Will energy consumption be Bitcoins downfall ? - page 2.

AicecreaME

sr. member

Activity: 2436

Merit: 455

Quote from: Gatorelf on May 17, 2021, 11:37:16 AM

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

I don't think energy consumption will be the downfall of bitcoin, but it surely will affect bitcoin if from time to time there will be mining sites that need to close down due to high electricity consumption.

Bitcoin really consumes a lot of electricity in mining which was the usual issue during the past months already. There was even a news that a mining site related to bitcoin was forced to close down because China's government has been reserving their power consumption. Maybe this scenario will make the mining corporations to slowly switch from being eco-friendly. Correct me if I'm wrong, but I think bitcoin consumes still lesser energy compared to big private mining corporations and companies. IMO it shouldn't be a big issue. Although I really do hope that mining becomes more environmental friendly since I'm also aware of the repercussions it may cause to the overall state of our planet.

jjdub7

hero member

Activity: 938

Merit: 502

Quote from: Gatorelf on May 17, 2021, 11:37:16 AM

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

I personally do not think that investors' interest in Bitcoin will decrease for such reasons. Bitcoin is a major driving force in the crypto market and can not remain without interest from investors.

And yet, more and more Bitcoin mining farms are turning to renewable energy sources, which could soon lead to a completely "green" Bitcoin mining and that won't be a problem then.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: serjent05 on June 16, 2021, 05:34:27 PM

Quote from: Gatorelf on May 17, 2021, 11:37:16 AM

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

No, I think Bitcoin miners will be the ones to develop into eco-friendly machines. You are forgetting something here I guess. Technology develops thus looking back on how people mine bitcoin from CPU to ASIC and from high energy-consuming ASIC to more powerful but more energy-efficient machine. Possibly we can see mining farms being powered by renewable energy such as solar, windmill, and hydro plants which actually available in the energy industry.

We would really be heading there if this issue would continue to be raised in upcoming years towards bitcoin mining then it would really finding out some solution about it and its true that techonology does progress and we wont know on what would be invented next and this might be already get resolved
with those environmental issues but actually i dont see it to be that major and they are the only ones who do really make it a big deal
but basing off with the energy been used and with the supply where i can see to be sufficient.

serjent05

legendary

Activity: 3010

Merit: 1280

Get $2100 deposit bonuses & 60 FS

Quote from: Gatorelf on May 17, 2021, 11:37:16 AM

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

No, I think Bitcoin miners will be the ones to develop into eco-friendly machines. You are forgetting something here I guess. Technology develops thus looking back on how people mine bitcoin from CPU to ASIC and from high energy-consuming ASIC to more powerful but more energy-efficient machine. Possibly we can see mining farms being powered by renewable energy such as solar, windmill, and hydro plants which actually available in the energy industry.

fara_buduk

full member

Activity: 616

Merit: 100

gik nyareh proyek seteppak pas sepak

bitcoin's energy consumption, and the resulting carbon emissions, will only go in one direction, namely increasing, "electricity consumption and now there are some who have started using environmentally friendly energy to reduce electricity costs. It's just that this is still in the planning stage and is being pioneered by companies which incidentally is engaged in this sector while individual mining may only use some of this solar energy due to the difficulty in making adequate and stable environmentally friendly energy with the tools/computers used, as well as the funds

Gatorelf

sr. member

Activity: 845

Merit: 267

Quote from: Naficopa on June 11, 2021, 01:56:09 AM

People moved to electric cars to save GAS/Patrol spending not to save the environment. Electric cars run on electricity and this electricity is mostly generated by burning fossil fuels.
PoW is power greedy and I don't think it will be replaced by any other consensus algo in the future. A counter argument is that bitcoin power consumption can be justified by using clean energy i.e. generated from water, wind, sun etc.

Not the investors I Know they were all part of a green energy movement with less air pollution. A lot of charging station across the country are solar powered.

Quote from: Keila Faith Villanueva on June 11, 2021, 04:21:58 AM

I think Bitcoin creates corresponding value with the energy it consumes, and the situation is far less serious than what the opponents say. Bitcoin will become a powerful force, and the energy used will be more environmentally friendly. The reliable economic incentives of the Bitcoin network will help the economy of renewable energy sources such as solar and wind energy. Moreover, the consumption of energy is not the same as the release of carbon emissions into the atmosphere, and Bitcoin has very little carbon emissions.

