Power consumption of Bitcoin mining - page 4.

Blackhammer321

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Activity: 400

Merit: 59

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.

gorokill

sr. member

Activity: 490

Merit: 250

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 miner's role is very important for blockchain and supports the performance of cryptocurrency itself, it makes good profits for all miners even though the strength required is not small to operate a bitcoin mining rig. Some countries use natural methods to provide electricity at stable and inexpensive prices and give them the advantage of getting good profits from mining.

Snyderfx2

member

Activity: 351

Merit: 10

Most people only consider the power consumption of bitcoin mining and that is a major scenario in many media broadcasts but no one think about the benefits that majority of people has gained by using bitcoin through effective and efficient transactions methods as a digital currency so bitcoin maybe consuming more electricity than other currencies but it is a fact or a cost that the world can ignore when considering many benefits and advantages it gives to its users

anitaraymonds

full member

Activity: 490

Merit: 100

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?

Bitcoin has been attacked for most part of 2018 and this has really impacted on the market price and value of bitcoin and all these attacks are coming from government on the ground that bitcoin is anonymous and could easily be used for crimes and drugs. If another attack that will be coming from the environmental angle hit bitcoin then there will be much problem for the coins to make it. I will like to suggest that miners should consider another source of energy that is environment friendly like solar, wind and hydropower for energy source. This will go along way to shift attention from bitcoin.

slaz26

full member

Activity: 476

Merit: 100

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?

All this of course small problems of bitcoin and the General sphere of cryptocurrencies, there are problems and more important, well, it's different. that such here small problems can be embodied in one big.

dewildance

full member

Activity: 546

Merit: 100

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 energy consumption cannot be sustained when we think about the long term. In this respect, we have to take a step in energy production. (For our future, we have to think of it as green energy.) or we should experience technological developments in mining with low energy.

player1001101001

jr. member

Activity: 336

Merit: 2

Quote from: AGD on May 18, 2018, 05:02:39 AM

Watch this to understand:
https://www.youtube.com/watch?v=2T0OUIW89II

I just watched this video and it is very helpful to understand that there are many thing which are consuming more energy as compare to bitcoin mining. But people don't aware of those things, I just recommend to everyone please check out this video and you will get answers of all your questions which is related to power consumption of bitcoin mining.

ETHtotheMOON1

jr. member

Activity: 280

Merit: 3

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 it's quite a lot, I also feel like the energy consumption caused by bitcoin mining should be solved somehow, it's not good to contribute more to the greenhouse effect. We should be more progressive as community than that

Dragongin

newbie

Activity: 43

Merit: 0

Tapping is not bad, however as you say, it consumes power leading to illegal exploitation, and what's next? I'm not a good end to anyone, but since you risk everything for it, it's the debt you have to pay, sincerely. Do you consider using the most powerful GPUs in the world to play games, wasted rather than running those GPUs to maintain a global currency? Most ASICs in today's development are geared towards energy efficiency and farm operations provided by renewable energy sources, such as hydropower / solar / solar. In a report released today, Morgan Stanley analysts estimate that the power consumption for computer systems used to exploit Bitcoin is currently about 0.6%. global bridge.

Dmitry.Vastov

hero member

Activity: 840

Merit: 520

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?

There was a rumour all around the world that the electricity consumption of bitcoin is very high and in the coming decade bitcoin will going to use double the amount of electricity as used by the entire world currently so I think this is a work of FUDs and they are trying to bring down the valuation of bitcoin and this is all rubbish because now everyone knows that bitcoin is very sustainable crypto currency and there are millions of people around the world who are investing in bitcoin and they are satisfied with the bitcoin services.

