Topic: Bitcoin uses too much energy? - page 7. (Read 1173 times)
It's true. At present there are many people who own the Bitcoin. These are PCs equipped with many graphics cards. For this machine digging Bitcoin at full capacity for high profits, it consumes a lot of electricity. On a small scale, I've seen 20 times more electricity than normal people. Not knowing how large it will consume.
https://motherboard.vice.com/en_us/article/7xmvbq/bitcoin-energy-science-world-electricity-demand
Now Motherboard is not the best source for news, but let's consider the implications of this...
Consuming immense amounts of energy is actually somewhat counterproductive if we consider the vision of Bitcoin giving us tools for independence. And it's somewhat unethical because we should not be using more than we need on this earth.
However, we don't really know how much energy it is consuming at this stage, so this could just be another reporter trying to find a story.
Now Motherboard is not the best source for news, but let's consider the implications of this...
Consuming immense amounts of energy is actually somewhat counterproductive if we consider the vision of Bitcoin giving us tools for independence. And it's somewhat unethical because we should not be using more than we need on this earth.
However, we don't really know how much energy it is consuming at this stage, so this could just be another reporter trying to find a story.
I dont believe bitcoin use much energy. Bitcoin miner can use alternative energy and compare with others industry, bitcoin use electricity not more than 3% from electricity capacity.
Consuming immense amounts of energy is actually somewhat counterproductive if we consider the vision of Bitcoin giving us tools for independence. And it's somewhat unethical because we should not be using more than we need on this earth.
However, we don't really know how much energy it is consuming at this stage, so this could just be another reporter trying to find a story.
However, we don't really know how much energy it is consuming at this stage, so this could just be another reporter trying to find a story.
What is the purpose of this article?
let's look at the following article phrases:
Quote from: https://motherboard.vice.com/en_us/article/7xmvbq/bitcoin-energy-science-world-electricity-demand
It doesn’t sound like much, but that is roughly equivalent to the energy needs of Austria, a country of nearly nine million people.
I will speak of this part: " but that is roughly equivalent to the energy needs of Austria, a country of nearly nine million people "
see that he forgets that there are many miners scattered throughout the various countries of the world, so he is making an absurd comparison. So why is he making such an absurd comparison?
then we find the answer in this passage:
Quote from: https://motherboard.vice.com/en_us/article/7xmvbq/bitcoin-energy-science-world-electricity-demand
“Most people are shocked that Bitcoin could use this much energy,” de Vries told me on the phone. “I think that’s the appropriate reaction. Half of a percent of the world’s energy is a huge number, especially for a system that isn’t really used for anything except speculation.”
Dude, do not post things from people who hate bitcoin and because of their hatred they are creating articles for governments to ban bitcoin, it is obvious that the guy who wrote this article wants to hurt bitcoin, he is not stupid that he does not know What comparison is he making is very absurd, He wants governments to ban bitcoin
This topic isn't wrong, Bitcoin consumes a lot of energy, consumes a large amount of power in the search process. That has to be overcome and market operators must move in the same direction.
well, there are a lot controversial articles on web regarding bitcoin and it's energy consumption, and this article busts some myth about it
https://coincenter.org/entry/five-myths-about-bitcoin-s-energy-use
https://coincenter.org/entry/five-myths-about-bitcoin-s-energy-use
I'm not agree with you because why you are pointing on bit coin everything uses energy not only bitcoin. Bitcoin uses energy and produce profit for us isn't it enough for us.
I think that there are countries that are consuming great amount of electricity but they are using renewable source of energy. I believe that it may not be a problem that could harm the environment. However, if it still using the conventional fossil fuels for the power plants, then it could perhaps somewhat had an effect to the environment especially the ones doing the btc mining.
If encryption is adopted by more people, then the energy consumption is worth it. In fact, many mines use idle electricity to dig.
I think eventually the energy based mining method will go to the wayside. The mining industry is completely bonkers where $1,000 dollar cards new you less than $2 dollars a day. I get very cheap energy and its still not feasible for me to mine.
You (and most of the people) are focusing on the wrong thing.Energy consumption is not the main issue.The main issue is that most of the energy is produced by burning coal and gas.If the wind and solar energy becomes cheaper,it could ba used for cryptocurrency mining.By the way,this topic has been discussed so many times on the forum.
You're right! Yes it is true that mining digital coins consumes a lot of electricity. But these electricity can be acquired through several ways. The issue now is with these energy producers and government. They should think of alternative to the current coal and gas power plants.
Bitcoin will use much more energy for those people who are doing mining,to gain more bitcoins. But,if you are only doing other bitcoin activities except this said mining,everything's will have a normal electricity consumptions. We have nothing to worry about this,because it is like an other computer activities on the network.
Bitcoin works according to the PoW (proof-of-work) algorithm, to increase the number of miners, it is necessary to spend more and more power to obtain new blocks. So in the future, the maintenance of the bitcoin network will be consumed at times more energy than now and I'm not sure how it will be solved. Will build individual nuclear power plants for mining? In my opinion this is a rather serious problem for bitcoin
Cmon, enough with this shit.
I am a bit sick of hearing this BS, Btc is running on electricity yes but how about the huge amount needed for using FIAT, the printing the distribution , the collecting and destroying, the electronic system, and more..
I am a bit sick of hearing this BS, Btc is running on electricity yes but how about the huge amount needed for using FIAT, the printing the distribution , the collecting and destroying, the electronic system, and more..
BITCOIN has been alarming people for years because of the amount of electricity needed to mint new virtual coinage. Alex de Vries, a bitcoin specialist at PwC, estimates that the current global power consumption for the servers that run bitcoin’s software is a minimum of 2.55 gigawatts (GW), which amounts to energy consumption of 22 terawatt-hours (TWh) per year—almost the same as Ireland. Google, by comparison, used 5.7 TWh worldwide in 2015. What’s more, bitcoin “miners” consume about five times more power than they did last year, and orders of magnitude more than just a few years ago—and there are no signs of a slowdown.
Why does bitcoin require so much energy to make something that exists only electronically?
if bitcoin could consume such amount of electrical power energy, how much more about the the local banking system.
this is just giving me much thought
Why does bitcoin require so much energy to make something that exists only electronically?
if bitcoin could consume such amount of electrical power energy, how much more about the the local banking system.
this is just giving me much thought
I think if you don't want to earn in bitcoin because of energy consumption then much better to stop and stay away from bitcoin. Just think,Bitcoin is a digital currency how can you use it without using energy? We have nothing to do but to accept the fact that despite of higher energy consumption of bitcoin we still need bitcoin to earn because bitcoin is already tested as the valuable investment online.
Bitcoin uses too much energy for sending transactions. New blockchains trying to resolve that problem, some projects like Ziliqa, EOS, Tron and etc. They try to make more transactions per second, reducing energy cost.
Not only bitcoin if you mine any coins energy will be used heavily. It will be consume 10 times electricity you used for AC. Hence please be careful while you are investing on mining side about learning electricity issues on it.
If you do not have option to give the electricity then you need to go with the other options than that.
If you do not have option to give the electricity then you need to go with the other options than that.
No, not at all. Bitcoin is not particularly popular with the whole world. Very few people use electricity for the purpose of mining. There are spheres that spend much more electricity than miners do in the process of creating bitcoins. So in my opinion this problem is not at all essential and does not affect anything
BITCOIN has been alarming people for years because of the amount of electricity needed to mint new virtual coinage. Alex de Vries, a bitcoin specialist at PwC, estimates that the current global power consumption for the servers that run bitcoin’s software is a minimum of 2.55 gigawatts (GW), which amounts to energy consumption of 22 terawatt-hours (TWh) per year—almost the same as Ireland. Google, by comparison, used 5.7 TWh worldwide in 2015.
Bitcoin energy consumption is growing very fast - in July it was still approx. 14.5 TWh, in August it was over 16 TWh. What does this mean in practice?
- one transaction on bitcoin absorbs 185 KWh - kilowatt hours;
- 185 kWh would be enough to supply 6.5 households in the US for one day;
- the entire bitcoin market could supply 1 million 483,000 homes;
- bitcoin is responsible for 0.08 percent. global consumption of electricity.
- one transaction on bitcoin absorbs 185 KWh - kilowatt hours;
- 185 kWh would be enough to supply 6.5 households in the US for one day;
- the entire bitcoin market could supply 1 million 483,000 homes;
- bitcoin is responsible for 0.08 percent. global consumption of electricity.
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