Topic: Will energy consumption be Bitcoins downfall ? - page 4. (Read 1698 times)
it's inevitable for Bitcoin to consume electricity, but this is never why Bitcoin got prohibited in some area. We know that some country banned Bitcoin mining due to its shortage in electricity supply in that mining hindered people's basic need. but that banning is temporary. We saw China banned bitcoin mining, too. but I do not think it has much to do with electricity usage, just an excuse to adapt itself to the development of cryptocurrencies...or to find a way to avoid the harnessness of USD and find something to defeat USD. so, energy is just a veil to hide the true attempt of opposing crypto coins. Energy can be saved and used efficiently in many other ways, bitcoin is totally negligible.
Please name such "green" alternatives? What coin is mined out of thin air? In my opinion, this is the opinion that the mining of cryptocurrency can become "environmentally" clean, just a gimmick like the whole topic of "green energy". Since in the global energy generation "green technologies" occupy a negligible percentage - so it is the same with the mining of bitcoins and alternative coins. This is a utopia which in the near future is not destined to come true in reality.
The problem of using the quantity and quality of energy by bitcoin has already risen and now, when this problem has become very urgent in connection with a sharp climate change, regardless of whether this problem is contrived or not, true or not, states will seize the opportunity to denigrate cryptocurrency and take action to restrict her walking. Therefore, cryptocurrency will have to change and prove that it consumes a small amount of clean energy. This is especially true for bitcoin, because it is he who has now gained great popularity among the cryptocurrency. If bitcoin does not change in this regard, it will lose its significance, whether we want it or not. Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?
Bitcoin will eventually destroy itself. In a world taking extreme measures to limit carbon footprints.
How could Bitcoin ever survive such an obvious infrastructure built on wasting energy?
Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?
Seems that has already been occurring. New crypto investors don't care about decentralization or security. They just want to see their number go up. We are literally smack in the middle of the Greater Fool Theory. We've seen 1 rug pull so far, but I think that was just a precursor. The rug pull we'll see come December will leave people with their jaws on the ground. On the plus side, a $30K Bitcoin will be viewed as a complete collapse, giving those of us with level heads the opportunity to do this all over again in 2025, if Bitcoin survives it's community that long.
I watch the BTC market share pretty close every time there is a big swing, BTC holds in there tough 40 to 43%. I still find it interesting there isn't one (top 100) crypto I know of that can stand alone on its own merit when BTC takes a dive.. It just disrupts the world of crypto
40-43% still is a big chunk of money loss. everybody will just sell and run when the price plummets it's been going on for over 10 years already, those who hold are the ones hopeful that bulls will quickly resume but it has yet not happened in history because it always takes time to see the bottom. if the price goes $28k, a lot of us will still be selling. the wisest wins because they are going to buy back stacking sats.
i was thinking we have been fighting global warming since 90s nothing has changed still. now shifting to electric. US has no source of gasoline anymore so they all want to shift when the middle east has tons.
If we continue to ignore the issue, pretty sure something will replace bitcoin in it's high chair. But I don't think that we will have to worry too much about it since it will be a long time and most minings in bitcoin are slowly moving to renewable energy.
If someone is actually smart enough to find a way to create an actual decentralized currency with fair initial distribution and that doesn't use PoW, then sure, maybe there's a chance. But seriously, nah.
This is all temporary. The price of electricity will in the medium term future trend towards zero as photovoltaic panels become more and more efficient. This will be especially true for countries well exposed to sunlight. While the farms will still consume lots of energy, it will be where it is cheap, abundant and with very low environmental impact.
Considering how Elon Musk mentioned that too much use of fossil fuel is what led him to remove bitcoin as a mode of payment in Tesla, there will be a lot of people who would be thinking the same way he does since he is very influential. If we would look at the bigger picture, there are a lot more things or organizations that uses too much energy but none of them were ever criticized unlike with bitcoin. Maybe if people would try to understand more how the world works in this era, they would know why energy consumption on bitcoin should not be the cause of it being hardly judged.
unfortunately, not many people are willing to dig deeper on this aspect. but i don't think it will be the cause of the downfall of btc because the chance of happening this scenario is low. bitcoin miners can always convert to using renewable-energy sources, so in that case, this energy issue will not be a problem anymore.
and youre very right, there are other human activities and industries that are actually energy intensive and wasting energy, and yet, they are not being criticised.
they are just highlighting the consumption of bitcoin because it is the current technology that a lot are talking about. and they need to find some loopholes on how to discourage people on not to patronise this tech
Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?
Seems that has already been occurring. New crypto investors don't care about decentralization or security. They just want to see their number go up. We are literally smack in the middle of the Greater Fool Theory. We've seen 1 rug pull so far, but I think that was just a precursor. The rug pull we'll see come December will leave people with their jaws on the ground. On the plus side, a $30K Bitcoin will be viewed as a complete collapse, giving those of us with level heads the opportunity to do this all over again in 2025, if Bitcoin survives it's community that long.
