Bitcoin Forum

"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true

Stellar and Visa can save energy because they are centralized services, nowadays, we have a proof-of-stake solution to make Blockchain more environmentally friendly without the need to become centralized

The energy that mining consumes are not fuel energy.  They are mostly hydropower and hydropower is more environmental friendly.  On top of that proof-of-stake is obviously going to massively decrease the consumption. 

blockchain and bitcoin are two different things. Bitcoin can hardly be environmentally friendly, but blockchain can be so very easily. Just see PoS concepts and coins, they don't require much additional energy to be wasted.

It depends on the situation now bitcoin is massively need a huge amount of energy for its mining for its transaction to be verified and processed now i think bitcoin is not helping the environment but in the future it will be a huge help because this is a paperless transaction that will save a lot of trees and is much better than fiat.

As it's known for many years, various exhaustible resources have been used to trade or to make transactions. This has not changed until today. As you know, Bitcoin and its mining requires tons of energy that can not even be counted. There is no doubt about it, however, for the use of ordinary currencies we need paper and metallic alloys which, as we know, are not infinite and may also end sometime. It is worth finding a golden mean in using all the resources of Mother Earth.

Of course, the main purpose of the blockchain is to protect and see all of the transactions happening on one's account of the market. If you mean that if it could affect the environment, definitely it would.

Can you explain what is "proof-of-stake"?I`ve never understood those proof-of-work or proof-of-whatever type of terms,when it comes to blockchain technology.I`m not very tech savvy nad I don`t want to go further and understand how every blockchain works.
Why do people always focus on energy consumption?It`s not about the consumption.It`s about the method of producing electricity.We need more green energy technologies.

Blockchain technology is set to disrupt many industries in the future this technology can be used to solve the major environmental problems we are facing today on our planet. It can stop climate change If mass adoption occurs.

How did VISA come up with that number? Did they only calculate the electricity that was used to process that transaction or did they add the "hidden" cost, associated with that transaction? How much energy is used in their massive office buildings?

https://en.wikipedia.org/wiki/Visa_Inc.  {Number of employees = 11,300} These people need office space and these offices use air-conditioning and heaters and lights and lifts.

Also, remember they are a multinational financial services corporation, with office buildings in all the mayor cities across the world.  >:(

Hello,

well Stellar is actually de-centrlised blockchain platform, unlike visa. In fact,  Stellar uses a custom federated Byzantine agreement called Stellar Consensus Protocol  which allows anyone to choose whom to trust, that means freedom and decentralisation. Stellar has fees very very cheap (almost no fees) but only to protect the network, those fees after used are given back to the community via pool inflation. So you may pay insane low fees but you receive them back, plus the Stellar Network requires the use of Lumens which means trust and value for the network, even to move other assets (because the network can have other assets even btc or xrp) you need to have Lumens.

Why not? Time passes and new technologies appear, several years ago people couldn't imagine even the possibility to trade virtual currency, remember time without internet at all? people are smarter and smarter every year and i am sure that in several years we will have better environment and blockchain won't interfere with this

What I can think of is that the blockchain can be used for environmental value monitoring and the authenticity of the workload of environmental companies.
Because the environmental protection industry has a characteristic that profits come from state subsidies and public welfare donations, how to ensure the positive correlation between workload and profit is a very difficult thing.

This article might not be 100% accurate but it does raise some interesting points about Bitcoin energy consumption vs the other way currencies are created - http://www.ccreview.com/news/waster-energy-promising-hope-efficiency/

Very interesting article!

I agree, its important not to zoom in too much and mantain view of the big picture over time.

Definition: "Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more Bitcoin or altcoin owned by a miner, the more mining power he or she has. The first cryptocurrency to adopt the PoS method was Peercoin."

"All blockchains are distributed ledger technology, but all distributed ledger may not be blockchain". So if the distributed ledger technology can be completed with low power consuming process, I think, blockchain can be environmently friendly only then.

Yes blockchain environmental friendly and we all know bitcoin and blockchain are two different things. Bitcoin is a digital coin and blockchain provides security of this market. That’s why blockchain technology needs more update.

yes I think it can but it mainly depend on the situation bitcoin mining demand lot of energy so as much mining you will need it will also contain that much energy.  ::) but I don't think there is reason to worry about if it envioment friendly or not cause it's main purpose is transaction so it will never effect on climate change until the massive use starts

Radiation is the first effect of crypto since we need technology to run and have them... But don't care much because the God effect is much more so that is the thing to consider....

