Topic: Sustainability of BTC (Read 933 times)
Already many have started to raise the issue that bitcoin mining is consuming huge power.So,in the future,we must shift to solar power or green power to sustain.
In the long run, I don't really think that Bitcoin is sustainable because sooner or later, it will disappear and everything will be back to using tangible cash, just like nothing happened.
Based from my own prediction, I guess it can’t be that super long-term that lasts for 100 years because sooner or later, tangible objects will be prioritized.
Based from what is happening on BTC today, it might be stable for a few years or so, but not in the long run. The savings might be helpful for the future but will be gone in the end.
With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
This problem has been an issue years back. Miners are quite aware of this issue in the first place that's why asic mining was born. Using asic consumes less power but with big hash power. However, the issue still arises that's why pool mining takes into action. By mining in pools, mining became more efficient.
But the issue is still there. Bitcoin will not turn into a POS because of this. Bitcoin will remain a POW but power consumption will still be a problem. Maybe an upgrade to asic will be a way to deal with this but we all know that this would be just temporary. There is no permanent aid to this. Sooner or later, we will see only major miners will exist due to this issue.
Total power consumption is not reduced by more efficient mining.
With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
This problem has been an issue years back. Miners are quite aware of this issue in the first place that's why asic mining was born. Using asic consumes less power but with big hash power. However, the issue still arises that's why pool mining takes into action. By mining in pools, mining became more efficient.
But the issue is still there. Bitcoin will not turn into a POS because of this. Bitcoin will remain a POW but power consumption will still be a problem. Maybe an upgrade to asic will be a way to deal with this but we all know that this would be just temporary. There is no permanent aid to this. Sooner or later, we will see only major miners will exist due to this issue.
Bitcoin mining is a sustainable way to earn bitcoins, eventhough the energy consumption would only get higher, we would have probably been able to mine all bitcoins before it becomes a unsustainly source for earning bitcoins.
Bold predictions for the year 2140 (when the last Bitcoin is mined) from a newb.
There is a probability that only miners that have the capability of using efficient mining hardware could continue to mine; given that they also have lower electricity costs.
This is actually a good question to all.How do you imagine BTC in the near future? would it go on forever? or would it be replaced by a better cryptocurrency? so how to sustain bitcoin?
Well BTC currently is one of the top-notching in the cryptocurrency industry and it can sustain maybe up unto 3-4 years but if it excels those years I think it would be great since it can be more profitable but we will never know. It might be destroy even before those 3-4 years and we should be ready and prepare ourselves.
Well BTC currently is one of the top-notching in the cryptocurrency industry and it can sustain maybe up unto 3-4 years but if it excels those years I think it would be great since it can be more profitable but we will never know. It might be destroy even before those 3-4 years and we should be ready and prepare ourselves.
Bitcoin mining is a sustainable way to earn bitcoins, eventhough the energy consumption would only get higher, we would have probably been able to mine all bitcoins before it becomes a unsustainly source for earning bitcoins.
With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
price will make energy bill small bitcoin can’t be POS.
you can earn 1 bitcoin from mining (20000$ and more )
But when you say "price will make energy bill small" you are mistaken.
Read this thread: https://bitcointalksearch.org/topic/bitcoin-power-consumption-at-the-current-price-2465881
With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
price will make energy bill small bitcoin can’t be POS.
you can earn 1 bitcoin from mining (20000$ and more )
With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
I do not really understand and understand the issue of miners, but it seems to me that soon bitcoin will replace a more promising and profitable currency. Which will be more profitable to mine. For example, such currency as Bitshares. 
I found many interesting statements in this thread. The problem is really urgent and the solution is needed in the near future. Still, the development of alternative energy sources is very important now
With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
I also do not really understand and understand the miner's issues, but it seems to me that soon bitcoin will replace a more promising and profitable currency. Which will be more profitable to mine. For example, such currency as Bitshares. 
With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
I also do not really understand and understand the miner's issues, but it seems to me that soon bitcoin will replace a more promising and profitable currency. Which will be more profitable to mine. For example, such currency as Bitshares. 
With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
I do not really understand and understand the issue of miners, but it seems to me that soon bitcoin will replace a more promising and profitable currency. Which will be more profitable to mine. For example, such currency as Bitshares. 
Hi,
What you are asking is indeed an interesting question... but as any interesting question, it does not have one simple answer I guess.
For the bitcoin, I suppose there are 2 options that are more likely to happen than other scenarii:
1- bitcoin community goes on growing and... the price of running the whole network is not sustainable anymore. The smartest make the most of last-moment selling and.. bitcoin dies
2 - the whole community understand such threat and instead of keeping running small businesses only aimed at short-term profits, bitcoiners develop alternative solutions to make bitcoin useful (in the sense possible to use) in everyone's everyday life.
Of course, I prefer option 2. But this must come from the community and the individuals composing it. We should understand we are not children playing anymore, and not big companies, government or institutions is gonna take the role of "parent". We can develop our own alternate solutions if we want to!
What you are asking is indeed an interesting question... but as any interesting question, it does not have one simple answer I guess.
For the bitcoin, I suppose there are 2 options that are more likely to happen than other scenarii:
1- bitcoin community goes on growing and... the price of running the whole network is not sustainable anymore. The smartest make the most of last-moment selling and.. bitcoin dies
2 - the whole community understand such threat and instead of keeping running small businesses only aimed at short-term profits, bitcoiners develop alternative solutions to make bitcoin useful (in the sense possible to use) in everyone's everyday life.
Of course, I prefer option 2. But this must come from the community and the individuals composing it. We should understand we are not children playing anymore, and not big companies, government or institutions is gonna take the role of "parent". We can develop our own alternate solutions if we want to!
With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
increasing price will support mining and miners so it’s impossible to be POS before 2100
it’s easy to make massive amount from mining
I do not really understand and understand the issue of miners, but it seems to me that soon bitcoin will replace a more promising and profitable currency. Which will be more profitable to mine. For example, such currency as Bitshares.
I do not really understand and understand the issue of miners, but it seems to me that soon bitcoin will replace a more promising and profitable currency. Which will be more profitable to mine. For example, such currency as Bitshares.
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