I watch the BTC market share pretty close every time there is a big swing, BTC holds in there tough 40 to 43%. I still find it interesting there isn't one (top 100) crypto I know of that can stand alone on its own merit when BTC takes a dive.. It just disrupts the world of crypto
Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?
Seems that has already been occurring. New crypto investors don't care about decentralization or security. They just want to see their number go up. We are literally smack in the middle of the Greater Fool Theory. We've seen 1 rug pull so far, but I think that was just a precursor. The rug pull we'll see come December will leave people with their jaws on the ground. On the plus side, a $30K Bitcoin will be viewed as a complete collapse, giving those of us with level heads the opportunity to do this all over again in 2025, if Bitcoin survives it's community that long.
Energy consumption is much into discussion these days, and the big controversy is now once again getting shattered by Elon Musk. It is also stated that, banks now consume more power than the bitcoin and other cryptocurrencies. With time, efficiency is getting achieved on bitcoin mining equipments. Based on this I don't think energy consumption will set to be a big issue in the future.
Exactly. I don't get what the big deal is about Bitcoin's energy consumption, when existing financial institutions consume more energy than Bitcoin on a daily basis. It's all failed attempt to spread FUD in order to lure people away from Bitcoin and cryptocurrencies in general. Bitcoin can be much greener than what it is right now, if miners rely on alternative energy sources. Imagine how Bitcoin would benefit the environment if most ASIC machines relied on solar or wind energy. With how fast our world is changing, we might see this become a reality sometime in the future. Since PoW is the most secure (and decentralized) consensus algorithm to date, it's hard to believe Bitcoin will switch to PoS anytime soon. On the contrary, Bitcoin will remain as a PoW cryptocurrency while the rest of the altcoins will switch to PoS in order to "tackle" the high energy consumption. Ethereum will switch to PoS, and other PoW-based cryptocurrencies will follow as the PoS hype comes into fruition. I wouldn't worry about Elon Musk abandoning Bitcoin in favor for another altcoin, as long as the pioneer cryptocurrency as some loyal supporters behind it. Just my opinion
I was reading today about an electric automotive company that is building in a mechanism into their electric vehicles that will mine crypto while driving. The future is now.
Considering how Elon Musk mentioned that too much use of fossil fuel is what led him to remove bitcoin as a mode of payment in Tesla, there will be a lot of people who would be thinking the same way he does since he is very influential. If we would look at the bigger picture, there are a lot more things or organizations that uses too much energy but none of them were ever criticized unlike with bitcoin. Maybe if people would try to understand more how the world works in this era, they would know why energy consumption on bitcoin should not be the cause of it being hardly judged.
although I don't think so, because from the start bitcoin was POW. even though bitcoin consumes quite a lot of electrical energy, there will still be a lot of interest because the reason is one POW itself, besides that this is a king and king, even though electricity is big and even though it is not environmentally friendly the king will still be king, it's hard to replace bitcoin
Energy consumption is much into discussion these days, and the big controversy is now once again getting shattered by Elon Musk. It is also stated that, banks now consume more power than the bitcoin and other cryptocurrencies. With time, efficiency is getting achieved on bitcoin mining equipments. Based on this I don't think energy consumption will set to be a big issue in the future.
Exactly. I don't get what the big deal is about Bitcoin's energy consumption, when existing financial institutions consume more energy than Bitcoin on a daily basis. It's all failed attempt to spread FUD in order to lure people away from Bitcoin and cryptocurrencies in general. Bitcoin can be much greener than what it is right now, if miners rely on alternative energy sources. Imagine how Bitcoin would benefit the environment if most ASIC machines relied on solar or wind energy. With how fast our world is changing, we might see this become a reality sometime in the future. Since PoW is the most secure (and decentralized) consensus algorithm to date, it's hard to believe Bitcoin will switch to PoS anytime soon. On the contrary, Bitcoin will remain as a PoW cryptocurrency while the rest of the altcoins will switch to PoS in order to "tackle" the high energy consumption. Ethereum will switch to PoS, and other PoW-based cryptocurrencies will follow as the PoS hype comes into fruition. I wouldn't worry about Elon Musk abandoning Bitcoin in favor for another altcoin, as long as the pioneer cryptocurrency as some loyal supporters behind it. Just my opinion
If we continue to ignore the issue, pretty sure something will replace bitcoin in it's high chair. But I don't think that we will have to worry too much about it since it will be a long time and most minings in bitcoin are slowly moving to renewable energy.
Moving to renewables would end the carbon debate on bitcoin,
but sadly it does not remove the raising the prices or blacking out a power grid debates that cause the banning of PoW mining.
For Bitcoin energy usage not to keep getting banned.
It must find a way to quit raising energy prices on others and quit causing blackouts on the power grids
putting others in danger, by not having heat or AC, or being able to refrigerate/cook food.
God forbid a Hospital is on the same grid as a few warehouse of miners if their is a major drain on the grid such as a heatwave or massive cold snap.
If you look at China, most miners were on Hydroelectric plants,
China still kicked them out, reason they used more than the surrounding populace and drove prices up and increases the potential for black outs, which put the populace in danger especially during their record cold spell last winter.
