“Green Cryptocurrencies” - they way forward?

Twinkledoe

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Quote from: magneto on April 11, 2019, 05:54:29 PM

I really don't think so.

Bitcoin's environmental impact in my opinion has been greatly exaggerated to the point that it's being made out to be worse than pollutants from actual mining or whatnot. And people are failing to realise the fact that bitcoin's energy use isn't just going to waste, it is being used to validate transactions much like the traditional banking system.

Also, if you add the fact that bitcoin is likely using up electricity that would have gone to waste if not used given that most countries don't have infrastructure to store excess electricity. So as long as the electricity itself is generated in a sustainable manner, there is really nothing to see here.

If we can only optimize the use of renewable energies, we will move forward in fast manner. Still there are restrictions to achieve this goal. Many people want to use solar or wind energy but they couldn't afford the initial investments. Good for countries that are subsidizing their customers to implement this system.

Crypto projects that want to explore renewable sources find it hard to achieve success. Many have tried but where are they now?

magneto

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I really don't think so.

Bitcoin's environmental impact in my opinion has been greatly exaggerated to the point that it's being made out to be worse than pollutants from actual mining or whatnot. And people are failing to realise the fact that bitcoin's energy use isn't just going to waste, it is being used to validate transactions much like the traditional banking system.

Also, if you add the fact that bitcoin is likely using up electricity that would have gone to waste if not used given that most countries don't have infrastructure to store excess electricity. So as long as the electricity itself is generated in a sustainable manner, there is really nothing to see here.

jakezyrus

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Quote from: Firecold4 on April 09, 2019, 12:00:30 PM

of course you can because paper money in modern times is no longer efficient besides damaging the environment of paper money is also very easily damaged differently with cryptocurrency that will not be damaged because of anything

by using crypto you are using a gadget and other infrastracture such as internet . they did contribute to the environment . crypto mining can be the biggest threat to the environment because it requires too much electricity and the mining hardware also releases heat and noise pollution as well as black smoke that can be life threatening to some if inhaled . we really need a green cryptocurrencies that are eco friendly .

sunsilk

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Quote from: Sealis on April 09, 2019, 06:19:33 PM

Yep. To be fair the resources used for paper money can be used for other things. Its why the community sincerely pushes for the use of digital currency. Its much more secure rather than banks, all it needs is just you become a responsible user of it.

Yes, you may cut tress to create and manufacture the special paper that will be used for the extraction and result of our fiat money. Digital money, cryptocurrencies can use alternative energy depending the source of it.

Mining bitcoin contributes to the heat that the world has right now as they say but they never looked to that situation, where forests became empty because of illegal logging. Thus, there's too many way to produce renewable energy that can be used for mining.

Sealis

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Yep. To be fair the resources used for paper money can be used for other things. Its why the community sincerely pushes for the use of digital currency. Its much more secure rather than banks, all it needs is just you become a responsible user of it.

jdarren

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I think people are starting to think in that way depending on the consensus they chooses. I hope it continues or find a way to generate heat with all the miners

omone1

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Cryptocurrency have crossed it major hurdles which is many fights from the main stream and it has succeeded them all. We see big banks talking crypto and stable coins. The Crypto market is up for a greater prospect, if you are here at this point in time and believe in the vision of Satoshi, then you are lucky and wise about the world future economic pendulum.

Firecold4

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of course you can because paper money in modern times is no longer efficient besides damaging the environment of paper money is also very easily damaged differently with cryptocurrency that will not be damaged because of anything

thirdlight

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It seems to me that cryptocurrency does not make sense to fight for a place under the sun. Because it is a separate technology which has been developing very strongly lately. And I think that something will not be in her way.

jvdp

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Quote from: gesdan on April 08, 2019, 07:00:20 PM

right now yes, the bitcoin is a green cryptocurrency, why? because we know that it dont need the material like paper or anything else, because bitcoin is a digital currency, doesnt have physic form. it dont like the real money paper that use paper as their physical media.

Haha great explanation about it. I was thinking about that but fact we are using more internet for making transaction then without digital devices we will not be able to make transaction at all if the world completely adopts bitcoin and other crypto currencies.
Bitcoin should come in physical as well as digital to make green friendly crypto.

sidhujag

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Quote from: coffeeastronaut on April 08, 2019, 12:35:52 PM

Quote from: sidhujag on April 08, 2019, 01:35:11 AM

there is nothing cheaper than PoW, period. PoS is more expensive in game theoretical contexts.

Cheaper in terms of electricity bills or what do you mean? Care to elaborate on this statement?

http://www.truthcoin.info/blog/pow-cheapest/

gesdan

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right now yes, the bitcoin is a green cryptocurrency, why? because we know that it dont need the material like paper or anything else, because bitcoin is a digital currency, doesnt have physic form. it dont like the real money paper that use paper as their physical media.

