When will Bitcoin be more energy efficient? - page 4.

stomachgrowls

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Quote from: Wipro on March 22, 2018, 03:01:26 PM

Quote from: ManaMan on March 22, 2018, 02:29:57 PM

I do not believe we will see any major changes any time soon about mining. Mining is huge business on it's own and it would not be easy to try to tweak the code there, I am sure many people will lose faith in bitcoin if it for some reason switch to some other consensus such as POS. Problem is real there, that's for sure and with popularity of bitcoin gaining more attention of the public, more people will try to mine it which means the network will consume even more energy.

Number of miners are increased in huge amount from the past 1 years but they are not mining the bitcoin I guess. You may find the ASIC for the high price and not supported for the various mineable coins still.
So investing on mining with the GPU cards will be better and more over difficulty of mining bitcoin will be increased so you can go with the GPU cards and mining ethereum means it is profitable to you bro.

When it comes to profitability/ apparatus cost / changing mineable coins then i would hands down for GPU since this thing can give you out the chance to jump into one coin to another depending into your decision where you can able to view that you can make profits which is an advantage.ASIC is away more expensive that GPU but still there are lots of people who do make engagement with it.When it talks about energy efficiency it would be more enhanced as it upgrades when boards used up smaller nanos.

Wipro

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Quote from: ManaMan on March 22, 2018, 02:29:57 PM

I do not believe we will see any major changes any time soon about mining. Mining is huge business on it's own and it would not be easy to try to tweak the code there, I am sure many people will lose faith in bitcoin if it for some reason switch to some other consensus such as POS. Problem is real there, that's for sure and with popularity of bitcoin gaining more attention of the public, more people will try to mine it which means the network will consume even more energy.

Number of miners are increased in huge amount from the past 1 years but they are not mining the bitcoin I guess. You may find the ASIC for the high price and not supported for the various mineable coins still.
So investing on mining with the GPU cards will be better and more over difficulty of mining bitcoin will be increased so you can go with the GPU cards and mining ethereum means it is profitable to you bro.

ManaMan

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I do not believe we will see any major changes any time soon about mining. Mining is huge business on it's own and it would not be easy to try to tweak the code there, I am sure many people will lose faith in bitcoin if it for some reason switch to some other consensus such as POS. Problem is real there, that's for sure and with popularity of bitcoin gaining more attention of the public, more people will try to mine it which means the network will consume even more energy.

cryptojohnstone

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Bitcoins short life so far has been eco efficient compared to any other currency in the world.

postcd

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Quote

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-2020

Quote

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/
(August 2019 update: wrong, "Recent published estimates of bitcoin’s electricity consumption are wide-ranging, on the order of 20‑80 TWh annually, or about 0.1-0.3% of global electricity use" (Ireland is 26TWh) - source)

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)30177-6
(seems correct nearly 2 years later according to iea.org article linked above)

Quote

Carbon footprint per transaction (kg of CO2) 122.14

Source: https://digiconomist.net/bitcoin-energy-consumption

Other person thinks digiconomist numbers are wrong and power consumption is much lower:

Quote

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

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