Topic: Will energy consumption be Bitcoins downfall ? - page 9. (Read 1698 times)
Before when mining rigs and mining jobs were too popular and BTC just started to have its popularity , many aims to buy and create their own crypto mining but later on finds it unprofitable due to high cost of electricity, those only who can maintain their consumption or have alternatives like solar panels can fully earn in these mining business but since adoption increases in crypto its quite impossible for its price tofall just because of energy consumption since there are already miners who set their mind in doing it.
will investors also move from bitcoin to ecofriendly alts?
Bitcoin is eco friendly. Those saying otherwise are uninformed or intentionally obtuse.
What I am wondering is if mining BTC can be changed in the future to POS?
No.
Bitcoin is POW. It is. It always has been. It was the intention from the beginning. It always will be. Get over it.
If you don't like it, there are thousands of shitcoins for you to choose from.
With many options becoming available with less carbon footprint the store of value will be trickling to the likes of ADA NANO and Harmony
A huge factor of Bitcoin being a SoV is that it's actually decentralized; whereas, these altcoins simply doesn't have that characteristic. I wouldn't want a huge chunk of my net worth parked in an asset where the protocol is pretty much controlled by a CEO-like figure. Also, using proof of stake for a SoV asset? I couldn't name a worse combination.[/quote]
You make a good point ! Its become like investing in stocks you just don't want all your eggs in one basket... Cryptos are just one of our baskets... I appreciate all the comments guys !
What I am wondering is if mining BTC can be changed in the future to POS ? and or if its possible to evolve to less energy demanding coin.
Bitcoin IS proof of work, and it is very successful in the SoV aspect because of PoW. Changing Bitcoin into PoS is just going to create problems. Do you want to give exchanges huge amounts of power over the network? I sure as hell wouldn't. Remember Changpeng Zhao's past plans on rolling back the network due to the people hacked on Binance? Yea, that might've occurred if Bitcoin was PoS.Not to mention changing to PoS is just forking it into another crappy altcoin.
using proof of stake for a SoV asset? I couldn't name a worse combination.
Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?
The fact is : people will move to whatever is beneficial for them. There are other things also which are not at all energy efficient but are still being used since years by these investors.
•The energy usage can only be decreased if people who are in charge of the mining farms take alternative sources of energy as a main source
•They need to study about renewable sources of energy and they have to be guided in the right direction through these big investors
•Other Altcoins are not going to be Invested in by bulk people for sure therefore the price will never pump up as compared to bitcoins
•People would not leave this opportunity to buy more during this dip.
They are just trying to figure out a way to make other people dump BTC so that they can buy at lower rates.
However I don't like these fake arguments made at all.
This is not about protecting the environment it is all a game of manipulation. Suddenly Tesla and Square are all eco-friendly out of nowhere.
When they were investing in Bitcoin they knew of course.
This is not about protecting the environment it is all a game of manipulation. Suddenly Tesla and Square are all eco-friendly out of nowhere.
When they were investing in Bitcoin they knew of course.
Nothing fake about it, just as it was a fact tree huggers and I was one of them knew of and have been following Tesla ( the company) since the roadster came out in 2009.
It was nothing but a couple of cars and an idea for ecofriendly transportation. Eleven years later they are bigger than Ford and GM combined.
What I am wondering is if mining BTC can be changed in the future to POS ? and or if its possible to evolve to less energy demanding coin.
BTC is king, what I am thinking is the growth is now limited with it being a store of value with high energy demand.
And the energy usage will increase, and so will Bitcoin's security and decentralization.With many options becoming available with less carbon footprint the store of value will be trickling to the likes of ADA NANO and Harmony
A huge factor of Bitcoin being a SoV is that it's actually decentralized; whereas, these altcoins simply doesn't have that characteristic. I wouldn't want a huge chunk of my net worth parked in an asset where the protocol is pretty much controlled by a CEO-like figure. Also, using proof of stake for a SoV asset? I couldn't name a worse combination. My guess that it's the good-sized miners that are likely to move to eco-friendly energy; maybe due to regulations, or simply to maximize profits.
Sure, some people will move to PoS alts; but nothing's going to beat Bitcoin in terms of security, decentralization, monetary policy, and adoption. simply not a single alt comes close to Bitcoin in terms of these characteristics.
Sure, some people will move to PoS alts; but nothing's going to beat Bitcoin in terms of security, decentralization, monetary policy, and adoption. simply not a single alt comes close to Bitcoin in terms of these characteristics.
BTC is king, what I am thinking is the growth is now limited with it being a store of value with high energy demand. With many options becoming available with less carbon footprint the store of value will be trickling to the likes of ADA NANO and Harmony
This argument is difficult to make. It is already known that Bitcoin has huge electricity consumption. I don't think that PoW will change in Bitcoin, but I know for a fact that funds do not want to invest in anything that is polluting the environment.
But can we say that Bitcoin does that and is it worth this consumption? The network is getting better security, but even at 80% of the current hash-rate the network was already secure.
However I don't like these fake arguments made at all.
This is not about protecting the environment it is all a game of manipulation. Suddenly Tesla and Square are all eco-friendly out of nowhere.
When they were investing in Bitcoin they knew of course.
But can we say that Bitcoin does that and is it worth this consumption? The network is getting better security, but even at 80% of the current hash-rate the network was already secure.
However I don't like these fake arguments made at all.
This is not about protecting the environment it is all a game of manipulation. Suddenly Tesla and Square are all eco-friendly out of nowhere.
When they were investing in Bitcoin they knew of course.
I don't think the energy consumption will become the reason of Bitcoin's downfall in long run. What is happening now is an impact due to Elon's comments on bitcoin. Elon is a manufacturer of electric cars which is environment friendly. So his announcement of accepting bitcoins for Tesla cars actually angered a lot of shareholders and environmentalists. Since Tesla is a publicly traded company, Elon had to safeguard its reputation.
But I am sure it is a temporary impact and we will soon be back to track. But for sure, new miners may choose pos coins over pow coins because it is easier to get into and also requires less investment in most cases. Also bitcoin miners will slowly choose to move to eco-friendly energy sources as it keeps the operating cost lower.
Not a downfall. Just a temporary impact!
But I am sure it is a temporary impact and we will soon be back to track. But for sure, new miners may choose pos coins over pow coins because it is easier to get into and also requires less investment in most cases. Also bitcoin miners will slowly choose to move to eco-friendly energy sources as it keeps the operating cost lower.
Not a downfall. Just a temporary impact!
My guess that it's the good-sized miners that are likely to move to eco-friendly energy; maybe due to regulations, or simply to maximize profits.
Sure, some people will move to PoS alts; but nothing's going to beat Bitcoin in terms of security, decentralization, monetary policy, and adoption. simply not a single alt comes close to Bitcoin in terms of these characteristics.
Sure, some people will move to PoS alts; but nothing's going to beat Bitcoin in terms of security, decentralization, monetary policy, and adoption. simply not a single alt comes close to Bitcoin in terms of these characteristics.
Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?
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