Mining bitcoin isn't really a waste of energy because the miners of it are technically are being rewarded with every amount of bitcoin they mine using their supercomputers and mining rigs. It isn't as if they are just wasting energy over something that has no value and use at all. Bitcoin has a corresponding value in fiat depending on the market trend. Every mined bitcoin has a value no matter how small or big it may be. Miners can sell their bitcoin or they can opt to hold it. And if they will hold it for some time, the value may increase or decrease depending on the market season and movement.
Right now, they are eyeing using renewable resources to be their source of energy that could power their mining system. If they would be able to pull the eco-friendly and cost-friendly energy source in mining, it will be really great because the non-renewable energy source won't be affected as much, which I think is the issue of most people in mining bitcoin.
Topic: Why Bitcoin mining isn’t a waste of energy? - page 3. (Read 1087 times)
I mean, it's safe to assume that most of the "Bitcoin is a waste of energy" people probably didn't even spend enough time thinking to grasp the concept of "store of energy". That, along with the dozens and dozens of nonsense criticisms against Bitcoin.
As far as I know though, the argument against Bitcoin's energy usage is mostly in the environmental perspective. That Bitcoin is unnecessary hence is causing unnecessary damage to the environment. Funnily enough, people criticize Bitcoin's energy usage with them turning a blind eye on other "unnecessary"(not necessarily bad, but not necessarily needed for humanity to survive) energy hogs such as Christmas lights and gaming consoles.
As far as I know though, the argument against Bitcoin's energy usage is mostly in the environmental perspective. That Bitcoin is unnecessary hence is causing unnecessary damage to the environment. Funnily enough, people criticize Bitcoin's energy usage with them turning a blind eye on other "unnecessary"(not necessarily bad, but not necessarily needed for humanity to survive) energy hogs such as Christmas lights and gaming consoles.
Or look how much energy is wasted on mostly unnecessary grass lawns. Here's a good article on this matter.
Overall, Bitcooin contribution to the CO2 emissions is around 0.05%. So, there are many other industries worth bringing to the attention in this regard.
If you spend $99 dollars and get $100 back then its worth mining.
So generally speaking, the amount of money wasted mining bitcoin is roughly equivalent to the amount of coins generated by mining.
This actually puts a cap on the value of bitcoin which is why its never going to get to a million like some people claim
So generally speaking, the amount of money wasted mining bitcoin is roughly equivalent to the amount of coins generated by mining.
This actually puts a cap on the value of bitcoin which is why its never going to get to a million like some people claim
I'd like you to elaborate your point because I think I'm not the only one who can't get it.
Where is the constant changing of the BTC/USD rate in your calculations? And do you know that there are times when people keep mining at a loss for months in hopes of the future price increase?
If you spend $99 dollars and get $100 back then its worth mining.
So generally speaking, the amount of money wasted mining bitcoin is roughly equivalent to the amount of coins generated by mining.
This actually puts a cap on the value of bitcoin which is why its never going to get to a million like some people claim
So generally speaking, the amount of money wasted mining bitcoin is roughly equivalent to the amount of coins generated by mining.
This actually puts a cap on the value of bitcoin which is why its never going to get to a million like some people claim
Yeah, but it more like TEN people spend $99 mining and ONE person gets $100 back. That is $990 spent to make $1. Now times that by a few thousand to get the real figures.
the issue of bitcoin is raised by linking it to the environment, especially energy waste. it is a matter that is not worth discussing, because what we know today is that the use of energy mining is not as big as the use of electricity by factories, buildings, or other public facilities. It's clear there is a party behind playing the issue of bitcoin to get to a secret agenda
Going by the first law of bitcoinminnigdynamics stating that Bitcoin can neither be altered nor destroyed but can be gained using highly sophisticated computers to solve complicated mathematical problems (alogrithim).
How then would it be said this doesn't contribute to the waste of energy. First the fleet of sophisticated matches couple with the amount of energy it would require to keep this device to keep on minning.
If energy is really stored back as Bitcoin which could be a compensation for the minners how about the people within that very area where this energy is been consumed massively what would likely be their benefit
Energy issues is totally a shit thing for them to put focused on and this is something a shit topic that they would really be concern off considering that there are still things which does have energy consumption issuesHow then would it be said this doesn't contribute to the waste of energy. First the fleet of sophisticated matches couple with the amount of energy it would require to keep this device to keep on minning.
If energy is really stored back as Bitcoin which could be a compensation for the minners how about the people within that very area where this energy is been consumed massively what would likely be their benefit
than with bitcoin mining and thats they should really be focusing on rather than with Bitcoin.I do rather believe that this is just an alibi or excuse for them to sue out something about bitcoin.
This is just not really that serious of an issue if you do really look into the bigger picture.It doesnt really make sense.
