Bitcoin making computers more EFFICIENT & powerful making the world save ENERGY?

BlackHatCoiner

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Quote from: jaberwock on June 16, 2022, 03:28:40 PM

I mean yes creating it could be inefficient

In a way, it is, because there's nothing cheaper than Proof-of-Work. So, if we count this resources-wise, creating a new form of money with Proof-of-Work in a cartel-resistant way is efficient.

Quote from: jaberwock on June 16, 2022, 03:28:40 PM

and sending it from you to your friend sitting next to you could be terrible as well

Not if we decide to utilize Lightning, it isn't. Nor if my friend is willing to accept a non-RBF transaction as settled. Both can happen instantly.

Quote from: jaberwock on June 16, 2022, 03:28:40 PM

it should be cheap in order to make bitcoin not valuable as it is.

Note that it isn't just the efficiency that makes bitcoin valuable. It's censorship resistance, privacy (or pseudo-privacy, whatever), self-authentication and lower costs as well.

justdimin

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Quote from: remotemass on June 13, 2022, 01:50:04 PM

How good is the argument that bitcoin is actually making the world save energy since it is pushing the limits of computer technology making computers more efficient and powerful and so having an overall positive impact in saving the world?
Is that a convincing argument to those that say that bitcoin is a huge waste of energy?

If we are approaching it like that, then we would have to say everything that is working at the same time is saving the world energy. Like the battery in cars, the more you use your car, the more it gets regenerated, and it continues to work, rarely they stop to be fair, only if you do not use it for long periods of time.

This is why I highly doubt that it would really matter the same way, computers being used and making money is not the case anymore neither, it is asic miners and GPU rigs that control the mining world. Overall, it is a shame that we have to do it this way, some other way would have been better, but it just doesn't work any other way so far with the big name ones.

jaberwock

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Quote from: BlackHatCoiner on June 15, 2022, 01:54:43 AM

Quote from: hatshepsut93 on June 14, 2022, 06:58:45 PM

So Bitcoin is actually extremely inefficient between how much energy it consumes and how much utility to the world it provides.

This is the same as saying that it's inefficient because it uses too much energy for only 7 TXs/sec. It definitely is inefficient, that way, but its properties are much broader than that. It's far more efficient to move thousands of dollars oversea now more than ever. It's far more efficient to open a channel with your co-workers, and pay them that way, instantly, with zero fees.

The fact that the world ignores these advantages, doesn't make it unfavorable. It's potentially more efficient than the banking system.

This is the approach that I have. I mean yes creating it could be inefficient, and sending it from you to your friend sitting next to you could be terrible as well. However, sending money from USA to India, from Japan to Nigeria, from UK to Qatar and what not, all of these are a lot cheaper and the method we have with crypto is quicker and cheaper and more energy efficient then whatever has been done so far in the world.

When the whole world finds a way to make it possible for people to send and receive money via bank wires very cheaply, anywhere from the world to anywhere in the world, it should be cheap in order to make bitcoin not valuable as it is.

BlackHatCoiner

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Farewell, Leo

Quote from: stompix on June 15, 2022, 04:18:49 PM

No, it's not, but again, a higher reward would make miners spend more on gear.

That's reasonable to assume it's true.

Quote from: stompix on June 15, 2022, 04:18:49 PM

And that was back in March when we were below 200exa, we're now already at 220...

I think you're avoiding the big picture. Efficiency isn't just "which of the two requires more energy"; it's what's having a better performance. The banking system uses productive elements such as labor, buildings, cars, various kinds of tools, technology, energy of course etc., all of which could be used to satisfy another need. In Proof-of-Work there's no other real cost besides GPUs/ASICs and the energy that's required.

And again, transactions are settled more efficiently. It's more efficient to pay a merchant with Lightning. It's more efficient to send money oversea. It's more efficient to utilize divided possession.

Reatim

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Quote from: remotemass on June 13, 2022, 01:50:04 PM

Hey,

How good is the argument that bitcoin is actually making the world save energy since it is pushing the limits of computer technology making computers more efficient and powerful and so having an overall positive impact in saving the world?
Is that a convincing argument to those that say that bitcoin is a huge waste of energy?

- remotemass

We only have very few argument that points a good part in having bitcoin specially in terms of Energy saving and efficiency , most of the thread and posts that we come across is about banning of Bitcoin in specific area because of Energy expensiveness .

