Topic: Is bitcoin mining a problem of wasting energy? No (Read 552 times)

The CPU calculation was ideal for making decentralized money worldwide. This is because it may be, individuals continue to create gadgets dedicated to defeating CPUs, and so crypto mining has been a completely different industry. No private mine can keep bitcoin in its home. POW is no longer decentralized. Also, the purpose of any return for Bitcoin to roll out improvements is in the past.

The risks don't exist in most PoS coins, since PoW supporters seem unable to read anything not written by Greg Maxwell.
Greg Maxwell promote a Nothing at Stake Myth saying all PoS coin would suffer from multistakers staking on multiple forks ,
and the entire reason they would do this is an attempt to steal the majority of transaction fees.

Here are three major reasons that is bullshit.
1.  So far no one has bothered to even write a multi-staking client.  (Been over 6 years since PoS was introduced.)
2.  All stakers have to use it for it to weaken a coin's security. (One Large Staker not multi-staking would outstake the multi-staking dummies.)

3.  Any PoS coin using a design based on Sunny King original design , Destroys all of the fucking transaction fees.

*Their is literally nothing a multi-staking client can do but waste your personal time, write one and see how useless it is for you.*  

Making sure the N@S myth is just a nonsense story to mislead the people that don't actually explore the PoS technology.

Proof of Stake is Superior to Proof of Waste at any day and at any time.

Proof of Waste Miners go bankrupt all of the time due to excessive waste,

Never Once have you heard of a Proof of Stake Staker going bankrupt due to the cost of staking.

Energy Efficiently counts,
do you run a 120 watt light bulb in your lights or 12 watt LED bulbs that give off just as much light,
without wasting all of that energy on wasted heat.
So why would your want your PoW coin network to waste the energy required by entire counties,
when a PoS coin network could offer higher performance at lower costs and use so little power, no one would notice.  

FYI:
As far as exchanges go, anyone giving their coins to an exchange is giving control of those coins to an exchange.
Exchanges could profit more by stealing the coins and reselling somewhere else and closing up shop, instead of trying to control a network.
More profit in stealing coins , no matter PoW or PoS coins .  

And respectively the coins price will go up too because the miners are the ones who will actually mine when they get enough value for their miners and hence the overall value of bitcoins will go up indeed. But, I don't think there is a possible way to mine all bitcoins because each halving the reward is cut to half and this will make even harder each time to mine.

Crypto mining requires a lot of energy and if Pos can solve the problem then I believe there is no need to waste resources with Pow coins, I agree BTC is the boss and Pow is fine for it but other new coins should focus on Pos moving forward.

Bitcoin remains the dominant cryptocurrency for good reason -- POS is widely viewed as insecure. Ethereum has delayed their transition to POS by several years and backtracked to a hybrid POW-POS proposal because of the threats.


Aside from cases of pre-mining or insta-mining large stakes, exchanges remain the biggest threat to any sort of POS system:


These risks don't exist in Bitcoin.

You don't get the actual topic man, the thing is how POS is better than POW and since POS is already a good algorithm why do need need to waste energy to mine POW coins since POS is a simple solution and I do agree that POS has upper hand because no matter what but energy and resources are being wasted in POW indeed.

But, to buy those hardware you need to invest money and like you said if someone grabs a big number of coins they can control the network similarly if someone has a lot of coins they can sell off buy miners and actually be a whale too.

I see almost no problems with electricity for the extraction of bitcoins. In my opinion, this topic ceases to be relevant in our time, when technologies for the use of alternative sources of electricity production are rapidly developing and improving. Solar panels are now relatively cheap and their production is improving and growing. The sun is an almost eternal source of energy, we just need to learn how to properly use what nature gives us.

Basically, I was on the opinion that no matter even if energy is wasted still proof-of-work was better than proof-of-stake but after the quantum supremacy was proved by google and I read somewhere that they can mine all the bitcoins in a few minutes actually blew my mind and the is is actually where I believe proof of stake is better because there is no way someone with quantum supremacy can just mine p-o-s coins at all.

I mean we are already wasting so much electricity and resources and now there is a giant in the market who can just mine all the coins in some minutes so I start to feel like p-o-s is much better and while it gives more power to whales but it still is impeccable and there is nothing that can ever alter the mining speed unlike p-o-w coins.

