Sustainability of cryptocurrencies? - page 3.

gentlemand

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Welt Am Draht

Quote from: webtricks on February 11, 2017, 09:11:12 AM

Quote from: geschtonkenflapped on February 11, 2017, 05:32:19 AM

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Bitcoin was started as an alternative to present monetary system. Now compare the resources used in Bitcoin development (mining and other expenses) to Monetary System (banks, ATM, running costs). Bitcoin hardly utilize 1-2% as what utilized by present banking and monetary structure. And what about presence of 2 AC in 10x6 feet ATM room? Do these ACs contribute nothing to Green House gases?
Re-think! Shocked

Bitcoin might use 1 or 2 per cent of banking''s consumption, though it's probably more. It probably has 0.1 per cent or less of banking''s users. It sounds like a lot of mining uses hydro among other things but it's still shockingly profligate. If I were designingit from scratch that's definitely something I'd have remained more conscious of.

geschtonkenflapped

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Quote from: webtricks on February 11, 2017, 09:11:12 AM

Bitcoin was started as an alternative to present monetary system. Now compare the resources used in Bitcoin development (mining and other expenses) to Monetary System (banks, ATM, running costs). Bitcoin hardly utilize 1-2% as what utilized by present banking and monetary structure. And what about presence of 2 AC in 10x6 feet ATM room? Do these ACs contribute nothing to Green House gases?
Re-think! Shocked

Quote from: Mometaskers on February 11, 2017, 09:13:51 AM

Let's compare bitcoin to what they usually like to usually compare it to - gold. How is gold mined and what are the costs? Aside from all the energy used to mine it, it usually comes with an environmental cost, with landscapes destroyed and chemicals from digging as well as processing the gold can also escape into the environment. Cryptocurrencies only become damaging to the environment if the electricity used was from polluting plants like coal and oil.

Yeah these are the sorts of reasoning I was wondering about. As bitcoin gets more and more in the spotlight, in my opinion these issues must be studied in more detail.

Mometaskers

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Let's compare bitcoin to what they usually like to usually compare it to - gold. How is gold mined and what are the costs? Aside from all the energy used to mine it, it usually comes with an environmental cost, with landscapes destroyed and chemicals from digging as well as processing the gold can also escape into the environment. Cryptocurrencies only become damaging to the environment if the electricity used was from polluting plants like coal and oil.

webtricks

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Quote from: geschtonkenflapped on February 11, 2017, 05:32:19 AM

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Bitcoin was started as an alternative to present monetary system. Now compare the resources used in Bitcoin development (mining and other expenses) to Monetary System (banks, ATM, running costs). Bitcoin hardly utilize 1-2% as what utilized by present banking and monetary structure. And what about presence of 2 AC in 10x6 feet ATM room? Do these ACs contribute nothing to Green House gases?
Re-think! Shocked

judeafante

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Quote from: davis196 on February 11, 2017, 06:57:25 AM

Quote from: geschtonkenflapped on February 11, 2017, 05:32:19 AM

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Electricity consumption has nothing to do with the global warming.Electricity production creates the global warming.If we produce electricity with green techonologies ,the consumption of such energy won`t be a problem.
Anyway,after 21M bitcoins the mining will stop and this issue will disappear.

Yes it sure is,but Bitcoin is not the only crypto currency that is being mine,there are still hundreds of existing proof of works coins and many more coming,this is the reason why it's preferable to choose pos algo coins because the consumption is much less compare to pow coins.

mobnepal

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Quote from: geschtonkenflapped on February 11, 2017, 05:32:19 AM

Is there an argument to be made for or against them in the context of global warming?

Cars and planes are the major sources of global warming rather than electricity driven cars & devices. So same goes with bitcoin mining, no any gases are produced during mining expect some hot air. Which have almost negligible effect on our atmosphere. So I don't think there is anything to argue about negative impacts of bitcoin mining on our environment.

kiklo

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Quote from: geschtonkenflapped on February 11, 2017, 05:32:19 AM

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

https://motherboard.vice.com/en_us/article/bitcoin-could-consume-as-much-electricity-as-denmark-by-2020

Quote

Bitcoin Could Consume as Much Electricity as Denmark by 2020

http://www.coindesk.com/400-million-year-researcher-argues-bitcoin-mining-worth-cost/

Quote

Aste estimates that as much as $50,000 is expended on electricity per hour by the world’s bitcoin miners.

Technologically PoW is an evolutionary Dead End.

Proof of Stake is the only Truly Long Term Sustainable Method for running a virtual coin network.

Cool

buwaytress

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Join the world-leading crypto sportsbook NOW!

Quote from: geschtonkenflapped on February 11, 2017, 07:25:20 AM

Quote from: davis196 on February 11, 2017, 06:57:25 AM

Quote from: geschtonkenflapped on February 11, 2017, 05:32:19 AM

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Electricity consumption has nothing to do with the global warming.Electricity production creates the global warming.If we produce electricity with green techonologies ,the consumption of such energy won`t be a problem.
Anyway,after 21M bitcoins the mining will stop and this issue will disappear.

Sorry, bad wording. To consume, we must produce, and green technologies aren't close to covering our current consumption, let alone future consumption. Hypothetically we could get to the stage where green technologies take over and then there would be no problem. However, this is not the current case and most likely won't be for a long time. So until that point, and with our current non-sustainable production of electricity used for bitcoin related activities, is bitcoin big enough to do damage?

The end of mining won't happen for at least 100 years if at all, and in that time some serious damage could already be done.

It's not so simple an equation but is enough to demonstrate the real world demand and supply of electricity. The fact is, there are already places in the world where green power is outstripping use, and in some countries governments buy back this extra electricity.

For political and economical reasons, there is still a push for conventional non sustainable energy. Coal, oil is still profitable to the privileged, still at dire cost to the underprivileged.

Harlot

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I doubt that there will be a thorough review on something that is considered not worthy to conduct. I mean don't take it personally but Mining will have less affect on the study of electricity consumption because they are a little part of the community. If scholars will study related to that they might focus of airconditions and refrigerators which majority of the population have.

geschtonkenflapped

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Quote from: davis196 on February 11, 2017, 06:57:25 AM

Quote from: geschtonkenflapped on February 11, 2017, 05:32:19 AM

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Electricity consumption has nothing to do with the global warming.Electricity production creates the global warming.If we produce electricity with green techonologies ,the consumption of such energy won`t be a problem.
Anyway,after 21M bitcoins the mining will stop and this issue will disappear.

Sorry, bad wording. To consume, we must produce, and green technologies aren't close to covering our current consumption, let alone future consumption. Hypothetically we could get to the stage where green technologies take over and then there would be no problem. However, this is not the current case and most likely won't be for a long time. So until that point, and with our current non-sustainable production of electricity used for bitcoin related activities, is bitcoin big enough to do damage?

The end of mining won't happen for at least 100 years if at all, and in that time some serious damage could already be done.

davis196

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Quote from: geschtonkenflapped on February 11, 2017, 05:32:19 AM

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Electricity consumption has nothing to do with the global warming.Electricity production creates the global warming.If we produce electricity with green techonologies ,the consumption of such energy won`t be a problem.
Anyway,after 21M bitcoins the mining will stop and this issue will disappear.

ASHLIUSZ

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As its decentralized such issues might gets risen, but if wasting of electricity is made in relation to the outcome then sure the entire system of crytocurrency as well other activities too gets paused. In a recent investigation police destroyed a mining farm that was operating far away from the city using the public electricity without proper registration. If governments make regulations sure several such mining farms will be destroyed by respective governments.

geschtonkenflapped

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Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

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