Topic: When will Bitcoin be more energy efficient? (Read 10589 times)

The answer to your question is easy: Soon. Everyday this gets closer. Why? Because mining is becoming unprofitable at any electricity price. You will see this unfold in the next decade or so. As both asics become efficient and mining rewards lowers down the drain, most miners, especially the big ones will leave.

What these guys doing these charts never consider is how mining has slowly becoming more and more unprofitable, you you need to spend more and more to mine and those others doing the same lower the profitability overall. There is something like a worldwide cap that is about to be reached.

Bitcoin price will NOT compensate for mining at the same rate, the rate at which mining has expanded is different to the bitcoin price curve, compare both and you'll get the answer. Bitcoin price increases will slow down more and more, while mining profitability slows down more and more, faster than what the bitcoin price is.

As an Austrian school economist would say: The best thing to do, is do nothing. It IS fixing itself by the market. The time for mining is ending, even if a couple of Asic generation come it is getting to the point where nobody will buy them anymore. This market will contract so much that, if the likes of Bitmain are unprepared, they might as well close doors.

While certain other altcoin wants to do this by force, it is naturally occurring to Bitcoin. Just wait.

it's important to note that bitcoin miners are not always consuming electricity, but rather are often using excess electricity that's already been generated. the rational mining incentive drives miners to find the cheapest energy sources. that means industrial miners seeking out load balancing arrangements with major power generators, where miners take all excess power beyond actual demand at a deep discount.

it also means that renewable sources like hydro, solar, and wind power are now backing the majority of the network, as renewable energy becomes cheaper and cheaper (even without subsidies).

Mining BTC is very energy efficient. The only problem here is greed.
With more and more people getting into mining, it's taking more and more energy to mine.

The only way to reduce BTC's global energy consumption would be to reduce the number of people mining.

Simple logic says - no , it wont become more energy efficient because hash-rate will continue to increase , and costing more in energy perspective.

But all this means nothing, the main question is what sources of energy bitcoin uses. If they are renewable - no one cares.

there's a lot of fear mongering about coal-powered bitcoin mining in china, but looking at the big picture, i'm not sure it's well founded. consider this study published a few months ago which found that a significant majority of bitcoin mining is powered by renewable energy sources:

Increase the block generation interval to 20 minutes, that should slow things down.

There are articles now that says that bitcoin's energy consumption isn't that bad. And at the present day, people are on the trend of mining in the places where there is cheap electricity, low carbon resource, and the availability of a strong hydropower. But like in China where 60% of the countries' power is from coal, it is going to be an issue and the carbon footprint produced from it as well.

This doesn't take into consideration how much more secure Bitcoin's transactional network is compared to Ethereum. Ethereum needs several days of POW to match the same level of security of just one day of Bitcoin POW. Saying that Ethereum processes more transactions with just a third of its electricty consumed (as in it being unnecessary to consume more electricity) is shortsighted.

If we look at how much on-chain transaction activity there was in the last 24 hours, dollar wise, then the stats speak for themselves;

https://bitinfocharts.com/bitcoin/ $5 billion
https://bitinfocharts.com/ethereum/ $244 million

Consumption of energy to mine Bitcoin is probably rather big. Still the number of mined Bitcoin is limited so energy consumptiom for mining will not last forever. Also, I don't think that currently Bitcoin is representing the biggest problem when it comes to energy and environment saving.
Still some alternative energy sources could be the solution for more efficency although I'm not sure if that is feasible.

If Proof of Works survives and becomes very environmentally friendly, it'd probably be because we began to:
— Mine Bitcoin with renewable clean energy. And not really non-renewable clean energy.

— Mine Bitcoin with cheap and easy-to-manufacture hardware

— eliminate monetary rewards for miners to decrease the tendency of centralized mining. Instead, reward miners with other forms of incentives like rank upgrade, loyalty reward, and with points that can only be used within the Bitcoin ecosystem. Such points could be traded peer-to-peer, used for buying limited products and services.

Oh, so you think the production of solar panels is both cost efficient and eco friendly? Solar panels aren't the permanent solution. They are expensive, prone to damage, need to be maintained (cleaned) and replaced after a while because they tend to lose some of their efficiency over time. Old panels will maintain only 30% of their nominal output. There are no buy and forget solutions in this industry.

https://www.iea.org/newsroom/news/2019/july/bitcoin-energy-use-mined-the-gap.html

(as of November 2018)
https://www.iea.org/newsroom/news/2019/july/bitcoin-energy-use-mined-the-gap.html
https://www.sciencedirect.com/science/article/abs/pii/S2542435119302557

https://www.iea.org/newsroom/news/2019/july/bitcoin-energy-use-mined-the-gap.html

Ethereum and Litecoin are more energy efficient:
https://www.nature.com/articles/s41893-018-0152-7

Perhaps in the future bitcoin will be more energy efficient, but so far a lot of energy is spent on its production. Mining has not effective for a long time and all bitcoin mining is concentrated in large video card holders.

Energy is what runs the mining of bitcoin process.
And this bitcoin mining requires a huge deal of energy for the transcation to go through. I don't think that bitcoin energy would be lesser

Bitcoin isn’t used physically virtual money. So It only needs electricity to be mined.
İf it supported by eco-friendly energy, a serious saving is achieved with bitcoin. Most importantly, hundreds of devices are the source of electricity for mining.

every day the growth of bitcoin often increases. but sometimes the increase only occurs temporarily. but even though it's temporary but the situation is always increasing as the bitcoin journey is in demand by many people.

Bitcoin's energy consumption will continue to rise as the network grows, and the only way to counter this trend is by emphasizing the use of renewable energy to mine and secure the network. I am hoping nations will be proactive in promoting alternative sources of energy to tackle this problem.

Bram Cohen, the inventor of torrents and BitTorrent is working on it with a crypto name Chia.

bitcoin will be more efficient when it will be adapted, regulated by a third party like a government. This is why we should push through so as to possobly get a good results especially in marketing or utilizing bitcoin and other crypto in the market.

We know that electricity is the main source for using bitcoin like running your cellphone or computer, and we know that electricity is included in a resource that is environmentally friendly, especially if electricity is generated from hydropower or sunlight, we don't need to worry about this actually