Going by the first law of bitcoinminnigdynamics stating that Bitcoin can neither be altered nor destroyed but can be gained using highly sophisticated computers to solve complicated mathematical problems (alogrithim).
How then would it be said this doesn't contribute to the waste of energy. First the fleet of sophisticated matches couple with the amount of energy it would require to keep this device to keep on minning.
If energy is really stored back as Bitcoin which could be a compensation for the minners how about the people within that very area where this energy is been consumed massively what would likely be their benefit
How then would it be said this doesn't contribute to the waste of energy. First the fleet of sophisticated matches couple with the amount of energy it would require to keep this device to keep on minning.
If energy is really stored back as Bitcoin which could be a compensation for the minners how about the people within that very area where this energy is been consumed massively what would likely be their benefit
The cost of mining bitcoin is insignificant compared to the cost of producing, managing, processing, transacting, and destroying fiat currency.
Think about how much energy the federal mint uses to print fiat. How much do banks use, who's only purpose is to transact in fiat? Think lights, heating, cooling, construction of buildings, computers, networking... it's staggering.
Think how much energy is used by the credit card industry. 100's of thousands of employees, most requiring electricity for various purposes (computers, lights, heat, construction, etc..)
I'd bet, on market cap basis, fiat uses orders of magnitude more energy overall than bitcoin.
Think about how much energy the federal mint uses to print fiat. How much do banks use, who's only purpose is to transact in fiat? Think lights, heating, cooling, construction of buildings, computers, networking... it's staggering.
Think how much energy is used by the credit card industry. 100's of thousands of employees, most requiring electricity for various purposes (computers, lights, heat, construction, etc..)
I'd bet, on market cap basis, fiat uses orders of magnitude more energy overall than bitcoin.
............
What do you think?
What do you think?
Well, if you asked me to think about mine, then I would say that what you say is all right. There are two reasons for saying those things.
1: Where is it illegal to use bitcoin then how can I say about bitcoin mining? It is quite impossible to say without any practical experience from my own life. After watching videos on YouTube or reading blogs, I received two types of responses: first, crypto people will claim that there is no problem and will show their proof.And crypto people say it's problematic. So I hope you understand. Without understanding, I can say exactly what I mean.
2: After reading your writing, I believe I can agree with your point of view.And that is all my point. Because you elaboret everything clearly. That's why I understand easily.
Thanks for it.
If you spend $99 dollars and get $100 back then its worth mining.
So generally speaking, the amount of money wasted mining bitcoin is roughly equivalent to the amount of coins generated by mining.
This actually puts a cap on the value of bitcoin which is why its never going to get to a million like some people claim
So generally speaking, the amount of money wasted mining bitcoin is roughly equivalent to the amount of coins generated by mining.
This actually puts a cap on the value of bitcoin which is why its never going to get to a million like some people claim
Many people think that mining does not produce social value, so mining is a pure waste of resources. This is a misunderstanding.
For sure, mining is now becoming more difficult and more and more hardware is required ruling out individual miners but it goes to show how far this process has become - such a complex social aspect that now governments are finding ways to reduce its size.
bitcoin mining isn't a waste of energy because, mining bitcoin gives gain and not only losses, although mining bitcoin is very time consuming. the profit you will gain is very high especially if the market on bitcoin is in the upwards trend. but sadly not everyone have the resources to mine bitcoin nowadays and there are several countries that ban the mining on bitcoin. nonetheless mining bitcoin is definitely not a waste of time and energy.
Many management problems are to solve the problem of trust. Here, our primitive and rough management model wasted a lot of energy, manpower and material resources. Due to distrust, we must add a large number of administrators. But with mining, everything becomes simple and the trust problem is solved. A lot more energy, manpower, and material costs are saved. This will create a streamlined social management system that will serve the improvement of human productivity to the greatest extent.
The only thing mining is good for is the people who make the miners. In the arms race to have more mining capacity than everyone else, they are the only winners.
Check the post by witcher_sense above. If mining is not profitable, then no one would be doing it. Everyone is benefitting out of mining. The list is endless - governments (tax revenue), mining equipment manufacturers (sales revenue), miners (income), landlords (rental payments), exchanges, mining pool managers, ordinary cryptocurrency users (who get protection in the form of PoW for using cryptocurrency).etc. My logic is pretty simple. If printing of fiat banknotes is profitable, then mining of cryptocurrency is much more profitable compared to it.
All signs now indicate that in the next few years, a worldwide financial crisis will definitely come. The key is how it will come. All sovereign countries are now using over-printed currencies to delay this economic crisis. However, the Super India currency will only make the crisis bigger, and will not be able to fundamentally solve the crisis. In my opinion, for ordinary people, Bitcoin is our only choice to deal with the world economic crisis. It provides a completely decentralized value store model based on algorithms. It can save our wealth from being exploited. There are still many people slandering Bitcoin, but they don’t know that Bitcoin is the only antidote to everyone’s wealth.
