Crypto and energy consumption - page 3.

Dexion

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Quote from: Lantind on May 18, 2021, 06:17:33 AM

Quote from: Skinny48 on May 18, 2021, 05:02:14 AM

If Elon thinks that BTC mining is bad for the environment then he should release his own version of BTC and named it Green BTC or something, I'm pretty sure this man will end up the way that McAfee did, he his getting outta control and he doesn't know it

I am also confused by Elon Musk's way of thinking so that he said BTC mining is bad for the environment, even though the assembly of mining machines only uses electricity without having to emit smoke like a factory in general.

Maybe he thinks about the amount of electricity needed in mining, and maybe he only thinks that electricity comes from fossils, even though there are many countries that make electricity generation by hydro, wind, or solar. If Elon is concerned about energy consumption, an Elon who is known for his wealth should be able to create a power plant with environmentally friendly power rather than tweeting about energy consumption.

Luqman

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Energy consumption for crypto mining in this case is about electricity.
As we know that every country may have limited electricity power energy. That is why commonly the government will ask us to save the energy as possible as we can. And for mining, we need the energy all the time during mining and the energy used is very high. This will of course influence the stock of the energy itself. It may not work when there are only a few people doing the mining. But imagine that there are so many people who do mining. WHat will happen is that the energy consumption will be so much more for crypto mining and this will really make energy stock in such country limited enough.
And moreover, most countries are not ready with alternative energy to be sued right now.

Coroline

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Michael Novogratz's cryptocurrency company Galaxy Digital released a report on Friday entitled "On Bitcoin Energy Consumption: A Quantitative Approach to Subjective Questions", providing open source access to its methodology and calculations.

Compiled by mining division Galaxy, the study estimates Bitcoin's annual electricity consumption to be at 113.89 terawatts per hour, including energy for miner demand, miner power consumption, pool power consumption, and node power consumption. This amount is at least twice lower than the total energy consumed by the banking system as well as the gold industry each year, according to Galaxy estimates.

While Bitcoin's energy consumption is transparent and easy to track in real time using tools like the Cambridge Bitcoin Electricity Consumption Index, evaluating the energy use of the gold industry and traditional financial systems isn't that simple, says Galaxy Digital Mining.

reported from https://wartaekonomi.co.id/berita341854/riset-ini-sebut-industri-perbankan-more- many-use-listrik-dibanding-bitcoin

Noruka

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Quote from: wxa7115 on June 04, 2021, 04:13:13 PM

Quote from: Yaunfitda on June 04, 2021, 08:57:54 AM

If they are going to attack crypto with such argument, then they have to look at the overall picture and not just isolate bitcoin or crypto in general as far as energy consumption is concern.

Bitcoin uses less than 1% of the overall energy consumption, so that alone is not enough to really damage the environment according to their argument, which is has a flaw in the beginning.

How about fiat though? did they check how big banks consumption?

They know they do not have to do anything like that, most people believe everything they read so as soon as they began this campaign against bitcoin we saw many people going against bitcoin for that alone.

It seems neither the government, the media or the majority of the people care about the truth, bitcoin uses mostly green sources of energy anyway, its energy consumption is being exaggerated and compared to the current system we have in place bitcoin is many times more efficient, but obviously they cannot say this as they will shoot themselves on the foot with such information

Elon Musk was on the one hand a real clown to raise that issue because he must have known in advance but on the other hand he was the prefect man to get that stone rolling again. His sudden reaction was ridiculous, but energy is of course an issue. As it is with everything we currently power with energy, we will need to expand renewable energy capacities. It can't happen overnight and as much as we don't stop driving or flying there is also no reason to stop Bitcoin abruptly because of that. Solutions need time.

bison

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Recently, this issue has become a hot topic of discussion, and has had a huge effect on the market. Even though from the first crypto mining and energy consumption were related, because a mining activity would definitely consume a lot of energy, but somehow since Elon started to raise it into a tweet, this seems to be a dangerous thing and an extraordinary thing, isn't it? we see this to be an attempt to manipulate the market? no need to listen too much to issues like this, it's better to focus on each other's work.

justdimin

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Quote from: JohnyBitcoin on May 17, 2021, 10:21:34 PM

consider this: a civilisation is measured by its energy consumption. Before we discovered fire and used any stone tools, the only energy we had was whatever our bodies produced. Then we discovered fire, made tools, invented the wheel, etc. Until now, when we use computers, robots and other machines to help us live. Our life expectancy and quality of life has increased dramatically.

Shouldn't we concentrate our efforts on using clean renewable energy, rather than restrict our use of it?

Yes the energy consumption of cryptocurrency is very bad, because of how it affects our environment. Based on my recent research, I believe that a lot of miners are now making use of renewable energy sources, and those who are not making use of it also have plans to switch to it.

There are now organizations that works towards that, and with time I believe that this is not going to be a really big problem. And I believe that this is something that needs to be solved quickly. Yes, there eco-friendly coins that uses which doesn’t consume energy like bitcoin, but are people ready to switch to making use of those coins?, That is the question, and it’s why we should encourage the use of renewable energy sources.

wxa7115

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Quote from: Yaunfitda on June 04, 2021, 08:57:54 AM

If they are going to attack crypto with such argument, then they have to look at the overall picture and not just isolate bitcoin or crypto in general as far as energy consumption is concern.

Bitcoin uses less than 1% of the overall energy consumption, so that alone is not enough to really damage the environment according to their argument, which is has a flaw in the beginning.

How about fiat though? did they check how big banks consumption?

They know they do not have to do anything like that, most people believe everything they read so as soon as they began this campaign against bitcoin we saw many people going against bitcoin for that alone.

It seems neither the government, the media or the majority of the people care about the truth, bitcoin uses mostly green sources of energy anyway, its energy consumption is being exaggerated and compared to the current system we have in place bitcoin is many times more efficient, but obviously they cannot say this as they will shoot themselves on the foot with such information

Ozero

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Quote from: Gorosden on June 02, 2021, 07:21:29 AM

Quote from: fb1t on June 02, 2021, 05:15:25 AM

You all are right... BUT if we could build proof-of-stake blockchains on a same level regarding security as proof-of-work chains, but consuming far less energy... shouldn't we stick to that on the long run? Cool

(now please do not hit me Roll Eyes

)

It's consumers choice honestly, no one should force someone to go for proof of stake coins or proof of work coins, as for the environment friendly part that's a complete joke, electricity is unlimited and we use it in our daily lives, if I can be able to make money out of electricity and pay for it why the noise? Every miners pays their electricity bill and that is enough to shut anyone up

Now such excuses are that we can completely dispose of energy,
since we buy it, they will no longer work. This attitude is destroying humanity due to the dramatic climate change. In this connection, states will have to jointly establish new additional rules. Since the issue of the consumption of a large amount of energy by bitcoin is raised, and the issue of consumption when mining carbohydrate energy sources is also raised, it will not disappear by itself. Bitcoin will have big problems over time if the energy consumption of mining is not reduced. It is better to think about this issue now and try to rectify the situation than to wait until the states jointly take repressive protective measures in relation to certain types of cryptocurrency, and first of all to bitcoin.

nightxglow

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Maybe it's because recently the environmental problem is quite a serious issue, we know our earth is getting too old, climate change is really bad right now, and maybe people are afraid that with the increasing hype and popularity of bitcoin more people will be involved in mining, which is true though. Most of my friends started mining just recently since bitcoin price is high again, and like you said, i really agree that we should just focus on finding and using clean renewable energy, and shouldn't be too excessive.

Almasani

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Quote from: JohnyBitcoin on May 17, 2021, 10:21:34 PM

Just want to put this out there. What is the problem with crypto mining and energy consumption? Yes, I know you'll raise environment concerns, I get it.

However, consider this: a civilisation is measured by its energy consumption. Before we discovered fire and used any stone tools, the only energy we had was whatever our bodies produced. Then we discovered fire, made tools, invented the wheel, etc. Until now, when we use computers, robots and other machines to help us live. Our life expectancy and quality of life has increased dramatically.

Shouldn't we concentrate our efforts on using clean renewable energy, rather than restrict our use of it?

Frankly, if there is a problem with too much energy consumption, we should go back and live in caves, and hunt in groups.

No job is easy, everything requires energy. On crypto, we spend a lot of energy. Moreover, market conditions are getting worse, energy and thoughts will always be integrated. So that fatigue will occur, and many people are frustrated. Likewise with promoting the bounty project. It may look light. However, it actually consumes energy. Moreover, the work we do does not get paid a penny.

brooksby

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Quote from: Yaunfitda on June 04, 2021, 08:57:54 AM

If they are going to attack crypto with such argument, then they have to look at the overall picture and not just isolate bitcoin or crypto in general as far as energy consumption is concern.

Bitcoin uses less than 1% of the overall energy consumption, so that alone is not enough to really damage the environment according to their argument, which is has a flaw in the beginning.

How about fiat though? did they check how big banks consumption?

If Bitcoin contributes to more stable financial and economic regimes, it is worth the energy. The money we burn every year due to inflation should also be taken into account. Not that Bitcoin is any better as of now, but I personally think it is only becoming better from here.

oscarftw

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People started to think as Elon Musk or Maybe Elon musk thought as apple. If we talk about energy consumption and the environment, then Elon Musk and Apple shouldn't be silent. We can block Elon Musk social activities sites, we shouldn't follow Elon Musk. We can use renewable energy instead of non-renewable energy. Even Apple is doing the same for their opportunity as Elon Musk. Although this isn't part of the altcoins discussion. Sorry 😔

Yaunfitda

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If they are going to attack crypto with such argument, then they have to look at the overall picture and not just isolate bitcoin or crypto in general as far as energy consumption is concern.

Bitcoin uses less than 1% of the overall energy consumption, so that alone is not enough to really damage the environment according to their argument, which is has a flaw in the beginning.

How about fiat though? did they check how big banks consumption?

sapnu

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Quote from: JohnyBitcoin on May 17, 2021, 10:21:34 PM

Just want to put this out there. What is the problem with crypto mining and energy consumption? Yes, I know you'll raise environment concerns, I get it.

However, consider this: a civilisation is measured by its energy consumption. Before we discovered fire and used any stone tools, the only energy we had was whatever our bodies produced. Then we discovered fire, made tools, invented the wheel, etc. Until now, when we use computers, robots and other machines to help us live. Our life expectancy and quality of life has increased dramatically.

Shouldn't we concentrate our efforts on using clean renewable energy, rather than restrict our use of it?

Frankly, if there is a problem with too much energy consumption, we should go back and live in caves, and hunt in groups.

I think this concern has been paid attention to due to Elon Musk's reasoning on why he stopped using bitcoin as a mode of payment for Tesla. If we would put environmental concerns to our ways here in crypto, I find it reasonable why many people are concerned. Considering the fact that every resource from our natural environment has a limit, regardless of the time span it may take before it gets consumed completely, we should still find a way on how we can make it last longer. In the case of crypto, maybe there is a way on how we can consume energy and at the same time replace the energy used so everyone would agree and everyone would still benefit.

jrrsparkles

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Quote from: JohnyBitcoin on May 17, 2021, 10:21:34 PM

Just want to put this out there. What is the problem with crypto mining and energy consumption? Yes, I know you'll raise environment concerns, I get it.

However, consider this: a civilisation is measured by its energy consumption. Before we discovered fire and used any stone tools, the only energy we had was whatever our bodies produced. Then we discovered fire, made tools, invented the wheel, etc. Until now, when we use computers, robots and other machines to help us live. Our life expectancy and quality of life has increased dramatically.

