Topic: Can actually Bitcoin be good for the environment? (Read 3226 times)
The bitcoin network has the potential to generate a lot of benefits. How much is sound money worth? How about the ability to send money freely across borders, with no permission or central counterparty involved? Or to own an asset that can’t be seized? People in the U.S. and other developed countries might take these things for granted, but people in places like Zimbabwe and Venezuela are turning to bitcoin for survival. So perhaps all those computations aren’t wasteful: Maybe the miners are simply transforming the energy into something more valuable.
It’s easy to criticize bitcoin for being wasteful. But so are many things in life, including airplanes, commuting to work and Sunday Night Football. A return to subsistence farming could drastically reduce our carbon footprint, but sometimes using energy to improve our quality of life is worthwhile.
Instead of worrying about how soon bitcoin will melt the polar ice caps, though, it’s worth considering how much energy might be saved. Bitcoin miners will consume an estimated 8.27 terawatt-hours per year. That might sound like a lot, but it’s actually less than an eighth of what U.S. data centers use, 1 and only about 0.21 percent of total U.S. consumption. It also compares favorably to the currencies and commodities that bitcoin could help replace: Global production of cash and coins consumes an estimated 11 terawatt-hours per year, while gold mining burns the equivalent of 132 terawatt-hours. And that doesn’t include armored trucks, bank vaults, security systems and such. So in the right context, bitcoin is positively green.
Bitcoin likely uses close to four or five terawatt hours, less than the annual electricity consumption for Christmas lights in the U.S. I believe Bitcoin's benefits, such as making payments more efficient and helping people escape inflation, outweigh the environmental toll.
It's almost impossible that the existing banking system uses more electricity (per transaction) than Bitcoin does.
This I 100% agree with (and also the rest of that post too)
The financial system was threatened 100 years ago by free clean wireless energy and they pulled all funding from Nikola Tesla and destroyed Wardenclyffe tower and everything associated with it. 100 years later the financial system is once again being seriously threatened by something else cryptocurrency and its using a energy problem its responsible for as its primary weapon against this threat. If bitcoin succeeds and frees people to truly be able to innovate without limitations it is highly likely that what we currently perceive to be a waste of energy will be a joke and the world could be a very different place.
Bitcoin can't exist without computers, which can't exist without a source of electricity. And the number of computers and the energy needed to power them is rising.The growing value of bitcoin is directly tied to the amount of energy it uses. let's face it. Bitcoin is kind of electricity-consuming.
I do agree. by its system and form, bitcoin can effectively save much more resources used by bank, etc. No paper money which is the main poin is paper. If only this one thing gone, when paper isn't produce, no energy will be used for it, automatically no electricity to be started to make the 'machine' on when creating paper, and so on, so fort. So, I hope many people can realize and thin about this system which is more economical.
I would not say that bitcoin can harm our environment. Moreover, now mankind has come up with many alternative natural sources of energy-the use of wind, sun, etc., and this makes me happy 
A lot has been said about mining and about the electricity consumption of the activities related to bitcoin mining. However, I have thought of the alternatives and how other systems produce not just energy waste, but also plenty of useless work and "human waste".
To have a network that can ensure the completeness of transactions, the global accessibility and all the features that bitcoins, and many alts, have at the moment, would probable produce a huge carbon footprint. Just think of the VISA system or the banking system... the amount of people working on it, the waste of commuting to works, the infrastructure.
Thinking of all that, would you still say Bitcoin is bad for the environment?
To have a network that can ensure the completeness of transactions, the global accessibility and all the features that bitcoins, and many alts, have at the moment, would probable produce a huge carbon footprint. Just think of the VISA system or the banking system... the amount of people working on it, the waste of commuting to works, the infrastructure.
Thinking of all that, would you still say Bitcoin is bad for the environment?
You may have a point about the human waste bitcoins disposes but it does not out-weigh how much of an environmental impact does in mining a whole bitcoins from the sheer amount of electricty required to harvest such amount. Another thing to point out is that bitcoins can reduce the usage of paper or fiber required to make fiat money, that's for me, have a lot more environmental impact.
