Is energy consumption going to hold bitcoin back? - page 2.

lizardbtc

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Quote from: aoluain on May 24, 2018, 05:09:51 PM

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?

POS is not perfect consensus algorythm nor is POW. POS might really be the better if we are talking about the energy consumption but it is also prone to network attacks. Energy to my mind should not be huge issue if we are ready to exchange it for the security of the network. Given in mind how many energy in the world is being wasted to my mind I see this as some negative side people can talk about. Off course it would be better to have more efficient way to have the network secured but honestly I do not believe that devs will be looking to change POW anytime soon with bitcoin, you could try with some proposal but it is hard to pull of from this point now.

20_JeRRy_20

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If energy consumption grows at the same rate, in a few years we will run into the limitations of the energy that we can afford to produce. This does not mean that cryptocurrencies will be covered with a copper basin. They are already trying to make cryptocurrencies less dependent on electricity, for example, Ethereum . But still 35 HDTV, as many say, it's too much to start with.

player514

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Quote from: aoluain on May 24, 2018, 05:09:51 PM

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?

I think energy consumption is a factor that has blown up recently because people never kept it in mind. The energy consumption of mining bitcoin might go up, but it won't surpass larger issues that the world has to deal with. For example, think about the huge number of cars being driven every day. That uses a lot of power too and outputs negative chemicals into Earth. With that in mind, the energy consumption of mining bitcoin is definitely high, but doesn't really have many negative consequences. Heat is the only major one. Furthermore, as the push for a greener Earth continues, there will likely better ways to harvest solar energy as well as other forms of energy. We may not depend on fossil fuels anymore soon.

Pursuer

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Where is my ring of blades...

at first look, specially at the media with all their drama against bitcoin these days it may seem like bitcoin is wasting a lot of energy but the fact is that it doesn't matter how much electricity bitcoin is using because it is providing us with a valuable utility that we are using and need it.

it is like saying the fossil fuel you burn in your car whenever you go out with it is a waste of energy and the energy consumption is holding "cars" back!

Zin-Zang

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Killing Lightning Network with a 51% Ignore attack

Quote from: aoluain on May 24, 2018, 05:09:51 PM

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?

It is already a concern as the location directly defines what the miners profit margin is?

https://bitcointalksearch.org/topic/m.38164588

Quote

The hidden damage of Bitcoin Transaction Processing is the insane Energy consumption :
https://digiconomist.net/bitcoin-energy-consumption
Electricity consumed per transaction (KWh) 941
Number of U.S. households powered for 1 day by the electricity consumed for a single transaction: 31.81
This is driving up the costs that people pay for electricity in their homes.
https://www.utilitydive.com/news/munis-to-charge-bitcoin-miners-higher-power-prices-in-new-york/519275/

https://cointelegraph.com/news/cases-of-illegal-bitcoin-and-cryptocurrency-mining-chicken-farms-and-new-york
The Bottom Graph in the above link shows the cost of mining per country and location makes a huge difference in a Bitcoin Miner's Profit margin.

Ethereum is going hybrid running PoW & PoS for quite a while, until they drop the PoW completely , their energy efficiently won't improve enough to matter.

qiwoman2

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Oikos.cash | Decentralized Finance on Tron

There is not much Bitcoin left to mine now, so with more and more bigger asics coming and there are places where cheap electricity and solar energy and clean energy is used, people are turning to greener mining solutions nowadays for Bitcoin, which might improve the over all environmental side of things where Bitcoin mining is concerned. I want to see a greener and cleaner Bitcoin for the years to come and I think we can accomplish this over time because of cleaner energy.

aoluain

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Thanks for the replies, i suppose the topic is more about energy consumption
rather than POS, i used Ethereum as an example but as posted above their
move may be about control.

My concern is will bitcoin mining become its biggest negative going forward?
There is an interesting article in the link below which points possibly to green
energy as a means to solve bitcoins huge energy consumption.

https://www.newsbtc.com/2018/05/21/will-bitcoin-solve-energy-consumption-problem/

pooya87

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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.

BitMaxz

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Happy New year 🤗

Energy consumption to mine bitcoin is the one biggest factor and concern because bitcoin mining is eating a huge amount of power and it could affect our climate change that can cause global warming.

I heard that this coming 2020 bitcoins will use all power to mine bitcoin that I think it is bad for our climate and possibility that power can be exhausted in the future.

However, maybe after all bitcoin mined bitcoin will switch to PoS algo in the future.

dothebeats

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I don't see bitcoin going PoS within the next couple of years, but the possibility of that happening is still high considering that most people are already advocating for greener energy sources and eyes bitcoin for its power consumption. Right now, PoW ensures that no one could alter the integrity of the whole network since the hashing power is distributed around the world, though the downside is its huge energy consumption. On the other hand, PoS, though greener, tends to favor those who have huge wallet balances on creating new coins, thus centralizing the power of the network. Either of the two has its own pros and cons, and PoW IMO wins the tale of the tape by a slight edge. The future development regarding bitcoin's features and whatnot could hopefully solve this question regarding the switch of algorithms.

aoluain

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Activity: 2464

Merit: 1387

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?

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