Topic: Elon Musk calls crypto “quite energy intensive” - page 3. (Read 672 times)
It’s really energy intensive which is because of the way it’s built. This is one what important factor that every miner must consider and take note as it cuts across all cryptocurrency. Also it’s a major factor that keeps many people from going into mining because it requires a lot of funds to maintain. But it’s good to know that there are other projects that requires more energy usage than crypto like money printing. If we look very into this , we will see that cryptocurrencies are really the future for any good project that survives.
hahaha, musk is building Electric Cars, lol
We also know that POW has a lot of problems in the waste of computing resources. At the same time, it should be too demanding for the calculation of mining machines. So the algorithm we are going to talk about today, called POS, may be familiar to many people. His full name is Proof of Stake. In translation, it is actually called stock certification. What does this mean? Simple. In fact, if you deposit your assets in the bank, you will get the corresponding interest every month. In the digital world of block chain, that is to say, the time you deposit your digital currency and the time you deposit it in the digital currency will determine the interest you receive.
Someone should really send him this, https://hackernoon.com/the-reports-of-bitcoin-environmental-damage-are-garbage-5a93d32c2d7
Elon Musk should actually embrace this technology, because it is one way for him to actually push for more sales of his "Power Wall" technology. Imagine if people could utilize cheaper electricity for mining with the "Power Wall" technology, then he would be selling more of those products.
When people realize the truth behind Bitcoin mining and how energy efficient the technology is, then they are not brainwashed by uniformed shills that are pushing hidden agendas with FUD like Bitcoin being energy intensive.
Elon Musk should actually embrace this technology, because it is one way for him to actually push for more sales of his "Power Wall" technology. Imagine if people could utilize cheaper electricity for mining with the "Power Wall" technology, then he would be selling more of those products.
When people realize the truth behind Bitcoin mining and how energy efficient the technology is, then they are not brainwashed by uniformed shills that are pushing hidden agendas with FUD like Bitcoin being energy intensive.
He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.
But POW cryptocurrencies are also work intensive, so?And with ASIC we could argue that the energy to work conversion is considered efficient, not like any of his e-car products.
“One of the downsides of crypto is it's quite energy intensive,” said Musk.
It's a shame that such a smart guy could make such an ignorant statement.
Now, if he had said “One of the downsides of crypto mining is it's quite energy intensive,” he would have been spot on.
Unfortunately, Musk probably has no idea that consensus methods that don't require mining - like Stellar's federated Byzantine agreement - even exist.
Perhaps he should stick to worrying about how much energy his cars use and leave the energy requirements of cryptographic transactions to others.
That is the reason on why ethical considerations regarding environmental concerns are starting to rise due to the by-product of mining- which is pollution and energy. Maybe another alternative is to find techniques to introduce 'energy saving methods' by considering the geographical location or by considering the use of renewable energy.
I think he is already thinking of alternatives about shifting the consumption of electricity by inculcating their design used on Tesla. Mining definitely uses huge consumption of energy and it is starting to cause pollution in some locations. Given its popularity steadily increasing, I see this as a problem when not addressed in the future.
A clear picture on the electricity consumption of bitcoin to maintain the network is provided in the article. Elon musk being a legendary person who has shifted from fueled engines to electric car production to reduce pollution and increase the efficiency has got known better about the value of electricity. When his thinks an alternate to fuel to ignite the car, same is possible with bitcoin as well. Continued search for it will give way for decreasing power consumption on running the network. If electricity consumption and the pollution generated through bitcoin network is to cause global warming, tesla products too isn't exceptional. Because higher percentage of pollution happens while making a lithium ion battery. Maybe it's a one time process, but this too is contributing.
I think he is already thinking of alternatives about shifting the consumption of electricity by inculcating their design used on Tesla. Mining definitely uses huge consumption of energy and it is starting to cause pollution in some locations. Given its popularity steadily increasing, I see this as a problem when not addressed in the future.
