Topic: Could massive use of Electricity be the end or new high for Bitcoin - page 3. (Read 1048 times)

As time goes by, technology becomes far much superior. I'm sure sooner than later there will be rigs which will reduce power consumption while still yielding current averages based on high output.

I think that they are trying to show the issue much greater than what actually it is.Its true that huge electricity is being used nowadays for bitcoin.But in future,due to technological advance,even nano chips may be used instead of microchips which may reduce the electrical usage for mining.By any means,this issue would be sorted out.

on the opposite site, this maybe a potential field to make a business in maintenance, solar / low-cost energy. Anyway our electricity demand is high enough. Though this maybe make the ozon die earlier, lol

the possibility that bitcoin mining is still done until 2020 will require more power, we have to make solar panels or solar power more efficient to get electricity.

No way, technology never remains the same, with the passage of time many modifications are made in technologies to make it better than before ( or many new technologies are emerged). No doubt electricity is a major issue in some underdeveloped countries but it is not critical at all. May be in future we may found a better way to minimize the electricity consumption in bitcoin mining to make it more efficient and cost effective.

The world will be switching to renewable source of energy before that happens and coals as source of energy will be gone. With all the talk of climate change, most country will adopt to solar, wind, geothermal or hydro as source of energy. Asics will adopt as well to consume less energy with better output. So i think this is not a problem at all.

Its a high for bitcoin ,as electricity is the  ultimate need of hour many organisations are making it from natural resources like solar ,wind etc the electricity is going to be cheap and more over electrical devices coming in future will be more efficient

It would really be cost efficient for miners to move to a colder place or replace their old rig to a new one, older rigs tends to heat up more and use more electricity than newer ones.

That is a very good solution, even though they come in with some huge price. But for someone who knows exactly what they are investing in, that should not really serve as an issue as long as it gets the job done. With that, we will start seeing a lot of mining farms making use of solar, wind etc to generate power. It has been happening already in some places with high rate of electricity and we will just have to see a new huge market for alternative source.

In many countries electricity costs are very cheap so do not worry about it. In countries like china the cost of electricity for mining is very low.

Other than having "Natural Energy Resources" and "Renewable Energies" for generating Electricity, we should also need to consider the Technology and Arts who are using GPU on their respective field, there is an ample time to create more GPU that can run faster and at the same it is efficient on the usage of electricity.

Technology field is not ceasing to find new solutions to this, and also consider the large business who continuously using Electricity on a daily basis and even Electricity/Energy providers is not stopping to find sources to generate more to support these businesses and also to sustain their business as an energy provider.

Before 2020 many mining tools will be developed that will help in consuming less electricity. I think electricity will not be a problem in future and that is not going to affect bitcoin development. I have see that from Japan to USA many technology are coming up that are going to generate energy without mush electricity.

bitcoins require enormous electricity, they may point to nuclear power to suppress the much-needed power needed to mine the vital bitcoin,

People have found ways to use the byproduct (heat) of mining bitcoins to their own benefits. There are areas that are much colder in which people are using mining in order to heat their homes. These innovative ways to use heat will probably be extremely useful when it comes to a discussion about environmental negatives of mining and such. I doubt that this issue will ever cause the true end of bitcoin.

good point mate power shortage only applies to aome countries but not worldwide in which wont have big effect on bitcoin mining.miners are all over the world and before getting into it they make sure that electricity wont be the problem upon mining.and another thing is some miners now that lives in cold regions use mining to supply heat to their houses so they are making two things earning and saving.so that wont be possible to drop the bitcoin by just some power shortage

Sindikat made a few excellent points above ^.

Due to a high number of residential solar panels being installed on homes, some regions like california generate an extreme surplus of electricity which they pay neighboring states to accept onto their own grids. It is known that some bitcoin mining plants in china are powered by hydro electric power plants, which is a renewable source of energy. Russia has proposed bitcoin mining plants powered by nuclear reactors. To an extent the energy debate may not be as critical as some make it out to be due to the supply of electricity greatly exceeding demand in many respects.

Moore's law dictates ASICs and GPUs will utilize increasingly lower quantities of electricity as lithographic silicon fabrication processes adopt smaller nanometer scales. While mining difficulty will inevitably rise, so too will the energy efficiency of future generations of GPU/ASIC.

Quantity of electricity may not be the central issue. Energy efficiency and waste could come to the forefront of the discussion in the future. There could be a point made about Elon Musk replacing 15% efficient internal combustion engines with plug power that can be generated at near to 30% efficiencies by large power plants. The amount of waste in terms of emissions may be yet another talking point.

In software engineering there's a school of thought which says code optimisation is a waste of time. Programmers put much faith in the concept of hardware computation increasing at a fast enough pace to keep bloat at bay. It is possible that a similar argument could be made with crypto. Even if the consumption of electricity can be measured and quantified, growth in energy sectors could easily outpace demand. Part of this could be attributed to decentralized energy production and climate change awareness which incentivize people to install solar panels on their roofs or windmills in their yards.

I guess moving to renewable energy like solar energy might be a good move

Most the places which generates the electricity are either away from habitat. powerstations for hydro-electricity or coal electricity or nuclear electricity are few examples. So even if we say that these farms are moving towards closest possible distance then again electricity consumption by mining is the issue. Only saving done here is the electricity loss in long distance supply. Otherwise power consumption is still same.
New hardware for mining rigs is becoming more and more energy efficient. Thus in future there will be more proficient hardware to reduce the power consumption. To all those who are whining about bitcoin mining gulping electricity should know that internet is also gulping major electricity.

Its true that Cryptocurrency mining requires a lot of power and the demand for power due to mining is increasing exponentially every month.Also due to the increased demand of electricity, the price is also becoming costlier. The only solution is to move to an alternate source of energy like solar or windmills.

While these alternate options are costly initially, but it provides a far better profitability in mining. I don't think the massive use of Electricity will not be the end of bitcoin, but instead it will force miners to move to a different source of energy in future just to keep his mining operation profitable.

Humans is the most adaptive species though so if this problem will arise in the future I think people who mines Bitcoin will do such things that will solve any kinds of problem that will occur, electricity is significant in mining so if in year 2020 Bitcoin will use the entire global electricity supply then I think the distributor of different electric power company in the whole world will keep up and build new infrastructure to cater the demand of the people who needs electricity.

There a lot of alternative source of electricity though.