Topic: Can actually Bitcoin be good for the environment? - page 22. (Read 3226 times)
To make Bitcoin mining environment friendly we have to focus on renewable energy. We have to generate power from solar ,air and hydro. That's all.
One transaction can use as much energy as an entire household does in a week!
There is also a fantastical article about the terrible influence on an environment that is being caused by Bitcoin in a link below:
https://www.motherjones.com/environment/2017/12/climatedesk-bitcoin-is-really-bad-for-the-environment/
There is also a fantastical article about the terrible influence on an environment that is being caused by Bitcoin in a link below:
https://www.motherjones.com/environment/2017/12/climatedesk-bitcoin-is-really-bad-for-the-environment/
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?
No, I do not think so. The fact that the bitcoin network requires a lot of energy resources, certainly gives a load on the production of electricity, but at the same time encourages the society to switch to alternative sources of electricity that do not harm 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?
Right now it's not as good as it could be because half the miners are situated in China, which uses a lot of coal to produce energy. Now, there are alternatives that can be implemented to help reduce Bitcoins carbon footprint.
-Hydro electricity
-Wind farms
-Solar energy
-Burning waste to generate electricity
These aren't necessarily new ideas but they are possible ways to help offload some of the energy that's used with cleaner alternatives. But, that's probably not as viable at the moment. Maybe with partnerships, or government incentives we can help drive faster clean energy adoption.
The other solution is of course: A new cryptocurrency
There are less energy intensive platforms that could take over as the de facto coin that would provide far less energy requirements than bitcoin.
“People who think cryptocurrencies are extremely important for society tend to have less of a problem with the energy usage,” says Marcovici, at Hydrominer, in Austria. “People who are not so much fans of them are the ones who are driving the discussion about energy. It’s a philosophical question.”
-Hydro electricity
-Wind farms
-Solar energy
-Burning waste to generate electricity
These aren't necessarily new ideas but they are possible ways to help offload some of the energy that's used with cleaner alternatives. But, that's probably not as viable at the moment. Maybe with partnerships, or government incentives we can help drive faster clean energy adoption.
The other solution is of course: A new cryptocurrency
There are less energy intensive platforms that could take over as the de facto coin that would provide far less energy requirements than bitcoin.
“People who think cryptocurrencies are extremely important for society tend to have less of a problem with the energy usage,” says Marcovici, at Hydrominer, in Austria. “People who are not so much fans of them are the ones who are driving the discussion about energy. It’s a philosophical question.”
Yes I think mining is bad enough for the supply of electricity available on earth, I do not really understand about the science. But I think there should be restrictions on mining and electricity usage every day. Maybe the government can find the best solution about it.
It may also be because there is no paper Money .
Exploiting bitcoin in particular and cryptocurrency generally requires a considerable amount of power so it also affects some of the environment. At present, miners are increasingly adopting alternative sources of power for mining to limit the environmental impact of bitcoins. This will help the mining industry to develop in the long run and not be subjected to pressure from local authorities and the public.
Bitcoin has nothing to do with environment. Power-plants are those who pollute the earth not bitcoin. So if we go to more earth friendly ways of making electric power, we will have problem solved. Bitcoin farms do not need too much space, also that space around it could be used for producing electric power for that mining farm. Place some solar panels or some wind turbines and there you go. Everyone happy. Only people that want to see bitcoin fail will say that bitcoin is bad for power industry...
Maybe yes bitcoin actually good for the environment like if we stop using paper bills lot of trees can be saved there is one point about how bitcoin can be good for the environment. Also the current banking system consumes too much electricity, I don't think that bitcoin transactions would take up that much of electricity so bitcoin can also reduce the amount of electricity used by the banking sector.
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?
The more simple solution is either to solve the finite resource issue and find a way to have renewable energy, or alternatively to move bitcoin away from a method which is so energy intensive, think ethereum's plans to move to POS.
It's almost impossible that the existing banking system uses more electricity (per transaction) than Bitcoin does.
Miners receive the block reward of 12.5 BTC (currently about $125,000) every ten minutes, and in addition to that it has transaction fees. Apart from the relatively small profit margin which they attempt to make, miners will use electricity (almost) proportionally to the value of the BTC they receive for mining a block.
I'm not saying that the existing banking system is efficient, but even articles like this one that give an attempt to crunch numbers from a pro-Bitcoin perspective end up finding that Bitcoin is extremely inefficient if you think of it per transaction rather than as a whole.
Proof of work is not necessarily a "waste" of electricity - it's important for security - but let's not pretend that the electricity isn't getting used.
Miners receive the block reward of 12.5 BTC (currently about $125,000) every ten minutes, and in addition to that it has transaction fees. Apart from the relatively small profit margin which they attempt to make, miners will use electricity (almost) proportionally to the value of the BTC they receive for mining a block.
I'm not saying that the existing banking system is efficient, but even articles like this one that give an attempt to crunch numbers from a pro-Bitcoin perspective end up finding that Bitcoin is extremely inefficient if you think of it per transaction rather than as a whole.
Proof of work is not necessarily a "waste" of electricity - it's important for security - but let's not pretend that the electricity isn't getting used.
Put the mining farms into a warehouse surrounded by fertile land. Plant trees and other vegetation to provide a haven for wildlife. There you go - Bitcoin mining is good for the environment. 
Even better if they convert the energy stored in all the discarded plastic bottles that are everywhere. They could use this to generate electricity.
Even better if they convert the energy stored in all the discarded plastic bottles that are everywhere. They could use this to generate electricity.
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?
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