Bitcoin already using too much power by 2020?

[ObscureBean]

I just stumbled upon this article that claims Bitcoin could be consuming as much energy as Denmark by 2020  Since I gave up mining in 2014, I've almost forgotten just how much electricity goes into making Bitcoins. This got me wondering whether the devs are already working on a solution to this problem. Anyone knows what the plan is?

http://inhabitat.com/power-hungry-bitcoin-could-consume-as-much-energy-as-denmark-by-2020/

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[Monnt]

Proof of Stake? It solves the problem of you breaking your computer/ASIC, and using all the electricity to hash away.

But this also comes with the downside of a "nothing at risk" attack, and how with this, the ASIC market will crash.

[avikz]

That's true and the cost of energy is one factor which makes bitcoin mining non profitable for the solo miners.

I think it is better to use solar energy for mining purpose. But again it is very expensive to install solar panels at the initial stage. So companies with good amount of investment will be able to manage it.

The devs should come up with an alternative.

[Amph]

this is the same argument over and over again, banks are using and wasting much more power than bitcoin can even dream with its network

also the energy used it's kind of a backup for the value of bitcoin

[iv4n]

Power is everywhere around us. In sun, wind, hot springs, water.. But people still make atomic power plants and other not so good things.
So there is enough power for much more mining then now. I don't know where they got this info that bitcoin use too much power. This is ridiculous. How much they use for military and some other things eh.

[Wendigo]

Bitcoin mining farms are wasting too much electricity power and this will affect the environment in a negative way. The weather has been crazy the last couple of years and it was as warm as in spring this winter season and I think we should worry more about the global warming because it's a serious thing and we should curb down all heat sources as much as possible. It would be better to install solar panels and wind turbines because renewable energy is the future.

[Divinespark]

If you believe that BTC will eventually replace vast segments of the banking system, then the power consumption aspect appears reasonable on a relative basis

[unamis76]

Why should devs work on something that's not their problem? This a problem for mining companies.

Similar numbers for power consumption have already been discussed on the forums. I don't think power usage in the Bitcoin network will increase linearly, but usage will increase more slowly in the coming years due to better efficiency in the mining chips

[Lauda]

Why should devs work on something that's not their problem? This a problem for mining companies.

They shouldn't, correct.

Proof of Stake?

Bitcoin should stay away from PoS. It has additional weaknesses.

The devs should come up with an alternative.

No.

So there is enough power for much more mining then now. How much they use for military and some other things eh.

That's how the media operates in the modern world. They tend to single out information without providing any other comparisons and try to make it look hyperbolic. There are quantities of energy that are being wasted in various industries. The article isn't even good IMO; it was quickly written and does not present information clearly.

[xuan87]

i think this kind of issue can become a problem, due to the mining of bitcoin the electricity consumption has raised more than 10 %, and if you add with another alt coin mining, it can become a huge consumption, so the government need to think a way to increase electricity or the coin developer can come come up an idea for a solution to decrease electricity consumption

[Jeremycoin]

That's why, using a solar powered Bitcoin Miner is very important nowadays. I know that it's not enough to cover all the power, but at least could reduced the power consumption.

[defined]

Bitcoin mining farms are wasting too much electricity power and this will affect the environment in a negative way.

Bitcoin would work just as well with much less mining power. In the end a large portion of the value of mined bitcoins is used for mining. Part for hardware (which also takes energy to produce), part for electricity. Until now block halving has not been able to keep up with the increase in value.

[masewild]

this si the same argument over and over again, banks are using and wasting much more power than bitcoin can even dream with its network

also the energy used it's kind of a backup for the value of bitcoin

I like the PoW mining, the energy used put a bottom of the price of the bitcoin. The bitcoin price does not drop below the cost of the mining.

[yogg]

What if ... Satoshi planned all that and created bitcoin so he can sell ASIC devices ?

[TastyChillySauce00]

that's not going to be a problem if the miners do use an alternate energy,and the technology still grew up and i can sure any electronic thing in 2020 will consume electricity as low as it possible

[vero]

That's why, using a solar powered Bitcoin Miner is very important nowadays. I know that it's not enough to cover all the power, but at least could reduced the power consumption.

Electric costs each year will be getting more expensive and yes solar power is one good solution but need how many solar power to keep miner alive at night.

[rizkyhiw]

What if ... Satoshi planned all that and created bitcoin so he can sell ASIC devices ?

dont think so,i'm sure satoshi create bitcoin with all his heart,they lve technology and create bitcoin for our future. if they earn money from sell ASIC devices,he will need more cost for it,and he just have so much money from bitcoin.

[OrangeII]

maybe it's true, to mine bitcoin require enough solar energy to generate a bitcoin, probably in 2020 had a lot of energy is expended to generate a bitcoin

[MicroGuy]

I just stumbled upon this article that claims Bitcoin could be consuming as much energy as Denmark by 2020   Since I gave up mining in 2014, I've almost forgotten just how much electricity goes into making Bitcoins. This got me wondering whether the devs are already working on a solution to this problem. Anyone knows what the plan is?

http://inhabitat.com/power-hungry-bitcoin-could-consume-as-much-energy-as-denmark-by-2020/

We are very close to solving this problem. The new scheme basically randomizes the block reward and equalizes the playing field.

~~

Let's make cryptocurrency great again!

[masewild]

I just stumbled upon this article that claims Bitcoin could be consuming as much energy as Denmark by 2020   Since I gave up mining in 2014, I've almost forgotten just how much electricity goes into making Bitcoins. This got me wondering whether the devs are already working on a solution to this problem. Anyone knows what the plan is?

http://inhabitat.com/power-hungry-bitcoin-could-consume-as-much-energy-as-denmark-by-2020/

We are very close to solving this problem. The new scheme basically randomizes the block reward and equalizes the playing field.

~~

Let's make cryptocurrency great again!

That will not work. Doge coin used to use the random block reward. But it failed as people do not mine the lower reward block.