It's old fashioned and uses lots of electricity which is bad for environment (unless most miners use clean/renewable energy), but there are popular alternative to mining/PoW (Proof of Work) such as :
1. Proof Of Stake/PoS
2. Delegated Proof of Stake/PoS (basically improved version of PoS & currently popular)
3. Proof of Burn
4. Proof of Activity/PoP (basically combination of PoW & PoS, but only few coins use this)
But don't forget that many people say PoW is best way to make blockchain secure.
More info :
https://hackernoon.com/explain-delegated-proof-of-stake-like-im-5-888b2a74897d
https://www.blockchain-council.org/blockchain/what-are-the-alternative-strategies-for-proof-of-work/
Topic: Isn't mining a bit old fashion? (Read 283 times)
Please cite the figures of the electricity and resource usage of the US banking system. How much electricity do all banks in the US use combined? What is the electricity cost of powering servers in giant datacenters to store and backup transactions? What are the ultility costs to keep all physical banks open. How many trees get cut down to print paper money and much is spent on acquiring and forming the metal used in coins? How much gas is spent on armored trucks transporting money? And this is just one country I am talking about. Lets see the stats for the 10 largest countries combined.
These arguments are pointless if you can't cite the resource usage of the alternative.
These arguments are pointless if you can't cite the resource usage of the alternative.
Of course it's old fashioned. In fact payment based on services rendered is the oldest model in history. It's a model that has proven itself and works, that's the point. No need to reinvent the wheel.
One of the things that makes POW work in the first place is the fact that electricity costs money. Without consuming something, POW wouldn’t really secure the network. There’s a cost to securing any network, and in the case of most crypto this is the use of electrical power.
Yes, mining or proof-of-work is slowly fading out. The new trend is now proof of stake (POS) which uses a few master nodes. Proof of stake is much more environment friendly and consumes much less electricity than proof of work. So many new coins that are coming out are now using proof of stake instead of proof of work. Some coins are a hybrid and use proof of stake and proof of work, which is still better. However, many coins are still mineable, so it isn't going away anytime soon. But I believe the trend is going to be less direct proof of work and either a different method or a hybrid.
I would say that mining is a bit old fashion. It cost a lot of electricity. We are seeing that a lot of coins are going to be POS or having Masternodes. But for Masternodes, they still need miners as they receive a part of the mining reward. And for POS, the more coins you have, the more rewards you are going to earn.
For any kind of economy, it is the person who has invest the most money or who has arrived the earliest who is going to earn more.
Oh, i forgot that there is also full POS coins. The dev usually distributes some coins to people at the start of the coin. But it is difficult for new coins to start, as the listing fees to appear in an exchange is very high now.
For any kind of economy, it is the person who has invest the most money or who has arrived the earliest who is going to earn more.
Oh, i forgot that there is also full POS coins. The dev usually distributes some coins to people at the start of the coin. But it is difficult for new coins to start, as the listing fees to appear in an exchange is very high now.
Doesn't every new big new technological boom show a huge increase in electricity usage at its early stages.
Of course!!
I think this doom and gloom sentiment specifically about mining comes from a fundamental misunderstanding of what proof of work is, how it works, why it works, its purpose in securing the network, and so on. People think it's just some unnecessary, arbitrary computing power that isn't needed. But the truth is that it is the backbone of what makes a blockchain secure, and it still has a number of significant advantages over POS, DPOS, etc. You could debate which is better, and there may be an argument that other consensus systems are better, but that's a whole different conversation.
And just as an aside, do the people complain about it not use electricity? Or gas? Of course they do. So, what, you get to decide how much electricity you can use, and how much everyone else should be using, but they can't decide for themselves? Who make you the all-knowing electricity king? This whole thing drives me bananas.
edit - there is also a lot of talk about how pow mining is incentivizing people to find more efficient electricity sources...
Doesn't every new big new technological boom show a huge increase in electricity usage at its early stages. I don't have hard numbers but i am sure that when the dot com boom took place there was also a big affect on electricity consumption with newer tech being created to satisfy the demands of the industry. Anyone my point is that this has surely happened in history it is just portrayed in different ways by the people with power so that the average joes have different perceptions on it i.e the media generally hasn't been pro cryptocurrency or bitcoin at all so of course they would use this as an argument against it.
The power consumed by the internet giants’ massive server farms and the mining of the cryptocurrency are growing into a giant environmental headache.
The consequences are astonishing but predictable. According to one estimate, bitcoin mining is now consuming more electricity than 159 countries, including Ireland, Bahrain and the Slovak Republic. The same source reckons that it’s currently taking as much electricity as would be required to power 2.7m US households and that it’s responsible for 0.13% of global electricity consumption. If things go on like this, bitcoin mining will require all of Denmark’s electricity consumption by about 2020.
