Bitcoin mining isn’t a waste of energy? If someone is doing some task without proper planning then the Best of the best work will prove a waste of time. Question is that why a lot of people in the world are mining bitcoin If mining is giving loss.
There are also many successful miners who earned many bitcoin through mining. So the person those are a failure in this task. In fact, they are doing mining without proper planning, strategy, study, and knowledge, and they do not have the art of mining.
Topic: Why Bitcoin mining isn’t a waste of energy? (Read 1068 times)
There comes a point when it costs more to run your mining farm than it makes in transaction fees. Fees are only going down and farm size is only going up. Once we hit that point it is just a couple of companies sharing the blocks out between themselves. Hardly decentralised.
Bitcoin mining we are currently conducting is essentially a process of energy conversion. Firstly, water energy, wind energy, solar energy, geothermal energy and so on are converted into electrical energy that mining machines need to participate in hash calculation, which forms computing power, entering the accounting work of Bitcoin, and then obtaining the Bitcoin reward. In the end, the energy of nature is stored in the form of Bitcoin, that is, the value is stored. Bitcoin mining is not free, it has cost, it needs to consume physical mining machines, it needs to consume energy. The energy consumption process is the process of energy transmission, being converted into stored Bitcoin, which happens to be the value support of Bitcoin. Based on this, no other cryptocurrency can replace Bitcoin.
What do you think?
What do you think?
I'm not sure you've actually covered anything substantial, your whole post basically consists of "This is how energy is produced, Bitcoin needs energy, Bitcoin has a value.". This is far from giving any sort of valid defense or understanding of why the world should look favorably upon this cryptocurrency versus the existing network of payment processors which have much more efficient systems. The ultimate question you should be looking to answer would be - is the excessive energy consumption of cryptocurrencies (versus highly optimized servers and databases which can process transactions instantly with minimum cost) worth the decentralized cash-like functionality that cryptocurrency gives to the people?
Bitcoin mining requires a huge amount of electricity. There's a lot of computing in a room. Everyone is trying to make green energy the main resource of bitcoin mining. And it's still being developed to this day. Not a single company has succeeded in making it happen but that does not rule out the possibility of it happening.
Those companies who own the electricity can benefit on mining, but those who are not or in just a residential area will only cost more in theirelectricity bills. It will be better to trade tgan to mine. The cost of mining rigs and energy consumption will not be enough for the profit that can get in mining. It irritates me when I see Bitcoiners getting defensive all the time while defending the power consumption from cryptocurrency mining. Why are we not able to shout back that printing of fiat currency causes a lot more damage to the environment? Bitcoin once mined is imperishable. On the other hand, banknotes get torn or soiled after a few years of usage and needs to be replaced. And Bitcoin mining requires mining equipment and electricity. Printing of banknotes require paper pulp, cotton, dye and a huge number of other ingredients.
Thats rubbish because the ASIC Miner itsself go to trash also...when it would be CPU Mineable only would not have this problem
Bitcoin mining is very effective because it can use solar energy or other alternative energy, there is no reason for anyone to prohibit bitcoin mining because it uses very little power even for mining and produces 100 btc of power required very small and greater use of lights at 10 intersections in a big city.
no energy is wasted by miners, they do mining because they will get huge profit from Bitcoin. The tools to mine Bitcoin require quite a lot of electrical energy but the results from mining bitcoin provide such huge profits that there is no term "wasting energy".
Every bitcoin miner will definitely benefit and from that profit they are able to pay the cost of their electricity bill.
Energy for mining is really not wasted as miners are all big investors in processing and cooling systems, almost bringing a huge supply to the electronic market, besides, the electricity costs are paid at the right time every month and as a part of the cost for the country, it can be said that they do not waste energy but on the government side, these energy sources can be more optimal and bring more taxes for them. It's not entirely wrong to feel a waste, too much tax goes uncollected while crime and crooks are rampant in the crypto system, no contribution to the country and just personal ambition Every bitcoin miner will definitely benefit and from that profit they are able to pay the cost of their electricity bill.
no energy is wasted by miners, they do mining because they will get huge profit from Bitcoin. The tools to mine Bitcoin require quite a lot of electrical energy but the results from mining bitcoin provide such huge profits that there is no term "wasting energy".