Regardless of the energy source the point is its an unnecessary use of energy. There are cryptos that accomplish the same function with almost no power consumption.

Roy Asher

member

Activity: 96

Merit: 10

The best form of the Bitcoin environmental case is to provide a simple way for power generation companies to monetize energy, and these redundant stores would have been wasted. For example, the electricity generated by wind power equipment peaks at night when the demand for electricity is low. Or, solar power generation equipment in sunny periods often exceeds consumer demand. In these cases, the resulting stores are surplus, which hinders the profitability of the power company. However, if these power companies sell part of the cheap electricity to Bitcoin miners, it will be a win-win situation: both parties can make more money, and the whole process does not produce carbon emissions.

Tina H

member

Activity: 101

Merit: 10

The value of the Bitcoin network is the same as that of other industries. It can use energy to create economic value. Although Bitcoin mining does consume energy, the question is, does it make sense to use energy to protect the Bitcoin network and process transactions? The answer is yes. The value storage and transfer of the Bitcoin network realizes value for its holders.

Keila Faith Villanueva

jr. member

Activity: 59

Merit: 1

I think Bitcoin creates corresponding value with the energy it consumes, and the situation is far less serious than what the opponents say. Bitcoin will become a powerful force, and the energy used will be more environmentally friendly. The reliable economic incentives of the Bitcoin network will help the economy of renewable energy sources such as solar and wind energy. Moreover, the consumption of energy is not the same as the release of carbon emissions into the atmosphere, and Bitcoin has very little carbon emissions.

ampu

full member

Activity: 504

Merit: 102

CLEARSIGHT- THE #1 BLOCKCHAIN JOB PLATFORM

Quote from: Gatorelf on May 17, 2021, 11:37:16 AM

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

Currently, fossil fuel-powered cars are still popular and countries have their own emission standards and other policies to balance the environment.
Bitcoin mining too, Bitcoin mining equipment is upgraded every year and has more renewable energy sources. Therefore, we need to look at Bitcoin positively.
I think users will not trade off security and decentralization when using Bitcoin to use other cryptocurrencies.

Kittygalore

member

Activity: 868

Merit: 63

Quote from: Blowon on June 06, 2021, 10:25:58 PM

That may be the case, but not now. Now there is no environmentally friendly crypto, If it is possible that he will become a rival to bitcoin in the future. But, it's been more than 3 years I've been in cryptocurrency I do not see the absence of an environmentally friendly cryptocurrency, I think some reliable programmers definitely immediately make it. We're all looking forward to it.

Cryptocurrencies are just electricity users and they aren't directly using power sources, what we should worry about is the electric power plants that uses pollutants to produce electricity. Think of crypto as a consumer and not as a provider.

Naficopa

hero member

Activity: 2002

Merit: 516

People moved to electric cars to save GAS/Patrol spending not to save the environment. Electric cars run on electricity and this electricity is mostly generated by burning fossil fuels.
PoW is power greedy and I don't think it will be replaced by any other consensus algo in the future. A counter argument is that bitcoin power consumption can be justified by using clean energy i.e. generated from water, wind, sun etc.

Blowon

hero member

Activity: 1932

Merit: 511

Vave.com - Crypto Casino

That may be the case, but not now. Now there is no environmentally friendly crypto, If it is possible that he will become a rival to bitcoin in the future. But, it's been more than 3 years I've been in cryptocurrency I do not see the absence of an environmentally friendly cryptocurrency, I think some reliable programmers definitely immediately make it. We're all looking forward to it.

dzonikg28

hero member

Activity: 1106

Merit: 508

Bisq Market Day - March 20th 2023

Quote from: Vaskiy on June 05, 2021, 05:32:25 PM

Quote from: Gatorelf on June 05, 2021, 04:51:51 PM

Quote from: ?? on ??

After Elon Musk's tweet about energy consumption, why do many people think that only bitcoin consumes a lot of energy, but if we compare it to industrial factories around the world, bitcoin consumes very little energy because bitcoin mining factories exist in only a few countries, whereas factories industry already exists throughout the country.

People are aware there are more than one mined cryptocurrency just as there is more than one bank competing for consumer business. Now that there are crypto's competition for market share cryptos such as Nano may start capturing a little more of the market. BTC will continue to get the Lions share for many more years as it was the first, is well weathered and has the name.

