Bitcoin Forum

Though currently struggling for survival, if we’re talking about the future, could cryptocurrencies have a potential to trigger an eco friendly finance revolution?

That's your personal thinking. Cryptos are not struggling for survival in any way. Adoptions are increasing day by day! More businesses are opening around cryptos - these are the signs of prosperity, not survival!


As per the current model of crypto mining, it looks hard to happen! However, if the entire economy moves to cryptos and fiat becomes irrelevant, probably mankind will be spending quite less than what they are spending now on minting money! However, the chance of happening it, is pretty slim!

If you think about the most resource depleting ways of making money then you can count out cryptocurrencies and mining. Unlike how businesses burn through a lot of oil, energy, and other resources to produce their product cryptocurrencies only needs to consume energy in order for you to earn which I think is a better way to earn as what you will be earning will always depend on when you sell it, cryptos unlike products of businesses are not set in a fixed price they are always moving and you can take advantage of it and earn more from it which will justify your electricity consumption.

Okay, maybe cryptocurrencies don't need any source like gold, oil etc. to define their value, but still there's a problem how they are being mined. Graphic cards consume a LOT of energy, so as far as we don't find another, more "green" way to mine - imo we can't say that cryptocurrencies are all green and eco friendly.

To say that it’s struggkijg for survival means it ha slostbits value and fading out which is definelty not true. We all have different thinking though but if you are following bitcoin you will see there has been some development and adoption as many are trying to get involved in it. The revolution has started but it won’t be sudden. Let’s just follow the process and wait for the result.

cryptocurrencies that use PoW have an underlying base value which is the cost of creation. no one is foolish to sell below the cost they used to make it. thus Pow has some advantage in that

as for how to make it eco-friendly.. well its already being done
1. if we still used GPU's it would take THOUSANDS of GPU/PSU's to get a terrahash of hashpower, and yet an ASIC is thousands of times more eco friendly
2. ASIC farms are moving away from coal/gas powerplants and moving to use renewable sourced powerplants.

however there could be new cryptocurrencies in the future where the creation of the units of measure(tokens/coin) have no impact on the ecology of the planet, but do have some financial backing/cost/requirement in its creation

In fact - currently the most popular crypto system based on PoW mining can not be called as eco-friendly. Various sources say that the energy used for currency mining exceeds the total energy demand of several countries. For example, the production of bictoin takes more electricity than the demand of for example, Romania, and similar to Israel or Greece.



surce: https://digiconomist.net/bitcoin-energy-consumption


Fortunately, new cryptocurrencies change algorithms and instead of the most popular PoW, they start using other solutions like PoS, which causes that the demand for energy consumption is definitely lower - and this can transfer cryptocurrencies to an environmentally friendly path.

that energy consumption index is wrong on so many levels

hers some logic
lets use the high of 50exahash
thats
=3,571,428~ 14thash asics which use 1.3khw
=4642857~ kwh
=4642.9 mhw = 4.6gwh
=40671gw per year = 40tw per year PEAK

we all seen that there have been more efficient asics in the last 6 months. so the number would be lower than 40tw/year
we all seen that there has been hashrates of under 40exa in the last 6 months. so the number would be lower than 40tw/year

the 'energy consumption index is using very outdated ASIC tech stats and not even calculating the asic stats vs real hashrates to get a true 'energy consumption index'

from june 2018-december2018 there is no way was the bitcoin network at 75tw

Whatever, there are far worse things fucking up the world than cryptos. No one cares about it really, all the politicians that talk about climate change and all that shit do it to get votes, don't get confused.

very true
fun facts
pepsi-co waste more on electric to keep their bottles refrigerated than bitcoin uses. and that refrigeration cost does not protect bottles for eternity/immutably. it just keeps them cool for a short period before it ends up as human urine

fun facts
the funds raised by 'carbon tax' dont go towards planting new tree's in rainforsts. its actually wasted on corporations that develop land into new real estate by them buying up cheap land near waterways and then getting eco-grants to raise the ground level to reduce risk of flooding to their own private property.
(also yes some of the carbon tax ended up paying for some of them man made islands in the middle east)

To be honest everything right now is harmful for the earth.
Every company plays a huge part of it.
And so as we the consumers the cars or motorcycle that we drive ,
The instanr food and drinks that we consume, Not to mention the cigarette that we smoke.

How do you find out that crypto is struggling to survive?
the crypto is gaining supporters continuously and adoption is increasing

Regarding alternative energy
There are numerous and reliable projects developed solutions to energy problems as a whole and mining in particular ,will come into force soon.

A few points.


Whenever I see articles on the energy waste of bitcoin people always fail to account for the fact that dense regions of bitcoin mining often congregate around cheap hydro electric power. Lots of chinese mining operations run off hyrdo electric power because it is so cheap. Same for the state of Washington, lots of people have flooded to Washington state for mining specifically in order to use their cheap renewable hydro electric power.
Certainly a lot of the mining power is not from renewables, but the pollution from bitcoin mining I think is always way overstated because the media never takes renewable powered mining operations into account.