The way I look at it, we don't know precisely in which direction the bitcoin market will move when or if a crisis situation occurs. We haven't yet seen bitcoin in action, we haven't yet witnessed its price fluctuation during serious economic situations. The thing is that we measure the value of bitcoin with an overprinted and unstable currency like the dollar, so in terms of the dollar bitcoin may fall dramatically. From the perspective of bitcoin, nothing will change, even if there is a crisis, you are still going to possess the same percentage of its total supply. If you are open-minded enough to measure things with a truly decentralized reference system, then you are ready to face any crisis.The only thing mining is good for is the people who make the miners. In the arms race to have more mining capacity than everyone else, they are the only winners.
If mining weren't profitable, no one would waste resources.
The only thing mining is good for is the people who make the miners. In the arms race to have more mining capacity than everyone else, they are the only winners.
Bitcoin mining is undoubtedly a massive waste of fuel oil and electricity. Many environmentalists believe that if this continues, bitcoin mining will become a threat to the world to come. So it is possible very quicklyBitcoin mining stop.
Really? Because households, hospitals and other important infrastructures are all consuming electricity so I don't think that saying bitcoin is undoubtedly a waste of electricity is stupid since we're also using electricity and what some of us do are even more frivolous than mining bitcoin so I don't see your point.All signs now indicate that in the next few years, a worldwide financial crisis will definitely come. The key is how it will come. All sovereign countries are now using over-printed currencies to delay this economic crisis. However, the Super India currency will only make the crisis bigger, and will not be able to fundamentally solve the crisis. In my opinion, for ordinary people, Bitcoin is our only choice to deal with the world economic crisis. It provides a completely decentralized value store model based on algorithms. It can save our wealth from being exploited. There are still many people slandering Bitcoin, but they don’t know that Bitcoin is the only antidote to everyone’s wealth.
Bitcoin mining is undoubtedly a massive waste of fuel oil and electricity. Many environmentalists believe that if this continues, bitcoin mining will become a threat to the world to come. So it is possible very quicklyBitcoin mining stop.
Really? Because households, hospitals and other important infrastructures are all consuming electricity so I don't think that saying bitcoin is undoubtedly a waste of electricity is stupid since we're also using electricity and what some of us do are even more frivolous than mining bitcoin so I don't see your point.why bitcoin mining doesn't waste energy,?? bitcoin requires energy in mining, actually every energy released by bitcoin is not wasted in vain, not the same as people who play games, who spend energy in vain, because we know everyone those who want to do mining will definitely spend a large amount of capital,
I don't think Bitcoin mining is a waste of resources.In fact, it is very light.For example, the US dollar.It is undeniable that the US dollar is valuable.No one would say that printing US dollars is a waste of resources of cotton and linen.
It is the electricity bill that guarantees the value of btc.
It is military spending that guarantees the value of the dollar.
Some things cannot be escaped. I fully believe that military expenditures are greater than electricity expenditures.
back again to everyone's understanding, especially to people who do not like bitcoin itself.
a simple example is that those who like bitcoin will of course prepare an allocation of electricity supply for mining so that bitcoin mining is not hampered with a definite hope that they will get bitcoin as a result of mining and this they will consider worth it even if the electricity taken is quite large but it it can be done and its profit can be patched with bitcoin.
in contrast to those who don't like bitcoin even though for example bitcoin mining requires a small or large power supply they will not care and will hate it and now the electricity supply for mining is in question but they are not aware that there are more things that have the potential to consume electricity supply for example such as electronic devices that are not very useful and even electric car chargers that are said to be environmentally friendly have to consume a minimum of 2000-3000 volt amperes per each charger and this is certainly something that is not taken into account.
a simple example is that those who like bitcoin will of course prepare an allocation of electricity supply for mining so that bitcoin mining is not hampered with a definite hope that they will get bitcoin as a result of mining and this they will consider worth it even if the electricity taken is quite large but it it can be done and its profit can be patched with bitcoin.
in contrast to those who don't like bitcoin even though for example bitcoin mining requires a small or large power supply they will not care and will hate it and now the electricity supply for mining is in question but they are not aware that there are more things that have the potential to consume electricity supply for example such as electronic devices that are not very useful and even electric car chargers that are said to be environmentally friendly have to consume a minimum of 2000-3000 volt amperes per each charger and this is certainly something that is not taken into account.
Bitcoin mining is undoubtedly a massive waste of fuel oil and electricity. Many environmentalists believe that if this continues, bitcoin mining will become a threat to the world to come. So it is possible very quicklyBitcoin mining stop.
Really? Because households, hospitals and other important infrastructures are all consuming electricity so I don't think that saying bitcoin is undoubtedly a waste of electricity is stupid since we're also using electricity and what some of us do are even more frivolous than mining bitcoin so I don't see your point. Jump to: