Topic: Is energy consumption going to hold bitcoin back? (Read 186 times)

With Ethereum most likely moving over to POS and the fact that POS
Is less energy reliant does it mean that going forward bitcoins POW
and high energy consumption will be a factor and a concern in the
efficiency to mine coins?

With Ethereum most likely moving over to POS and the fact that POS
Is less energy reliant does it mean that going forward bitcoins POW
and high energy consumption will be a factor and a concern in the
efficiency to mine coins?

With Ethereum most likely moving over to POS and the fact that POS
Is less energy reliant does it mean that going forward bitcoins POW
and high energy consumption will be a factor and a concern in the
efficiency to mine coins?

As the cryptocurrency industry morphs into larger, more energy-intensive operations, the Basin’s three public utilities districts (PUDs) are reassessing how they deal with it,
and whether they can — or should even try to — keep up.

In a normal year, demand for electric power in Chelan County grows by perhaps 4 megawatts ­­— enough for around 2,250 homes — as new residents arrive and as businesses start or expand.
But since January 2017, as Bitcoin enthusiasts bid up the price of the currency, eager miners have requested a staggering 210 megawatts for mines they want to build in Chelan County.
That’s nearly as much as the county and its 73,000 residents were already using.
And because it is a public utility, the PUD staff is obligated to consider every request.

The scale of some new requests is mind-boggling.
Until recently, the largest mines in Chelan County used five megawatts or less.
In the past six months, by contrast, miners have requested loads of 50 megawatts and, in several cases, 100 megawatts.
By comparison, a fruit warehouse uses around 2.5 megawatts.

But it’s not simply the scale of requests that is perplexing utility staff.
Many would-be miners have no understanding of how large power purchases work.
In one case this winter, miners from China landed their private jet at the local airport, drove a rental car to the visitor center at the Rocky Reach Dam, just north of Wenatchee, and, according to Chelan County PUD officials, politely asked to see the “dam master because we want to buy some electricity.”

Bitcoin fever has created other, smaller-scale problems for the utility.
Three times a week, on average, utility crews in Chelan County discover unpermitted home miners running computer servers far too large for the electrical grids of residential neighborhoods.
In one instance last year, the transformer outside a bootleg miner’s home overheated and touched off a grass fire, Chelan County PUD officials say.

In other cases, utility crews responding to unusual spikes in power usage have found racks of remotely controlled servers whirring away in empty apartments.
Worse, when the utility began shutting off power to these so-called “rogue operators” earlier this year, some of them became so belligerent that the utility is installing security cameras and bulletproof glass at its downtown Wenatchee headquarters.

By February, the Bitcoin “gold rush,” as Wright calls it, had become so overwhelming that Chelan County PUD declared a three-month moratorium on new mines to determine whether the county can absorb even a fraction of that demand.
But answering that question was more complex than the utility anticipated — and at the recent hearing, the commission voted to extend the freeze another three months.

I don't think so. More and more miners are starting to use green energy to power their rigs and green power plants are increasing and very fast pace so I don't believe energy will be a problem in the future.

My concern was high energy consumption with smaller rewards and the POS
mining getting popular but with all the comments here its clear that energy
is not going to be a concern in bitcoins future. As in general terms energy
generation is moving slowly away from fossil to renewable the energy bitcoin
uses will be from green sources. I guess the issue has been blown out of
proportion in the media.
Thanks for the replies.

PoS is not as good as you think, there are better algorithms out there. and just because some altcoin is talking about switching to it, that  doesn't mean it is good. you have to see what their reasons are for making such a switch. and in case of ethereum is for a bigger control and a lot more earning since they are already controlling at least 70% of the supply.

My concern was high energy consumption with smaller rewards and the POS
mining getting popular but with all the comments here its clear that energy
is not going to be a concern in bitcoins future. As in general terms energy
generation is moving slowly away from fossil to renewable the energy bitcoin
uses will be from green sources. I guess the issue has been blown out of
proportion in the media.
Thanks for the replies.

I think you fail to understand the major problem.

Bitcoin problem is the fact that it's Energy Wasting is Growing Exponentially!


https://www.pri.org/stories/2017-12-20/bitcoins-sky-rocketing-energy-use-viral-story-we-checked-math

The Modern Fiat system of Banks and visa card payment do use electricity ,
but it has taken decades to reach it's current energy footprint and its growth rate is Not Exponential,
Never have we heard of a bank being refused permission to operate because they used so much electricity they increase the rates for everyone else.

In Crypto , we already have coins that don't use proof of work and have more transactions capacity than bitcoin and their energy consumption is so small, it won't even be noticed.

Trying to cover up a major bitcoin problem by saying well just because Bitcoin is destroying the planet , but the other guy is worse , is pure bullshit.

When your parents or grandparent or friends can't afford to heat or cool their homes because the bitcoin miner down the road is raising their electric rates.
Then you realize all that money bitcoin is worth is coming at the direct expense of the poor and elderly.

My concern is will bitcoin mining become its biggest negative going forward?