I think this topic belong to altcoin section as it only promotes stellar which is another altcoin.

NANO coin uses almost zero electricity to process transaction,no mining required and it is free. And secure enough never got hacked so there is no point of promoting stellar as most environment friendly coin.

Yes I think that's true because we have to consider the use of energy used by bitcoin as well, but if Stellar requires less energy it will be better to do Stellar mining.

Actually Block chain is really great inventions based on this statement its more environment friendly because it uses hydro power so it doesn’t use fuel based on this it is also environment friendly also its a online process so there is less chances of this.

In fact, it is enough to use green energy from wind or water to extract BTC. It is definitely cheaper and less harmful.

The blockchain technology has made the transactions and the exchange easier without the need of a middleman. It uses the source of hydro power, as mentioned in the post which is indeed an ecofriendly means of a resource. It eliminates the means of a fuel based resource. Given that it is an online based resource, it is good for the environment.

yes its already in positive mode and blockchain is a transparent way to run anything.
as u can see without any 3rd party everything is running smooth in blockchain.

What they are mining is not fuel energy. They are basically using the hydropower, which is absolutely environment-friendly. So, yeah. The blockchain is an environmental thing.

So, yes, the answer is blockchain can be environmentally friendly if we switch to the use of sustainable and renewable energy, from hyrdo to turbine and solar, though this may face issues of efficiency and scale-ability.

Definitely yes. It's an Internet currency and people shouldn't cut down trees to make paper money. Moreover we can make less coins and spend valueable metals. It's a great perspective

Energy is no more a environmental problem for blockchain due to new renewal energy sources use to mine top cryptocurrencies. Swiss Alps is an example of the use wise use of environment in terms of energy for blockchain.

Obviously blockchain is environmental friendly because fuel energy is not consumed for mining. Mining consumes hydro power energy and its very much environmental friendly.

In order to complete the blockchain process high source of energy is required. So I believe that it can be environment friendly if the source of power can be natural like solar or any green ways.

You can run different decentralized consensus systems that don't burn nearly as much power as Proof of Work. But the thing is that PoW is the one that is proven and demonstrably secure by having a very clear cost to attack that is extremely high. It's possible some of the alternatives will stand the test of time, but PoW in pretty solid.

Traditional markets and banks will soon change, and the blame - blockade. Some call it a revolution comparable to the advent of the Internet.

bitcoin is very friendly to the environment and useful for the security of transactions that we do not. With bleckchain we can track our money and assets we have. even in Indonesia bleckchain system already in trapan in every bank

People always focus on energy consumption because it may cause alot of problems to the concerned coins especially Bitcoin (Per example,mining gets banned in some countries,Rise in price of electricity due to high demand like it happened with gaming graphic cards that were massively used to mine cryptonight coins).I don't see Bitcoin using POS,an environmentally friendly consensus,but instead I see mining farms using renewable energy to reduce the costs in long-term and solve the problem of high consumption.

Bitcoin and other cryptocurrencies mining process require a lot of electricity which is not good for the environment.
Miners should use green energy like solar panels, it is more expensive but will preserve our environment.
Electricity bills are more and more inflated which will force miners to find a better source of energy.

Bitcoin's carbon footprint is very exaggerated: https://hackernoon.com/what-is-the-carbon-footprint-of-crypto-1798479bcd1

Even then it's probably a huge reduction from carbon footprint of fiat and centralized payment systems when Lightning Network will allow Bitcoin to compete with them as a currency.

Bitcoin's environmental risks are tiny when compared with all the other stuff that happens in the world like plastic pollution, fossil fuels, carbon footprint from agriculture and so on.

So, basically this is just a FUD that bankers tell to scare the population from switching to Bitcoin.

That's an informative post. Stellar is one of the best non profit organization who are working hard to diminish poverty and maximize individual potential. Stellar has been doing good, and I hope for its scalability.

Even in future we are expecting that it will become more and more popular and more easy for the people to use. I think that it is totally environmental friendly, i cannot see any bad effect of bitcoin on our society, but it will really help the people to increase their income. Bitcoin has already given a lot of profit to people, people have make a good profit from bitcoin investment and still they are confident to get more an more profit by continuing their investment in bitcoin.

Some studies show that the mining of one Bitcoin consumes as much electricity equivalent to the electrical energy used by over 30 households.
A project underway named 4New seeks to produce green energy by turning waste to energy. With the energy produced they will create a mining farm where people can min the top 20 minable coins at a reduced cost and with energy produced from 4New. If you are interested to know more you can check 4New.io

Yes , blockchain is and will always be environmentally friendly. That is part of the striking characteristics of blockchain. The decentralized nature alone makes it really exciting.

