Will bitcoin destroy the world? - page 26.

uray

hero member

Activity: 1400

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Quote from: yanxuanyunshan4 on March 09, 2018, 12:53:14 AM

Bitcoin mining is based on very high energy costs and environmental costs.
One bitcoin =20 barrels of oil.
What do you think about the energy consumption of bitcoin?

There is no doubt that bitcoin mining is a energy consuming process and you should support the fact that it is not easily printed like the fiat curreny. Cheesy

Most of the big miners are moving to green energy and we will see more miners using renewable energy which is good for the environment, how did you come up with a calculation of 20 barrels of oil for one bitcoin.

sk700

newbie

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no. how could be possible that bitcoin will destroy the world.bitcoin a global currency and many developed countries already accepted bitcoin as their trading currency... it is not possible that bitcoin destroy the world.

tushin4

member

Activity: 191

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What

I don't think so that Bitcoin will destroy the world.actually after the invention of Bitcoin I have seen that it has developed the world a lot. and at present it is still developing the world.so there is no chance of thinking that Bitcoin will destroy the world.

SeniorRalap

newbie

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Quote from: yanxuanyunshan4 on March 09, 2018, 12:53:14 AM

Bitcoin mining is based on very high energy costs and environmental costs.

One bitcoin =20 barrels of oil.

How many barrels of oil do you think the industry consumes every year?

10 barrels? 50 barrel?

Each year, the mining industry consumes more than 24 terawatts of energy, the equivalent of 13,239,916 barrels of oil.

Every 10 minutes, 12.5 bitcoins are dug up, meaning 20 barrels of crude oil have been reached since each bitcoin was dug up (not yet traded).

In other words, the amount of energy consumed by the global bitcoin mining campaign is 40 times greater than the amount of energy needed to support the Visa card network.

One bitcoin transaction = one American family USES electricity a week.

According to encrypt the currency analyst Alex DE Vries estimate an index, the currency trading energy consumed each year more than 24 tw, this is equivalent to total energy consumed each year in Nigeria, which has a population of 186 million.

Currently, about 300,000 bitcoins are traded each day. Each bitcoin transaction costs 215 kilowatt-hours of energy.

The average American household USES about 901 kilowatt-hours of electricity a month, which means that each bitcoin exchange consumes enough energy to make an American family comfortable for a week.

What do you think about the energy consumption of bitcoin?

I don't know the accuracy of your figures. Bitcoin but I know that mining consumes a lot of energy, it is true that many people because of mining bitcoin will consume large amounts of energy to select a boycott of the bitcoin , so I hope in the future the bitcoin could invent new energy mining, this will help the bitcoin to get people's approval

Arindava

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I do not read the exact data, but if bItcoin has to use a lot of energy for bad deals, but in fact there are still many ways to overcome them, there is still a lot of renewable energy that we have not yet fully discovered, water, sun and wind can still be used without having to use the earth..

Ekram

newbie

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No I do not think it will destroy the world Because it is helping us with money rather than destruction. I think, it's for us a good job. We can always earn good money from it. And we got good pleasure from bitcoin. Because of this, we can say that it is not the destruction of the world.

AlekSandRAx

jr. member

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Every new technology creates new challenges. For bitcoin, energy consumption is just one of them. This only indicates that new solutions are needed.
Bitcoin, block chain or any other technology can not destroy the world by itself. Only man can do that, or a natural disaster. If anything goes wrong, it can not be blamed on Bitcoin or some technology, but humanity itself.

ahah

newbie

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I don't know exactly how you got these numbers. Bitcoin not only consumes electricity, but other things can be ignored. Electricity is the easiest energy source, so Bitcoin cannot destroy the world. It can't happen!

nalinpuri

jr. member

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I think bitcoin mining will not harm the environment because people will be able to produce wind ,solar energy and thus no loss of energy will take place.
Cheesy

Amilhussin24

member

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Even though bitcoin is wasting so much electeicity it also benefits the users in so many ways that people love it very much. Bitcoin is very important in peoples lives it is very useful in many ways. What do you think of other currency such as fiat currency? It uses paper to make money and where do they get paper? And how many country doing it? They get it in a tree and it uses gas, oil, water, electricity. So, will it be destroy the world? Bitcoin is nothing compared to fiat currency when it comes in destroying world.