You have a valid point but I always feel that PoS makes richer people more richer and poor gets poorer. The rich can always buy more coins and stake to get more coins and it's similar to gaining interest in money in bank. While in PoW there are a lot of things involved and you can't just mine more because you are rich.

Bitcoin could be mined with a simple GPU in starting and you don't have to buy anything to grab some bitcoins while to grab PoS coins you must buy those coins first and then you can earn interest on that. Plus, PoS gives much more power to someone if they can grab a big amount of coins from the market and loosing the actually meaning of decentralization.

there is no denying that the electrical energy used is huge, big in everything. both of the consumption and the price incurred because electricity costs are very expensive. I strongly agree with the above that to immediately make changes with other resources, even though at the beginning it will cost a fair amount, but for the next trip it will feel very profitable. there is no time to say late for changes as long as the price of electricity will continue to increase in price.

Actually I always saw it as "freezing" energy, you can always re-spend it later on and keep it circling, yeah bitcoin uses this much energy as of now but then in the future you can always keep that energy working.

Or maybe I just don't understand the true benefit of PoS

You can actually use energy wisely , the renewable sources of energy are not new , people are using them since a long time , it does need a healthy investment at first but at the same time prices of these renewable resources are getting more and more convenient.
It does use a lot of energy , the mining causes a lot of inconvenience for the people, there are people who illegally are doing it and some are even putting up the softwares in computers of cyber cafes just to protect themselves of the hefty price of electricity bill.

I feel like it also depends on the rigs used by the miners. I read back in the days that people can use ASIC miner rather than using their usual GPU for mining Bitcoin. In terms of consumption energy, I am not sure if in the future we could make renewable energy to power up these mining so that it could at least lessen the usage of electricity, because in some countries that becomes the barrier for people to mine cryptos.

I can't agree that it is problem of wasting energy. Our problem is what we don't use alternative resources of energy which are eco-friendly.

- When they consider this in the role of someone who does not invest in bitcoin mining, we will probably feel this is a waste of energy, environmental pollution and not profitable when the costs of mining are rising too fast but the views of some individuals are unlikely to provide a reasonable answer. Mining bitcoin will waste energy or not, it depends on the benefits we get, complaining about environmental pollution, so many industries are creating worse things, Bitcoin mining is only a negligible part

           Based on what I see so far, it is really a waste of energy. Mining nowadays are not really cost efficient, because instead of earning, it will only boost your energy consumption and at the same time not that really beneficial for the environment. We all know that theres a lot of improvisation needed to build mining rigs and it is also proved that it needs more energy, also don't tell me those equipments doesn't need maintenance?

Most of the mining is done through excess energy produced mostly by "green" energy sources. The carbon footprint of Bitcoin is probably a lot lower from what some services provide, as they use the average carbon footprint for the industrial sector. These results are not scientific correct.

I believe this depends on who is doing the job, some people are experts at what they do. besides there are many other ways to earn bitcoin, one may desire to invest them and double profit or even trade them.

Today one of the things we can do with the use of cryptocurrency and your computer is the mining many people getting mine some bitcoin to their computer and as a reward they can get a bitcoin. Still, there are people does not believe the capability of the mining because they think it is just a waste of time it can be possible because if you don't have enough or capability to mine you will lose your money too because mining is taking a lot of time that your computer is on and that consumption of energy is too large the coin you earned are not enough to pay your bills but if you are in a country with low market price of electricity and you have a good computer to mine you can now make a lot of profit every single day and one of the things you need to do is to maintain your pc to make more efficient earnings.

Old mining rigs are long ROIed, they still generate coins when they work as a heater, and since most of the electricity that is consumed by mining rigs become heat, if 1/10 of those electricity can become bitcoin, it is still more efficient than a pure heater. And that's why the network will never go down in hash rate, because old mining rigs can still work as a heater

Of course I still think the waste of electricity is huge in POW, I do see benefits of POS, but that model is quite close to company share holder, need to have further discussion about its implication

Was thinking of this the other day: What happens to these miners when all 21 bitcoins have been mined? Will they just stop mining because they will no longer be paid from receiving those block rewards?
The answer is no.
They will still be paid by the miners fee namely the transactions fees which still remain quite high. I watched one video showing how one btc pool receives $500k per block on those fees alone.