Bitcoin mining will consume all the world's electricity by Feb 2020

elegion

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Quote from: Blue9999 on November 29, 2017, 12:16:17 AM

So what do you guys think ? According to this it will happen before the next bitcoin halving which is due in (12 Jun 2020)

https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries

They forgot to mention that the advancements in Solar Power are doubling every year. These people seem to think that the current state of technology will be the same in the future as it is now, which is absolutely ridiculous and is what you call "linear" thinking. Human technology has almost reached Moore's Law of Accelerated Returns which leads to a point of Escape Velocity where the speed of innovation doubles faster and faster every year, not every two years , but every year exponentially. I honestly wouldn't read such articles by these amateur journalists who seem to have some strange globalist agenda. I would rather listen to professionals Like Peter Diamandis when it comes to this type of information, as he actually owns a company that specializes in the development of future technologies.

oegarod

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It's been stated by the scientists that if it is possible to arrest the energy created during an lightening it is possible to supply electricity for Washington DC or some other city for a large number of years. The same is much complex to get real time implementation. Something will rectify the electricity usage, no need to get into panic making it as an major news.

Kingofbitcoin12345

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Let’s me start it with.. Does all country in the world are into bitcoin mining??.. Because the tittle mentioned “whole worlds electricity” for all I know that not all electricity is inter connected to each other,, so does this mean it carry over from one country who is mining and to the one doesn’t.. The article is confusing and more of hearsay.. Bitcoin mining is not even accurate because it is cryptocurrency mining for the reality altcoin are more mined now than bitcoin..

12tribes

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That's practically impossible......It will take a lot to consume the world's electricity....

cryptoalfs76

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Quote from: Blue9999 on November 29, 2017, 12:16:17 AM

So what do you guys think ? According to this it will happen before the next bitcoin halving which is due in (12 Jun 2020)

https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries

Will,if that bitcoin mining consume more power in electricity in the years 2020 will what happens to those minings gadget we buy who conserve energy? Maybe we change it to other items that can save energy.maybe it is only a prediction but we dont know whats the real happen in that time's,but when i thinks its only a normal that electricity will consume every year a hig consumption because its a part of bussiness or economic development that all prices every year will goes high.

ashfer

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Bitcoin mining will take too much power supply to work and the process these days is getting slower and there are many new mining farms showing up and lot of people are also turning towards btc mining and it is true that it will consume a lot of world's electricity power by the year 2020 but they are not bothered about the bill as well as mining gives them lot of profit.Electricity is something which is very expensive in my country we can cut down the cost of power by generating our own electric power by setting up own power plants using solar energy by setting up solar panel to generate electricity

Erkallys

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Quote from: Coollikethat on November 30, 2017, 02:15:31 PM

Just change it to Proof of stake. Problem solved. Not to mention who knows what other advancements will be made by then.

It has been demonstrated many times, by many people, including me, that if Bitcoin switched to a Proof-of-Stake model, it would become worthless.

affigne

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Bullshit.

And if it is not, then switch to solar panels and show the middle finger to panickers...

o_e_l_e_o

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Right. Because people are going to turn off their lights, TVs, heating/air con, etc. because they are all so busy mining bitcoin. This is clickbait nonsense.

"Bitcoin mining-related electricity consumption is estimated to have increased by 29.98 percent, and if it keeps increasing at this rate, Bitcoin mining will consume all the world's electricity by Feb. 2020."

and if it keeps increasing at this rate

It won't. The end.

carlowell

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I don't think so, because mining that time will be more eco-friendly and engineers will find way to minimize the power consumption while at the same time the hash power has to be monstrous power.
Bitcoin and Crypto-Currency are now in development to minimize the electric power of hardware.

Vitolife

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Quote from: Blue9999 on November 29, 2017, 12:16:17 AM

So what do you guys think ? According to this it will happen before the next bitcoin halving which is due in (12 Jun 2020)

https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries

This is just FUD, the ASICs miners are being improved with every generation - they have higher hash rate and lower power consumption. Yes, the energy needed to mine botcoin would increase - this of course would contribute to the price growth of the bitcoin, but with the advancements in hash power of the devices, this scenario is just FUD and clickbait.

