Topic: Bitcoin is now consuming 1% of the world's electricity. Is that sustainable? - page 7. (Read 13944 times)
August 30, 2018, 03:36:30 PM
I believe sooner or later most coins will have to change from proof of work(mining) to proof of stake. Nodes can do better. I feel like "mining" is an old way to run a chain. We need to find different and more "green" options. Pos is one of them.
August 30, 2018, 03:34:22 PM
It is a common misconception that making mining more efficient will lower the overall usage of electricity. The truth is that overall electricity usage is determined by the value of the block reward primarily, and making mining more efficient will only result in a higher hash rate.
August 30, 2018, 03:17:04 PM
At the moment, yes, that's fine. In the future, perhaps this number will increase significantly, but now there are many projects that are aimed at reducing the consumption of electrical energy when working with crypto-currencies 
August 30, 2018, 02:54:24 PM
I believe that solutions is coming on the ways as we can see many projects who are pursuing alternative ways of mining with less electricity.
August 30, 2018, 02:46:10 PM
To know that not all the sources of energy we're using is carbon-free, it's worth noting that the burning of fossil fuels even up to this day is still what's running most of our industries and not only bitcoin. Once we shifted into something greener, efficient and cheaper (like hydro or nuclear), I don't see the need to discuss the same power consumption all over again. There are other industries that use more power and emits more carbon than bitcoin, but have we turn a spiteful eye into them? But one way or another, we might have to look into other algorithms which could drastically reduce the power consumption needed to run the network, perhaps PoS or any other better alternatives.
August 30, 2018, 02:34:40 PM
According to a recent article I read, there are 100,000 bitcoin miners in operation throughout the world.
I seem to recall that article saying miners as in people, not machines. I've seen estimates of there being 3 million machines running which sounds conceivable considering how much profit Bitmain pulled in last year and how much the hash rate has been rising. It's anyone's guess though.
August 30, 2018, 02:31:11 PM
I also doubt that it's already at 1%, but even if it's true it doesn't change anything. This power is being bought and sold, it's tradable. Since some countries are willing to sell this power it means that they have an excess, right? I believe that this excess is large enough to sustain bitcoin mining, but what does it mean for the economy? It's of course a huge boost because this excess energy would otherwise be wasted. Since it's being used and paid for, the power companies will have additional funds to expand. The economy will always regulate itself.
August 30, 2018, 01:26:25 PM
Electricity is not a finite resource, so it doesn't matter whether Bitcoin mining is 1% or 10% or even 99% of the total consumption.
The real issue is the effect of power generation on the environment, and at only 1%, Bitcoin cannot be considered to be a significant contributor to that problem. Furthermore, there are better ways to address the environmental problems than to prohibit certain types of consumption.
The real issue is the effect of power generation on the environment, and at only 1%, Bitcoin cannot be considered to be a significant contributor to that problem. Furthermore, there are better ways to address the environmental problems than to prohibit certain types of consumption.
August 30, 2018, 12:45:16 PM
These are estimated figure, I highly doubt that number is true, let's be realistic. According to a recent article I read, there are 100,000 bitcoin miners in operation throughout the world. Let's say that each Bitcoin miner uses an average of 1kWh of energy, that means that 100,000x this is equal to 10GWh per day. However, the total energy consumption is currently 15TWh per day, meaning that Bitcoin consumes just 0.1% of the total expenditure.
August 30, 2018, 12:29:55 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?
I don't believe that Bitcoin mining consumes 1% of total electricity. It may consume a lot of power but it is nothing compared to other industries. The news is so bias and even if it's a fact, banking industry have more electricity consumption than Bitcoin mining. 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?
August 30, 2018, 05:34:16 AM
August 30, 2018, 05:29:59 AM
Bitcoins sustainability in terms of electricity consumption is not alarming as there are dozens of power to make bitcoins runs. Renewable energy with solar energy can help bitcoins mining reduce it dependent on the world's electricity. You don't have to worry about this.
August 30, 2018, 05:33:05 AM
Electricity is made for consumption only.
But the question is the source of electricity. Is it dirty source or clean energy source.
If it is generated from renewable source i.e solar; wind; hydro then it is clean energy and I think it does not affect the climate.
But other sources like coal; petro etc i.e. non renewable sources are dirty sources. These should be avoided. Miners should try to generate their own energy like solar energy if possible.
So go green. Go near to nature. Save environment. Utilize the natural resources not waste it. If we work friendly with the nature it will be sustainable otherwise as the resources finish we will also finish.
But the question is the source of electricity. Is it dirty source or clean energy source.
If it is generated from renewable source i.e solar; wind; hydro then it is clean energy and I think it does not affect the climate.
But other sources like coal; petro etc i.e. non renewable sources are dirty sources. These should be avoided. Miners should try to generate their own energy like solar energy if possible.
So go green. Go near to nature. Save environment. Utilize the natural resources not waste it. If we work friendly with the nature it will be sustainable otherwise as the resources finish we will also finish.
August 30, 2018, 05:11:27 AM
August 30, 2018, 05:01:12 AM
If it's real figure that is pretty bonkers indeed, but if a large proportion of the world's money and information wound up stored on the Bitcoin chain then it starts to look like a pretty good deal.
At present it's nowhere near that and that amount of profligacy is not good however you want to look at it. But it's possible it'll drive renewable developments and fill existing renewable surpluses such as the hydro plants in China that have a massive excess of unused power that miners have been using.
Considering how quickly the hash rate is rising I wonder how much more headroom is left before it becomes truly obnoxious.
At present it's nowhere near that and that amount of profligacy is not good however you want to look at it. But it's possible it'll drive renewable developments and fill existing renewable surpluses such as the hydro plants in China that have a massive excess of unused power that miners have been using.
Considering how quickly the hash rate is rising I wonder how much more headroom is left before it becomes truly obnoxious.
This is the real point: what would happen if the BTC adoption would rise, the price would rise and the hash rate would rise further? It's scary. Most of the people posting in this thread are not realling getting the big picture.
August 29, 2018, 05:18:47 PM
Here, there it goes, another cheap score for the anti bitcoin group. They will definitely have one to cling on to to talk about cryptocurrency being bad and all. This is really not encouraging and needs to be addressed. What if more population of the world join, then, more energy and electricity drained.
August 29, 2018, 04:54:34 PM
This information is excessive and possibly taken out of context. 1% of world's electricity cost more than all crypto market, and that doesn't make sense.
Like many other alleged curiosities, this one is also in the service of creating antagonism towards the crypto world.
Like many other alleged curiosities, this one is also in the service of creating antagonism towards the crypto world.
August 29, 2018, 04:40:46 PM
It's also worth bearing in mind global energy sources.
https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/electricity.html
In Europe and South America zero emission generation via nuclear, hydro or renewables is more than 50%.
Gas makes up the majority in the Middle East and that's half the emissions of coal.
It's that cheeky Asia that's the problem.
https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/electricity.html
In Europe and South America zero emission generation via nuclear, hydro or renewables is more than 50%.
Gas makes up the majority in the Middle East and that's half the emissions of coal.
It's that cheeky Asia that's the problem.
August 29, 2018, 04:40:09 PM
The percentage of electricity usage by the mining in any terms is not sustainable. Unfortunately, this won't mean the end of the crypto world but rather a greater call fort more sustainable and renewable energy.
August 29, 2018, 04:35:31 PM
Miners simply need to look at clean energy for mining, there are a few solar powered projects and i'm sure that more will follow. I read somewhere that a hydro powered mining farm will be created. This will help to fund the plant so it will be self sustainable
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