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.
Topic: Power consumption propaganda? - page 2. (Read 471 times)
People who bring up the energy consumption issue don't dare touch the topic on where most of the energy being consumed comes from. I am yet to read an article that is against bitcoin being power-hungry that also tackles the use of hydroelectric power on some of the world's largest mining facilities. Big numbers do attract a lot of people, so I guess that's why they all have these analogies and comparisons to the power consumption of other small countries to paint the narrative that bitcoin is an agent of speeding up global warming and all that stuff.
The energy consumption published by most statistics about Bitcoin mining are false and more of an attack against Bitcoin from the Bitcoin critics not footing by Bill Gate comment for it something thatt crypto enthusiasts and critics have debate about but we all honestly consume energy in some many ways but the record provided by World Energy Outlook 2020 Analysis IEA shows that global energy demand drop by 5% last year meaning we consume the 5% plus during our outdoor daily activities mind you miners and some companies are open during the period of lockdown if we do the survey and calculation we will see that the energy consumption said about Bitcoin mining is total incorrect.
Look who's talking about Bitcoin's power consumption...
"Bitcoin uses more energy than American Airlines and each $1 billion in inflows is equal to owning 1.2 million cars, Bank of America says"
So apparently they accepted that Bank of America is doing some research on Bitcoin
"Bitcoin uses more energy than American Airlines and each $1 billion in inflows is equal to owning 1.2 million cars, Bank of America says"
So apparently they accepted that Bank of America is doing some research on Bitcoin
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 electricity consumption has always been an issue to the ones who hates it and whenever prices goes up in the Market then the argument is again raised with respect to its electricity consumption to various countries.But is the government not using high volume of electricity to power up their projects also and moreover banks combined cost is more than that of Bitcoin.If we need to secure the Bitcoin network we need miners to validate and secure network which will consume high voltage of electricity as POW concesus.Moreover the miners are moving towards new use of electricity like renewables resources which further reduces the cost so stay away from such FUD's and focus on your goals. 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?
First, we need to understand that some article writers are only good in spreading FUD just to get their paycheck or be more popular and the fast means for people to get popular these days is to talk about Bitcoin.
Second, we should expect something positive from everybody because some human mind will still be ignorant and also do series of attack on Bitcoin because Bitcoin has somehow affected their means of income through the ease and liberation it provides to people.
Second, we should expect something positive from everybody because some human mind will still be ignorant and also do series of attack on Bitcoin because Bitcoin has somehow affected their means of income through the ease and liberation it provides to people.
CoinShares research showed that 78% of Bitcoin mining uses renewable energy and earlier study from 2019 showed that percent was 74%, so we can say there is increase of renewable energy.
Sichuan region of China has around 48% global mining share and that is 43% share of renewable mining, as you can see below from Deutsche Bank research data.
All this propaganda bs is just a part of some bigger agenda and it all started with wrong data coming from Cambridge University and their CBECI Bitcoin Electricity Consumption Index,
and I think governments will try to use this as excuse for offering their centralized 'green' coins for masses.
It is good idea to follow @danheld on twitter for more information about this topic that should be eye opener for many people, and not watching mainstream media + using your head also helps.
Sichuan region of China has around 48% global mining share and that is 43% share of renewable mining, as you can see below from Deutsche Bank research data.
All this propaganda bs is just a part of some bigger agenda and it all started with wrong data coming from Cambridge University and their CBECI Bitcoin Electricity Consumption Index,
and I think governments will try to use this as excuse for offering their centralized 'green' coins for masses.
It is good idea to follow @danheld on twitter for more information about this topic that should be eye opener for many people, and not watching mainstream media + using your head also helps.
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?
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?
We have been hearing this kind of propagandas for a very long time. Especially after Bitcoin has reached great levels, the number of haters has increased also. It is true that there is a huge power consumption. But it is not a thing that you can't find a solution. Besides, I'd also like to see this kind of people speaking up for many other things that are threatening the environment.
We've heard this kind of argument in 2017, when we are in a bull run, suddenly died down because obviously the price tanks and we are in the bearish trend for the next three years. And now that the price is not on the $60'ish, then you have to think why is this kind of argument (which is flawed to begin with), started to pop up again.
The answer is simple, they want to bring bitcoin again by creating the old and rehearse topic.
The answer is simple, they want to bring bitcoin again by creating the old and rehearse topic.
PoW is fully secure and this security comes at cost of huge electricity, we have to accept this fact it’s not a propaganda. There are other consensus algorithms like PoC which don’t require huge electricity but are not secure. In order to keep btc blockchain secure we have to burn more and more electricity.
There might be some groups that are interested in painting Bitcoin in bad light, a few years ago the Polish government was caught in spending money on hiring bloggers to criticize Bitcoin. But the media could also be doing it on their own, "Bitcoin consumes more electricity than country X" is a pretty clickbaity title that can generate a lot of traffic.
