Power consumption propaganda? | Bitcointalksearch.org

finaleshot2016

legendary

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Quote from: Powerloader on March 17, 2021, 11:16:04 PM

Would be interested to hear what the point of view is on a recent increase in press statements as follows: ‘Bitcoin may soon consume more power than Australia’— almost 10 times more than Google, Microsoft and Facebook combined.
Is there anything behind this or is it just another angle of attack against bitcoin prompted by remarks by Bill Gates?.....is it even possible to calculate consumption in this way?

Prolly just propaganda against bitcoin.

There are multiple kinds of factories that consume a lot of energy, especially those that produce devices such as smartphones, consoles, hardware, and so on. Every year, a great deal of energy is wasted in the production of components that aren't used or sold. Actually, if they use a lot of power, which means they're tripling their production rate, they'll make a lot of money, particularly if their product is in high demand. I'm not sure why they keep blaming bitcoin when some private producers are among those who waste energy on products that are only used for entertainment.

Read this https://bitcointalksearch.org/topic/debunking-the-bitcoin-is-an-environmental-disaster-argument-5325350

galestorm

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Futurov

Well it is true, Bitcoin mining consumes a lot of energy. Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year - and is unlikely to fall unless the value of the currency slumps. Some say that bitcoin mining is an environmental conundrum and that it is responsible for nearly 37 million metric tons of carbon emissions each year. I guess it would be helpful if most of the bitcoin mining operations use renewable energy. Just to lessen the carbon footprint, that's all. Then again, why are they only focused on bitcoin? There are other industries that produce way more carbon emissions.

AicecreaME

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I mean, what about majority of 7 billion people living on this planet that consumes electricity, like come on, we all know that they consume more than Bitcoin mining rigs. Besides, there's nothing bad I guess about it since the power companies make profits on it because mining rigs consume its needed electricity. It's just a cycle Consumer>Supplier>Government>Country, we are all getting the benefits on one another actions.

The only problem are those people who are greedy in power and always want the attention of the people, they all wanted to take the spotlight forever but Bitcoin shines much brighter than them so it's much better to ignore them.

GeorgeJohn

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Quote from: best123 on March 20, 2021, 07:05:10 PM

When you don't like a thing, almost everything about that thing is always ugly. Most of these people saying all these things have not been in support of Bitcoin and cryptocurrency. Bitcoin and altcoins are not the only thing consume power. There is always solution to every problem. Let's increase power generation.

You're right because at time develop hatred just like that in order degrade who ever them feel like intermediate the list with a force information that will look ugly as you said here mate, it's obvious that many people dislike cryptocurrency, and is not even today, so those that is against Bitcoin will keep on castigating the use of Bitcoin till the end of it, so it's not the end, the result currently is massive turn up in Bitcoin and alternative coins everyday and every hours.

best123

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When you don't like a thing, almost everything about that thing is always ugly. Most of these people saying all these things have not been in support of Bitcoin and cryptocurrency. Bitcoin and altcoins are not the only thing consume power. There is always solution to every problem. Let's increase power generation.

pixie85

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I'd call it a socialist propaganda.

In my opinion more consumption means more money for the businesses that produce power. It means more demand and demand creates workplaces. It pays people and allows them to have a family and not worry abut finances.

Makes you think what those who want mining to disappear would say to people who work in that sector and are feeding their families because they have a booming business.

zeuner

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Quote from: Powerloader on March 17, 2021, 11:16:04 PM

Would be interested to hear what the point of view is on a recent increase in press statements as follows: ‘Bitcoin may soon consume more power than Australia’— almost 10 times more than Google, Microsoft and Facebook combined.
Is there anything behind this or is it just another angle of attack against bitcoin prompted by remarks by Bill Gates?.....is it even possible to calculate consumption in this way?

Bitcoin's energy consumption is rather easy to model. It will always tend towards an equilibrium defined by:

bitcoins generated TIMES price per bitcoin EQUALS energy units consumed by bitcoin TIMES price per energy unit

As long as the left side in lower than the right side, mining becomes unprofitable and will be reduced. As long as the left side is higher than the right side, it's profitable to use even more energy for mining.