Every bitcoin miner will definitely benefit and from that profit they are able to pay the cost of their electricity bill.
Every bitcoin miner will definitely benefit and from that profit they are able to pay the cost of their electricity bill.
You know, posts like this are generally considered garbage not only because there is no valuable information in them, but also because some misinformation is present. It is absolutely not guaranteed that a mining farm "will get huge profit", but even if it were, it would not mean that Bitcoin mining wasn't a waste of energy for the world in general.
What I liked about your post though, is that it reminded me of aantonop saying that the money paid by miners for electricity consumption could be used for creating more renewable sources of energy, and thus the whole process would be good for the world.
Bitcoin mining (using specialized computers to solve cryptographic puzzles), like mining any other resource, requires energy. The inventor of bitcoin, nicknamed Satoshi Nakamoto, likened bitcoin mining to gold mining. “Gold mining is a waste, but that waste is less than the utility of having gold available as a medium of exchange.” 9 The same is true for bitcoin. Unlike many other resources, the power for bitcoin mining can be derived from renewable resources and from waste streams from conventional energy sources. Today, the Bitcoin network uses about 140TWh of energy. U.S. oil and gas industry gas alone can generate 150 TWh13 of electricity. The cost of running a mining machine is almost entirely the cost of electricity. However, unlike most electricity customers, miners can rely on intermittent power and close proximity to energy sources. Bitcoin already uses more energy than some countries but still accounts for only 0.3% of total global energy consumption. However, it is not the scale of the energy that the Bitcoin network consumes, the fact that the network will not have any long-term environmental consequences.
In countries where there is a shortage of fuel oil and a shortage of electricity, bitcoin mining is considered a waste of energy. However, our country has a large supply of mineral oil and electricity, In our country, bitcoin mining will not be considered as a waste of energy
In every country there are different areas in respect to the amount of electricity produced. In one part can be not enough of it, while in other part can be more than needed. And miners normally tend to build their mining farms in places like the latter. They use the electricity which would be wasted otherwise. Although electric energy can be stored, it's often not cost-effective, and it's much better for the power plants owners, and for the environment, if this excess energy is used one way or another.
No, it's not that obvious. The price of electricity depends on the price of generation, transmission and distribution, and in low income countries these prices can be lower than in the developed ones. Also it depends on government taxes or subsidies. It's not like scarcity dictates higher prices. There are many other factors to consider.
Bitcoin mining requires energy. Impossible to mine bitcoin without electric power.As a result of many machines and tools this bitcoin mining work is done. Adequate current is required for mining Adequate mining in some countries resulted in a shortage of electricity in those countries.Must do bitcoin mining Energy is needed.
Bitcoin mining requires energy, even a lot of energy, but not wasteful and not to the extent that it pollutes the environment or is the main cause of global warming. It's all just a theory to suppress bitcoin by some bitcoin haters. Bitcoin like any other industry has to consume energy and produce emissions. But they all serve and bring real value to people's lives and so does bitcoin. 
In countries where there is a shortage of fuel oil and a shortage of electricity, bitcoin mining is considered a waste of energy. However, our country has a large supply of mineral oil and electricity, In our country, bitcoin mining will not be considered as a waste of energy
In every country there are different areas in respect to the amount of electricity produced. In one part can be not enough of it, while in other part can be more than needed. And miners normally tend to build their mining farms in places like the latter. They use the electricity which would be wasted otherwise. Although electric energy can be stored, it's often not cost-effective, and it's much better for the power plants owners, and for the environment, if this excess energy is used one way or another.