Shouldn't we concentrate our efforts on using clean renewable energy, rather than restrict our use of it?

Frankly, if there is a problem with too much energy consumption, we should go back and live in caves, and hunt in groups.

Actually, cryptocurrency mining is not taking too much electricity as the government says. Yes it needs energy to operate but remember we are using the air-conditioning everywhere just because we have money to pay the bills which affects the UV layers and encouraged more skin cancer due to that then why governments are yet to ban air conditioning brands?

7788bitcoin

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Quote from: JohnyBitcoin on May 17, 2021, 10:21:34 PM

Shouldn't we concentrate our efforts on using clean renewable energy, rather than restrict our use of it?

Frankly, if there is a problem with too much energy consumption, we should go back and live in caves, and hunt in groups.

It is not about the problem about energy consumption which is renewable, but using fossil fuels and coal to create that kind of energy and if the majority of the electricity is made from renewable energy then no one will be having any problems.

Today CZ made a great tweeted about energy consumption, Elon Musk who is creating electric vehicles is complaining about Bitcoin's electric usage and boycotting them, this is hypocrisy to the highest level Cheesy

.

Valak

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Quote from: JohnyBitcoin on May 17, 2021, 10:21:34 PM

Just want to put this out there. What is the problem with crypto mining and energy consumption? Yes, I know you'll raise environment concerns, I get it.

However, consider this: a civilisation is measured by its energy consumption. Before we discovered fire and used any stone tools, the only energy we had was whatever our bodies produced. Then we discovered fire, made tools, invented the wheel, etc. Until now, when we use computers, robots and other machines to help us live. Our life expectancy and quality of life has increased dramatically.

Shouldn't we concentrate our efforts on using clean renewable energy, rather than restrict our use of it?

Frankly, if there is a problem with too much energy consumption, we should go back and live in caves, and hunt in groups.

Everything we do consumes energy. The greatest energy we can spend when we think something, not by doing work. Crypto also consumes a lot of energy, even though we are only in front of the computer.

Noruka

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Quote from: Gorosden on June 02, 2021, 07:21:29 AM

Quote from: fb1t on June 02, 2021, 05:15:25 AM

You all are right... BUT if we could build proof-of-stake blockchains on a same level regarding security as proof-of-work chains, but consuming far less energy... shouldn't we stick to that on the long run? Cool

(now please do not hit me Roll Eyes

)

It's consumers choice honestly, no one should force someone to go for proof of stake coins or proof of work coins, as for the environment friendly part that's a complete joke, electricity is unlimited and we use it in our daily lives, if I can be able to make money out of electricity and pay for it why the noise? Every miners pays their electricity bill and that is enough to shut anyone up

I don't agree it is unlimited and also there is no doubt that electricity comes at a cost. The important point here is that we reduce that cost! That is why renewable will play such an important role. By now crypto consumes a significant amount of electricity and the goal must be to reduce the carbon footprint of that electricity. Cryptos must be sustainable, but also secure and unbreakable. That is the discussion surrounding proof of stake and proof of work.

fb1t

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Well yes, but creating energy is not limitless or without risk. It requires burning coal (which is limited) or handling nuclear energy (which is risky) and even solar energy or other green energies do require some raw materials or bring some impact for the environment.
So I still think: the less energy, the better :-)

Lantind

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Quote from: Gorosden on June 02, 2021, 07:21:29 AM

It's consumers choice honestly, no one should force someone to go for proof of stake coins or proof of work coins, as for the environment friendly part that's a complete joke, electricity is unlimited and we use it in our daily lives, if I can be able to make money out of electricity and pay for it why the noise? Every miners pays their electricity bill and that is enough to shut anyone up

And you also need to know that not everyone is able to do this because everyone's abilities are different and the large expenditure of electricity is an obstacle for some people who want to mine in crypto.

Topic: Crypto and energy consumption - page 3. (Read 893 times)