Do that with Australia, Google, Microsoft or Facebook. It's not as transparent and to some extent, you have to trust the numbers they publish.

masterzino

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Quote from: Powerloader on March 17, 2021, 11:16:04 PM

Would be interested to hear what the point of view is on a recent increase in press statements as follows: ‘Bitcoin may soon consume more power than Australia’— almost 10 times more than Google, Microsoft and Facebook combined.
Is there anything behind this or is it just another angle of attack against bitcoin prompted by remarks by Bill Gates?.....is it even possible to calculate consumption in this way?

Half-truths are the most dangerous.

Yes, this is partially true as PoW is a very energy consumption algorithm. At the same time, only the plugged standby chargers are using way more energy globally. [1]
Banks are eating even more, but nobody is demonizing the bank about their carbon footprint.

[1] Vampire Energy: Essential Answer
https://stanfordmag.org/contents/vampire-energy-essential-answer

Theb

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It's just how people are trying hard to find a reason on banning something or at least make other people concerned about it. If they are concerned about the electrical consumption of Bitcoin then they must be more concerned on other industries that consume more electricity but we don't see them do that kind of action, to keep it short they just want people to worry about it. It's the same approach as what other people are doing when they say "Bitcoin is dark web money" or "Bitcoin is a money for criminals" its the same motive but on a different approach and all they want is to mislead you.

orions.belt19

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Obviously, the ones saying that Bitcoin consumes too much electricity don't even know what they're saying. I don't understand why they're so quick to point their fingers when there's literally so much other industries that kills the environment. Why not shift their focus to that, huh? You would think that they have turned out to be environmentalists all of a sudden. You can't deny the fact the Bitcoin really does consume a lot of energy but the propaganda exaggerates it too much to show a negative side of Bitcoin.

Saint-loup

legendary

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Quote from: Shasha80 on March 19, 2021, 10:22:55 PM

I think Bitcoin is being blamed for consuming a lot of electricity is not very wise. Because there are other things whose electricity consumption is
greater than Bitcoin is not in question, this is just an attempt to bring down Bitcoin. It doesn't matter to me that Bitcoin consumes a lot of electricity,
as long as it provides benefits for many people. The problem is that many Bitcoin haters only see Bitcoin from the negative side, they cannot accept
the positive side of Bitcoin. In the end this matter became a long debate, which in my opinion should not have happened.

Is Bitcoin currently consuming large amounts of electricity? Yes or no? I don't think denying this state of fact will convince anyone, its energy consumption is a matter, whether you like it or not.

Quote

Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year - and is unlikely to fall unless the value of the currency slumps.
[...]
The online tool has ranked Bitcoin’s electricity consumption above Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh) - and it is gradually creeping up on Norway (122.20 TWh).

The energy it uses could power all kettles used in the UK for 27 years, it said.

https://www.bbc.com/news/technology-56012952

The Cambridge Bitcoin Electricity Consumption Index : https://cbeci.org

Shasha80

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I think Bitcoin is being blamed for consuming a lot of electricity is not very wise. Because there are other things whose electricity consumption is
greater than Bitcoin is not in question, this is just an attempt to bring down Bitcoin. It doesn't matter to me that Bitcoin consumes a lot of electricity,
as long as it provides benefits for many people. The problem is that many Bitcoin haters only see Bitcoin from the negative side, they cannot accept
the positive side of Bitcoin. In the end this matter became a long debate, which in my opinion should not have happened.

blackened515

sr. member

Activity: 1218

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What usually draw the power consumption enough is the actual efficiency of power from the bitcoin mining farm, usually, there needs a cool and steady standby electricity in performing mining activities, therefore, such process drains out the more power from electrical source of power.

Considering this above process gives rise to renewable energy in the society, at least mining Bitcoin with power supply is not a waste of energy but it transforms into a source of country revenue, China government already uses it to backup her economy failure.

