Could Bitcoin power consumption actually overtake all of Denmark soon?

Hirose UK

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Quote from: Indrawan77 on March 31, 2016, 06:56:09 PM

As we know earning butcoin through mining is consuming extra electricity, but this is the era of technology, in future when technology is more advanced, the electricity consumption will become bigger and bigger, so its a good idea for government to start to think a way to increase the electrcity capacity

that's right. I think using a new creative tech that doesn't break nature to increase electricity capacity, you know, kind of great idea.
so even miners need big power consumption, it will be no longer an issue

Jet Cash

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I'm surprised that water cooled mining rigs haven't been developed yet. That way the heat from running the rigs could be used to generate electricity. That should reduce the net consumption a bit.

The Sceptical Chymist

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I'd like to see a cure for cancer before I see a solution to the energy-wasting character of bitcoin. Or at least some good, new treatments.

As to the OP's question: Yes, I'm sure the electricity situation will get there. Denmark isn't in danger though. But we're all in danger to one degree or another.

Alley

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Who cares? Is Denmark the world standard for power consumption? Why is this a story?

spendabit

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Quote from: West man on April 04, 2016, 04:01:59 PM

Quote from: Punk2000 on March 31, 2016, 07:00:22 PM

Some Cloud Mining service (HashFlare, Genesis Mining, etc) use "green energy", so maybe other major mining companies should use it in near future...

They say green energy but really it is not. It is just a branding that does not have any backing to scientifically prove that it is. It is just a way for companies to get government funding for being green, that is all really.

I think I saw some episode of American Greed where the guy was literally making up "green energy credits" and selling them to companies for a fortune. He got caught after he got greedy (and away with millions)... it's a bogus system.

https://spendabit.co/go?q=green+energy

odolvlobo

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Last year, 100 million oz of gold worth about $100 billion were mined. Compare that to the 1.31 million bitcoins worth about $525 million that were mined.

The amount of energy and other resources spent on mining gold dwarfs that of bitcoin by a huge factor. Shouldn't we be more worried about gold mining instead?

West man

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Quote from: Punk2000 on March 31, 2016, 07:00:22 PM

Some Cloud Mining service (HashFlare, Genesis Mining, etc) use "green energy", so maybe other major mining companies should use it in near future...

They say green energy but really it is not. It is just a branding that does not have any backing to scientifically prove that it is. It is just a way for companies to get government funding for being green, that is all really.

spendabit

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Quote from: Indrawan77 on March 31, 2016, 06:56:09 PM

As we know earning butcoin through mining is consuming extra electricity, but this is the era of technology, in future when technology is more advanced, the electricity consumption will become bigger and bigger, so its a good idea for government to start to think a way to increase the electrcity capacity

We need fusion power... it's 2016, hurry up already!

http://www.theguardian.com/environment/2016/mar/24/nuclear-fusion-needs-a-wright-brothers-moment-says-firm-closing-on-the-target

7788bitcoin

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In order to get more from mining, the experts are thinking of all possible ways of obtaining cheap (and hopefully sustainable) energy. On the bright side, this might be another driving force for scientists to push for breakthrough in energy research.

Punk2000

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Some Cloud Mining service (HashFlare, Genesis Mining, etc) use "green energy", so maybe other major mining companies should use it in near future...

Indrawan77

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As we know earning butcoin through mining is consuming extra electricity, but this is the era of technology, in future when technology is more advanced, the electricity consumption will become bigger and bigger, so its a good idea for government to start to think a way to increase the electrcity capacity

spendabit

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http://motherboard.vice.com/read/bitcoin-could-consume-as-much-electricity-as-denmark-by-2020

Do you think this is realistic? That's a lot of juice!

https://spendabit.co/go?q=power+strip

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