Harleybtc01

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Quote from: Alohadance on March 26, 2018, 09:44:15 AM

I believe in bitcoin. It is traditional usd in cryptocurrency and it will be used for a very long time. So it will save us frome government taxes.

For me its not the bitcoin which destroys the world but its the people who live in. Even without bitcoin if people want to do something chaos in his society then they will be. Its just the people who develop and improve his life and society. Therefore, there is nothing wrong with bitcoin.

Alohadance

member

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I believe in bitcoin. It is traditional usd in cryptocurrency and it will be used for a very long time. So it will save us frome government taxes.

lyks15

full member

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That is not right!even bitcoin will not exist in the world we will also have an energy problem. Because we have use many gadgets and chemicals everyday that affect our nature. So dont blame the bitcoin because in fact bitcoin can help to change the world and help other people to make them life better. I think bitcoin can help the world not destroing it. Because it gives an income to the people who have unemployed or to the people who do illegal work like illegal logging that can destroy our world or nature. So for me bitcoin is savior not a destroyer.

0t3p0t

sr. member

Activity: 1736

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Peace be with you!

Quote from: yanxuanyunshan4 on March 09, 2018, 12:53:14 AM

Bitcoin mining is based on very high energy costs and environmental costs.

One bitcoin =20 barrels of oil.

How many barrels of oil do you think the industry consumes every year?

10 barrels? 50 barrel?

Each year, the mining industry consumes more than 24 terawatts of energy, the equivalent of 13,239,916 barrels of oil.

Every 10 minutes, 12.5 bitcoins are dug up, meaning 20 barrels of crude oil have been reached since each bitcoin was dug up (not yet traded).

In other words, the amount of energy consumed by the global bitcoin mining campaign is 40 times greater than the amount of energy needed to support the Visa card network.

One bitcoin transaction = one American family USES electricity a week.

According to encrypt the currency analyst Alex DE Vries estimate an index, the currency trading energy consumed each year more than 24 tw, this is equivalent to total energy consumed each year in Nigeria, which has a population of 186 million.

Currently, about 300,000 bitcoins are traded each day. Each bitcoin transaction costs 215 kilowatt-hours of energy.

The average American household USES about 901 kilowatt-hours of electricity a month, which means that each bitcoin exchange consumes enough energy to make an American family comfortable for a week.

What do you think about the energy consumption of bitcoin?

Mining of Bitcoin cannot destroy the world because mining isn't theonly thing we are doing here in this world people are now switching to renewable energy when in terms of using power for mining purposes. Hydro, wind, solar and any other renwable energy they have just to lessen the consumption and to make it more effecient depending on their location and energy billings. I know that there will always be an alternative power we can use but also depends on budget and investmnt most especially in mining.

bibiqua

newbie

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Will bitcoin destroy the world?

Nope, the other way round.

Washball

full member

Activity: 266

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First crypto index traded as a token!

If the calculation and numbers are right, it is something to think about. It's high time we develop sustainable systems and find new sources of sustainable energy. In Scandinavian countries we already have hydro power, in tropical countries we should have more solar farms and so on. But it's not right to say bitcoin is destroying the world.

Carmen01

full member

Activity: 294

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Streamity Decentralized cryptocurrency exchange

This topic is for serious discussion here in forum ,I think if you use this bitcoin to destroy world that's not good idea because there's a lot of way to trace the transaction here like if they use this to scam or hack someone so they can't use it i think some users here in crypto are hacker but there's a lot of way to avoid that like if they use this to scam then do escrow in transaction that's easy

otandelapaz

full member

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I wish you have a background on this. A reliable source like a news article or study from a respected university. It's really hard to reply/comment to your post if you don't have a valid source of information.

newBIeT

jr. member

Activity: 37

Merit: 2

So you think btc is the only business that uses barrels of oil and other energy sources. I think you re being unfair to btc pointing out and even calculating the effect of it to the environment. A lot of businesses all over the world uses energy to exist or to do what they have to do but still people benefit from it. Even if btc uses what you have stated still people benefit from it. People with great minds does not just sit around wait for the bad effect, alternatives will come gradually and remove what you've been worrying about.

Shingaling

newbie

Activity: 154

Merit: 0

Bitcoin will help the world specially those who have no sufficient money to have a living,bitcoin helps many people to earn money for their future.

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