Doell

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bitcoin has not survival to live up to the value increase with increasing popularity ,I think that survival are only living things and that thinking is far beyond the context ,of this environmentally friendly finance makes sense because use can only be accessed through internet networks ,different from fiat which is difficult to put into a pants pocket if the amount is one car trunk while digital is very easy to save

ecnalubma

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Quote from: EriksonPartners on March 07, 2019, 05:16:16 AM

Though currently struggling for survival, if we’re talking about the future, could cryptocurrencies have a potential to trigger an eco friendly finance revolution?

Potentially it can open a new era of financial revolution, once this industry will bypass all that hinders its growth then nobody can stop it. As cryptocurrency mining moves forward there a lot of rooms for innovation and efficiency solutions were not far from that I believe.

cryptovigi

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Quote from: franky1 on April 07, 2019, 05:31:09 PM

that energy consumption index is wrong on so many levels

hers some logic
lets use the high of 50exahash
thats
=3,571,428~ 14thash asics which use 1.3khw
=4642857~ kwh
=4642.9 mhw = 4.6gwh
=40671gw per year = 40tw per year PEAK

we all seen that there have been more efficient asics in the last 6 months. so the number would be lower than 40tw/year
we all seen that there has been hashrates of under 40exa in the last 6 months. so the number would be lower than 40tw/year
...

Undoubtedly you are right, but in this comparison it's not exactly about the exact numbers. Even if, instead of estimated TW per year, we take Minimum TW per year (which is much closer to your calculations) or even simply use the values calculated by you, it does not change the fact that the energy needed for the mining process is similar to the average country consumption what means that it really needs a lot of power!

I am convinced that not everybody throws out old aisics when new ones appear, only a few generations work at the same time - maybe modern farms immediately sell obsolete models, but somebody buys them and for a while mine with them.

In addition, in your calculations you focused only on energy consumed by aisics and to the whole process we also need additional devices that also consume energy, lighting, air conditioning, in addition, we should also remember about energy losses on transmission so it's getting a little more ...

We should also remember that in the world we do not have only bitcoin - of course, it consumes the most energy, but we still have two thousand other cryptocurrencies, of which probably several hundred are based on PoW, so looking at cryptocurrencies as a whole, energy consumption increases to much higher levels.

Altero

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Quote from: klaaas on April 08, 2019, 02:44:43 PM

If in the future enough energy can be collected on a green way and become competitive on the rates it could be way cleaner.
It will not happen soon since both takes time.

We are diversifying some technologies into an ECO friendly already and to have a healthy life. But of course, it takes time(probably a years) to finally imposed and may our next generation could fully enjoy it. Good thing in cryptocurrency/blockchain technology is that, we are just saving a millions of papers cause there is no need to print it and we are just using internet to run the system and do transactions. That is very helpful to us and to the mother earth.

Kez1817

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Mass adoption of cryptocurrency keep increasing and i didn't see crypto are struggling because it always survive and running smoothly. Also it was an eco friendly than others using energy consumption. It has a bright future of course as you can see that adoption continuesly increasing.

XinXan

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Quote from: franky1 on April 07, 2019, 05:57:20 PM

Quote from: XinXan on April 07, 2019, 05:35:10 PM

Whatever, there are far worse things fucking up the world than cryptos. No one cares about it really, all the politicians that talk about climate change and all that shit do it to get votes, don't get confused.

very true
fun facts
pepsi-co waste more on electric to keep their bottles refrigerated than bitcoin uses. and that refrigeration cost does not protect bottles for eternity/immutably. it just keeps them cool for a short period before it ends up as human urine

fun facts
the funds raised by 'carbon tax' dont go towards planting new tree's in rainforsts. its actually wasted on corporations that develop land into new real estate by them buying up cheap land near waterways and then getting eco-grants to raise the ground level to reduce risk of flooding to their own private property.
(also yes some of the carbon tax ended up paying for some of them man made islands in the middle east)

Of course, plus if they really wanted to save energy or be eco friendly, they wouldn't tell us, we are not the ones responsible for the 99% of the emissions and all that shit, they are, big companies and industries, it's the same as recycling or saving water, we barely use any % of water or recycle 1% of all the shit out there, a big company probably uses more water and throws more plastic than a whole city.

klaaas

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If in the future enough energy can be collected on a green way and become competitive on the rates it could be way cleaner.
It will not happen soon since both takes time.

coffeeastronaut

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Quote from: sidhujag on April 08, 2019, 01:35:11 AM

there is nothing cheaper than PoW, period. PoS is more expensive in game theoretical contexts.

Cheaper in terms of electricity bills or what do you mean? Care to elaborate on this statement?

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