Topic: Bitcoin's Energy Consumption! (Read 504 times)
I agree, one major argument I hear from most people is the energy required for mining. Currently, yes, its very expansive and carbon foot-printed so to transition to carbon free energy is not easy, plus it would initially be limited to certain places with lots of sun, water or wind.
Bitcoin miners use electricity like many other users and pay for it to power companies. At the same time, it does not matter for them - this electric power was obtained from thermal or nuclear power plants or from alternative sources. If it is possible to use electricity from solar panels or electric generators, then the miners will not refuse this.
I was reading an article which explains that bitcoin might be able to run on a clean energy technology to avoid claims such as bitcoin uses a lot of energy which increases the global energy consumption.
It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!
My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?
https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591
for current miners maybe the energy that gets from bitcoin is energy energy, we can see how so many miners waste their electricity in a day how much does it cost, well bitcoin must discuss that energy It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!
My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?
https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591
I was reading an article which explains that bitcoin might be able to run on a clean energy technology to avoid claims such as bitcoin uses a lot of energy which increases the global energy consumption.
It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!
My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?
https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591
It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!
My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?
https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591
Maybe clean energy means the energy which is eco-friendly to the environments. There are many companies producing more carbon emission than bitcoin mining, they cannot say bitcoin is the most using global energy consumption. the solution is to using more green energy to all of industries in the world, not only for bitcoin mining.
Miners do not generate energy for their consumption and they are just customers of enegy suppliers, like us. When you look from this perspective, such claims that bitcoin uses a lot of energy and increases the global energy consumption does not make any sense. Why don't we discuss about energy suppliers which they don't change their facilities in order to generate energy by using cleaner methods. I guess, there are some groups who are trying to find anything which they can blame cryptocurrencies or miners.
I will again share this interesting article I found months ago:
(https://phys.org/news/2018-08-energy-bitcoin.html)
I think we can say that the author has some authority to debunked what have been circulating in the last couple of years. That bitcoin mining consumes a lot of energy and it's supposedly harmful effects.
And just like what @Herbert2020 have said, its really an attack on bitcoin per se and they are just hiding their arguments against it through this whole bitcoin uses more energy that can be harmful to the environment.
You can also take note how much banking systems uses energy in comparison to bitcoin mining.
(https://phys.org/news/2018-08-energy-bitcoin.html)
Quote
am a researcher who studies clean energy technology, specifically the transition toward decarbonized energy systems. I think that the conversation around bitcoin and energy has been oversimplified.
I think we can say that the author has some authority to debunked what have been circulating in the last couple of years. That bitcoin mining consumes a lot of energy and it's supposedly harmful effects.
And just like what @Herbert2020 have said, its really an attack on bitcoin per se and they are just hiding their arguments against it through this whole bitcoin uses more energy that can be harmful to the environment.
You can also take note how much banking systems uses energy in comparison to bitcoin mining.
Quote
Banking consumes an estimated 100 terrawatts of power annually. If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.
I was reading an article which explains that bitcoin might be able to run on a clean energy technology to avoid claims such as bitcoin uses a lot of energy which increases the global energy consumption.
It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!
My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?
https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591
I want to answer this question but in comparison methode. Still energy that used for bitcoin is much lower than energy that bank have been use. Bank consume electricity for their office, ATM, internet banking and money(to pay their employees, operational and to manage money). We know that mining activities need cooling, so if those minning industries are move to areas near the poles that are still has electricity supplay then the energy can be reduced because no need electricity for cooling. Is this make sense? It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!
My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?
https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591
Well I think that using reusable energy is not a question of doing it for environment, really (although it is very important too), but in order to have a good business case an entrepreneur needs to locate his/her mining operation in a location with access to renewable/cheap energy and renewable cooling.
I was reading an article which explains that bitcoin might be able to run on a clean energy technology to avoid claims such as bitcoin uses a lot of energy which increases the global energy consumption.
It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!
My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?
https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591
It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!
My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?
https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591
bitcoin miner consumption almost similar to an 1.5hp air conditioner. there are many consumer electrical item consumer even more. the criticism are basically not valid. those accusation is mostly by banker and financial institution to villainise bitcoin as environmental damaging demon. its like a thief brand other as thief.
This issue is abdebate of the bitcoin community. Bitcoin mining is indeed need a lot of energy that somehow contribute in the global warming of earth (am i being exaggerate here?). I also read some articles that if solar energy can be an alternative in bitcoin mining. But i didnt read any answer or study that this would be possible. So i guess as of now mining is not adviseable especially now that bitcoin is not in good value. Its like just mining without any profit at all.
There is a lot of alternative energy we can use to make bitcoin digging, but as you know, such energy is not cheap, so if you use them they can increase costs.
Some people just have plain border line hatred towards bitcoin. While lots of other stuffs are destroying the planet, they find bitcoin guilty. It's true ASICs and other PCs releases heat but they are so insignificant compared to even fossil fuel consumers.
The simple solution is not to use these kinds of energy sources to produce electricity. Bitcoin miners are using electricity, they are not responsible for the damage created while producing electricity. Using green energy sources will solve the problem.
A bitcoin miner is a merely a customer to the company who is providing the energy so as such a miner does not produce or wastes energy. The company who provides energy to millions of people is to the culprit. This is a problem that bitcoin cannot solve, the only thing bitcoin can do is to find a way to cunsume less energy.
The energy being provided to the miners are variable, as it differs from country to country. European countries are leading the charge with wind turbine energies, so mining machines are fed with energy produced through these turbines.
I think a couple of examples should highlight the alternative power sources that are being used :
https://www.ccn.com/new-york-firm-gives-old-hydroelectric-dam-new-life-as-bitcoin-mining-farm/
https://news.bitcoin.com/oregons-cheap-hydropower-attracts-a-swarm-of-bitcoin-miners/
https://steemit.com/bitcoin/@jycloud9/china-builds-a-hydropower-plant-for-bitcoin-mining-2017622t4636806z
I also see people moving their mining operation to colder areas to reduce their cooling cost and that also helps to reduce their electricity cost.
https://www.ccn.com/new-york-firm-gives-old-hydroelectric-dam-new-life-as-bitcoin-mining-farm/
https://news.bitcoin.com/oregons-cheap-hydropower-attracts-a-swarm-of-bitcoin-miners/
https://steemit.com/bitcoin/@jycloud9/china-builds-a-hydropower-plant-for-bitcoin-mining-2017622t4636806z
I also see people moving their mining operation to colder areas to reduce their cooling cost and that also helps to reduce their electricity cost.
It is hardly the miners fault that they are using energy produced by burning fossil fuel. They are just regular customers who are using what they are getting. If any one is to blamed, it should be the producers who are producing energy by burning fossil fuels.
A Bitcoin miner is simply a customer of energy companies and is using what they are providing them. A Bitcoin miner is not an energy producer. Bitcoin miners are strictly profit-motivated and are looking for the cheapest energy.
I was reading an article which explains that bitcoin might be able to run on a clean energy technology to avoid claims such as bitcoin uses a lot of energy which increases the global energy consumption.
It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!
My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?
https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591
That is just the theory and we are still using normal electricity to exploit Bitcoin. The allegations about Bitcoin mining are absolutely true but this is a great industry and there is no stopping anyone who wants to get rich. These are just negative news and just want to criticize Bitcoin. I do not like such articles. It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!
My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?
https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591
Well, it can't be said for sure that bitcoin is green. Or in that case every money is green, it's just the action of the investors' and the authorities'. But yup, it can be used in a eco friendly way.
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