raymond013

newbie

Activity: 35

Merit: 0

The future of bitcoin mining may be more environmentally friendly, but I do not think the bitcoin industry is currently consuming a lot of electricity, and a lot of idle energy sources in some remote areas. However, there must be a way to help save that energy so that the miners can make their money while using the tools necessary to do so. Tapping is not bad, however as you say, it consumes power leading to illegal exploitation, and what's next? I'm not a good end to anyone, but since you risk everything for it, it's the debt you have to pay, sincerely. Do you consider using the most powerful GPUs in the world to play games, wasted rather than running those GPUs to maintain a global currency? Most ASICs in today's development are geared towards energy efficiency and farm operations provided by renewable energy sources, such as hydropower / solar

primeminer

sr. member

Activity: 424

Merit: 250

Quote from: 1993jochico on September 25, 2018, 08:56:20 PM

I think there will be a new method that can use by miners in the future invention is never ending maybe we cant think of it now but maybe someone will, the mining consumption also gives more expenses to the miners and it would be great to to hear out a new way to mine that gives lower expenses.

mining can indeed give great results if the prices are all the same as in 2017, at that time almost everyone rushed to find coins by mining. different from now all coins have decreased in price so that it gives little profit. even the cost of running a machine is not enough. now I prefer to trade because the capital needed is very affordable.

1993jochico

member

Activity: 364

Merit: 46

I think there will be a new method that can use by miners in the future invention is never ending maybe we cant think of it now but maybe someone will, the mining consumption also gives more expenses to the miners and it would be great to to hear out a new way to mine that gives lower expenses.

CoinsGazer

jr. member

Activity: 104

Merit: 1

Bitcoin mining uses a lot of energy (electricity). In other words, its impact on the environment depends entirely on the “green performance” of the global energy network. If the global electricity network cannot achieve near-zero emissions by 2050, then the renewable energy industry should be ashamed of the lack of market success. But if it can achieve near-zero emissions, the impact of Bitcoin on the environment is minimal.

ongkok87

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Activity: 1120

Merit: 256

Quote from: coinnumber on July 13, 2018, 09:31:59 PM

Quote from: levvv on June 20, 2018, 10:38:35 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?

If you compare with fiat currency, cryptocurrency energy cost is still far from them.
for example if you use paper money, you need to cut trees to make paper, electricity for production machines, waste products, etc

I don't think electricity consumed by bitcoin miners will have negative effects on bitcoin future besides it's already known and for the New energy-saving mining method it will be a very good development if that will happen in the nearest future it may be faster and more reliable compare to the present methods and machines.

I think the electricity that will be used as a mine can increase dramatically because more and more miners in the country. so more electricity supply will be used

pitiflin

hero member

Activity: 980

Merit: 507

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 now a old school thing. You can't realistically mine bitcoin's and get a nice chunk of it. Not to mention how much the difficulty level of bitcoin is and how costly it is to mine a single bitcoin. Bitcoin isn't environmental friendly exactly because not every single miner would be able to use solar power, so hence they'd obviously use normal electricity, which is a big let down.

spiker777

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Activity: 1007

Merit: 279

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Seems like a major over exaggeration, I would like to see where they get their numbers from to assume they use 0.5% of the entire world's energy supply, that's incredibly insane. I have seen other reports saying Bitcoin mining consumes more energy than some entire small countries! If that is true, then we should really be working on a solution to improve the power efficiency of the mining network, as 0.5% of the energy supply is just unsustainable if it continues growing.

Phan Long

jr. member

Activity: 238

Merit: 2

There is no law that prohibits the use of a person's maximum electric energy, only to increase the rate of income when they use too much energy.
Bitcoin mining has a lot of potential for enrichment, so a lot of people invest in machines to exploit Bitcoin. So much energy is needed for the machines to work.
However, small banks around the world are consuming less and less electricity.
Electronic money is an improvement on the world's currency, it overcomes the complex and expensive disadvantages of traditional trading and the problems surrounding it.

Sponsoredby15

sr. member

Activity: 644

Merit: 250

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 a bias article. They should also include bank electricity consumption because even banks are using computers in every branch and ATM are also everywhere. Compute it all and you will see that Bitcoin is more energy efficient than bank transaction.

MD Nur Hossain

copper member

Activity: 166

Merit: 100

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 is essential for Blockchain and it will bring a good profit for all mining. Bitcoin mining rigs will need energy to run. In some countries it will feel the need to use this natural way for the supply of stable and cheap prices. It will give better profits than mining.

Topic: Power consumption of Bitcoin mining - page 4. (Read 1115 times)