Making bitcoin more energy efficient isn't that easy, it needs to be provided with the adequate supply of power. It can be done through some conventional sources. These setups were highly profitable for the large scale mining farms. With small scale farms using of normal power or else with a generator seems efficient.
Topic: When will Bitcoin be more energy efficient? - page 2. (Read 10669 times)
Bitcoin energy consuming is the latest talk now a days in the public . Bitcoin is certainly using more power and there is nothing to worry or get panic Bitcoin mining is exploding more where there is more supply of energy and power is supplied cheaply like place Pacific North West where energy is produced by hydro power. In Iceland in .Europe is becoming famous for Bitcoin running since this nation is having abundant supply of geothermal and hydro thermal The consumption of global power energy is grown high so the miners are shifting towards more energy available countries and cleaner part of the world so there is no need of blaming excess usage of power Bitcoin mining ..
The mining machines can be built more energy efficiency but i can assure that they are going to be way more expensive so it is probably not worth it at the end. I have seen some good projects from the Canadians and other countries that seem promising tho...
if bitcoin converted to solar energy then we can expect bitcoin mining will be environmentally friendly hopefully after 2020 we may expect bitcoin is depending on solar and wind energy based electricity for mining
it gives to me an impression that if that is true, that there is massive mining in Sichuan, maybe in that area is some renewal sourced electricity surplus and so it is cheap and someone taken an advantage of that.
In general, hydropower is the cheapest form of energy, and Sichuan has many high capacity hydroelectric plants, thanks to it's four rivers. Unlike heavy industry, Bitcoin miners can easily move to the area with cheapest electricity, so it makes perfect sense they end up close to hydropower plants.I get the feeling people think about solar panels when they read "renewable energy". Hydropower has a large impact on the landscape by flooding valleys. There's also a study that show Hydroelectric dams emit a billion tonnes of greenhouse gases a year.
Found interesting claim from CoinShares. That most Bitcoin is mined using electricity generated from renewable sources.
This article (https://www.theblockcrypto.com/2018/11/30/coinshares-report-renewable-energy-accounts-for-77-6-of-total-bitcoins-energy-usage/) contains following text:
CoinShares estimates that Sichuan has a 43.2% share of global bitcoin mining renewable energy usage, the remaining relevant Chinese provinces have a 5.7% share, relevant western regions have a 27.8% share, and the rest of the world has a 0.9%. Adding these up, CoinShares concludes that renewable energy makes 77.6% of total bitcoin mining. These estimates all assume that the renewable energy penetration and global mining market share are accurate. CoinShares states, in the report’s disclaimer, that “the information presented in this document has been developed internally and/or obtained from sources believed to be reliable,” and that the firm does not guarantee “the accuracy, adequacy, or completeness of such information.”
coinshares whitepaper: https://coinshares.co.uk/wp-content/uploads/2018/11/Mining-Whitepaper-Final.pdf
it gives to me an impression that if that is true, that there is massive mining in Sichuan, maybe in that area is some renewal sourced electricity surplus and so it is cheap and someone taken an advantage of that. That is just a guess, is possibly wrong. Is there any thorough article about the mining in that area?
This article (https://www.theblockcrypto.com/2018/11/30/coinshares-report-renewable-energy-accounts-for-77-6-of-total-bitcoins-energy-usage/) contains following text:
CoinShares estimates that Sichuan has a 43.2% share of global bitcoin mining renewable energy usage, the remaining relevant Chinese provinces have a 5.7% share, relevant western regions have a 27.8% share, and the rest of the world has a 0.9%. Adding these up, CoinShares concludes that renewable energy makes 77.6% of total bitcoin mining. These estimates all assume that the renewable energy penetration and global mining market share are accurate. CoinShares states, in the report’s disclaimer, that “the information presented in this document has been developed internally and/or obtained from sources believed to be reliable,” and that the firm does not guarantee “the accuracy, adequacy, or completeness of such information.”
coinshares whitepaper: https://coinshares.co.uk/wp-content/uploads/2018/11/Mining-Whitepaper-Final.pdf
it gives to me an impression that if that is true, that there is massive mining in Sichuan, maybe in that area is some renewal sourced electricity surplus and so it is cheap and someone taken an advantage of that. That is just a guess, is possibly wrong. Is there any thorough article about the mining in that area?
Miners secure Bitcoin network, they compete with each other in order to earn bitcoins. That's why they are so many of them. Bitcoin will continue to use more and more energy and it's not going to change. We would how to change PoW to something like PoS which obviously has many disadvantages. What would miners do with their useless hardware? ASICs are designed only to mine Bitcoin.
Bitcoin is still one of the most energy-efficient, and investors are concerned about the market's downfall, which may occur after the Justice Department's findings on the adjustment. price for coins
bitcoin energy consumption has never been a big issue and it will not be an issue for many many years. So i think it is up to the cryptocurrency stakeholders to act upon this issue.
I doubt it will happen because miners will oppose this idea, the network may be vulnerable if the transition is not done properly, the community can break up unless there is strong reason. to change the consensus method and make sure another string-division happens.
Investors are concerned about the collapse of the market, which may occur after the publication of a US Department of Justice investigation of price adjustment.
