Topic: Bitcoin uses too much energy? - page 9. (Read 1173 times)

  I understand people who oppose Bitcoin always relate to energy issue as  the number one reason to create NEGATIVE IMAGE about BITCOIN. As they think this is the best option available.

If you are so much concerned about energy, please try and find out..How much energy banks are consuming? by yourself.
I am sure, if you are able to find this out you will never associate energy consumption with Bitcoin.

Bitcoin is far bigger than such small issue, try something new to create  NEGATIVITY againts BITCOIN  

In my opinion, it does not really cost too much, if we spend too much we can not exploit it now. We accept that in exchange for the benefits that bitcoin brings as paying bills.

of course, bitcoin spends a lot of energy, especially electricity, the harder the block will be solved, the more expensive electricity costs. but ASIC chips can save electricity.

I think using solar power, or with hydro mining can save energy.

Too much energy is subjective but banks use 3 times more energy than Bitcoin (source: a recent study) A fact is a fact. What about the shops having the light turned ON during the night? Talking about the waste of energy, Bitcoin is quite far to be a culprit. Even some cities realized this and turn the light OFF in the streets starting from 11.59 pm

There are actually multiple possible reasons:
1. He's mining using the wrong device. Some people wants to try bitcoin mining and start using their PC or their laptop right off the bat without computing how much money they will be making from it and would it be more than what they are paying for the electricity bills, internet bills, and if it's really worth over-stressing your computer. Your computer should be made specifically for mining and not just a regular computer in order for it to be economical unless the electricity is cheap in your country.
2. Electricity is NOT cheap in your place. Honestly these days is electricity even cheap anywhere? Almost everywhere it's expensive and if you are dead serious with mining and it's okay for you to move to a foreign country (where electricity is cheap) to mine bitcoins, then go ahead. It's possible that you have a good setup for a mining rig but still lose money because the electricity is just so expensive.
3. Bitcoin's price went down when he was just about to pay for the bills. Self-explanatory.
4. You don't have a decent enough mining rig. The truth about mining is that people can't just mine and then be able to earn some bitcoins. I mean, we can do that. But it will not be practical since you will be earning less than the money you're spending. With the rise of more people mining bitcoins, it will require more and more computing power to have more earnings than your expenses.

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I suggest that you guys check out this article from Forbes regarding the energy consumption of bitcoin mining: https://www.forbes.com/sites/christopherhelman/2018/01/16/bitcoin-mining-uses-as-much-power-as-ireland-and-why-thats-not-a-problem/#35ff15824589

it's for me to know that bitcoin mining is very energy consuming. but it's worth it though no bitcoin also requires energy to earn bitcoin

Bitcoin mining and hardware production—is able to produce and found that the company could produce enough chips by the end of this year to bring the Bitcoin network’s total energy draw to 7.67 gigawatts. Since after this point miners would be breaking even, assuming the price of Bitcoin stays the same, it is the upper limit to Bitcoin’s energy use.

Yes bitcoin consume too much energy in mining, a lot of mining people are spending a lot of energy in mining. And it is not just for 10 years or more, it is continusly using too much energy as long as bitcoi is minable. Some miner are looking for alternative energy source to less wasting energy day by day.

Yes of course for mining Bitcoin uses a lot of energy but not for transactions. For transactions Bitcoin uses a little amount of energy. and mine Bitcoins in such a area where the cost of electricity is lower than others so that you can make some profit otherwise the electricity bill will be more than your profit.

this discussion is completely off topic because it has nothing to do with how much energy bitcoin is consuming and whether it is too much or nothing at all.
if you or your friend can not make profit mining bitcoin it means YOU are making a mistake not bitcoin. it is like YOU trying to mine Gold and failing to make ends meet and then talk about how Gold mining is using too much power!

It has made it clear and understanding, Bitcoin is a king of all crypto industry in the land of digital currency, wish many people are enjoying and technology has made it easier for us to understand the functionality of cashless movement, which has a source of energy industry to save the world.

I think its not consuming too much energy, the news is really exaggerated by some people, we can used another source of energy to mine Bitcoin, the banker, the car and factories are using more energy but people never realized that, I think some people want to make Bitcoin look bad

Your friend mine bitcoins? if yes that bill must be covered by the profit generated from that mining. if your friend not making any profit that means you mine the wrong cryptocurrency, just saying out there like a ton of cryptocurrency you can mine and probably gonna make more profit than mine bitcoin.

so what are you wanted to say stop using electronics while using any digital currency (bitcoin and other currencies) look at the bright side it has ease to wire money to someone i dont think you can calculate the energy you will use you were just only thinking the bad side yes it has a lot of disadvantages and negativity but bitcoin or any digital currencies has meaning to be exist.

Yes, i agree bitcoin is using too much of energy, one of my friend had a big problem about paying bills, because it is expensive. He uses too much electricity.

The banking system also uses too much energy. More than bitcoin. Bitcoin mining costs $0.79 billion, banking system electricity use costs $63,8 billion.

Which one do you prefer?

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.

If we do not use the energy to mine bitcoin we still use it for another thing to make more money though, and as long it's profitable no matter how much energy it uses there will be no problem at all right?

Actually we can not measure how much energy bitcoin is using but we can conclude it does take more energy because of its main function.It is digital.Transaction is electronic.You need to exert effort, knowledge amd time.

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.