Bitcoin mining is a waste of energy it is an opinion and not clear. If that is true why are so many people still mining Bitcoin. Indeed, mining requires energy and powerful tools, but it will all change in the form of Bitcoin value. besides that the mining process also spends a lot of money to pay for the energy they use not for free or for free. So I think Bitcoin mining is better described as converting energy into Bitcoin, not a waste of energy.
It irritates me when I see Bitcoiners getting defensive all the time while defending the power consumption from cryptocurrency mining. Why are we not able to shout back that printing of fiat currency causes a lot more damage to the environment? Bitcoin once mined is imperishable. On the other hand, banknotes get torn or soiled after a few years of usage and needs to be replaced. And Bitcoin mining requires mining equipment and electricity. Printing of banknotes require paper pulp, cotton, dye and a huge number of other ingredients.
In countries where there is a shortage of fuel oil and a shortage of electricity, bitcoin mining is considered a waste of energy. However, our country has a large supply of mineral oil and electricity, In our country, bitcoin mining will not be considered as a waste of energy
In every country there are different areas in respect to the amount of electricity produced. In one part can be not enough of it, while in other part can be more than needed. And miners normally tend to build their mining farms in places like the latter. They use the electricity which would be wasted otherwise. Although electric energy can be stored, it's often not cost-effective, and it's much better for the power plants owners, and for the environment, if this excessive energy is used one way or another.
if someone says that bitcoin wastes a lot of energy so that it has the potential to pollute the environment for me that is absolutely not true, considering bitcoin is a digital currency and is very different from other things such as those that cause air pollution that can pollute the environment, by digital system adopted by bitcoin it would be very unlikely that bitcoin would be a waste of energy
for me bitcoin mining is not a waste of energy because what from the results of mining can make money from us selling bitcoin ourselves
and for me it wastes electricity just to watch, buy an internet package just to play games
I think it's very unethical if someone talks like that only people who don't know and understand what bitcoin is and how much is bitcoin itself
and for me it wastes electricity just to watch, buy an internet package just to play games
I think it's very unethical if someone talks like that only people who don't know and understand what bitcoin is and how much is bitcoin itself
Earlier you guys were mouthing off to me about bad grammar and sentence structure. This reads like a drunk 1st year english student in a brothel at a dubai marketplace.
Going back on topic about Bitcoin mining is a waste of energy? This is just a lame excuse considering that they could also get from other natural sources too
and to think that waste of energy is more than on what we are seeing on some things that consumes the most compared to bitcoin mining.
They really just dont like bitcoin in the first place.
In countries where there is a shortage of fuel oil and a shortage of electricity, bitcoin mining is considered a waste of energy. However, our country has a large supply of mineral oil and electricity, In our country, bitcoin mining will not be considered as a waste of energy
for me bitcoin mining is not a waste of energy because what from the results of mining can make money from us selling bitcoin ourselves
and for me it wastes electricity just to watch, buy an internet package just to play games
I think it's very unethical if someone talks like that only people who don't know and understand what bitcoin is and how much is bitcoin itself
and for me it wastes electricity just to watch, buy an internet package just to play games
I think it's very unethical if someone talks like that only people who don't know and understand what bitcoin is and how much is bitcoin itself
Earlier you guys were mouthing off to me about bad grammar and sentence structure. This reads like a drunk 1st year english student in a brothel at a dubai marketplace.
People waste a lot of time in doing unnecessary things that are not valuable, but it has value to them. Bitcoin mining is very important and will never be a waste of time, because it has a very huge value of Fiat, and has a huge success in the entire future. In respect to waste of electricity,bills are paid so even if it waste electricity, and it has value that paid for it, I think there is no any problem, though we do investment to gain profit.
Bitcoin miners do not waste time and are able to generate fantastic FIAT values. about the waste of electricity you mean not that simple. Waste of electricity is not a matter of being able or not to pay for it, but the mining process can increase the Global Warming Effect and this is already happening. Some Miners are expected to use environmentally friendly and renewable energy, because it will be better and will save all. Jump to: