Power consumption of Bitcoin mining - page 3.

fosco333

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Quote from: BIRC on May 17, 2018, 11:04:23 PM

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?

I think bitcoin mining power consumption won't increased forever because when more peoples join to mining btc, the difficulty of bitcoin mining will rising.
If the mining difficult rising, the rewards for miners will be lower. If the rewards keep lowering, then many peoples will stop mining and the power consumption will decrease.

kucritt

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wow 0.5% is very high i think, and 0.5% is from all electricty in the world right? its is very high for electricity consumption, why people still mining? there are many people said that the bitcoin mining is not profitable anymore, the BEP is very long and i think its true from the price of the cryptocurrency and the rig price

maculeth

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BountyMarketCap

electricity consumption for bitcoin minning is too expensive, and that can affect bitcoin in the future. if minning is stopped, can it still continue the bitcoin ecosystem, what survives is only a trader and investor? is that possible?

SistaFista

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Hexhash.xyz

Quote from: BIRC on May 17, 2018, 11:04:23 PM

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?

Mining bitcoin is requiring much electricity indeed, but i don't think it will be harming our resources.
There are many eco friendly resources that we can use for mining bitcoin if we want create mining farm.
There are several bitcoin mining farms that using solar energy, or other alternate energy to save more resources.

NsmileChan

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The algorythms for mining Bitcoin are getting harder and harder to be calculated by the CPU's so they will use more and more energy.

bxipp

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I dont think the issues of electricity are the main problem in some countrys. Like my place we use hydro power for electricity and very cheap. Even tough mining bitcoin using a very high power but who care. We earn passive income from it every day and who know what happen if bitcoin price are skyrocket again. It sure about gaining profit the top of list.

thankyoulord

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A friend of mine said this recently that it takes a lot of time and a lot of electricity energy go down this road. The mechanism of bitcoin mining isn't easy though. His laptop crashes on the regular and it takes a lot to bring it back. So I agree with one of the comments that said that some people who mine bitcoin don't know the cost of what they are doing, and some people who find out at one point leaves the mining business for good. This is so true.

NeuroticFish

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Quote from: Pan Troglodytes on October 08, 2018, 04:41:32 AM

People leave bitcoin mining for good? No, it cannot happen long term. It is a self-regulating feedback loop. You see, when the profitability drops, people leave mining, hashrate drops, then as a consequence difficulty drops and profitability rises.

This sounds wonderful in theory. In reality, I believe that some miners do mine at a loss (some know it, some not) and some of them even leave this business for good.
But the chance is bigger the miner keeps mining at a loss than coming back after leaving this.

Quote from: Pan Troglodytes on October 08, 2018, 04:41:32 AM

What you may have been seeing are short term fluctuations. Even the halving didn't hurt profitability long term.

Care to elaborate a little? Halving doesn't necessarily get reflected in the price and I am sure that halving the income for the same work (the difficulty won't drop) and consumption is not great for profitability.

Pan Troglodytes

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Quote from: tegarp90 on October 05, 2018, 12:45:33 PM

Quote from: BIRC on May 17, 2018, 11:04:23 PM

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?

Nowadays less energy spent on bitcoin mining..
But not because new-invented technology, it's because people are leaving bitcoin mining due to no more profitable..
Sad truth..

People leave bitcoin mining for good? No, it cannot happen long term. It is a self-regulating feedback loop. You see, when the profitability drops, people leave mining, hashrate drops, then as a consequence difficulty drops and profitability rises. What you may have been seeing are short term fluctuations. Even the halving didn't hurt profitability long term.

tegarp90

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Quote from: BIRC on May 17, 2018, 11:04:23 PM

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?

Nowadays less energy spent on bitcoin mining..
But not because new-invented technology, it's because people are leaving bitcoin mining due to no more profitable..
Sad truth..

hometester

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Activity: 423

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bitcoin has been and will remain unchanged, and may be the only cryptocurrency that will be mined physically, not by itself. This means that it is a great tool for long-term investment, thanks to its value

indopool

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Quote from: BIRC on May 17, 2018, 11:04:23 PM

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?

This has been handled many times in this forum. And it is always exaggerated, whether it is for what purpose, which surely drops the image of Bitcoin. If it's true that mining consumes a large amount of electricity to exploit Bitcoin, of course the government will offer a more reasonable price to minimize this. So you don't have to worry too much about that.

bitcoindusts

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Activity: 1092

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Quote from: BIRC on May 17, 2018, 11:04:23 PM

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?

Developments in the field of bitcoin/crypto mining never ceased nor stopped, it has been a continual effort to find ways to better the mining rigs to make the system more efficient both in process and power consumption. People have been trying to lower down everything, from cost to the power consumption, and i tell you, there has been a lot of improvement in this area.

Secondly, it is not only the systems and the hardware that are being developed (in the sense of cryptocurrency in general). But developers has been trying to find a much more faster and efficient means of proofing a transaction so that they are verified at a much faster speed and blocks are created in a shorter process.

So i'm sure that we are all set to see how mining methodologies will revolutionize soon.

max fray

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Quote from: BIRC on May 17, 2018, 11:04:23 PM

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?

Well, there is already a so-called "proof-of-stake" (PoS) mechanism that does not require mining equipment at all. This would allow saving tons of electricity and could be a nice alternative for those people who are concerned about our Earth. There are already some coins that use PoS and one of them might become as popular as bitcoin just because of being friendly to the environment

Huskarls

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Quote from: BIRC on May 17, 2018, 11:04:23 PM

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?

this is still a lot of debate, on the one hand, mining bitcoin is something we can say "damaging" the environment because of inefficient use of energy, while on the other hand many blockchain projects in the name of green energy, but many have not been realized

pumbum

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bitcoin will always be limited to the amount, and thus will be even more limited, because mining is more difficult than POS

Pan Troglodytes

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Quote from: BIRC on May 17, 2018, 11:04:23 PM

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?

The investors who build huge bitcoin mining plants are very careful to maximize their profit and not to waste any part of it, and wasting energy is wasting their profit, too. So they choose the sites for their mining operations very carefully, in effect they locate them in places that:
1) can provide cooling cheaply (cold climate or near-by water reservoirs)
2) have access to cheap energy (close to renewable energy sources, eg. river dams).

In effect, the mining operations use renewable energy, very often the energy that otherwise (if not used) would be wasted anyway. Of course, it is not a rule, but a tendency driven by profit maximization. Anyway, this tendency makes the environmental impact of large scale bitcoin mining much less devastating than the figures from OP would make it to seem to be.

giantrobot

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It is true that the amount of energy used to extract the bitcoin is quite large. But if you compare the energy used in banks, this is still a small number. Too many banks in the world require energy to light and work. So the power consumption is huge.

Sebas.tian

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Quote from: Blackhammer321 on October 04, 2018, 05:45:04 AM

Quote from: sate_padang on May 18, 2018, 03:06:03 AM

To mine the bitcoin is very much needed electricity to use, but I think there will be a way to mine another coin that is more power efficient.

So true. We cannot only use the non-renewable resources to be the only source of energy. People can also used other forms to create electricity. Everything here is in deep need of electricity therefore we cannot really control it because it is a necessity. So the only thing we can do is to find alternatives.

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.

bob123

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Quote from: Sebas.tian on October 04, 2018, 06:25:12 AM

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 solution has already been found. A second layer solution called hashed timelocked contracts (HTLCs).
The most known implementation of HTLC's is the lightning network.

With the LN as a second layer, the TPS capability will heavily increase without increasing the energy consumption.

It might also be worth to mention that the whole energy consumption from the bitcoin network is just a small fraction of the energy consumption from the whole banking industry.
This 'bitcoin is killing the environment' argument is not valid at all. Especially since this assumes that the whole energy is (and will always be) from non-renewable sources. That's not an assumption one can easily make.

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