I certainly would like crypto to be "green", though Bitcoin will never change from proof-of-work. It would be too drastic of a change for the mining community to switch to another protocol of securing the blockchain. A change from PoW would put bitcoin at grave risk and that will just never be worth it. The way to make bitcoin green, or greener that it currently is, is to move the world quicker to renewables.

I would totally support other cryptos using more eco-friendly protocols. There are plenty of other niches that cryptocurrencies can occupy other than bitcoin's global money and global store of value niche. Ethereum moving to Proof of Stake is an example.

Something that has survive doesn't struggle for survival. It seems you have been away and not following the technological development but the price fluctuation. Forget the prices and look at the technological development of cryptocurrency. So You don't know the big banks are thinking of creating their own coins? Digital money is the way to go.

Well, cryprocurrency had been up and down since it was created. We are actually way to far feom massive adaptation and the way it looks people, bussinesses, and the government is taking littlw steps looking into crypto on how will it be benificial and how to adapt it to be able to cope-up with the advancement of technology.

Bitcoin are already the environmental friendly substitute for the energy hungry Banking sector and the pollution friendly reserve currencies. When you start looking at all the energy that are used to drive the Banking sector, you will understand why I am saying that it is not good for the environment. <Example : Energy used for 1000s of ATMs / Bank buildings with air-conditioning and computers etc.>

Reserve currencies needs raw minerals like Nickel / Iron / Bronze and Paper & Plastic to create Fiat currencies and that is even worst for the environment when this is mined. <collected>  ::)

it is only altcoins that are struggling hard these days because most of them are still in bubbles and are overpriced so they need to get dumped more before they can become healthy again. and on top of that they are useless so they always struggle at surviving because hypes don't last long.

as for "greenness" you have to know that the cryptocurrencies are the consumers not the producers so they can not decide where the energy comes from, they may create incentive for more green energy production but they can not enforce it as consumers.

One thing people just cannot argue against: Bitcoin is absolutely terrible for the environment. I say this as a Bitcoin holder, but it's always better not to be in total denial about the obvious.

there is nothing cheaper than PoW, period. PoS is more expensive in game theoretical contexts.

Bitcoin is far from struggling, the adoption and the growth progress got a really positive sign and bitcoin has become bigger and bigger, but eco friendly is not going to happen, the mining itself consume a huge amount of electricity and the usage of bitcoin is going to increase the electricity usage because it need Internet and gadget

I think so and as a matter of fact that is already happening, cryptocurrencies have already created an eco friendly environment that have revolutionized the whole financial system today.

It would really depend on the crypto producers, if they think it's worth transitioning to greener energy. Take a look at bitcoin farmers in China. They mostly stay there coz of the cheaper electricity. Some even outright stole power they used for operations.

If the government make it more expensive for them, either they'd move out or invest in alternative energy sources. If it's the later they'll choose I'm expecting some might relocate to the desert areas and setup solar farms though they probably need a HUGE one.

All the potential cryptocurrencies are running smooth without any problems. So the matter of survival is not an issue here.
Though the shitcoins are struggling hard, they should probably be, they will end up turning into dust anyway.
The potential coins do have a bright future and I don't know about the eco friendly nature of them but yeah if we find alternative solution for energy consumption then it might trigger an eco friendly solution.
For example, if solar panels are used to generate energy which can be used for crypto mining then it might, in a way, trigger eco friendly revolution.

There are alternatives that are more environmentally friendly, efficient, even though they are considered less profitable. In several other crypto variants, the Proof of Stake (POS) system has been used. In this process, it is not based on computational resources, published using a number of coins given by the miner as the main key. :)

Capital YES, cryptocurrency has the potentials to trigger an eco friendly financial environment. The revolution brought by cryptocurrency has been embrace by many countries in the world and others will follow suits. Based on my analysis, cryptocurrency is not struggling for survival rather waiting for adoption to change the entire eco financial system.

I guess the whole cryptocurrency system is much more efficient than whole banking system.
But still you want too eco friendly then you can choose the centralized crypto currency just like current currencies by government (Though it defeat the whole purpose of decentralization revolution)

Have you ever thought how much damage we are doing by promoting urbanization? but still government/leaders are working toward more urbanization in name of development.

there are many ways to change every aspect of our lives with crypto currencies and Blockchain. Because crypto currencies are gaining popularity in the business world and in everyday life, more and more adoptions may be developed from these technologies. Not only is the financial world experiencing a revolution, but almost all aspects of life that require transparency will also benefit from the use of crypto as well as Blockchain technology.

Cheaper in terms of electricity bills or what do you mean? Care to elaborate on this statement?

If in the future enough energy can be collected on a green way and become competitive on the rates it could be way cleaner.
It will not happen soon since both takes time.

Of course, plus if they really wanted to save energy or be eco friendly, they wouldn't tell us, we are not the ones responsible for the 99% of the emissions and all that shit, they are, big companies and industries, it's the same as recycling or saving water, we barely use any % of water or recycle 1% of all the shit out there, a big company probably uses more water and throws more plastic than a whole city.

