Topic: Will energy consumption be Bitcoins downfall ? - page 6. (Read 1698 times)

Needs to hold this 34K overnight + or - 1k swings

Bitcoin
BTC/USD
$ 34,104   -4.42 %

Apart from the fact that Bitcoin is already powered by renewable energy to a considerable degree, that is most likely only going to improve over time even further. Bitcoin might even be the reason for mining hardware manufacturers to invest in better and more environmental friendly hardware.

nope Its about what the consumer will invest in or not. We could solve all the worlds energy needs now and 100 years from now with Nuclear but the consumer is afraid of Nuclear.  They protest what they fear.

Of course, in the future, all economies will switch and use clean energy sources and certainly energy consumption for mining BTC and other cryptocurrencies will grow. However, this will not have much of an impact on the BTC price. If you think that the last drop in the price of BTC is related precisely to the amount of energy consumed, then you are mistaken, this is just one of the reasons to bring down the prices of cryptocurrency and buy it at a low price.

Absolutely not, based on what Elon Musk claims about climate concerns on BTC mining could be a factor for dips but not the end for BTC. The reason why BTC undergo massive dips for previous days is also caused by the Chinese government's crackdown on banks’ use of cryptocurrencies which results in accelerated long-predicted sell-off.

If you observe the issue about Bitcoin mining energy consumption, you'll understand that there was already some issue raised before these days when the development of technologies continues but those energy usage issues are primarily hyped just to cause misunderstanding about Bitcoin.

right but where did the money go?  This conversation is more about what the consumer can do when they form a movement, rather than crunching electricity numbers. All you have to do is look as TSLA stock price. $24 to $2,900 ( split adjusted) in 10 years and larger than Ford, GM and any other one you want to pick combined.

however here is a good read on electric vehicles and their future.

The latest report by Bloomberg New Energy Finance shows that by 2040, 58% of global passenger vehicle sales will come from electric vehicles. At the same time, they will make up less than 33% of all the cars on the road.

https://policyadvice.net/insurance/insights/electric-car-statistics/

Can you show some stats or numbers about such transition of people from gasoline cars to electric ones?

These vehicles represent the 250 million cars, S.U.V.s, vans and pickup trucks on America’s roads today. The vast majority run on gasoline. Fewer than 1 percent are electric.
https://www.nytimes.com/interactive/2021/03/10/climate/electric-vehicle-fleet-turnover.html

This is just a reasoning and just trying out to get bitcoins price to the floor. Energy consumptions issues? They should look on a bigger picture on which one
is consuming even more.

I believe you are spot on with that, the computations can still be difficult while the energy demand decreases 80% or so from improved miners.   

I don't think high energy consumption will lead to Bitcoin's downfall sometime in the future. After all, the energy spent is being put to good use (by ensuring Bitcoin remains secure against external attacks). The same way gasoline-powered cars are still relevant even with electric cars in play, the same will happen with Bitcoin and altcoins. The problem is not Bitcoin's consensus algorithm, but rather ASIC hardware itself. It's up to mining companies to develop new ASICs with improved energy-efficiency. I wouldn't worry about energy consumption as long as the Blockchain remains decentralized and censorship-resistant. Just my opinion

bitcoin is one of the leading coins in this market. this is one of the strongest coins in the market. and the number of investors is much higher than other altcoins. and people want to pay more attention to bitcoin than other altcoins. Therefore, I do not see the energy consumption of bitcoin as a reason to deter people. It may be possible that bitcoin's energy consumption is seen as a deterrent by bitcoin miners.

That's right! There are some alternative to be use it terms of electric energy so that energy consumption of bitcoin will not be a problem and it will not cause for bitcoins downfall. More than 10 years of existence and no issue about energy consumption of bitcoin, especially now that the development of technologies continues.

That would be great, yes the Combined cycle Gas Turbines have been springing up all over the last 10 years replacing many of the dinosaur coal plants. They just bulldozed down a 4 unit ( Plant Branch 1969) in Milledgeville GA  a few years back. The CCGT's are much cleaner and start up in a couple of minutes vs hours. There is still two monster coal fired plants in GA.  Plant Scherer in Juliette ( Largest coal power plant in the U.S. # 2 in power production)  and Bowen in Cartersville.  I was over a $85M environmental project there in 2016. Good to see the renewables climbed to 20%.. Solar farms are all over the south now. 20% is going to be about the top until battery tech catch's up.

anyway lemme run, I could talk about energy forever lol... I appreciated the comments from you all and remember I am not anti BTC     Just watching the world and trying to keep the investments I do have.

When an industry that is not own or control by the government/business mogul is flourishing like crypto currency despite their strive to bring it down we should always expect many hate and false information from different angle that's the reason why some people hype minor issue about Bitcoin.
Their goals is simple to cause fud so they can buy dip or cause chaos in the market.

The good news is that in the U.S. the percentage of electricity that is generated from Coal has dropped below 20%.  As a matter of fact, I believe last year was  the first year where the percentage of electricity generated from renewables exceeded that of coal:

Source	Billion kWh	Share of total
Coal	774	19.3%
Renewables	792	19.8%

https://www.eia.gov/tools/faqs/faq.php?id=427&t=3

I don't know if the relationship is linear, but if so then perhaps the U.S. death rate for coal is now down to about 6,000?

You can imagine the reaction from the energy consumption tweet from Elon Musk. It was as though it is a planned or an anticipated tweet as it took off immediately. The result was noticeable in less than 24hours!
Using other alts as a worthy replacement isn't the right way or a way to go around this. There was once a time when, bitcoin was mined with non sophisticated devices too. Projecting other alts would simply mean a bump to that coin and in time, another coin would step up. Thougjh, this is most likely not to happen as bitcoin faithfuls are always there to push price up.

We can rightly say bitcoin is only making use of the readily available at a good price too. Should the world switch to a more renewable or eco-friendly source, miners would too. Tesla was wrong in this one as per statistic assumption.

- Society has quite a lot of industries with large energy consumption but society also accepts as long as it brings value to them, bitcoin only consumes energy at the allowable level and still brings value to the community, don't understand why some people always like to hype and try to trample bitcoin with this, especially some people have great resources to influence the market. And we are always surprised with the actions of this group of people, reject and hate but then buy and mine continuously, what are their goals and plots?

well lets hope it doesn't but here is something to think about, lets say BTC is 100% renewable energy from their own dedicated sources in the future.
You will still have a movement of users/consumers that will say why use BTC when I can Use XYZ coin and achieve the same transaction of digital currency
using 4 million times less power.  I mentioned earlier that the power Industry was my business for most my career (30 plus years) and I still do some consulting
for Southern Company. I still bogles my mind that we could completely end all the pollution problems and all the energy problems with Nuclear. Thorium based salt reactors.

However the public wont allow it from unwarranted fear of Nuclear power.  I also mentioned the Energy mortality rate per TKwhr and yet the public wont embrace Nuclear.
The point here has nothing to to with power and BTC. The point in this is public perception, and thats what can make a difference in the crypto world as much as it has in the power Industry world.

Energy Source                    Mortality Rate (deaths/trillionkWhr)

Coal – global average         100,000    (41% global electricity)

Coal – China                      170,000   (75% China’s electricity)

Coal – U.S.                         10,000    (32% U.S. electricity)

Oil                                     36,000    (33% of energy, 8% of electricity)

Natural Gas                          4,000    (22% global electricity)

Biofuel/Biomass                  24,000    (21% global energy)

Solar (rooftop)                        440    (< 1% global electricity)

Wind                                      150    (2% global electricity)

Hydro – global average          1,400    (16% global electricity)

Hydro – U.S.                               5    (6% U.S. electricity)

Nuclear – global average              90    (11%  global electricity w/Chern&Fukush)

Nuclear – U.S.                            0.1    (19% U.S. electricity)

It is notable that the U.S. death rates for coal are so much lower than for China, strictly a result of regulation, particularly the Clean Air Act (Scott et al., 2005). It is also notable that the Clean Air Act is one of the most life-saving pieces of legislation ever adopted by any country in history, along with the Fair Labor Standards Act (1938) which established the 40 hour week, and Medicare in 1965.  Still, about 10,000 die from coal use in the U.S. each year, and another thousand from natural gas.

https://www.power-technology.com/features/nuclear-mortality-rate-safe-energy/

Most of miners uses renewable energy, I see no reason making it as big problem as it seen or talked by elon, not to mention if bitcoin indeed fall then it's gonna solve its own problem which is energy consumption since there gonna be decrease in mining difficulty
and tbh, bitcoin is still developing and there's maybe a potential for it to release solution to this problem so rest assured the problem regarding energy consumption won't be bitcoin's down fall and frankly if we could find another source of energy in the future, does the current electricity consumption matters?

Crypto does not consume as much electricity as many people think. Any production activity consumes much more.