I don't like the theories that every bank and government out there wants to stop Bitcoin, if it was a reality, Bitcoin ecosystem wouldn't look as it is looks now.
I don't like the theories that every bank and government out there wants to stop Bitcoin, if it was a reality, Bitcoin ecosystem wouldn't look as it is looks now.
OP, welcome to the forum!
It’s actually GOOD that Bitcoin is being secured by higher and higher hashing power, unlike nascent altcoins that are insecure, and open to 51% attacks, or flawed POS coins. It makes Bitcoin the BEST cryptocurrency investment because it “consumes” more energy than a small country.
It’s actually GOOD that Bitcoin is being secured by higher and higher hashing power, unlike nascent altcoins that are insecure, and open to 51% attacks, or flawed POS coins. It makes Bitcoin the BEST cryptocurrency investment because it “consumes” more energy than a small country.
How about we worry where we get those power instead of focusing on the power consumption, the power consumption for bitcoin will only go up as the adoption grows a bigger day by day, we need to make a more green energy sources. The only reason for this is just to make bitcoin look bad and make the prices go down.
*snip*
I agree, it could most definitely be a mix of a lot of things. But I almost forgot one thing — the same reasons why most "news sites" frequently publish "articles" concerning bitcoin's price, it's because it's likely that price and FUD articles are what gets a lot of engagement on social media.
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It's semms to be bitcoin will consume of more power for the mining. After the increase in bitcoin price, huge new investors came into role.While comparing to the electricity consumed by the bank and fiat printing, the electricity used for the bitcoin mining is very low.May be in future, the consumption may vary.
They did the same in Iran!The government itself began collecting bitcoin devices from across the country & saying that these devices consume electricity (which is national capital) and should be collected.But a friend of mine who works as a journalist in Iran sent me a photo and said that the Iranian government uses these devices in nuclear power plants and thousands of devices are being mined and even faced power shortages for some time so they cut off people's electricity!
I hope that the governments will stop these false advertisements, because both they know and we hope that the value of bitcoin will increase in the next few years, and these advertisements are just destroying bitcoins.
I hope that the governments will stop these false advertisements, because both they know and we hope that the value of bitcoin will increase in the next few years, and these advertisements are just destroying bitcoins.
Well with the increase traffic of bitcoin in the long run, I think that we can expect that it will need more power, the solution here is either to make infrastructure to reduce the power consumption or alleviate it at least or make more renewable energy plants like hydro-electric or better yet a nuclear power plant.
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?
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?
That is possible cause these guys have been putting the word "Bitcoin" to gather some readers about their baseless theories. Since everyone is curious about cryptocurrencies now and the main category is Bitcoin, they wanted some share about it and this is why they creating such propaganda to lure people with some strange belief. There's no way Bitcoin mining will be the cause of some power shortage this is all hoax and the one that made this claim might be some sort of person who doesn't have enough knowledge to conclude some research such as this one.
This won't be a problem if the energy used in powering the Bitcoin mining farm is from renewable energy resources. The best approach for this is to go the renewable energy route entirely so there wouldn't be any more energy demand problems. It should be known that almost most of the power came from renewable energy as well.
As of this report, it is said that over 74% were using renewable energy back in 2019. I can't find any update for last year's consumption, but you can see that the majority is renewable.
https://cointelegraph.com/news/study-over-74-of-bitcoin-mining-is-powered-by-renewable-energy
I hope that there are more advances and developments for the energy sector to make renewable energy collection and storage efficient and cheaper for everyone.
As of this report, it is said that over 74% were using renewable energy back in 2019. I can't find any update for last year's consumption, but you can see that the majority is renewable.
https://cointelegraph.com/news/study-over-74-of-bitcoin-mining-is-powered-by-renewable-energy
I hope that there are more advances and developments for the energy sector to make renewable energy collection and storage efficient and cheaper for everyone.
I think it's just either propaganda, or just mere ignorance — whereas the latter is a bit more likely in my opinion.
I don't think it is simply either one of them and not the other. The issue is extremely contaminated. To me, part of it is propaganda, a bit of ignorance, a bit of exaggeration, and, of course, some truth as well.
Bitcoin is running on energy 24/7. That is a fact, right? So there's emission every second of the day. That, we cannot deny. But that's just what it is. That's true to almost all facets of human life. Every single day, every single one of us contributes to the overall carbon footprint. You are enjoying a song from your phone while riding on a taxi going to your unconditioned office; all of it leaves a footprint.
It's just that Bitcoin adversaries seemingly overemphasize the immense amount of carbon footprint attributed to Bitcoin, but then Bitcoin supporters claim the estimates are overstated. "Bitcoin uses more electricity per transaction than any other method known to mankind," Bill Gates says. On the other hand, pro Bitcoin claims around 3/4th of Bitcoin's energy is coming from renewable sources. Bitcoin fans say Bitcoin's energy consumption is a lot more efficient than fiat's while Bitcoin critics describe it as wasteful. This goes on and on.
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