Bilgent

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Quote from: Kakmakr on March 19, 2021, 05:55:19 PM

I think it is more misinformation and a lack of understanding and also a lack of basic research on the subject matter. If you do a little bit of proper research... you will notice that most of the mining in China are done with renewable/clean surplus energy resources. (Hydro electricity and Wind farms etc..)

Also, if you look at the energy needed for the alternative currencies... you might notice that it is using a lot more energy. (Banks use enormous amounts of energy for CCTV / Cooling / Office equipment etc.) Wink

You really made a point. There are many institutions etc. that have much more power consumption than Bitcoin miners. And we are having much bigger environmental problems than this but it looks like some people don't want to put them to the first place in the list. And we also have global warming which is very important and caused by various things. If this kind of people really care about the world, they should especially indicate them.

Kakmakr

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I think it is more misinformation and a lack of understanding and also a lack of basic research on the subject matter. If you do a little bit of proper research... you will notice that most of the mining in China are done with renewable/clean surplus energy resources. (Hydro electricity and Wind farms etc..)

Also, if you look at the energy needed for the alternative currencies... you might notice that it is using a lot more energy. (Banks use enormous amounts of energy for CCTV / Cooling / Office equipment etc.) Wink

Lanatsa

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Quote from: prehisto on March 19, 2021, 04:46:32 PM

This topic is recirculated often , people like to hear about BTCs negative side, because most of them have missed the train.

It is hard to evaluate if the power consumption of BTC has real impact to enviroment. We would have to get data on how much miners uses energy generated from fossil fuels and how much uses clean energy.

I totally agree with this when it comes to continuing to elaborate the negative side but without even thinking back about how it would be harming out when it comes to power consumption
if the supply is just really that right or ample to support it? as long it doesn't really harm or risk out everything then it should be completely fine.

These are indeed propaganda to make Bitcoin to be on the negative side of things again but well, I don't really mind that much because people aren't really that dumb to make
out direct conclusions without any reconsideration on checking out everything.

So its better not to put that much of attention into those calls.

prehisto

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Your Data Belongs To You

This topic is recirculated often , people like to hear about BTCs negative side, because most of them have missed the train.

It is hard to evaluate if the power consumption of BTC has real impact to enviroment. We would have to get data on how much miners uses energy generated from fossil fuels and how much uses clean energy.

MiningBattalion

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Actually power consumption is different one. It's essential one to make a use of power for the mining process. Eventhough we used power for the mining, it will created more and more return from it. Only thing is, you need to inverse certain part as a capital for mining setup.

TedMosby

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https://bitcointalk.org/index.php?topic=5274318.0

Quote from: Powerloader on March 17, 2021, 11:16:04 PM

Would be interested to hear what the point of view is on a recent increase in press statements as follows: ‘Bitcoin may soon consume more power than Australia’— almost 10 times more than Google, Microsoft and Facebook combined.
Is there anything behind this or is it just another angle of attack against bitcoin prompted by remarks by Bill Gates?.....is it even possible to calculate consumption in this way?

Then it will push renewable energy adoption if those statements is true.
Also, how about social media and youtube. You can now check your screen time, battery consumption to run those apps. Multiply it to the average number of daily active users Grin

Phase 1, declare it as a problem.
Phase 2, offers a solution.

Familiar with this? Covid Grin

Expecto

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Quote from: uneng on March 19, 2021, 12:45:13 PM

It's totally environmental propaganda.

Soon these people will say bitcoin contributes to global warming, melting of polar ice caps, prolonged drought periods, burning forests, extinction of faun and flora... The goal is to instill fear into masses' heads and drive the popular opinion against bitcoin.

Absolutely it is just a propaganda. Bill Gates made a similar statement some time ago that Bitcoin is consuming a great deal of energy blah blah blah. I also think the main goal of this kind of statements is taking down Bitcoin. But it won't help of course.

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