Topic: Is Bitcoin Mining Really Causing Environmental Damage? Maybe not that much... - page 8. (Read 1982 times)

Bitcoin mining is not causing environmental damage, rather the money printed in banks from papers are hazarding the trees, harming the ecosystem.

Mining Bitcoin generates less environmental damage compare to other mining industry like gold and other fossil fuel exploration. China and Iceland are using green technology for mining bitcoin and it is more portable than mining gold.

That's not utility, that is how much they were able to produce.
No water for all the turbines, there is no way you can produce at full capacity.

The Yangtze has variations up to 6 times in debit.

Check those two graphs and how they match each other:







Wrong, coal power plants are always kept on standby and they can produce at 90% in a matter of 10-30 minutes, gas power plants are even faster at coming back online.

Almost every country in Europe is using coal or gas to balance the loads, Germany, for example, is backpedaling on the closure of coal mine as they've experienced the same thing as Poland, 4 days with barely any energy from solar and wind.
With coal/gas plants and imports they would have experienced the stone age for a week.

Check the live graph here:
https://www.energy-charts.de/power.htm
And look how coal can easily balance the grid, spiking when wind and solar fail...


Unfortunately, the energy sector is not like that.
There is little to spare, there are no empty seats and people are driving in opposite directions.
Car sharing will never be able to even dream what load balancing does to the energy sector.

Don't get me wrong I don't like coal either but without a clean way to store energy, solar and wind will never be able to replace fossil.

Huge power of electricity is required to mine bitcoin and other cryptocurrency. It really has some impact over the environment. But I hope it will be solved in coming days since so many expert are working hard behind the solution.

I agree with you

BS
as for the idea that utility companies import electric due to over capacity is another flawed notion.

imagine electric generation.. like a car journey
right now coal gnerators take so long to set up, warm up and get on the road(send electric through the cables) that they end up just staying on the road and act like Uber, taking other people and leasing out their spare seat.. because its wastes so much fuel warming up the car each time you turn on and off the key, it ends up easier to leave the engine on

 the truth is more likened to the concept of car sharing. imagine every day your car has 4 seats but only 1 commuter (the driver).. imagine your neighbour knows you can get him to the destination and does not want the hassle of warming up his own car. checking the car is fit to drive and then taking the journey alone. so asks because you are already on the road if he can take a spare seat and share in the running cost.

now imagine if a big industry comes up to the neighbour and says. il give you a contract to lease out the spare seat of your hydro/solar hybrid car for a year AND we still have 2 back seats so that Mr Coal can tag along in the hydro-solar car.. making the hydro-solar car the Uber and so now the coal car can finally switch off its engine and get phased out.

think about that
have a nice day

Each and every profitable investment has caused damage to the nature in some way. The damage caused by mining bitcoins are very negligible compared to that. Negative news and promotions are just a agenda for tarnishing bitcoin's reputation.

If that energy wouldn't be used for bitcoin mining it would be used for another purpose that right now is using coal energy. Pretty simple. Let's say that all the energy from the three gorges dam is going to be used for bitcoin mining, what are the people that currently are using that energy going to do? Turn to coal!!!!

There is no industry that can claim is burning green unless there is a way to fulfill the entire need out of renewable sources.



Bs!

There is this widespread notion that Bitcoin mining is detrimental to the environment, because of all the electricity it consumes. At a quick superficial glance, it seems logical. But in reality, it is not exactly the case.

Who mines Bitcoin and what kind of electricity is used for Bitcoin mining?

Currently, China accounts for about 71% of the mining hash power in the world. The mining farms are based in Western China. But why there?

Hydro power plants have been created in the past for the production of aluminium. Electricity is 60% of the cost to aluminium production through smelting. The aluminium market is oversaturated for years now and China, being a top producer, has cut the production. So they have a huge surplus of hydro energy that is not utilized. For simplicity, imagine a hydro power plant in the fields, surrounded by nothing else. And hydro energy is clean energy. It doesn’t kill trees.

However, the technological infrastructure for transporting the energy to regions that actually need it, is lacking. This overcapacity of energy can’t just be sent to China’s bustling urban centers. Actually it can, but electricity will have to travel long distances, which equals huge losses. Therefore, it would be more economical for a power consumer to be closer to the source of the power. This is where the mining farms and their warehouses have been built. Right next to the close-to-useless hydro power plants. So the majority of miners are using failed energy projects and not investing in new ones.

In order to mine Bitcoin, all you need is mining hardware, internet connection and a simple software and now the unutilized energy is used towards creating a decentralized blockchain system. Unused clean hydro energy is entering the global economy. This is the real mining! At the core of it, we have a Chinese river allowing a rural farmer in Africa get paid for the cotton he produces through the Bitcoin network. The Chinese rivers help a Filipino immigrant in USA to send his payroll to his relatives in the Philippines for cents of a dollar, rather than for a 40% commission fee via Western Union.

But Bitmain and the other pools are making so much money out of it. Is it fair?

Well, gold diggers and oil rigs are also making tons of money. Is it fair? Traditionally, the resource mining business has always been one of the most lucrative. It is at the top of the supply chain. In order for us to go to a gas station and fuel our car tank, someone had to drill that oil first. Gas has value for us as end users. We travel faster than on horses. In order for the gas station to make profit on retail prices, they need to buy that gas from someone first and so on. There is value for everyone in the chain, provided that the product or resource is actually needed.

The value exchange is pretty simple

Unutilized clean energy coming from rivers that doesn’t pollute the air on one hand. And the maintaining of a global decentralized payment system on the other.

So the real question is: “Is a decentralized, open, alternative, state-free monetary system needed?” For the average citizen in a developed country, it may still not be. But for billions underbanked that is life-changing.

A system that allows for 24/7 payments with no borders and close to zero fees. An alternative system to fiat money, that allows people in countries like Venezuela to protect their money and assets in rough times. A system that provides banking for billions in regions where there is no banks.

Conclusion

Unutilized clean hydro energy is being transformed into a global, borderless, open, decentralized, alternative financial system. The air is not being polluted. But the annual profits of banks are! And they will keep pondering how detrimental Bitcoin mining for humanity is. Is this the truth? Decide for yourself.

I would be happy to hear your thoughts on the subject...