Topic: Power consumption of Bitcoin mining - page 2. (Read 1115 times)

I think the problem of bitcoin and energy consumption is somewhat exaggerated. Look at our world. Advertising signs, factories, residential buildings and commercial, they all consume a huge amount of electricity. And bitcoin mining on this scale is very small.

I think there is a point. Bitcoin mining can consume energy so much becausebyou need to open your computer all day all night together with your internet to earn a small amount of bitcoin. I think this is not practical even if you are doing nothing. But think wisely if you are not lossing if you earn small but you have a lot of expenses in energy and internet consumption. And for me it is more practical if you are joining in signature campaign. It is more less expenses and you need to use your mind and you need to follow the timeline in posting but the advantage is it is you dont have to pay more energy and internet consumption.

This is true there are lots of banks in the whole world and those banks consume a huge amount electricity on their everyday operation.

I wonder why they compute the power consumption of mining bitcoin are they not happy that a miner get high bills and pay it properly?.

Yeah...to bad that's just a myth

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You should realize that mining is a business, they need cheap energy and if they can get cheap energy they will use anything, coal, gas, oil, teddy bears or ponies, they will burn anything as long as its cheaper.

Bitcoin mining is consume more electric power because mining requires super computers and very high internet and it will also take more time, we should always turn those computers.so mining consumption more power.

I am not sure about the numbers, but mining is certainly a very power hungry operation. Until a more efficient method of mining is devised it will only get more power hungry. green energy solar, wind etc may help but it;s still going to be an issue

For the sake of the environment that amount of energy to be emitted to the atmosphere will surely be harmful over time. It can also be added to the sins of bitcoin in other to have it destroyed. I am of the opinion that other cleaner sources of energy should be used for the coin mining. There are  other green sources like solar, wind and hydro where the expert can look on for alternative energy sources for crypto mining. We need to do all we can to shift the negative intentions targeted to cryptocurrencies in other to have it destroyed.

Bitcoin will receive more electric power while mining the coins, it is not easy thing to mine the coins, mining also need high speed internet and super computers so this is the reason it will take more power.

I think you are right. In terms of what is making global warming and/or climate change worst, bitcoin mining is definitely not the number one reason to blame for it. There are huge corporations releasing toxic wastes and burning fossil fuels. Compared that to bitcoin mining, the latter does not look like a big threat to our environment.

Sure that whoever leaves mining, they do it for good, because to come back they would need to start afresh, make investments again etc.

Rather, what I meant by "people leave mining, hashrate drops" is that people switch between coins that bring most profit. I don't mine today, but back then when I mined you could choose the most profitable coin (it would fluctuate all the time) and I am sure nowadays it is even more automated then back then.

This is why I said that all that self regulates.


Sure, you see, halving is a well expected and timed event. You can incorporate it into your predictions, profit calculations and business plans well ahead of time. As a result, future halvings must be already accounted for in current price levels. Just like dividents or statements of National Bank Officials (capitals intended) are already accounted for in the price levels of stocks ahead of time and only if there is a surprising statement it affects the price after it is announced.

So long term, halving cannot hurt profitability.

Sure, short term all kinds of fluctuations happen (e.g. as there are delays in difficulty calculations, people flock to mine an expensive low difficulty coin, only to change over to the next expensive low difficulty coin when the difficulty of the first one is recalculated).

Bitcoin will take more electricity for mining and also have best price too, some countries are restricted to mine minimum number of coins. if want to mine in less electricity better to go for other crypto.

Oh, god this is just ridiculous. There are a TON of factors which should be taken in place , one of the biggest is the most of btc mining is done by clean energy sources as hydro ,solar and thermal so who cares about the consumption as long as it does not contribute to climate change and also one can make good arguments that current financial txs consume much more energy.

the GPU, graphics card unit for mining, has the biggest power consumption, like the 1 Rig have the 10 VGA, 1 VGA have 100W, so in 1 RIG it have 1500W, as we know 1500W is the biggest amount of the electricity power

Of course thats another false news or negative feeds to break bitcoins and cryptocurrency in the eyes of many people.but what we need to learn here is the truth about the energy conservation that most miners using now.so theres no need to listen in what others says

Bitcoin is very sustainable and now the very successful crypto currency all over the world and we all know that this is human psychology that in every success there are some people who are being jealous of that success every time and the same thing is happening with bitcoin also there are rumours that in the coming decade it will be using twice the amount of electricity as use by the entire world currently, though the bitcoin mining requires some amount of electricity but this doubling the amount of electricity use of the entire world is completely hypothetical in my opinion.

WhAt exactly is “staking”? And how do I do it? Is it similar to mining? Thanks.

Off course every year, electricity capacity should always increased by government because economic activity increasing too. I am believe bitcoin mining is economic activity too and it helps people getting extra income from cryptocurrency industry.
I think more power needed by bitcoin mining, more good for bitcoin because the activity on bitcoin increasing and the price must be increasing too

Bitcoin has been alarming people for years because of the amount of electricity needed to mint new virtual coinage.

Bitcoin and most other cryptocurrencies are founded on the notion of an immutable ledger, called the blockchain, which comprises the transfer of value from one party to another.

Cryptocurrency “miners” seek results to a kind of algorithmic puzzle that fits a very specific set to requirements. Every ten minutes on average, a server finds an acceptable solution, and the miner gets a reward from the bitcoin system.

The miner’s combination of solution and transactions is also added to the blockchain. The new block does not become a de facto part of the ledger until a few more blocks are added, because valid solutions are sometimes found simultaneously, and it is not always clear straightaway which will become the longest, winning fork in the chain.

To ensure that coins cannot be minted too quickly, as the overall network’s computational power increases, the bitcoin protocol continually makes it harder to find a putative solution. Miners are obliged therefore to keep upgrading in order to earn rewards as fast as competitors. And more computing power requires more electricity.

Technology will also find its way into the GPUs and bring the computing power more faster and efficient level. I do believe though that bitcoin mining now is very power consuming. Imagine, at this level of adaption, it already consumes this amount of energy at approximately 4 TPS. I sure hope they find a solution soon.

A new study by Power Compare shows that the current consumption of electricity for digital currency is far more than that of more than 20 European countries. Only in some countries have more electricity consumption than Ireland, Croatia, Serbia, Slovakia and Iceland. Interestingly, only three countries in Africa are currently consuming more electricity than Bitcoin: South Africa, Ai And Algeria. According to Power Compare, Bitcoin's annual estimated electricity consumption is about 29.05 TWh - equivalent to 0.13% of global electricity demand.