Fancyax

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Just Bla Bla. Electricity can be generated in many ways and it can't just be over.

bncbnc

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Quote from: audaciousbeing on November 30, 2017, 02:24:54 PM

Quote from: Blue9999 on November 29, 2017, 12:16:17 AM

So what do you guys think ? According to this it will happen before the next bitcoin halving which is due in (12 Jun 2020)

https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries

Reading through the article, its just a speculation of what will happen but the issue here is the possibility of that happening because it then means that if bitcoin takes the whole of the world electricity, then banks will not work, government functionaries will also not work which then means that the whole of our lives will be put on hold since I have not seen a generator that can sustain the whole of the country.

How then are we going to use the bitcoin mined if we cannot even charge our phones and gadgets. Its simply something I see not happening in 2020 or forever rather I see more alternative ways to mine bitcoin which the government would have stepped in to stop it being mined on pubic electricity which is what the Chinese government are considering if not implemented already.

I think it is impossible. Bitcoin cannot consume all the world electricity, i think it now becoming easy to provide electricity for mining because states are now find other cheap ways of source of electricity, for example solar energy is the cheapest source of energy, where we have one time investment and can get cost-less electricity after that. We have HYDRO ELECTRIC POWER STATIONS, from where we can get a cheap source of electricity.

tomahawk9

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Quote from: Blue9999 on November 29, 2017, 12:16:17 AM

So what do you guys think ? According to this it will happen before the next bitcoin halving which is due in (12 Jun 2020)

https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries

This is pure clickbait. I mean, "all the world's electricity"? really? so the whole world will eventually have a massive blackout unless btc mining stops? and here I thought the wave of FUD articles form the media was over. And what coincidence, this mining problem will occur in the same year as the bitcoin halving.

from the article:
This dilemma has raised environmental concerns over Bitcoins, in addition to those stemming from their legal status.

So it all goes down to this, huh? yeah, this whole article was written to spread FUD. I'm not saying there isn't a btc mining problem, i think most of us know that mining takes a lot of power consumption (especially farms), and because of this, mining is illegal in many countries. But let's be honest, if something like bitcoin mining were to become a worldwide problem, i think the governments around the world and international environmental organizations would've taken care of the issue in no time, plain and simple. I think for now, this is mainly a local problem, especially in China.

audaciousbeing

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Quote from: Blue9999 on November 29, 2017, 12:16:17 AM

So what do you guys think ? According to this it will happen before the next bitcoin halving which is due in (12 Jun 2020)

https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries

Reading through the article, its just a speculation of what will happen but the issue here is the possibility of that happening because it then means that if bitcoin takes the whole of the world electricity, then banks will not work, government functionaries will also not work which then means that the whole of our lives will be put on hold since I have not seen a generator that can sustain the whole of the country.

How then are we going to use the bitcoin mined if we cannot even charge our phones and gadgets. Its simply something I see not happening in 2020 or forever rather I see more alternative ways to mine bitcoin which the government would have stepped in to stop it being mined on pubic electricity which is what the Chinese government are considering if not implemented already.

Coollikethat

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Just change it to Proof of stake. Problem solved. Not to mention who knows what other advancements will be made by then.

aardvark15

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Quote from: Blue9999 on November 29, 2017, 12:16:17 AM

So what do you guys think ? According to this it will happen before the next bitcoin halving which is due in (12 Jun 2020)

https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries

If this is just for Bitcoin mining, then it will be much more if you add in all the altcoin mining. I guess that’s why fees will keep increasing and this could justify the price increases as well.

As the article alludes to, this could be a problem because we will need to generate a lot more electricity for cryptocurrencies and to do all the other thinks we need it for such as Internet, lights, television, computers, air conditioning, refrigerators, etc.

Blue9999

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Nobody care I guess lol Cheesy

Blue9999

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So what do you guys think ? According to this it will happen before the next bitcoin halving which is due in (12 Jun 2020)

https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries

Topic: Bitcoin mining will consume all the world's electricity by Feb 2020 (Read 432 times)