Reports of bitcoin environmental damage are garbage - page 2.

coinycoiny

member

Activity: 273

Merit: 18

Quote from: r1s2g3 on January 31, 2019, 11:08:30 AM

So you think, VISA and MasterCard run without power? Amazon got insight from massive data without any use of power? What do you think about the process of making paper that waste so much water? Every luxury that we use is putting pressure on nature, but they never told you that you should live in Forest/ or nomadic type of life. But they told you do not use BTC because BTC is causing environmental issues.

Of course they do, but they are massively more efficient then bitcoin. Also, it's in the banks interest to use as little energy as possible whereas bitcoin encourages more people to mine it as the price goes up. If the price goes up by 10 times, energy wasted goes up by the same amount. Stupid, stupid stupid. Anybody who thinks otherwise is also stupid.

r1s2g3

sr. member

Activity: 742

Merit: 395

I am alive but in hibernation.

Quote from: coinycoiny on January 31, 2019, 10:09:19 AM

Here are a few simple facts.

1. Approx 90% of bitcoins mined are sold to pay for the electric.
2. That equates to $5 million a day on electric costs, sure some might be green, but some of that that electricity could be used by someone else that subsequently didn't have the green electric.

So basically bitcoin must be wasting $2 Billion a year that is in effect environmental damage.

If bitcoin increases, more people mine and so the environmental impact is linked very closely to the price of btc.

I hope bitcoin becomes worthless asap.

So you think, VISA and MasterCard run without power? Amazon got insight from massive data without any use of power? What do you think about the process of making paper that waste so much water? Every luxury that we use is putting pressure on nature, but they never told you that you should live in Forest/ or nomadic type of life. But they told you do not use BTC because BTC is causing environmental issues.

eternalgloom

legendary

Activity: 1792

Merit: 1283

@coinycoiny

If those are indeed facts, you wouldn't mind sharing all the studies that you've read to base those 'facts' on.

Not all energy that goes into Bitcoin mining is suitable for other use.
Take for example the excess energy that a hydro power plant produces, in some cases it's better to actually spend that excess energy than to store it.

Here's one example of what happens when there's excess power:
http://fortune.com/2016/05/11/germany-excess-power/

Also interesting:
https://www.weforum.org/agenda/2018/09/mining-for-cryptocurrencies-could-be-the-future-of-energy-storage/

AAKODI

jr. member

Activity: 205

Merit: 1

Bitcoin maybe causing an environmental damage and everything in this world which uses electricity or any other things cause environmental damage for some extend for an example we see hybrid cars as environmentally friendly concept because of the fuel efficiency and low air pollution but to make the hybrid battery some expertise say there is a huge pollution that is causing in the long run but most people buy hybrid and why we should concern about the small bitcoin environment damage when it gives more advantages and benefits

coinycoiny

member

Activity: 273

Merit: 18

Here are a few simple facts.

1. Approx 90% of bitcoins mined are sold to pay for the electric.
2. That equates to $5 million a day on electric costs, sure some might be green, but some of that that electricity could be used by someone else that subsequently didn't have the green electric.

So basically bitcoin must be wasting $2 Billion a year that is in effect environmental damage.

If bitcoin increases, more people mine and so the environmental impact is linked very closely to the price of btc.

I hope bitcoin becomes worthless asap.

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

90% of the bitcoin related news websites are desperate for smallest things to publish and get some traffic directed to their shitty website so you can only imagine how a heated topic like the supposed bitcoin's environmental damage could spread like wildfire. and that is exactly what happened, they hyped up the issue by exaggeration and false information and then the click baiters took care of the rest.

DeathAngel

legendary

Activity: 3346

Merit: 1618

#1 VIP Crypto Casino

I think there are many worse things for the environment than mining bitcoin & we should look at them long before we question the negatives of mining.

eternalgloom

legendary

Activity: 1792

Merit: 1283

Quote from: Pursuer on January 31, 2019, 09:33:51 AM

the power consumption of bitcoin mining has never been about power consumption of bitcoin mining!

it may sound strange but if you read between the lines of all those articles you can clearly see that they are all saying the same negative nonsense about bitcoin itself trying to undermine its utility and potential. and they all are ignoring the fact that bitcoin is the only decentralized payment system that has been working seamlessly on a global scale for 10 years.

Makes you wonder if Alex de Vries has been paid off by companies that benefit from the demise of Bitcoin.
He does put traditional credit card networks into a good light, by making a false comparison to Bitcoin.

The amount of mistakes made by De Vries is simple appalling, like the conclusion that most Bitcoin in China is mined by coal power plants.
If you look up his name on Google, you'll see that his "research" has been published by a pretty big amount of popular news websites

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

the power consumption of bitcoin mining has never been about power consumption of bitcoin mining!

it may sound strange but if you read between the lines of all those articles you can clearly see that they are all saying the same negative nonsense about bitcoin itself trying to undermine its utility and potential. and they all are ignoring the fact that bitcoin is the only decentralized payment system that has been working seamlessly on a global scale for 10 years.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

If all data show that BTC mining is consume about 1% or less of total annual world consumption of electricity, then it is clear that such stories can not be true. Most of such conclusions are based on China coal-fired power plants as main source of electricity, but it is hard fact that almost 80% of China miners are located in Sichuan province and that province is mainly produce electricity from hydro power.

Some other researchers conclude that almost 80% of electricity used for BTC mining comes from renewable energy sources. Potential of such sources is still inadequately exploited, especially in terms of sun and wind energy.

Although hydro power plants produce clean energy, they are not considered as friendly for the environment because of its permanent impact on the habitats of humans and animals. But at this moment we can say that BTC is pretty green if we compare it to some other industries which pollute the environment in incredible proportions over the past few decades.

eternalgloom

legendary

Activity: 1792

Merit: 1283

Found this interesting article on Hackernoon, which states that the main source of the negative press surrounding Bitcoin's environmental impact, is completely untrustworthy and unscientific.

Here's an excerpt from the article:

Quote

Almost all news articles that repeat the lie that crypto is an environmental problem can be traced back to one source: Alex de Vries, a twenty-something year old who has zero knowledge of the electricity industry, power system modelling, China, or any related real-world experience. He blogs from home on digiconomist.net. His “reports” are about as unscientific and unethical as you can get.

While claiming to be unbiased and touting “peer reviewed” “academic articles” his site uses incendiary language to describe the bitcoin computers that maintain system security and administration as “consuming huge amounts of energy” which have now, apparently, reached “epic proportions”. This “massive energy consumption” isn’t the biggest problem, though, according to de Vries; it is that “the network is mostly fueled by coal-fired power plants in China”, resulting in “an extreme carbon footprint for each unique Bitcoin transaction.”

Do read the full article, it's very interesting.

https://hackernoon.com/the-reports-of-bitcoin-environmental-damage-are-garbage-5a93d32c2d7

Topic: Reports of bitcoin environmental damage are garbage - page 2. (Read 391 times)