Yes blockchain can be environmental friendly without it been affecting the environment.With renewable energy resources, blockchain can be use to generate electricity which is tradeble on decentralize market.

Probably blockchain in a few years will still be a friendship with Bitcoin because of course blockchain is still in dire need of Bitcoin which is now very well known Bitcoin.

It is true that bitcoin mining can take considerable amount of energy ,but it is no where near the deceptive value quoted for banks or visa transactions, because they usually did not include the electricity cost used in running the back office.

Yes, certainly bitcoin helps more people to have income but we all know the fact that bitcoin should be mine per transaction at blockchain and needs continuous power for powerful GPU's to have faster mining and I believe that this is not a problem for environment since there are many green energy power source to be use.

Why not. I have read an article and here are the possibilities that blockchain technology can protect the environment and reduce climate change: On the change factor: due to its high transparency, Blockchain technology encourages change. change, aiming at perfecting the product or production process in a positive way; Co2: This technology can calculate a tax on a product based on the amount of carbon discharged. Create product quality control systems for companies based on emissions; Financial Treaties: Blockchain technology has the potential to reduce market manipulation and financial fraud; Renewal: encourage re-use by evaluating the impact of renewable programs and monitoring the provision of bonuses; Energy: Increasing the impact of peer-to-peer technology is a technology that allows users to generate electricity with renewable energy, such as the sun, which can help the poor to use. the use of electricity in a particular area when natural disasters occur; on the formation of a supply chain: the traceability of the production process from the origin of the item to the store becomes clearer. Reducing CO2 emissions and polluting activities during monitoring.

I think Blockchain is environmentally friendly, which pollutes the environment by digging Bitcon, not Blockchain technology. At present, Blochchain technology is being researched and applied to protect the environment. Blockchain can help individuals and companies see their interaction with the environment and encourage them to take more environmentally friendly actions. The Blockchain platform can be used to track the amount of carbon released in each product, plant and biogas waste, or a company's standardized waste management system. their. With Blockchain's foundation, monitoring the release of CO2 in each product is possible. If the technology is applied in the production process, the taxation of the product becomes more public with the company. This encourages companies to take higher responsibilities with the products that they offer you. In addition, it helps produce products that are more environmentally friendly.

Blockchain can be environmentally friendly. Blockchain applications can help save energy. The Blockchain platform can help us to generate electricity for ourselves. Peer-to-peer-based power systems will reduce the need for power conversion over a distance, which means that "exchanges" on Blockchain can optimize the transfer of power to the place. Others are in need. Traditional energy is being managed by the government, which creates a lack of influence in the distribution of energy. And part of the world is affected by natural disasters or poor areas. Some projects are based on blockchain technology of energy: Transactive grid is a collaboration between Consensys and lo3, based on Blockchain can solve any problem. Suncontract is a block-based peer-to-peer application. It exchanges solar and other renewable energies. Based on its foundation, the Blockchain system allows organizations, companies and individuals with direct investment cards in the field of renewable energy. Escochain is the Uber's founder Blockchain project, which aims to create a platform for users who want to invest in renewable energy.

To be honest, things are still in the development phase now and hence it might be true that Bitcoin mining is consuming high energy, however, I am sure that we will see improvement in the coming years as we are moving towards sustainable growth.

* Bitcoin Green’s Hugh Naylor on How to Mine Crypto Without “Destroying The Environment” (https://bitcoinexchangeguide.com/bitcoin-greens-hugh-naylor-on-how-to-mine-crypto-without-destroying-the-environment/).

* Huge Wind Farm to Power Bitcoin Mining Will Be Built in North Africa - Bitcoinist.com (https://bitcoinist.com/huge-wind-farm-to-power-bitcoin-mining-will-be-built-in-north-africa/).

We cannot ignore the opportunity cost and expenses of using and ignoring Bitcoin mining activities.

However, I think POW mechanism and POS mechanism have their own advantages.
If you need to solve the environmental problem, you only need to switch to the POS mechanism to solve the problem.

If you measuring the energy consumption in Iceland, of course bitcoin mining will cost electricity more than peoples home because the population of the country is not too many. In some big city, bitcoin mining is not consuming energy more than the usage in industrial factory.

It is true that the mining of bitcoins does require a lot of electricity, and I think that mining will be more environmentally friendly with the progress of the community, and some areas in North America are now discussing the possibility of using solar panels for mining.