Power Usage for Bitcoin - page 2. | Bitcointalksearch.org

Qunenin

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Quote from: Cellarius on May 21, 2017, 11:19:28 AM

I really think that there is a future for Bitcoin except that I fear it may crash because of the ever increasing need for power to keep the blockchain going. Is my fear justified?

I am an 81 year old guy who is trying to understand this thing.

Thanks for your concern but power is not a big issue in the bitcoins. Even if Bitcoin is used at its peak i will still say that mining will continue to be as it is now. The places where mining are done extensively, the power is already very cheap there and therefore this factor will have no impact on bitcoin price.

skorupi17

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Quote from: Cellarius on May 21, 2017, 11:19:28 AM

I really think that there is a future for Bitcoin except that I fear it may crash because of the ever increasing need for power to keep the blockchain going. Is my fear justified?

I am an 81 year old guy who is trying to understand this thing.

I wouldn't worry about power consumption here since Bitcoin is not the only network who needs electricity in order to sustain it. Though some country experiences power interruption/loss due to power shortage but they eventually cope with it. Many utilizes different sources of electricity nowadays so this will be coped anytime soon.

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I can agree that power usage for bitcoin network will be higher, but that's because there will be more transaction. Furthermore, the power usage will be more efficient since technology will keep improving over time

So i think there's nothing to be feared.

I have to agree with this. Improvement in technology will surely solve this problem (if it is). New source of electricity may emerge or development of devices that lessen the usage of power. So nothing be be feared, as of now. Roll Eyes

pearlmen

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Quote from: Cellarius on May 21, 2017, 11:19:28 AM

I really think that there is a future for Bitcoin except that I fear it may crash because of the ever increasing need for power to keep the blockchain going. Is my fear justified?

I am an 81 year old guy who is trying to understand this thing.

Your fear is justified as a 81 year old guy but for me I see possibilities because in the last 50 years things that seems impossible have become possible through ingenuity of science and technology and that development keeps evolving so I see new method of generating power springing up on a daily basis that challenge of power becomes surmountable.

bitbunnny

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There is no reason to be afraid, power usage is not that significant to have some stronger negative impact so Bitcoin could keep going on.
And I have to say that is very nice to see that we have mature and experienced users who have recognized cryptocurrencies. Who says that Bitcoin is for young people only?

European Central Bank

legendary

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bitcoin mining is dictated by the availability of cheap power these days. alot of mining takes place next to hydro plants with spare capacity. geothermal power in places in like iceland is also crazy cheap. someday solar will be cheap and widespread too. i have no concerns.

Kprawn

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The power needed to run Bitcoin, does not compare to the total amount needed to run the Fiat banking system. You have to think of all the

appliances in and around a bank that are necessary to run it, for example : Air conditioning / ATM's / computers / CCTV systems / Vaults and

all the lights in these buildings... and we have not even started on the amount of electricity that are needed to manufacture coins and to print

money. Wink

pixie85

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Power usage is smaller than you might think. There's an interesting article from last year that you should take a look at. https://www.thebalance.com/how-much-power-does-the-bitcoin-network-use-391280 At this rate, the bitcoin network runs at 342934450 watts, which equates to around 343 megawatts.
A typical power plant produces over 3000 megawatts, so even if the whole network grew 10 times, a single power plant could keep it going.

dothebeats

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Quote from: Cellarius on May 21, 2017, 11:19:28 AM

I really think that there is a future for Bitcoin except that I fear it may crash because of the ever increasing need for power to keep the blockchain going. Is my fear justified?

I am an 81 year old guy who is trying to understand this thing.

Power usage might somehow be an issue in the forthcoming years due to the ever increasing need for it as difficulty is being raised over time. Along the way, we might consider switching over to other different algorithms that could possibly help us along the way (such as Proof of Stake or whatnot) and to also help fight off centralization which is happening with giant mining farms mostly located in China.

Cellarius

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I really think that there is a future for Bitcoin except that I fear it may crash because of the ever increasing need for power to keep the blockchain going. Is my fear justified?

I am an 81 year old guy who is trying to understand this thing.

Topic: Power Usage for Bitcoin - page 2. (Read 1251 times)