How much electricity does bitcoin need? - page 2.

Bezobraznike

sr. member

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Merit: 261

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Quote from: jeffer8035 on August 04, 2018, 11:41:55 PM

bitcoin if it consumes enough electricity but to say that 80% of the amount of a country is a lie is not really a threat since there are renewable energy horita and in the future there will be more types of energy as the solar can be adapted to the mining machines and then it would be used massively and that can affect the entire planet is false and the next few missing for clear mining is difficult and will last for years to be mined the last block of the bitcoin chain but consume the banks in the ATMs and on servers that the entire chain of blocks

It`s a shame that your comment isn`t more noticed. Who and what doesn`t need energy? I can
say we all do, and I wouldn`t be much wrong about that.
Good news is that world is working on new and renewable energy. There is a lot of need for energy
and world is working on that hard, I think in future we will have many new sources of energy.
Bitcoin probably needs a lot of energy, but it`s new technology and new sources of energy will
cover that. Same thing world is talking about the cars and usage of gasoline, they talk for decades
that we will spent all fuel by the 2020, that didn`t stop anyone to make more cars, bigger cars. World
is still spinning and will continue to spin, with new sources of energy.

hh4mmm

member

Activity: 378

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now due to the high electricity consumption that is why eloncity is being introduced to reduced the high power usage. secondly bitcoin can't be a threat the nation moreover many power plant has been planted and they load will be disbursed.

takihaha

newbie

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Bitcoin consumes a lot of energy, I think, but I learned that bitcoin consumes more energy than the whole of Singapore consumes from January 2018 to April.

Micerker

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Quote from: Timere on June 21, 2018, 08:33:15 AM

Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?

It's fun to say that the Bitcoin system consumes electrical power. The blockchain is a decentralized ecosystem that is made up of networked devices. If you are a computer user, you are contributing to Blockchain. The development of this new planet causes everything to destroy.

jeffer8035

member

Activity: 251

Merit: 10

bitcoin if it consumes enough electricity but to say that 80% of the amount of a country is a lie is not really a threat since there are renewable energy horita and in the future there will be more types of energy as the solar can be adapted to the mining machines and then it would be used massively and that can affect the entire planet is false and the next few missing for clear mining is difficult and will last for years to be mined the last block of the bitcoin chain but consume the banks in the ATMs and on servers that the entire chain of blocks

MarieMoore12

newbie

Activity: 37

Merit: 0

When I started investing in bitcoin machines, and the monthly electricity bill for the power company was $ 5000, that time, even I did not have a word for this job. But I keep my own nearly 100 bitcoin, I have sold almost all the bitcoins I own at that time to repay the bank. But by the end of 2017, I was lucky enough to sell my remaining bitcoin.

Wajan

newbie

Activity: 117

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if I need electricity only through phone calls, I work in bitcoin using a telephone tool and also I also use mining tools to help the business work on bitcoin.

Sanchezino40

newbie

Activity: 484

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Bitcoin require a lot of energy is o function very well. There are some who claim that mining Bitcoin require a lot of energy to the point that if you don't have the necessary equipment and financial stability, you can't venture into mining if BTC. It require good energy to function properly

fosco333

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Quote from: Timere on June 21, 2018, 08:33:15 AM

Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?

Not really. I think bitcoin mining electricity cost doesn't spend that much. Now we have many ASIC miners for bitcoin. ASIC is more effective than GPU.
The energy consumption relative small if you compare with the very high hash rate in ASIC. So, i think the energy of the earth will be okay.

virendarnagpal

member

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Bitcoin is to function by burning electricity. It's mining; trading both require electricity. It is surely spreading pollution. But it does not mean that we should stop using crypto.
We have to find other solutions to control pollution. Systems computers hardwares are being developed which are using less energy. We have to find more energy efficient hardware.
Another solution to the issue is that we should find and start using alternate renewable sources like solar; wind; hydro etc. When we will switch to renewable we will get the solution.

dark1234

full member

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Global Problem of Cryptocurrency Mining
High Demand for their Electricity No matter how much electricity is being consumed by mining efforts, electricity usage is still increasing
since miners must invest even more kilowatt-hours to receive the same (or even lower) returns.
Simultaneously, the volatile nature of the cryptocurrency economy has seen Bitcoin along with every
other cryptocurrency rise to new record highs.

1
https://coinmarketcap.com/coins/
6
Even though Bitcoin block rewards were halved in 2016, electricity consumption has continued growing
exponentially from about 11.5 terawatt-hours in May 2017 to 65 terawatt-hours in May 2018. The Bitcoin
network is currently processing upward of 300,000 daily transactions, with electricity consumption per
single transaction being equal to nearly 850 kilowatt-hours. Considering the next block halving will occur
in 2020, Bitcoin mining is unlikely to become more sustainable for the foreseeable future.

leeheidrick

newbie

Activity: 106

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this is an easy problem, Because electricity can be made without requiring fuel from earth m,
because with sunlight and wind both can be utilized to generate electricity and energy sunlight and wind is environmentally friendly and does not harm the planet earth

KrakenZ

jr. member

Activity: 145

Merit: 1

In my opinion, the amount of electricity needed in this bitcoin business is different in many business sectors. For bitcoin mining does require a large enough electricity and indeed this will be a threat to energy availability. But if only for bitcoin investment then the energy needed is just as limited as a regular internet browser. Maybe that's my little thought about the electrical energy needed.

costanos02

jr. member

Activity: 518

Merit: 6

If you do mining that really consumes a lot of electricity, no wonder the amount electricity consume might be doubled or tripled, depends on how many individual involved bitcoin.

BryanRoseWalker

newbie

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the electricity network consumption for bitcoin is still not as big as the proportion of other mega electronics business network sources, you are too skeptical in this regard. But positively what this business consumes is a message to the world that there should be an effort to create renewable resources, so it's not just about consumption, but how we can make an active solution.

merrillolive

newbie

Activity: 224

Merit: 0

Many countries have been screaming at the fact that miners have used too much electricity to exploit the BTC, so I think that's a very wasteful thing and so we should prohibit this more to save. electricity for the country

meritbygrace

jr. member

Activity: 153

Merit: 1

I would be happy if the popularity of people using bitcoin reach 80% then i know what to say.we area we barely use use light up to 4-5hours daily.

DJ_Rick

member

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I have heard that it requires really much electricity and that's why it is not very cost-effective method of gaining coins today, i hope that in the future something will change and its price will change as well

stefy77

full member

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Merit: 105

Many accuse bitcoins for the use of electricity as if for everything else there were no huge waste, without consistency. Renewable energy and go!!!

muslol67

hero member

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Merit: 670

Quote from: Timere on June 21, 2018, 08:33:15 AM

Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?

I think this number changes according to the degree of difficulty. And it's not so easy to calculate it all. I think in future technological developments, devices that consume less electricity will come.

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