Topic: The truth about Bitcoin energy usage. (Read 151 times)

If we cut out everything that has a "negative impact on the world enironment", there would be not much left...

thank you for your comment and article links. The issue of bitcoin/altcoin mining extreme energy usage exists. The crypto community can't ignore it. If we benefit from cryptos, we should face the music of its negative impact on the world environment.
It's another side of the medal=coin, so to say. The possible solutions should be brainstormed, discussed and further implemented by the community.

Is it really? Bitcoin mining currently uses more electricity than many of the small-mid sized countries: https://www.theguardian.com/technology/2018/jan/17/bitcoin-electricity-usage-huge-climate-cryptocurrency

And this will keep going up along with the price rise, halving should help though. It is becoming a problem, we already have China proposing progressive caps on mining energy usage, now there's Iceland with their bitcoin mining tax proposal:
https://www.newsbtc.com/2018/02/12/iceland-may-implement-bitcoin-mining-tax-energy-consumption/

Also:
http://metro.co.uk/2018/02/11/iceland-use-energy-mining-bitcoin-powering-homes-year-7304155/

It's all fun and games until mining causes energy shortage resulting in costs of living going up for everyone in affected region.

Yeah! Let's start with the energy consumption of the current world wide FIAT banking system, which is enormous compared to the Bitcoin network.

I read about it in an article how Bitcoin mining is taking so much energy to mine and it's comparable to the power consumption of rltowns and cities.if it's remotely true and it's a reason for great concern for the environment and us.as it is the world is facing a energy Crisis and we are making it more severe.the community needs to find alternate ways to mine if we are to stop this power drainage.

Proof of work may not be perfect, but it is simple and due to the incredible hashpower at play, the POW consensus algorithm of Bitcoin provides the highest security of any such system in the world.

The purpose of Bitcoin using alot of energy is to make it hard to defraud the network. The value of Bitcoin is the measurement of the benefit it provides to civilization and is quantified by the security of the distributed ledger. Therefore, Bitcoin must always use a very large amount of energy regardless of advancements in efficiency.

The challenge to increase efficiency of Bitcoin energy consumption is not to reduce consumption and destroy hashpower, but to harness the security of the immutable data within its blockchain to the fullest extent.

This is in large part achieved by increasing adoption and ownership of Bitcoin. The more people that benefit from it, the more efficient the expenditure of energy. This takes effect doubly, due to the lowered relevance of the legacy fiat money system and its byzantine mechanisms that exact their heavy toll in blood and misery.

But Bitcoin the currency is not all that the blockchain can accomodate. Bitcoin can provide a global registrar of the highest authority to authenticate any type of data for any purpose while receiving payment in BTC, distributed among miners and reducing transaction fees.

Registration can range from affordable to expensive, and is graded depending on the size of the payment made to the network. The data being registered, along with the weight value of the registration are hashed into a cryptographically derived checksum which is recorded onto the blockchain.

Like with general adoption and usage, the increased exploitation of this resource that already exists within Bitcoin makes more efficient use of energy being spent to secure the blockchain, and saves real energy currently being wasted away in the inpenetrable depths of the hideous malignant bureaucratic tumors that have left society bedridden.