So... Isn't it the time to stop with it? It's not that other options are non-existent.
it is not old.it is become tough.and you are telling about electricity consumption, if you get profit then it doesn't matter about electricity cost.industrialization have bad effect on environment. do we stop it for environment?The consequences are astonishing but predictable. According to one estimate, bitcoin mining is now consuming more electricity than 159 countries, including Ireland, Bahrain and the Slovak Republic. The same source reckons that it’s currently taking as much electricity as would be required to power 2.7m US households and that it’s responsible for 0.13% of global electricity consumption. If things go on like this, bitcoin mining will require all of Denmark’s electricity consumption by about 2020.
So... Isn't it the time to stop with it? It's not that other options are non-existent.
if people can not get profit they definitely stop it,so don't worry.
and I don't think your sources are reliable.if sources are reliable I will give my opinion on your topic.
oh but i suppose all the electricity and gas that the entire banking system uses is not a problem, because reasons?
mining isn't going anywhere, its not old fashion? Its only been around for 10 years...
The need and demand for more hashing power goes up every day, whether its to be used for mining bitcoin or an alt coin or even as a compute cluster for some other application.
So long as its possible to make even a tiny profit doing anything people will do it
The need and demand for more hashing power goes up every day, whether its to be used for mining bitcoin or an alt coin or even as a compute cluster for some other application.
So long as its possible to make even a tiny profit doing anything people will do it
According to one estimate, bitcoin mining is now consuming more electricity than 159 countries
You didn't post any source, so the credibility of this dropped to zero. Also it's written in a manner to think it's 159 countries combined, which is not.
Now, ask your source how much electricity consumes worldwide all the shiny advertising all the companies put up in all the big cities around the globe. Make a comparison and then think which of the two is more meaningful.
Imho mining is just fine.
The power consumed by the internet giants’ massive server farms and the mining of the cryptocurrency are growing into a giant environmental headache.
COCK AND BULL!!!
Where are your sources? Links? Statistics? GTFO!
This will change when more and more Coins will use POS.
Until then the most people who can make profit with mining will go on.
Until then the most people who can make profit with mining will go on.
topics like these have opened up before, join them instead of opening a new one.
better use the elec and get money from it than to spend it on heating etc ~ so mining is not stupid and waste of elec, only blind opinions are
better use the elec and get money from it than to spend it on heating etc ~ so mining is not stupid and waste of elec, only blind opinions are
Well, if you think only money side, of course then. Not stupid at all to use it.
But isn't it the time to move on? Is money the only thing you care about?
I don't... and for sure a lot of people will think the same.
And don't get me wrong. I followed Bitcoin for a long time, for its ideology rather than for the profit made out of it. Because it had the vision.
Well, the vision continues, not the path to get there...
I am sure there are lots of topics about that opened before. Means that I am not allowed to start one myself?
topics like these have opened up before, join them instead of opening a new one.
better use the elec and get money from it than to spend it on heating etc ~ so mining is not stupid and waste of elec, only blind opinions are
better use the elec and get money from it than to spend it on heating etc ~ so mining is not stupid and waste of elec, only blind opinions are
The power consumed by the internet giants’ massive server farms and the mining of the cryptocurrency are growing into a giant environmental headache.
The consequences are astonishing but predictable. According to one estimate, bitcoin mining is now consuming more electricity than 159 countries, including Ireland, Bahrain and the Slovak Republic. The same source reckons that it’s currently taking as much electricity as would be required to power 2.7m US households and that it’s responsible for 0.13% of global electricity consumption. If things go on like this, bitcoin mining will require all of Denmark’s electricity consumption by about 2020.
So... Isn't it the time to stop with it? It's not that other options are non-existent.
Mining - electric cost - maintenance = some $ than is not time to quit The consequences are astonishing but predictable. According to one estimate, bitcoin mining is now consuming more electricity than 159 countries, including Ireland, Bahrain and the Slovak Republic. The same source reckons that it’s currently taking as much electricity as would be required to power 2.7m US households and that it’s responsible for 0.13% of global electricity consumption. If things go on like this, bitcoin mining will require all of Denmark’s electricity consumption by about 2020.
So... Isn't it the time to stop with it? It's not that other options are non-existent.
The power consumed by the internet giants’ massive server farms and the mining of the cryptocurrency are growing into a giant environmental headache.
The consequences are astonishing but predictable. According to one estimate, bitcoin mining is now consuming more electricity than 159 countries, including Ireland, Bahrain and the Slovak Republic. The same source reckons that it’s currently taking as much electricity as would be required to power 2.7m US households and that it’s responsible for 0.13% of global electricity consumption. If things go on like this, bitcoin mining will require all of Denmark’s electricity consumption by about 2020.
So... Isn't it the time to stop with it? It's not that other options are non-existent.
The consequences are astonishing but predictable. According to one estimate, bitcoin mining is now consuming more electricity than 159 countries, including Ireland, Bahrain and the Slovak Republic. The same source reckons that it’s currently taking as much electricity as would be required to power 2.7m US households and that it’s responsible for 0.13% of global electricity consumption. If things go on like this, bitcoin mining will require all of Denmark’s electricity consumption by about 2020.
So... Isn't it the time to stop with it? It's not that other options are non-existent.
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