No one freezing to death in subzero temperatures cares at all about the btc network.
https://www.youtube.com/watch?v=7LjEMDoYEzM
So renewables would not be the 100% solution, a major design change is required,
either move to PoS , or find another way that is not an insane energy wasting system.
A design change is the only real solution in the long run.
If we continue to ignore the issue, pretty sure something will replace bitcoin in it's high chair. But I don't think that we will have to worry too much about it since it will be a long time and most minings in bitcoin are slowly moving to renewable energy.
Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?
If you talk about other alts based on pos or some other algorithm then it work as more centralized base system to the rich and superior ones and if you wish to invest in them then nobody's gonna stop you but don't ask for Bitcoin like security. Did this energy consumption has increased suddenly after the Musk comments and some government statement? The miners need to put more effort to mine block with increasing difficulty and providing security to the network. Many mining pools are finding alternative ways to mine Bitcoin using renewable sources because electric consumption also reduces their profitability. They are reluctant to find some alternates for this. But one thing is for sure Bitcoin is not going to be dead inspite of many FUD in the market like in the past.I did invest in many alts, DASH,LTC,ETH, MONA XMR + BTC and physical BTC Casascius pre $500. I've had the concern over POW mining since then, its only come to mainstream attention after Musk now that he has the worlds attention. Another celebrity type mentioned it in 2016/17 when he moved a mining operation to Washington state but many didn't listen to him as some think he is nuts anyway lol. But that was John McAfee, he is currently facing federal charges for falsely promoting cryptocurrency through his twitter account while his buds sold it. I dont think BTC will ever die either however I can envision it loosing market dominance down to 10% in the next ten years.
the fall of bitcoin was due to energy problems, in my opinion it was just a gimmick,, all of it was just a trick of billionaires to scare beginners, in order to collect bitcoins, once a year bitcoin there must be a price drop, why when bitcoin falls everyone posts negative things about bitcoin,, why when the price starts to stabilize everyone is silent, and enjoys what they get.. stop saying bitcoin is falling in price because of energy..
over $500 Billion left the market that was more than just beginners
the fall of bitcoin was due to energy problems, in my opinion it was just a gimmick,, all of it was just a trick of billionaires to scare beginners, in order to collect bitcoins, once a year bitcoin there must be a price drop, why when bitcoin falls everyone posts negative things about bitcoin,, why when the price starts to stabilize everyone is silent, and enjoys what they get.. stop saying bitcoin is falling in price because of energy..
Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?
If you talk about other alts based on pos or some other algorithm then it work as more centralized base system to the rich and superior ones and if you wish to invest in them then nobody's gonna stop you but don't ask for Bitcoin like security.Did this energy consumption has increased suddenly after the Musk comments and some government statement? The miners need to put more effort to mine block with increasing difficulty and providing security to the network.Many mining pools are finding alternative ways to mine Bitcoin using renewable sources because electric consumption also reduces their profitability.They are reluctant to find some alternates for this.But one thing is for sure Bitcoin is not going to be dead inspite of many FUD in the market like in the past. From the recent policies introduced by some countries, it can be seen that energy shortages do affect the development and mining of Bitcoin, but this will not cause the collapse of Bitcoin, because countries like Iran have only temporarily banned them. In fact, they Still have to continue mining, and according to research shows that mining consumes very little energy, and they are mining in some areas with more hydropower energy, not only does not cause excessive energy consumption, but also makes energy distribution more reasonable.
There are already miners who make it as their business so even there are increased in energy consumption they can still sustain it provided they already have many apparatus uses in their business. Some might use solar to continuous their business. this is good to big miners but for individuals who just use their own electricity it can be a lose in their profit but not in bitcoin.Solar is great but only good for 10 hours a day and on clear days to boot. That also doesn't change the fact of the disadvantage of needing so much power for POW vs a crypto such as NANO
CZ tweeted https://twitter.com/cz_binance/status/1399195759140954112
Quote
When you use electricity to run cars, it’s environmentally friendly.
When you use electricity to run the most efficient financial networks in the world, it’s an environmental concern.
When you use electricity to run the most efficient financial networks in the world, it’s an environmental concern.
this tweet retweets and received likes more than his usual tweets. you can see the media that surrounds elon had not even thought of pointing electricity issues.
The electric car movement was more about for every electric car there was one less gasoline air polluting vehicle on the road. Volvo is going total electric.
Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?
How can be the downfall of Bitcoin if there is a possibilities that sooner energy consumptions will be the main goal of bitcoin developments? yeah now there is a large energy consumptions of Bitcoin mining but we also knew that nowadays there are only small bitcoin amount are available to be mined.
will energy consumption be the crash of bitcoin`` bitcoin has been operating for a long time, actually it's been almost 13 years,
It is not the longevity but what is the effect to the world now.Quote
why is it only now that people say bitcoin has fallen because of energy, why from the past, after elon musk negative tweets about bitcoin, now it has spread to other things other things, I think this is all made by greedy rich people, who want to take advantage of adversity...
Sorry but since the beginning of my journey here, there are already existing issue like this. Jump to: