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Title: Bitcoin energy usage Post by: TERA2 on December 10, 2017, 08:01:39 AM I read some article over a year ago when the price was still below $1,000 stating that Bitcoin was using more electricity than a major city and that it was becoming an energy crisis. Now with prices 2,000% higher than when this article was written, there is incentive for 20 times more miners. Does this mean Bitcoin is using as much energy as 20 major cities and that it is becoming a serious energy drain? How will this be sustained? What about if we rally even more? There will probably need to be a shift away from POW I guess.
Title: Re: Bitcoin energy usage Post by: marky89 on December 10, 2017, 08:46:52 AM I read some article over a year ago when the price was still below $1,000 stating that Bitcoin was using more electricity than a major city and that it was becoming an energy crisis. Now with prices 2,000% higher than when this article was written, there is incentive for 20 times more miners. Does this mean Bitcoin is using as much energy as 20 major cities and that it is becoming a serious energy drain? There are some reports that say that Bitcoin mining will consume as much energy as the US by 2019 or so (https://twitter.com/EricHolthaus/status/938114707160027137). Apparently, it's already consuming ~ the same amount as Denmark today. How will this be sustained? What about if we rally even more? There will probably need to be a shift away from POW I guess. I don't think it's necessarily a problem for a couple of reasons. Firstly, consider the magnitude. Here's are some interesting recent comparisons (http://www.wired.co.uk/article/how-much-energy-does-bitcoin-mining-really-use): Quote Vranken counters that in the 100MW to 500MW range, bitcoin mining requires between 0.8KWh to 4.4KWh per year, but the energy required for mining and recycling gold – which backs US currency – is 138KWh a year, while printing paper notes and minting coins is 11KWh. If Bitcoin is truly a contender as a new asset class aside gold and other commodities, then we should be measuring its energy consumption on that scale. Bitcoin mining has a very long way to go before it compares with gold mining with regard to the energy required. Real commodity mining is incredibly energy-intensive, but we don't hear things like "the gold industry consumes as much energy as the entire world uses!" That's because it's a useless analogy. Title: Re: Bitcoin energy usage Post by: longyenthanh on December 10, 2017, 10:46:54 AM The bitcoin network uses up as much yearly electricity as a medium-sized country.
Title: Re: Bitcoin energy usage Post by: spiderbrain on December 10, 2017, 11:05:53 AM I've read a well reasoned estimate of the same electricity usage of around 5 million people. It's a mess. The bitcoin POW system is looking like antiquated gear grinding these days, compared to ideas like SONM or storj (not that I'm saying those in particular are a good store of value). I'm still holding most of my bitcoins but mainly because it's being co-opted by the financial establishment so I might as well enjoy the ride. I wish the bitcoin core guys would be inspired by some of the innovation happening in the sector, but their interests seem to lie elsewhere.
Title: Re: Bitcoin energy usage Post by: AVAMONEY on December 10, 2017, 12:07:28 PM How will this be sustained? What about if we rally even more? There will probably need to be a shift away from POW I guess. I don't think it's necessarily a problem for a couple of reasons. Firstly, consider the magnitude. Here's are some interesting recent comparisons (http://www.wired.co.uk/article/how-much-energy-does-bitcoin-mining-really-use): Quote Vranken counters that in the 100MW to 500MW range, bitcoin mining requires between 0.8KWh to 4.4KWh per year, but the energy required for mining and recycling gold – which backs US currency – is 138KWh a year, while printing paper notes and minting coins is 11KWh. If Bitcoin is truly a contender as a new asset class aside gold and other commodities, then we should be measuring its energy consumption on that scale. Bitcoin mining has a very long way to go before it compares with gold mining with regard to the energy required. Real commodity mining is incredibly energy-intensive, but we don't hear things like "the gold industry consumes as much energy as the entire world uses!" That's because it's a useless analogy. Quote Bitcoin hype has reached an all-time high. But if running the bitcoin network uses up as much yearly electricity as a medium-sized country, is it worth it? Source Wired (http://www.wired.co.uk/article/how-much-energy-does-bitcoin-mining-really-use)It would be difficult comparing with the resources which used to mining gold or real commodity. But I think the energy spent to mine bitcoin is still worth it with the value obtained. |