Investors are concerned about the collapse of the market, which may occur after the publication of a US Department of Justice investigation of price adjustment.
I think it is up to the cryptocurrency stakeholders to act upon this issue. If we do not take rapid and effective steps, then our whole energy generation system will be compromised. We need to promote solar energy generation for Bitcoin mining.
All types of alternative energy are not effective. You need to spend a lot of money to provide your home with enough electricity but you will have to constantly save power in order not to stay in the dark. We must admit that all modern technologies have no prospects. Those who buy solar panels will never pay for them.
I think it is up to the cryptocurrency stakeholders to act upon this issue. If we do not take rapid and effective steps, then our whole energy generation system will be compromised. We need to promote solar energy generation for Bitcoin mining.
I have found a trustworthy project for investment. It is called Hello Gold Foundation. They are heavily vested in blockchain technology and focused on expanding the availability of products that are targeted at helping the underserved and unbanked. By supporting in this project it is possible to support much more startups that will reside grants from HelloGold foundation for their development. If you want, you can learn more #HelloGoldFoundation
I think bitcoin will never be energy efficient because the nature of blockchain technology required many computers to solve one mathematical equation.
This is just a Fud once again.
OK, yes, Bitcoin does use a lot of energy but so does the FIAT currency.
People often doe snot think of what it takes to sustain FIAT currency system.
You have to take in to account a TON of things, in order to sustain FIAT you need to print it which takes up a lot of resorces further how much resources to take to collect and destory the old fiat notes? How much resources are poured in to fighting counterfeits? We can extend this much further like how much energy is used to transport FIAT.
If we calculate all these things, the BTC network wont be so far off.
Also How much BTC mining is done in New Zealand where energy does not do any harm to environment.
OK, yes, Bitcoin does use a lot of energy but so does the FIAT currency.
People often doe snot think of what it takes to sustain FIAT currency system.
You have to take in to account a TON of things, in order to sustain FIAT you need to print it which takes up a lot of resorces further how much resources to take to collect and destory the old fiat notes? How much resources are poured in to fighting counterfeits? We can extend this much further like how much energy is used to transport FIAT.
If we calculate all these things, the BTC network wont be so far off.
Also How much BTC mining is done in New Zealand where energy does not do any harm to environment.
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According to environment news site Grist, if the currency’s growth continues on its current trajectory, it will use as much as the entire USA in just 18 months’ time.
Source: https://www.express.co.uk/news/science/888535/bitcoin-environment-destroying-planet-fossil-fuels-energy-electricity-Denmark-US-2020Quote
By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.
Source: https://grist.org/article/bitcoin-could-cost-us-our-clean-energy-future/Quote
Bitcoin network consumes at least 2.55 GW of electricity currently, and that it could reach a consumption of 7.67 GW in the future, making it comparable with countries such as Ireland (3.1 GW) and Austria (8.2 GW).
https://www.cell.com/joule/fulltext/S2542-4351(18)30177-6Quote
Carbon footprint per transaction (kg of CO2) 122.14
Source: https://digiconomist.net/bitcoin-energy-consumptionOther person thinks digiconomist numbers are wrong and power consumption is much lower:
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hypothetical Bitcoin market cap of $1 trillion still fails to incentivize miners to consume more than 800 TWh per year, or 0.74% of the world's consumption of energy
Source: http://blog.zorinaq.com/bitcoin-mining-is-not-wasteful/http://blog.zorinaq.com/bitcoin-electricity-consumption/
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I am asking as a non developer looking for the links to project or the timeline of developing solutions to this problem. Thank You
https://github.com/bitcoin/bitcoin
it's right to work on the efficiency of bitcoin, it's a true problem. With new green energies, we should be able to cut this issue further, also I'm hoping for miners that can be more eco friendly either.
Bitcoin energy is issue because of mining that needs electricity, all we know other country was not accept bitcoin. Bitcoin will be more efficient when it change to PoS coin.
While the market is dominated by negative sentiment, traders are in no hurry to buy bitcoin. investors are afraid of another market collapse, which may occur after the publication of the results of the investigation of the US Justice Ministry about manipulating the prices for coins from the top ten of the rating.
Yes, there is a possibility for market manipulation but still its probability is low and maybe we should think that its a part of coin volatility, and moving forward with the question about bitcoin's energy efficiency then I think the world only needs to change to a environmental friendly energy source like solar power and other green energy source because we all know that bitcoin always needs to mine for every transaction of million nodes around the world, we should change our power source and not the system.
Bitcoin is not wasting any paper, unlike paper money. Bitcoin only need electricity to be mined, i think it is efficient enough.
Paper money requires more resources like electricity, tree log, and other waste product.
Maybe bitcoin will be more efficient when it change to PoS coin.
Paper money requires more resources like electricity, tree log, and other waste product.
Maybe bitcoin will be more efficient when it change to PoS coin.
When will Bitcoin be more energy efficient?
Based on what i heared in news, social media on about mining. It is too high energy consumption so we cannot suggested to do mining in the Philippines because of high energy cost.But in other country that was low energy cost you can do mining.
Based on what i heared in news, social media on about mining. It is too high energy consumption so we cannot suggested to do mining in the Philippines because of high energy cost.But in other country that was low energy cost you can do mining.
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