Topic: Bitcoin mining is banned due to its great demand for electricity (Read 211 times)
that's due to big corporations setting up big infrastructure to mine bitcoins and other cryptocurrency. Once you get them out of the picture this won't be an issue. However, there will be more alternative green energy in the future so that should take care of this.
March 20, 2018, 08:34:14 AM
It is necessary to do some cities specifically for mining,that would not harm the environment and people around them,and it is already fires from mining arise is certainly bad.
March 20, 2018, 08:29:17 AM
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Mining Bitcoin and other cryptocurrencies demands a huge amount of electricity, which is greater than the energy needed for the whole system of electric vehicle in 2015.
Morgan Stanley’ note stated that Bitcoin mining could use more electricity in 2018 than the entire Argentina.
Based on the calculation, electricity needed to mine Bitcoin could be more than is used by the whole system of electric vehicle by 2025. It also said that power for bitcoin mining has already been estimated to use more than 159 countries in 2017.
SlashGear claimed that cryptocurrency-related activities can be seen in Plattsburgh, New York (USA), a small town with low-cost electricity. In order to take advantage of the low-cost electricity, mining cryptocurrenies blooms in this area, soon becoming a threat to the city.
Cryptocurrency mining uses a huge amount of electricity to operate the system days and nights. It poses a threat to the crypto environment. In Plattsburgh, it also does harm to the consumption and electricity price.
Plattsburgh, whose residents are a quick jaunt from the Canadian border, has put an 18-month moratorium on cryptocurrency mining to preserve natural resources, the health of its residents, and the “character and direction” of the city.
#VCX
#VCXCoin
I don’t have issue banning the large scale bitcoin miners. This is because only a small group of people get the advantage while those small players are left behind. If you look at the situation it is really disturbing that bitcoin mining consumed large amount of energy. Maybe the good thing that government must do is regulated the large scale miner control the negative effects in the stakeholders.
March 20, 2018, 07:30:28 AM
I don't think the power station owners give a mind who and how are spending their electricity. If the users can pay for it then there are no problems as I see.
They don't give a damn so long as their transformers can handle it in an area, they don't mind if users are using a lot of electricity but it is a different case when they use too much as transformers cannot handle it(that is mostly the case for large scale miners). Nevertheless, they still won't give a damn so long as the miner doesn't bring harm to their equipment at all and given that there is always enough electricity to power up the whole city. March 20, 2018, 07:10:22 AM
I don't think the power station owners give a mind who and how are spending their electricity. If the users can pay for it then there are no problems as I see.
March 20, 2018, 07:07:23 AM
My country doesn't support cryptocurrency also. Many people place mining machine in their house or factory and try to find the reason for the increase of electricity consumption. However, I saw there are some coins that allow us to mine without computer. We just need to purchase a required amount of that coin and start our mining. I bought some in the past and can earn a lot from these coins.
March 20, 2018, 07:00:29 AM
But in many countries where electricity is cheaper are not banned right,my country producing electrical energy through nuclear power plants so the availability of electricity is vast in my country and it is much cheaper too.So they didn't take any action on the miners so other countries should make more electricity by new ways rather than banning the stuffs which is usable for their citizen it is nit only for mining they also habe the future plans to produce more electricity for more development in their country.
March 20, 2018, 06:58:00 AM
At present, electricity is a major problem as far as bitcoin mining is concerned, in addition to that you have invest a reasonable amount of money to buy hardware.
March 20, 2018, 06:53:31 AM
How can they ban bitcoin mining? It's not like an electric company can magically tell what the electricity is being used for on a computer.
March 19, 2018, 05:01:18 AM
In my own opinion, I don't think much people are using electricity to mine bitcoin lately because they are now making use of the solar energy . I believe one of the many reasons why most countries governments are frowning on bitcoin is because of the high consumption of electricity used in mining it. In most countries, electricity being provided for the people are not enough compared to countries that have few population with plenty of available electricity.
March 19, 2018, 04:46:00 AM
This issue with electricity consumption is really hitting bad on bitcoin. I recently read that Russian presents a good place for miners. There is cold temperature n the cost of electricity is also cheap there. Maybe this power issues will drive miners to colder parts of the world.
