute to a "decreasing energy consumption". Bitcoin's energy consumption is mostly based on its price (higher price -> higher potential profit for miners -> higher hashrate -> higher energy consumption). Lightning could even lead to a boost in price, because of the increasing attraction to use Bitcoin for smaller real-world transactions, and thus to a higher energy consumption.

Lightning's big advantage is different: It decreases hardware, networking and storage costs for full nodes. These costs can be ultimately also described as "energy consumption", but are much lower than the consumption by miners.

Elqui

jr. member

Activity: 243

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We can get energy from different sources here in our planet, we have to think of ways to have energy or electricity in other ways so that we dont consume most of the main sources of energy.

KingScorpio

sr. member

Activity: 1470

Merit: 325

Quote from: Satosho Kakamolto on August 29, 2018, 03:24:59 PM

One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption.

https://digiconomist.net/bitcoin-energy-consumption

This, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming.
Is Bitcoin sustainable as it is?
I don't think so - in fact I'm sure it is not. There is a limit to insanity.
More data here:

https://digiconomist.net/bitcoin-energy-consumption

What is likely to happen next? Which are your thoughts?

Bitcoin will vastyl drain not just electricity but also socioeconomic fabric as well.

regards

dewildance

full member

Activity: 546

Merit: 100

Energy problem is not just about crypto-money mining. Consumption of each used device is increasing. In general, electricity consumption has accelerated. In particular, we have to give great importance to green energy.

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