Bitcoin now a days is very difficult to mine due to its difficulty of its computating algorithm but this is actually not all bad because of this it reduces the risk of inflation this one of altcoins greatest problem. In time they will also increase in difficulty like btc.
A lot has been said about mining and about the electricity consumption of the activities related to bitcoin mining. However, I have thought of the alternatives and how other systems produce not just energy waste, but also plenty of useless work and "human waste".
To have a network that can ensure the completeness of transactions, the global accessibility and all the features that bitcoins, and many alts, have at the moment, would probable produce a huge carbon footprint. Just think of the VISA system or the banking system... the amount of people working on it, the waste of commuting to works, the infrastructure.
Thinking of all that, would you still say Bitcoin is bad for the environment?
To have a network that can ensure the completeness of transactions, the global accessibility and all the features that bitcoins, and many alts, have at the moment, would probable produce a huge carbon footprint. Just think of the VISA system or the banking system... the amount of people working on it, the waste of commuting to works, the infrastructure.
Thinking of all that, would you still say Bitcoin is bad for the environment?
I believe that bitcoin is a goof investment. Although some may hate how it really goes but what's important is that we are all aware on how our bitcoin goes by. Besides, it is a personal choice to enter investments whether it is in bitcoin or not.
the large electricity consumption used by the bitcoin minner is very high and can exceed the company's electricity consumption. if it continues, it's not good for the environment. there should be a regulation regarding the minning, to be reduced.
To be honest, it is almost impossible for any current innovation to consume energy without harming the environment in some way. We are living in the generation where time and money is more important than the environment for us but I am happy that the steps are being taken to reduce the percentage of damage to the environment. Mark my words, we will start taking care of the environment at the point when it will start damaging us in some way in the form of returns. This issue is not limited just with Bitcoin or crypto industry but it needs the macroscopic approach to deal with it on a bigger level.
I think with the time technology prevails and evolve over the years to till now and i think I can certainly say as of now that bitcoin is a great invention. It paves the way for the digital currency to be known worldwide. Bitcoin has helped a lot of people from the very start and I am one of it. For me bitcoin is a blessing and a very good help to the environment. It creates a lot of opportunities.When we are mentioning the word environment, it is associated with the concept of the natural environment and not the economic environment in this particular context. As Bitcoin is based on internet and requires mining activity for a continuous supply, no one can deny the requirement of electricity for this purpose. However, I am sure that we will discover and adopt natural environment-friendly options in the coming years.
If we skip all the illegal uses, than i can probably say that bitcoins are really good for the environment unless and untill they are serving the community with really good and exciting profits. They don't actually have any physical damage so they won't harm the society in any kind of physical mean. Just the uses of bitcoins which takes them to the illegal work should be stopped and then bitcoins will get to moon with all legal benefits.
Bitcoin is developing and growing, so it can become a full-fledged currency for payment of various processes and projects, in which environmentally friendly energy is not excluded. In addition, renewable energy sources sometimes generate excess electricity. Burning some of the excess electricity for bitcoin mining would offset the cost of using renewable energy sources, making them even more efficient. You can argue a lot, but any currency can serve the environment and bitcoin is no exception.
Not at all, depending on the miners managing the resources he has. If the miner uses electricity that is created using wind, water and preserves the surrounding environment, then the environment will remain beautiful and awake.
I think what happens is not like that, bitcoin has nothing to do with the environment and electricity generation. The problem is that it is a matter of earth that is not bitcoin, which is itself destructive. mining bitcoin does not need a large room
Whether or not Bitcoin is for the environment depends on how someone handles it Bitcoin in the country because everyone has different thoughts than the existence of Bitcoin today.
Mineral extraction by specialized systems will be better than the exploitation of natural resources. Filing in nature will naturally destroy more than digging Altcoin in the pool. Too much electricity used but power plants need a power source, so this is inevitable for balanced trade.
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