March 19, 2018, 04:42:19 AM
There's no doubt as to how much energy is needed to mine bitcoin. But in subsequent times and in the future, miners will move to regions where energy is cheaper or regions where energy consumption is lower than production. And also green energy will be considered for mining. There won't be total ban of crypto mining in general as per high energy required for it instead , there will be migration of the miners to regions like Iceland
It is fact that for mining the electricity is issue and the miners are trying to start other businesses instead of mining and i know that for the mining so bitcoin a high consumption of electricity is required and this currency is playing a vital role in the online payments and the online dealing while the funds transfer is also a good feature of this currency.
I don't know when people will start to understand that this electricity demand is what gives BTC its value, when you need a real money BTC is the number one go to money. I think this even make me more bullish on the price because it just shows that with more and increasing energy demand to produce BTC the price is not coming down
The amount of electricity needed to mine can set up the starting price of BTC. The rest of the value is set by the demand of the market. While BTC is still profitable for miners means that there is a big demand for this coin.
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Mining Bitcoin and other cryptocurrencies demands a huge amount of electricity, which is greater than the energy needed for the whole system of electric vehicle in 2015.
Morgan Stanley’ note stated that Bitcoin mining could use more electricity in 2018 than the entire Argentina.
Based on the calculation, electricity needed to mine Bitcoin could be more than is used by the whole system of electric vehicle by 2025. It also said that power for bitcoin mining has already been estimated to use more than 159 countries in 2017.
SlashGear claimed that cryptocurrency-related activities can be seen in Plattsburgh, New York (USA), a small town with low-cost electricity. In order to take advantage of the low-cost electricity, mining cryptocurrenies blooms in this area, soon becoming a threat to the city.
Cryptocurrency mining uses a huge amount of electricity to operate the system days and nights. It poses a threat to the crypto environment. In Plattsburgh, it also does harm to the consumption and electricity price.
Plattsburgh, whose residents are a quick jaunt from the Canadian border, has put an 18-month moratorium on cryptocurrency mining to preserve natural resources, the health of its residents, and the “character and direction” of the city.
#VCX
#VCXCoin
However, there will be more alternative energy and green energy in the future, so it is not necessary to worry about this issue.
And the cost of bitcoin mining is rising, supporting the value of bitcoin to some extent.
And the cost of bitcoin mining is rising, supporting the value of bitcoin to some extent.
I don't know when people will start to understand that this electricity demand is what gives BTC its value, when you need a real money BTC is the number one go to money. I think this even make me more bullish on the price because it just shows that with more and increasing energy demand to produce BTC the price is not coming down
It is good trend now that most of the miners are moving to alternative and green energy and some mining companies are also relocating at cold regions with cheap electricity, additionally projects like hydrominer and envion are also well planned to run their miners from renewable energy sources.
This can be true and reasonable for most of the countries where electricity is costly. Mining with advanced hardware has became a energy consuming industry and with such scarce of energy in the world, we cannot sustain a number of energy hungry currencies.
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Mining Bitcoin and other cryptocurrencies demands a huge amount of electricity, which is greater than the energy needed for the whole system of electric vehicle in 2015.
Morgan Stanley’ note stated that Bitcoin mining could use more electricity in 2018 than the entire Argentina.
Based on the calculation, electricity needed to mine Bitcoin could be more than is used by the whole system of electric vehicle by 2025. It also said that power for bitcoin mining has already been estimated to use more than 159 countries in 2017.
SlashGear claimed that cryptocurrency-related activities can be seen in Plattsburgh, New York (USA), a small town with low-cost electricity. In order to take advantage of the low-cost electricity, mining cryptocurrenies blooms in this area, soon becoming a threat to the city.
Cryptocurrency mining uses a huge amount of electricity to operate the system days and nights. It poses a threat to the crypto environment. In Plattsburgh, it also does harm to the consumption and electricity price.
Plattsburgh, whose residents are a quick jaunt from the Canadian border, has put an 18-month moratorium on cryptocurrency mining to preserve natural resources, the health of its residents, and the “character and direction” of the city.
#VCX
#VCXCoin
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