Mass adoption of cryptocurrency keep increasing and i didn't see crypto are struggling because it always survive and running smoothly. Also it was an eco friendly than others using energy consumption. It has a bright future of course as you can see that adoption continuesly increasing.

We are diversifying some technologies into an ECO friendly already and to have a healthy life. But of course, it takes time(probably a years) to finally imposed and may our next generation could fully enjoy it. Good thing in cryptocurrency/blockchain technology is that, we are just saving a millions of papers cause there is no need to print it and we are just using internet to run the system and do transactions. That is very helpful to us and to the mother earth.

Undoubtedly you are right, but in this comparison it's not exactly about the exact numbers. Even if, instead of estimated TW per year, we take Minimum TW per year (which is much closer to your calculations) or even simply use the values ​​calculated by you, it does not change the fact that the energy needed for the mining process is similar to the average country consumption what means that it really needs a lot of power!

I am convinced that not everybody throws out old aisics when new ones appear, only a few generations work at the same time - maybe modern farms immediately sell obsolete models, but somebody buys them and for a while mine with them.

In addition, in your calculations you focused only on energy consumed by aisics and to the whole process we also need additional devices that also consume energy, lighting, air conditioning, in addition, we should also remember about energy losses on transmission so it's getting a little more ...

We should also remember that in the world we do not have only bitcoin - of course, it consumes the most energy, but we still have two thousand other cryptocurrencies, of which probably several hundred are based on PoW, so looking at cryptocurrencies as a whole, energy consumption increases to much higher levels.

Potentially it can open a new era of financial revolution, once this industry will bypass all that hinders its growth then nobody can stop it. As cryptocurrency mining moves forward there a lot of rooms for innovation and efficiency solutions were not far from that I believe.

bitcoin has not survival to live up to the value increase with increasing popularity ,I think that survival are only living things and that thinking is far beyond the context ,of this environmentally friendly finance makes sense because use can only be accessed through internet networks ,different from fiat which is difficult to put into a pants pocket if the amount is one car trunk while digital is very easy to save

right now yes, the bitcoin is a green cryptocurrency, why? because we know that it dont need the material like paper or anything else, because bitcoin is a digital currency, doesnt have physic form. it dont like the real money paper that use paper as their physical media.

http://www.truthcoin.info/blog/pow-cheapest/

Haha great explanation about it. I was thinking about that but fact we are using more internet for making transaction then without digital devices we will not be able to make transaction at all if the world completely adopts bitcoin and other crypto currencies.
Bitcoin should come in physical as well as digital to make green friendly crypto.

It seems to me that cryptocurrency does not make sense to fight for a place under the sun. Because it is a separate technology which has been developing very strongly lately. And I think that something will not be in her way.

of course you can because paper money in modern times is no longer efficient besides damaging the environment of paper money is also very easily damaged differently with cryptocurrency that will not be damaged because of anything

Cryptocurrency have crossed it major hurdles which is many fights from the main stream and it has succeeded them all. We see big banks talking crypto and stable coins. The Crypto market is up for a greater prospect, if you are here at this point in time and believe in the vision of Satoshi, then you are lucky and wise about the world future economic pendulum.

I think people are starting to think in that way depending on the consensus they chooses. I hope it continues or find a way to generate heat with all the miners 

Yep. To be fair the resources used for paper money can be used for other things. Its why the community sincerely pushes for the use of digital currency. Its much more secure rather than banks, all it needs is just you become a responsible user of it.

Yes, you may cut tress to create and manufacture the special paper that will be used for the extraction and result of our fiat money. Digital money, cryptocurrencies can use alternative energy depending the source of it.

Mining bitcoin contributes to the heat that the world has right now as they say but they never looked to that situation, where forests became empty because of illegal logging. Thus, there's too many way to produce renewable energy that can be used for mining.

by using crypto you are using a gadget and other infrastracture such as internet  . they did contribute to the environment  . crypto  mining can be the biggest threat to the environment because it requires too much electricity and the mining hardware also releases heat and noise pollution  as well as black smoke that can be life threatening to some if inhaled  . we really need a green cryptocurrencies that are eco friendly  .

I really don't think so.

Bitcoin's environmental impact in my opinion has been greatly exaggerated to the point that it's being made out to be worse than pollutants from actual mining or whatnot. And people are failing to realise the fact that bitcoin's energy use isn't just going to waste, it is being used to validate transactions much like the traditional banking system.

Also, if you add the fact that bitcoin is likely using up electricity that would have gone to waste if not used given that most countries don't have infrastructure to store excess electricity. So as long as the electricity itself is generated in a sustainable manner, there is really nothing to see here.

If we can only optimize the use of renewable energies, we will move forward in fast manner. Still there are restrictions to achieve this goal. Many people want to use solar or wind energy but they couldn't afford the initial investments. Good for countries that are subsidizing their customers to implement this system.

Crypto projects that want to explore renewable sources find it hard to achieve success. Many have tried but where are they now?