Bitcoin to use 0.5% of world’s electricity by end of 2018 - page 2.

Hirameki

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Activity: 176

Merit: 10

Quote from: richardsNY on May 31, 2018, 05:33:47 PM

Quote from: tegarp90 on May 31, 2018, 04:45:44 PM

And also the miners is keep increasing the price of VGA cards and make it rare.
it's really hard to find nvidia 1080 in my country with a logic price and the stock is almost always 0 Cheesy

It's artificial control of supply from the manufacturer. If Nvidia or AMD want, they can flood the market with so much supply, that the prices of graphic cards will drop back to their pre mining boom. It's all part of their game plan, and I am sure that they won't be changing anything to that. It works extremely well, so why would they even change things? These businesses are worth more than ever before, and they want to keep it like that. I see a lot gamers complain, but in the end they still pay the premiums because they don't have any other option. The prices won't decrease in the coming years, so either adapt to the situation or stick with lower tier graphic cards.

Dont worry mate, as long as the cryptocurrency gains dominance we would see many electronic companies that will manufacture devices that are specified for mining only. Samsung had already made its statement and it something that we can hold on.

Quote from: Mr.Dick on May 17, 2018, 04:15:56 PM

Quote from: coinminerdotcom on May 17, 2018, 10:23:55 AM

Quote

The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html

With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.

It'S kind of alarming how much engery is used, thats something which should be discussed, too.

You shouldn't. Energy is everywhere we just need to utilized it for out benefit. Technical people always find ways on how we can create or harvest energy.

jhonnydeep87

full member

Activity: 378

Merit: 100

Bitcoin will use all of the world's energy production by 2020 perhaps before that will not happen but about 6% of the world's electricity. If the network can be used as well as possible in the near future. Cool

Kayum10029

full member

Activity: 1190

Merit: 100

May be possible. Now a days bitcoin is using world trading ecosystem.... educational platform.... marketing &financing...... why not electricity...

richardsNY

legendary

Activity: 1232

Merit: 1091

Quote from: tegarp90 on May 31, 2018, 04:45:44 PM

And also the miners is keep increasing the price of VGA cards and make it rare.
it's really hard to find nvidia 1080 in my country with a logic price and the stock is almost always 0 Cheesy

It's artificial control of supply from the manufacturer. If Nvidia or AMD want, they can flood the market with so much supply, that the prices of graphic cards will drop back to their pre mining boom. It's all part of their game plan, and I am sure that they won't be changing anything to that. It works extremely well, so why would they even change things? These businesses are worth more than ever before, and they want to keep it like that. I see a lot gamers complain, but in the end they still pay the premiums because they don't have any other option. The prices won't decrease in the coming years, so either adapt to the situation or stick with lower tier graphic cards.

Washball

full member

Activity: 266

Merit: 151

First crypto index traded as a token!

This is why Envion, which now turned out to be a scam or whatever, has a very successful ICO and raised more than $100 million in very short time. 31000 Investors believed in this mobile mining plan, making use of solar plants for sustainable energy.

jgaspar

member

Activity: 239

Merit: 10

Wow! This is insane! all the things statistics about bitcoin and cryptocurrencies in general are insane for me now! I love it.

tegarp90

full member

Activity: 546

Merit: 100

Quote from: coinminerdotcom on May 17, 2018, 10:23:55 AM

Quote

The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html

With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.

Yeah this is good for crypto, it proves ppl are start interesting about bitcoin or other crypto.
And also the miners is keep increasing the price of VGA cards and make it rare.
it's really hard to find nvidia 1080 in my country with a logic price and the stock is almost always 0 Cheesy

KingScorpio

sr. member

Activity: 1470

Merit: 325

Quote from: coinminerdotcom on May 17, 2018, 10:23:55 AM

Quote

The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html

With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.

mark my words, the world will blame you and bitcoin for poverty and economic issues, the competing altcoins will blame you for poverty, local officials (to improve trust in their communal currency) will channel the hatred and anger of their poor on bitcoin and similar altcoins that just waste electricity or how i call them the "propaganda coins" bitcoin will be as much hated as it was initially supported.

i wrote a rump article about the inevitable consequences of this.

kwabeedat

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Activity: 308

Merit: 10

Mining and electricity consumption is still an issue that people talk about. I think it's about time we supported green energy production. With that we can fuel our own mining farms and reduce the burden we put on national grid. But anyways this is crypto, we'll get a solution if it becomes a problem

MrDom2

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https://themerkle.com/2-out-of-the-box-icos-that-will-surge-in-2018/

niz3r_nade

newbie

Activity: 162

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I think the power source already supports mining. but most miners are looking for efficient electricity costs for them. they never pay attention to how much power they spend to run the mining tool.

laryillary

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Activity: 238

Merit: 11

The power consumption for mining bitcoin is growing at such a rate that if the pace continues, then by February 2020 this process will require all the electricity that humanity now consumes

daarul50

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Activity: 1596

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The use of bitcoin electricity is much less than the use of electricity by various industries in the world even we can not benefit from the existence of the industry and far inversely with bitcoin which has given some benefits for us all.

stompix

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Merit: 6403

Blackjack.fun

Quote from: franky1 on May 17, 2018, 03:54:21 PM

network hashrate recent minimum was 28 exahash = 2mill s9 ant miners at 14terrahash

now the top GPU does 1mhash so would need 14000 gpu to do 1 asics job. yet an asic only uses the electricity of a few gpu's, thus is more energy efficient than the past.

imagine how things would be if this was still a GPU hashing era, but with todays difficulty

28billion GPU's would use ALOT more electric

It would not have happened, without a price x10 or x100, we would have had a hashrate like BTG ....and we know what happened to that one Grin

The hashrate and thus the energy consumption is kept in check by the reward the miners get, those predictions about how much energy is going to be consumed are useless if we don't know the price per BTC.
Miners are still making profits right now, with a jump to back 20 000 or even further.... this is going to get really funny.

I don't know why people are surprised of this, it was known and discussed from long ago what will happen, for example

Quote from: jseverson on May 18, 2018, 09:40:48 AM

That's pretty interesting, but how are the numbers on a per country basis? China still seems to generate majority of the network's hashrate; does mining there cause any substantial damage to the country at all? I would guess that's a no, and that it would also be a no for any other country with significant mining operations. That means that this particular statistic isn't worth raising any alarms over.

Not yet, what if we triple the consumption or if we reach McAfee's prediction?
The consumption right now is negligible but if BTC grows it will go only one way..

sieemma

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Bitcoin has helped most of us so it won't be too much a problem if it uses such an amount of electricity. There are industries that use more than such an amount yet we don't benefit from them.

jseverson

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That's pretty interesting, but how are the numbers on a per country basis? China still seems to generate majority of the network's hashrate; does mining there cause any substantial damage to the country at all? I would guess that's a no, and that it would also be a no for any other country with significant mining operations. That means that this particular statistic isn't worth raising any alarms over.

Even if it does alarm regulators, they should be basing their decisions on statistics within their own country, because there's no point in citing worldwide numbers for domestic regulations. I don't think Bitcoin mining has ever caused severe power shortages anywhere yet, except maybe on some severely depressed areas, where it should probably be rightfully throttled.

amishmanish

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Quote from: Ucy on May 17, 2018, 05:26:41 PM

What an interesting revelation! How about designing energy efficient/cheap GPUs for the Crypto world so that atleast with $200 to $500 MANY homes could afford new or fairly used GPUs. It is extremely important to decentralize mining space.

I wish some special funds can be set aside for research in this area. A lot of money is being made in the Crypto world but nobody is investing in researches. Who is going to research and develop these things eventually? — the controlled corporations, the "governments" = Centralization = anti-decentralization.

This is a good point. As to who is doing the research? Who has the right incentive to ensure that mining becomes more energy efficient. Due to ASIC miners, the efficiency has increased manifolds compared to CPUs and GPUs but then you have more and more miners coming up.

Seems like the only upper limit to energy consumption is based on the amount of miners that the major mining hardware companies like bitmain, Cannan etc. can manufacture. Bitmain is the biggest player and we have seen announcements from the likes of Samsung and Intel to go into bitcoin mining. Due to the realtive monopoly here, Bitmain doesn't really need to become more efficient. If someone like Samsung suddenly came up with a more efficient miner, we may have some competition to make them more efficient as it directly affects the cost of mining and ROI.

Competition in manufacture of mining ASICs is one hope towards better miners. The other is when governments decide to do some positive regulation and stop giving away old coal-fired plants or cheap hydroelectric energy for mining. If "mining farms" are discouraged by policy measures, manufacturers will need to come up with efficient hardware to remain within policy guidelines.

Ucy

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Activity: 2674

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Compare rates on different exchanges & swap.

Quote from: franky1 on May 17, 2018, 03:54:21 PM

network hashrate recent minimum was 28 exahash = 2mill s9 ant miners at 14terrahash

now the top GPU does 1mhash so would need 14000 gpu to do 1 asics job. yet an asic only uses the electricity of a few gpu's, thus is more energy efficient than the past.

imagine how things would be if this was still a GPU hashing era, but with todays difficulty

28billion GPU's would use ALOT more electric

..
i wont even get into the details of the electric needed if we were in the CPU mining scenario at todays difficulty. as that electricity requirement would be soo much more.

What an interesting revelation! How about designing energy efficient/cheap GPUs for the Crypto world so that atleast with $200 to $500 MANY homes could afford new or fairly used GPUs. It is extremely important to decentralize mining space.

I wish some special funds can be set aside for research in this area. A lot of money is being made in the Crypto world but nobody is investing in researches. Who is going to research and develop these things eventually? — the controlled corporations, the "governments" = Centralization = anti-decentralization.

Phlaser

newbie

Activity: 257

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More work in the morning industry of Bitcoin. This will increase more to be supplied in order to meet up with the power required for effective mining. Bitcoin is changing the world

Quote from: coinminerdotcom on May 17, 2018, 10:23:55 AM

Quote

The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html

With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.

Mr.Dick

member

Activity: 207

Merit: 20

Quote from: coinminerdotcom on May 17, 2018, 10:23:55 AM

Quote

The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html

With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.

It'S kind of alarming how much engery is used, thats something which should be discussed, too.

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