A clear picture on the electricity consumption of bitcoin to maintain the network is provided in the article.
a false picture on the electricity consumption of bitcoin is provided in the article
ok.. some maths.(same math as infographic. but basing it on more logical/acceptable ASICS of the period)
hashrates peaked at around 60exa in 2018
in 2018 s9's were the main ASIC
60,000,000thash / 14thash = 4,285,714 asics
at 1.3kwh=5,571,428kwh
*24*365=48,805,709,280kwh a year
=48.8Twh a year.. not 70
and thats a number doing like the article done by assuming to *24*365
foolish thing with he 70twh and the 48twh is that its a dumb multiple
the network did not actually USE 70, nor 48
as that just wrongly suggesting when the hashrate got to 60exa. it had always been using 60exa 24 hours a day 365 a year
so lets take the daily hashrates and get the daily energy consumption,, then add up each day. instead of just multiplying a peak time by 365
1st october 2017-1st october2018 (oct18 being the peak electric utility): 22.656twh actually used for the year
1st january 2019-1st january 2019(full 2018 year): 29.592twh used for the year
anyway. it takes more to power all the refrigerators to keep bottles of pepsi chilled around the world, than it does to scure bitcoin.
He have a good point there though because in able for Bitcoin to function it needs computing that is requiring miners to do the job and makes a ton of electricity power but I believe that the time will come that the cost of electricity in mining will cut down.
Logically thinking, almost everything in the world that has a very good use to the people needs an electricity to work and Bitcoin is one of it, can I say Internet itself has a power intensive technology?
Logically thinking, almost everything in the world that has a very good use to the people needs an electricity to work and Bitcoin is one of it, can I say Internet itself has a power intensive technology?
A clear picture on the electricity consumption of bitcoin to maintain the network is provided in the article. Elon musk being a legendary person who has shifted from fueled engines to electric car production to reduce pollution and increase the efficiency has got known better about the value of electricity. When his thinks an alternate to fuel to ignite the car, same is possible with bitcoin as well. Continued search for it will give way for decreasing power consumption on running the network. If electricity consumption and the pollution generated through bitcoin network is to cause global warming, tesla products too isn't exceptional. Because higher percentage of pollution happens while making a lithium ion battery. Maybe it's a one time process, but this too is contributing.
id prefer to have energy intensive (concentrated on one task) rather than extensive(diluted and spread to 1000 sharded crapcoins)
if you had a baby. would you want it looked after in
an intensive care unit with lots of nurses checking it
an extensive care unit with fewer nurses checking lots of babies
plus, its digital not a flower so yea use of electric energy will be involved.
its not a flower after all, otherwise the claim would be water intensive
id rather have something that has lots of cost of creation to give it underlying value. than something cheap to create such as POS coins which there is less underlying value. thus meaning it needs more speculative crap to bring the price up to be nearer to something with underlying value.
if you had a baby. would you want it looked after in
an intensive care unit with lots of nurses checking it
an extensive care unit with fewer nurses checking lots of babies
plus, its digital not a flower so yea use of electric energy will be involved.
its not a flower after all, otherwise the claim would be water intensive
id rather have something that has lots of cost of creation to give it underlying value. than something cheap to create such as POS coins which there is less underlying value. thus meaning it needs more speculative crap to bring the price up to be nearer to something with underlying value.
I mean, he is one of the Paypal mafia, and the initial goal of Paypal was to replace the dollar, not to become an overpriced transaction service. So he knows why we need bitcoin and he knows how its goal can be silently changed by people who feel threatened by its power.
He might have a lot of bitcoin stash for all we know. Not only bitcoin, but eth, xrp and many more. Those guys in the advanced technology know there is future in blockchain and crypto. Even if he's saying energy intensive and that is true anyway, but crypto has already gone a lot and prove the benefits that we can derive from utilizing it.
Really loved the infographic which gives great insights about the energy consumption of miners. I wasnt expecting it to be so high as the miners have already suprassed the energy a few nations like Denmark, Serbia, Greece, Belgium, Argentina and Pakistan. On the whole the consumption is larger than 159 countries. The amount of electricity used by over 25 million people. Do something about it Elon! Make energy efficient miners and save the world! 
I dont think we have come to an alarming rate as of yet, but theres a constant rise in the consumption.
I dont think we have come to an alarming rate as of yet, but theres a constant rise in the consumption.
People consider energy consumption of bitcoin a problem right now because it doesn't offer much advantages to people in comparison with the resources it is using. There are a lot of other things that consume a lot of energy like hospitals(of course you cannot really compare it to bitcoin but this is what first came to my mind) but in exchange they offer something back to the population. In the future bitcoin will consume probably the same amount of energy but the difference is then more people will use it for payments and transactions so people will not care that much about the energy it consumes.