Quote from: perfect999 on June 05, 2021, 10:09:11 AM

Quote from: Gatorelf on May 17, 2021, 11:37:16 AM

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

I don’t really think so. But yes a lot of people don’t like that bitcoin consumes a lot of energy, and for sure there are going to be people who are going to leave Bitcoin to go for all those greener altcoins, but that is not the end for Bitcoin. If you have been reading the news or doing research about bitcoin mining, you’re going to know that a lot of mining companies now are starting to move to mining Bitcoin with renewable energy source. I know of a company that 95% of their mining is with renewable energy, and then 5% is from nuclear.

I think at the very least we will start seeing some diversification into established coins using POS as regardless of the sources of energy its vastly less than POW

By the time it is a must to think of the scenario without POW. Such a scenario isn't possible, because majority of the POS coins gets tied to the POW in some form and there is massive dependence. The better solution is the production of energy efficient hardware equipments.

But I am a bit overwhelmed by the implications from a game theoretical perspective: mining is nothing but a competition for the next block reward/transaction fees. If we have more efficient hardware available for anyone, which it should be for the sake of decentralization and to avoid monopolistic mining, how then would that lead to a greener Bitcoin? Everyone could just buy the same mining hardware. Either more efficient mining hardware, which is probably more expensive, or less efficient hardware but more of it. Isn't in the end always the price of Bitcoin which dictates the carbon footprint in quite a direct way?

dark1234

full member

Activity: 1134

Merit: 167

Quote from: Gatorelf on June 05, 2021, 04:51:51 PM

Quote from: ?? on ??

After Elon Musk's tweet about energy consumption, why do many people think that only bitcoin consumes a lot of energy, but if we compare it to industrial factories around the world, bitcoin consumes very little energy because bitcoin mining factories exist in only a few countries, whereas factories industry already exists throughout the country.

People are aware there are more than one mined cryptocurrency just as there is more than one bank competing for consumer business. Now that there are crypto's competition for market share cryptos such as Nano may start capturing a little more of the market. BTC will continue to get the Lions share for many more years as it was the first, is well weathered and has the name.

Quote from: perfect999 on June 05, 2021, 10:09:11 AM

Quote from: Gatorelf on May 17, 2021, 11:37:16 AM

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

I don’t really think so. But yes a lot of people don’t like that bitcoin consumes a lot of energy, and for sure there are going to be people who are going to leave Bitcoin to go for all those greener altcoins, but that is not the end for Bitcoin. If you have been reading the news or doing research about bitcoin mining, you’re going to know that a lot of mining companies now are starting to move to mining Bitcoin with renewable energy source. I know of a company that 95% of their mining is with renewable energy, and then 5% is from nuclear.

I think at the very least we will start seeing some diversification into established coins using POS as regardless of the sources of energy its vastly less than POW

the source of energy that causes problems in the world today is not only bitcoin so that there is a public opinion drive on bitcoin mining including one of the biggest contributors to the energy crisis but here the postal system which may be one solution there are still some who doubt it is not like the pow system already running

Vaskiy

legendary

Activity: 2646

Merit: 1106

DGbet.fun - Crypto Sportsbook

Quote from: Gatorelf on June 05, 2021, 04:51:51 PM

Quote from: ?? on ??

After Elon Musk's tweet about energy consumption, why do many people think that only bitcoin consumes a lot of energy, but if we compare it to industrial factories around the world, bitcoin consumes very little energy because bitcoin mining factories exist in only a few countries, whereas factories industry already exists throughout the country.

People are aware there are more than one mined cryptocurrency just as there is more than one bank competing for consumer business. Now that there are crypto's competition for market share cryptos such as Nano may start capturing a little more of the market. BTC will continue to get the Lions share for many more years as it was the first, is well weathered and has the name.

Quote from: perfect999 on June 05, 2021, 10:09:11 AM

Quote from: Gatorelf on May 17, 2021, 11:37:16 AM

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

I don’t really think so. But yes a lot of people don’t like that bitcoin consumes a lot of energy, and for sure there are going to be people who are going to leave Bitcoin to go for all those greener altcoins, but that is not the end for Bitcoin. If you have been reading the news or doing research about bitcoin mining, you’re going to know that a lot of mining companies now are starting to move to mining Bitcoin with renewable energy source. I know of a company that 95% of their mining is with renewable energy, and then 5% is from nuclear.

