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Title: Do you think the Bitcoin is sustainable? Post by: cryptohard-btc on April 15, 2015, 05:05:54 PM Knowing that it is necessary a great demand of electric energy to mining Bitcoins and knowing that much of the energy matrix arising from the exploitation of non-renewable resources and ask a question at all.
Do you think the Bitcoin is sustainable? If you are a miner, what is the cost in dollars into electrical energy is required in your region (mark your country and region) to generate 1BTC? ;D Title: Re: Do you think the Bitcoin is sustainable? Post by: crazyivan on April 15, 2015, 05:17:38 PM Knowing that it is necessary a great demand of electric energy to mining Bitcoins and knowing that much of the energy matrix arising from the exploitation of non-renewable resources and ask a question at all. Do you think the Bitcoin is sustainable? If you are a miner, what is the cost in dollars into electrical energy is required in your region (mark your country and region) to generate 1BTC? ;D Sure it s sustainable. Majority of BTC has been already mined, take a look at data about BTC market capitalization. http://coinmarketcap.com/ Over 14 mil s already been mined and we have under 7 million left to be mined. So it s about BTC acceptance and not about mining tech. Block reward s going to get reduced more and more and what we need it general acceptance and price to go up. Title: Re: Do you think the Bitcoin is sustainable? Post by: RodeoX on April 15, 2015, 05:19:39 PM Look around at the world we have created. None of this is sustainable. :D
Title: Re: Do you think the Bitcoin is sustainable? Post by: Amph on April 15, 2015, 06:55:50 PM it is but only for big farms, or cheap/free electricity for casual miner, around 0.07-0.05 is good already
you can eliminate electricity with renting(some of them do not include it, i'm talking about private renting too) or with cloud mining Title: Re: Do you think the Bitcoin is sustainable? Post by: notlist3d on April 15, 2015, 07:37:25 PM Knowing that it is necessary a great demand of electric energy to mining Bitcoins and knowing that much of the energy matrix arising from the exploitation of non-renewable resources and ask a question at all. Do you think the Bitcoin is sustainable? If you are a miner, what is the cost in dollars into electrical energy is required in your region (mark your country and region) to generate 1BTC? ;D It depends really on location. Somewhere where there is vat/high import tax. It's going to be hard to start. Then if high electricity no way this location could mine without loss. Cheap electricity with no import tax/vat you can ROI. Many big data centers have chased this low priced electricity. Overall i think it is sustainable, it is going to take the price of BTC to change as time goes on though. Title: Re: Do you think the Bitcoin is sustainable? Post by: crazyivan on April 15, 2015, 08:29:49 PM The main problem is that people consider the price level to be the major determinant of sustainability, which is partially correct.
However, at this point even increased acceptance and use of BTC leads to price decline. Why? Retailers accept BTC and immediately sell it for FIAT thus creating downward pressure to BTC price. Title: Re: Do you think the Bitcoin is sustainable? Post by: notlist3d on April 15, 2015, 08:35:56 PM The main problem is that people consider the price level to be the major determinant of sustainability, which is partially correct. However, at this point even increased acceptance and use of BTC leads to price decline. Why? Retailers accept BTC and immediately sell it for FIAT thus creating downward pressure to BTC price. I would say it is a big issue. As if it's not enough to pay for mining most would shut down. Sure some would stay up that believe in bitcoin. But most can not afford to keep running if at a loss. Title: Re: Do you think the Bitcoin is sustainable? Post by: crazyivan on April 16, 2015, 05:43:34 AM The main problem is that people consider the price level to be the major determinant of sustainability, which is partially correct. However, at this point even increased acceptance and use of BTC leads to price decline. Why? Retailers accept BTC and immediately sell it for FIAT thus creating downward pressure to BTC price. I would say it is a big issue. As if it's not enough to pay for mining most would shut down. Sure some would stay up that believe in bitcoin. But most can not afford to keep running if at a loss. BTC system is designed to correct itself. If the price goes down big time, which I personally do not believe, some less efficient miners would get out of the game. As a consequence, mining difficulty would go down and mining would become profitable again. |