____________________________

But like arguments above? this is a Poor and not supportive topic that only poor relation to the actual users can prove.

not unless people can do wiser in Mining and transacting bitcoin with cheaper electricity ? this issue will always be a problem.

dataispower

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Quote from: TheNineClub on June 13, 2022, 02:36:03 PM

Quote from: remotemass on June 13, 2022, 01:50:04 PM

Hey,

How good is the argument that bitcoin is actually making the world save energy since it is pushing the limits of computer technology making computers more efficient and powerful and so having an overall positive impact in saving the world?
Is that a convincing argument to those that say that bitcoin is a huge waste of energy?

- remotemass

It's a good argument to an extent, and that is that BTC is a part of the emerging technologies that are pushing the limits of computing and demanding for computer tech to keep up with it's demands. So it's definatelly not the only thing, but it's in the category with other new techonlogys and social developements.

Bitcoin is technology that is being built for it purpose,but combining it's technology with other computering technology is not what i don't understand it's fact, when observing bitcoin you will see that has it structure of technology and very good structure of undependable technology also, people that is criticisms bitcoin as waste of time and waste of technology plans, are those once who don't know the technology behind bitcoin development and bitcoin technology.

goldkingcoiner

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Quote from: remotemass on June 13, 2022, 01:50:04 PM

Hey,

How good is the argument that bitcoin is actually making the world save energy since it is pushing the limits of computer technology making computers more efficient and powerful and so having an overall positive impact in saving the world?
Is that a convincing argument to those that say that bitcoin is a huge waste of energy?

- remotemass

Its not that wrong to say that mining Bitcoin is a huge environmental disaster. This has nothing to do with Bitcoin but rather the electricity which is generated with really dirty and outdated fuels. If we were all using a renewable energy source, Bitcoin mining would be very expensive which would mean the price of Bitcoin would be a lot higher than it is now... But people are too greedy and stupid. They think short term and do no comprehend the advantages of green technology. As long as there is profit, nobody cares about the air they breathe or the microplastics in their gut.

Darker45

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If Bitcoin is doing that for all the computers in the world that are used in schools and homes and workplaces, then perhaps we should credit Bitcoin for it. But it's not the case. Well, in the first place, it is not even Bitcoin itself that is doing that. Manufacturing companies are creating advanced technologies that are focused on Bitcoin mining and Bitcoin mining alone. The rest of the world's ordinary computers are having their own development pace. And also, those more powerful technologies have high energy consumption, so I guess there's really no energy saving here.

Nrcewker

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Quote from: remotemass on June 13, 2022, 01:50:04 PM

Hey,

How good is the argument that bitcoin is actually making the world save energy since it is pushing the limits of computer technology making computers more efficient and powerful and so having an overall positive impact in saving the world?
Is that a convincing argument to those that say that bitcoin is a huge waste of energy?

- remotemass

I would say that No Bitcoins are not making the computers more efficient and powerful.
I mean whenever we want to mine Bitcoins, we build a miner whose sole work is to completely focused on mining the Bitcoins and hence we can’t use it as a personal computer.
So firstly there is no need to argue on this topic right now, as this is both completely a different things.
Regarding saving the world. I don’t think miner plays any crucial role.
I mean until and unless your miner is running on solar energy, it will generate huge electricity bill.
So yes it’s hampering a natural resource electricity. So yes it doesn’t have a positive impact on saving the world.

remotemass

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Quote from: stompix on June 15, 2022, 04:37:14 AM

As bad as it can get!
ASICs are not mainstream computers, and ASICs are far below the top end specs of computer chips right now.

Yeah, right, ASICs are not general-purpose computers but still, you need computer scientists and engineers to push that technology, no? And you will probably end up with skilled people to build the next iterations of computer architectures. Maybe many of them end up building Tesla computer chips and technology... Just sayin'...

- remotemass

evichi

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From a different point of view, there is light at the end of the tunnel. In a bid to find alternative energy source for mining bitcoin, without harming the environment, more positive discoveries could be made that will benefit the energy sector as well as being environmentally friendly. The search for alternative energy for mining Bitcoin that is more environmentally friendly, is therefore, pushing the boundaries of technology to arrive at better alternatives. Therefore, the initial perceived negative effect of Bitcoin mining, could turn around to be positive when better alternative energy sources are discovered.

stompix

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Quote from: BlackHatCoiner on June 15, 2022, 05:11:48 AM

Quote from: stompix on June 15, 2022, 04:37:14 AM

I highly doubt the price would be 20k and far more likely 100k-200k at worse in such case, right?

I can't know. That's complete speculation.

But you can safely assume the price will be higher, maybe 5x or maybe 30x, the price being the same with 1 billion users would be nearly impossible.

Quote from: BlackHatCoiner on June 15, 2022, 05:11:48 AM

Again, I can't know what the energy consumption will be if the price increases that much, because that's one more speculation. I'm pretty certain that the difficulty would increase if the price did a 10x, even thought price isn't strictly correlated with difficulty.