I mean, he is one of the Paypal mafia, and the initial goal of Paypal was to replace the dollar, not to become an overpriced transaction service. So he knows why we need bitcoin and he knows how its goal can be silently changed by people who feel threatened by its power.
So he will invent a bitcoin mining rig that can be more energy efficient, hopefully yes.
Well, this is still a great thought from a great man, now bitcoin is being hype my bang big businesses and its time now to see a bull run. Let’s see who’s next in line to say good thoughts about bitcoin.
Well, this is still a great thought from a great man, now bitcoin is being hype my bang big businesses and its time now to see a bull run. Let’s see who’s next in line to say good thoughts about bitcoin.
He isn't sure whether its something to be concerned of which I think its fair to say. But its true that Bitcoin spend so much energy upon mining blocks. There is no changing these settings any more though unless we'd have to reboot over again which is highly unlikely.
So is Bitcoin a threat to global warming?
I'm not sure too. I can't believe the media today, maybe they lied about global warming, they may even be lying about the earth being round.
the problem is that bitcoin is adressing a quite big issue in humanitarian and egalitarian societies,
the power is being given to those, that had the most equity (installed income sources) and the most manpower working for him calculating his fundraisings.
bitcoin standardises and distributes this kind of power thinking and makes the installation of computation power the way to directly get money.
thats the way how in the "humanist" west the rich are being created, those that can argue the most the best, the most expensive and the most detailed with the banks, are able to loan the most, build most equity and be the richest.
it systematically enriches the richest and it also wastes a lot of ressources.
Bitcoin simplifies this behavior. and thats why its so difficult to get rid of, because its simply adressing a big issue.
regards
If he thinks it is too energy intensive he should develop a renewable fuel based battery so we can all mine for free. Anyway, it's good that he has something positive to say about bitcoin in general, better than warren buffet's opinion
Recently Elon Musk had an interview with ARK invest podcast. They mostly spoke about his company Tesla and key features of its success, but at the end of the 30-minute show, they touched cryptocurrencies as well.
At the start of this crypto segment, he laughed and told the story about how he got blocked on Twitter by making fun on the phrase “wanna buy some bitcoin”. Later he continued by saying “I've got some friends of mine that are really involved in crypto”.
And then came his legendary phrase, which all the major news sites picked up: ”I think Bitcoin's structure is quite brilliant.” Elon continued by elaborating on what he thinks are the downsides of crypto. He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.
We elaborated on the crypto energy consumption issue in our latest article: https://bestcoininvestments.com/elon-musk-calls-crypto-quite-energy-intensive/
Have a read, and tell us what is your perspective on this subject!
Bitcoin mining consumes energy but this is nothing if we take into consideration the downsides of alternative payment systems. Structure of bitcoin is base on mathematical calculations and that's why it is unbeatable. Elon Musk is active on twitter and i follow his tweets but this guy sometimes accept horrible decision without thinking about future of his companies. At the start of this crypto segment, he laughed and told the story about how he got blocked on Twitter by making fun on the phrase “wanna buy some bitcoin”. Later he continued by saying “I've got some friends of mine that are really involved in crypto”.
And then came his legendary phrase, which all the major news sites picked up: ”I think Bitcoin's structure is quite brilliant.” Elon continued by elaborating on what he thinks are the downsides of crypto. He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.
We elaborated on the crypto energy consumption issue in our latest article: https://bestcoininvestments.com/elon-musk-calls-crypto-quite-energy-intensive/
Have a read, and tell us what is your perspective on this subject!
Quote
He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.
Not all crypto is necessarily energy intensive like Bitcoin. There are proof-of-stake, hybrid proof-of-stake and other designs that are much less so, but it comes at a cost. If you want payment settlement so reliable that you can call it "irreversible" then you need to use proof-of-work.
Proof-of-work may be energy intensive, but what's the context? The legacy banking and gold production industries are very energy intensive, too. Nobody seems to mention that in these analyses. Why is everyone so hung up on Bitcoin? Like Musk says, Bitcoin's structure is quite brilliant. The whole design hinges on the fact that mining carries costs.
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