I think at the very least we will start seeing some diversification into established coins using POS as regardless of the sources of energy its vastly less than POW

By the time it is a must to think of the scenario without POW. Such a scenario isn't possible, because majority of the POS coins gets tied to the POW in some form and there is massive dependence. The better solution is the production of energy efficient hardware equipments.

Gatorelf

sr. member

Activity: 845

Merit: 267

Quote from: ?? on ??

After Elon Musk's tweet about energy consumption, why do many people think that only bitcoin consumes a lot of energy, but if we compare it to industrial factories around the world, bitcoin consumes very little energy because bitcoin mining factories exist in only a few countries, whereas factories industry already exists throughout the country.

People are aware there are more than one mined cryptocurrency just as there is more than one bank competing for consumer business. Now that there are crypto's competition for market share cryptos such as Nano may start capturing a little more of the market. BTC will continue to get the Lions share for many more years as it was the first, is well weathered and has the name.

Quote from: perfect999 on June 05, 2021, 10:09:11 AM

Quote from: Gatorelf on May 17, 2021, 11:37:16 AM

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

I don’t really think so. But yes a lot of people don’t like that bitcoin consumes a lot of energy, and for sure there are going to be people who are going to leave Bitcoin to go for all those greener altcoins, but that is not the end for Bitcoin. If you have been reading the news or doing research about bitcoin mining, you’re going to know that a lot of mining companies now are starting to move to mining Bitcoin with renewable energy source. I know of a company that 95% of their mining is with renewable energy, and then 5% is from nuclear.

I think at the very least we will start seeing some diversification into established coins using POS as regardless of the sources of energy its vastly less than POW

oemar bakrie

full member

Activity: 1260

Merit: 100

SOL.BIOKRIPT.COM

there is a possibility that it will happen, but all there must be very neat research because bitcoin is already at its highest point than other investments..
and also many people who already understand about bitcoin

perfect999

sr. member

Activity: 1694

Merit: 299

Quote from: Gatorelf on May 17, 2021, 11:37:16 AM

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

I don’t really think so. But yes a lot of people don’t like that bitcoin consumes a lot of energy, and for sure there are going to be people who are going to leave Bitcoin to go for all those greener altcoins, but that is not the end for Bitcoin. If you have been reading the news or doing research about bitcoin mining, you’re going to know that a lot of mining companies now are starting to move to mining Bitcoin with renewable energy source. I know of a company that 95% of their mining is with renewable energy, and then 5% is from nuclear.

harlequininja

jr. member

Activity: 46

Merit: 13

Quote from: zbig001 on June 04, 2021, 12:46:19 PM

Quote from: harlequininja on June 04, 2021, 07:28:25 AM

Like Daniel wrote in his essay on the nakamotoinstitute https://nakamotoinstitute.org/mempool/its-not-about-the-technology-its-about-the-money/ Bitcoin's value is a collective hallucination that derives its value from its narrative, like any other virtual value attribute to something physical.
Bitcoin's success depends on this narrative. If the narrative doesn't connect to the people Bitcoin will be worth nothing.
One of the greatest obstacles in that regard will be the narrative of sustainability, because it is one of the most influential narratives in our time, whether you like or not.
That is why every company that is seriously generating value on the internet (Google, Amazon etc.) has committed itself to act sustainable.
If Bitcoin and its community manages to set the standard in sustainability the narrative of Bitcoin is hardened not weakened and would proof the critics wrong once more. Its an opportunity not a threat.

I would agree that Bitcoin is not a tap water that needs no ideology/narrative at all...
But when we have a system that thermodynamically is incomparably better than the previous ways of creating and securing money, it should be able to survive even periods of deep pushed into the counterculture zone.
It may be still too early to dream that such periods are over.
Energy consumption of 0.2% of global consumption is met with aggression as if it were at least 20%, and when you try to discuss and explain that mining could facilitate the transition to renewable energy and achieve the goal of a carbon neutral economy, you can easily come across an attitude like "lalalalala, I can't hear you".

I know what you mean! Its related to the fact, that energy is the foundation of our civilization and is still largely in the hands of a few monopolies. They not only fear Bitcoin they also fear the decentralization of energy production. Since Bitcoin enables raising the profit of small renewable plants, it increases the autonomy of the individual on that level. In some countries subsidies for old power plants are running out. Old wind turbines and solar plants sell there electricity for less than 5cent. People are already starting to built data centers nearby.

Topic: Will energy consumption be Bitcoins downfall ? - page 2. (Read 1698 times)