No, it's not, but again, a higher reward would make miners spend more on gear.
A simple check on the profitability spikes on every TH/s will show an obvious correlation between a huge increase in the price of miners and them being sold out.

Quote from: BlackHatCoiner on June 15, 2022, 05:11:48 AM

It's working more efficiently than the banking system that requires skyscrapers, ATMs, transports, credit/debit cards, money issuance, armored cars, servers, further computing power, employees; these resources are just from the top of my head.

Yeah, you know, back in 2017 bitcoiners were quoting this article a lot around here
https://hackernoon.com/the-bitcoin-vs-visa-electricity-consumption-fallacy-8cf194987a50
It put the banking industry at 100Twh, and Bitcoin's network at 3 times lower just 28.67
Then last year came the report from Galaxy digital, which put the banking consumption at 263Twh, making the bitcoin network still more efficient at only 113Twh.
But early this year, the Bitcoin mining council release their numbers which raised bitcoin usage at 247 TWh.

And that was back in March when we were below 200exa, we're now already at 220... Wink

I'm telling you, dropping the bank comparison would be the best, it did not age well at all and it won't be a nice finding in a year or two.

BlackHatCoiner

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Farewell, Leo

Quote from: stompix on June 15, 2022, 04:37:14 AM

I highly doubt the price would be 20k and far more likely 100k-200k at worse in such case, right?

I can't know. That's complete speculation.

Quote from: stompix on June 15, 2022, 04:37:14 AM

Multiplying the reward by 10 times would mean at least a 7-8 raise in energy consumption too, right?

Again, I can't know what the energy consumption will be if the price increases that much, because that's one more speculation. I'm pretty certain that the difficulty would increase if the price did a 10x, even thought price isn't strictly correlated with difficulty. And, even that way, it's more efficient to send money across the globe for a nickle, to pay your employees instantly, for free, privately, efficiently, same as to make a purchase online, and the like.

It's working more efficiently than the banking system that requires skyscrapers, ATMs, transports, credit/debit cards, money issuance, armored cars, servers, further computing power, employees; these resources are just from the top of my head. And, ultimately, you can't know exactly how much energy is used, in contrast with bitcoin, wherein you can find that out with a bitcoin-cli -getinfo. Transparently.

stompix

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Quote from: remotemass on June 13, 2022, 01:50:04 PM

How good is the argument that bitcoin is actually making the world save energy since it is pushing the limits of computer technology making computers more efficient and powerful and so having an overall positive impact in saving the world?

As bad as it can get!
ASICs are not mainstream computers, and ASICs are far below the top end specs of computer chips right now.

The argument is pretty flawed since the development of ASICs is basically funded by the daily reward miners get, you can't sell them more gear that they need and you can't sell them one every year just because it's fancier. The daily reward is now 18 million, this includes ROI, includes energy costs includes miners' profit, let's say one-quarter of that goes to gear, it means 2 billion years, TSMC alone makes 45 billion.

Quote from: BlackHatCoiner on June 15, 2022, 01:54:43 AM

The fact that the world ignores these advantages, doesn't make it unfavorable. It's potentially more efficient than the banking system.

Potentially, but this potential comes with a different disadvantage, let's assume 1 billion people would be using bitcoin, I highly doubt the price would be 20k and far more likely 100k-200k at worse in such case, right?
Multiplying the reward by 10 times would mean at least a 7-8 raise in energy consumption too, right? Wink

BlackHatCoiner

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Farewell, Leo

Quote from: hatshepsut93 on June 14, 2022, 06:58:45 PM

So Bitcoin is actually extremely inefficient between how much energy it consumes and how much utility to the world it provides.

This is the same as saying that it's inefficient because it uses too much energy for only 7 TXs/sec. It definitely is inefficient, that way, but its properties are much broader than that. It's far more efficient to move thousands of dollars oversea now more than ever. It's far more efficient to open a channel with your co-workers, and pay them that way, instantly, with zero fees.

The fact that the world ignores these advantages, doesn't make it unfavorable. It's potentially more efficient than the banking system.

Quote from: hatshepsut93 on June 14, 2022, 07:55:56 PM

If you want to analyze Bitcoin only as a censorship resistant digital money transfer

Which is its main property. You can't mention bitcoin to someone if you don't add censorship resistance. That's why comparisons between other payment methods may be problematic. And that's why bitcoin is so valuable anyway.

tadamichi

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Quote from: hatshepsut93 on June 14, 2022, 07:55:56 PM

Quote from: tadamichi on June 14, 2022, 07:36:25 PM

Bitcoin is way more efficient than anything else for the job it’s supposed to do.

If you want to analyze Bitcoin only as a censorship resistant digital money transfer, then Bitcoin simply has no competition, aside from altcoins, which can be ignored, because they are not secure. And since Bitcoin has no competition in this sphere, talking about efficiency makes no sense, because there's nothing to compare to.

But we can still talk about adoption by global population and energy use. Bitcoin is adopted by 0.4% of world's population, and only a small fraction of those people do transactions regularly, while Bitcoin consumes 0.1-0.2 of world's electricity. This isn't efficient, compared to other industries. Bitcoiners often say that video streaming or gaming consume even more electricity than Bitcoin, but those things provide utility to 10-30% of global population.

I'm not saying here that Bitcoin should be more efficient, or should be shut down because it's inefficient. I just don't want Bitcoin community to lie to the world, because in the long run the world will figure it out, and Bitcoin community will lose trust.

I get your point and it’s fair, i just want to broaden the perspective, that scaling in a decentralized is way harder than in a centralized one. The non bitcoin world often portays it as if bitcoin uses energy for no reason, but the truth is there’s no other way than this currently. If we want decentralized infrastructure we have to use energy.

I think we should also point out the differences in centralized vs decentralized architecture, so people actually understand why it does this and why some limitations are there.

hatshepsut93

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Quote from: tadamichi on June 14, 2022, 07:36:25 PM

Bitcoin is way more efficient than anything else for the job it’s supposed to do.

If you want to analyze Bitcoin only as a censorship resistant digital money transfer, then Bitcoin simply has no competition, aside from altcoins, which can be ignored, because they are not secure. And since Bitcoin has no competition in this sphere, talking about efficiency makes no sense, because there's nothing to compare to.

But we can still talk about adoption by global population and energy use. Bitcoin is adopted by 0.4% of world's population, and only a small fraction of those people do transactions regularly, while Bitcoin consumes 0.1-0.2 of world's electricity. This isn't efficient, compared to other industries. Bitcoiners often say that video streaming or gaming consume even more electricity than Bitcoin, but those things provide utility to 10-30% of global population.

I'm not saying here that Bitcoin should be more efficient, or should be shut down because it's inefficient. I just don't want Bitcoin community to lie to the world, because in the long run the world will figure it out, and Bitcoin community will lose trust.

tadamichi

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Quote from: hatshepsut93 on June 14, 2022, 06:58:45 PM

Various infographics show that that banking industry consumes the same order of magnitude of electricity as Bitcoin. But Bitcoin processes up to 1 million transactions per day, while banking industry processes nearly all digital transactions in the world. Even with Lightning Network Bitcoin wouldn't be able to be used by all people in the world. Currently around 30 million people own Bitcoin, while everyone owns fiat. So Bitcoin is actually extremely inefficient between how much energy it consumes and how much utility to the world it provides.

Utility is more complex than transactions per day. The banking industry processes 0 decentralised, immutable, permissionless transactions a day, so in this regard they don’t provide any censorship resistance to the world, while bitcoin does. And this just one of many factors that play into utility. Bitcoin can’t do everything at the same time, without having any limitations or time to grow. These two are also complete opposites with completely different use cases. Bitcoin is way more efficient than anything else for the job it’s supposed to do.

hatshepsut93

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Quote from: Welsh on June 13, 2022, 02:28:54 PM

However, BlackHatCoiner's argument is a little more compelling. No one's done the Math, because the data would be hard to collect, but it takes common sense to see how much our current mainstream currency is using to stay afloat. Especially, now we're making the move to digital money, rather than predominately physical money. Although, even the latter has some pretty harmful effects to the environment in itself.

Various infographics show that that banking industry consumes the same order of magnitude of electricity as Bitcoin. But Bitcoin processes up to 1 million transactions per day, while banking industry processes nearly all digital transactions in the world. Even with Lightning Network Bitcoin wouldn't be able to be used by all people in the world. Currently around 30 million people own Bitcoin, while everyone owns fiat. So Bitcoin is actually extremely inefficient between how much energy it consumes and how much utility to the world it provides.

tadamichi

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Quote from: BlackHatCoiner on June 14, 2022, 05:50:51 AM

It's contradictory that you keep calling them "altcoins", though. Alternative to what? Roll Eyes

Maybe an alternative to sound money, if we look at the amount of people that got liquidated or gave up their keys for yield in ponzi schemes, i think it’s fair to assume that some people enjoy getting scammed, despite so many warnings. If they’re looking for this, Bitcoin is definitely the wrong place.

Sorry for the sarcasm.

Topic: Bitcoin making computers more EFFICIENT & powerful making the world save ENERGY? (Read 379 times)