Bitcoin already using too much power by 2020?

[AGD]

How much electricity and other energy goes into fiat?

[1715063012]

1715063012

[1715063012]

1715063012

[Zulucia]

How much electricity and other energy goes into fiat?

In a small city, there are many banks branches, they all use a lot of energy and employ many people, that is also costly.

[Ultrafinery]

How much electricity and other energy goes into fiat?

Probably more than into bitcoin, depending on what metrics you use.
Caveat: Fiat economy is at least a million times bigger than Bitcoin, so unless you think fiat uses x1,000,000 more power than bitcoin, this is irrelevant.

Bonus: fiat is primarily used for IRL business and to pay for legit IRL needs, like roads, baby formula, public schools, etc., etc.
Bitcoin is primarily used for laundering fiat, gambling, ransomware, and trying to buy overpriced drugs on shifty DNMs.

Glad I could be of some help

In a small city, there are many banks branches, they all use a lot of energy and employ many people, that is also costly.

Yes there are.
Those brick and mortar bank branches are providing financial services like financing your house and lending you actual money. Services that bitcoin doesn't provide.

[AGD]

How much electricity and other energy goes into fiat?

Probably more than into bitcoin, depending on what metrics you use.
Caveat: Fiat economy is at least a million times bigger than Bitcoin, so unless you think fiat uses x1,000,000 more power than bitcoin, this is irrelevant.

Bonus: fiat is primarily used for IRL business and to pay for legit IRL needs, like roads, baby formula, public schools, etc., etc.
Bitcoin is primarily used for laundering fiat, gambling, ransomware, and trying to buy overpriced drugs on shifty DNMs.

Glad I could be of some help

Your simple accounting is wrong and if you even think your rubbish is helping somebody, you might be the one needing help.

[Qunenin]

I dont think mining will have any scope in 2020.

[eternalgloom]

I believe this will become a complete non-issue in the future once renewable energy production takes over.
Plus in comparison to other industries the power usage of Bitcoin miners is negligible.

[specown]

Definitely agree, basically it is not profitable to mine without having free electricity plans or stuff like that.. just think what does this signalize, that the costs of the electricity or in other words the amount you spend is much higher that the profit..

[Ultrafinery]

How much electricity and other energy goes into fiat?

Probably more than into bitcoin, depending on what metrics you use.
Caveat: Fiat economy is at least a million times bigger than Bitcoin, so unless you think fiat uses x1,000,000 more power than bitcoin, this is irrelevant.

Bonus: fiat is primarily used for IRL business and to pay for legit IRL needs, like roads, baby formula, public schools, etc., etc.
Bitcoin is primarily used for laundering fiat, gambling, ransomware, and trying to buy overpriced drugs on shifty DNMs.

Glad I could be of some help

Your simple accounting is wrong and if you even think your rubbish is helping somebody, you might be the one needing help.

Look, if you got nothing, just say "I got nothing" & thank me. Don't mope, no one likes that petulant shit.

[AGD]

How much electricity and other energy goes into fiat?

Probably more than into bitcoin, depending on what metrics you use.
Caveat: Fiat economy is at least a million times bigger than Bitcoin, so unless you think fiat uses x1,000,000 more power than bitcoin, this is irrelevant.

Bonus: fiat is primarily used for IRL business and to pay for legit IRL needs, like roads, baby formula, public schools, etc., etc.
Bitcoin is primarily used for laundering fiat, gambling, ransomware, and trying to buy overpriced drugs on shifty DNMs.

Glad I could be of some help

Your simple accounting is wrong and if you even think your rubbish is helping somebody, you might be the one needing help.

Look, if you got nothing, just say "I got nothing" & thank me. Don't mope, no one likes that petulant shit.

You are too arrogant to see even the simplest facts, so discussing with no content people like you is just leading nowhere. Get a brain!

[Ultrafinery]

How much electricity and other energy goes into fiat?

Probably more than into bitcoin, depending on what metrics you use.
Caveat: Fiat economy is at least a million times bigger than Bitcoin, so unless you think fiat uses x1,000,000 more power than bitcoin, this is irrelevant.

Bonus: fiat is primarily used for IRL business and to pay for legit IRL needs, like roads, baby formula, public schools, etc., etc.
Bitcoin is primarily used for laundering fiat, gambling, ransomware, and trying to buy overpriced drugs on shifty DNMs.

Glad I could be of some help

Your simple accounting is wrong and if you even think your rubbish is helping somebody, you might be the one needing help.

Look, if you got nothing, just say "I got nothing" & thank me. Don't mope, no one likes that petulant shit.

You are too arrogant to see even the simplest facts, so discussing with no content people like you is just leading nowhere. Get a brain!

Isn't that what you brainy people call an ad hominem argument, to sound smart to each other?

[AGD]

https://bitcoinmagazine.com/articles/bitcoin-doesn-t-waste-electricity-it-s-used-for-security-1446482572

Bitcoin’s Hashing Computations are Not Useless
The key point to take away from this excerpt of Antonopoulos’s presentation is that all of the hashing power pointed at the Bitcoin network is not useless. All of that processing power and electricity is, essentially, being used to create a new public good -- the blockchain. Until there is an alternative to proof-of-work that is proved to be secure enough to power a global, decentralized ledger, it would not be correct to call bitcoin mining useless or wasteful -- unless, of course, you don’t think Bitcoin provides any value to the world.

[pureclckr]

yes you are write. Too much power bitcoins use by 2020.

[traderman]

http://themerkle.com/bitbank-seeks-1-57m-to-build-bitcoin-mining-facility-with-worlds-only-12nm-miners/

[spidergoat]

Electrical price isn't an issue, global warming is. With most countries using coal and natural gas as the primary source of energy, the Bitcoin mining industry can make an impact on the environment. Governments can try to reduce the profitability by introducing taxes for electrical bills. POS is not a suitable replacement as far as I can see; there is simply too much ASICs built solely for mining Bitcoins and SHA256 alt coins, changing Bitcoin to POS is extremely hard or impossible.

[jtipt]

Yeah well it can happen, but relatively the electricity used is way lot Lee that you think. I am actually surprised that Denmark uses a lot less energy.

[Ultrafinery]

Until there is an alternative to proof-of-work that is proved to be secure enough to power a global, decentralized ledger, it would not be correct to call bitcoin mining useless or wasteful -- unless, of course, you don’t think Bitcoin provides any value to the world.

[/quote]

Transacting via blockchain secured by POW uses too much energy, by design.
The cost of mining 1 BTC can not be significantly lower than the price of 1 BTC -- that's how the network is secured. Read the white paper. That's as wasteful as having to spend $90 to print a hundred-dollar bill.
With most of that $90 being Chinese, coal-fired electrical cost

[mirana12345]

There's no doubt that there has to be a better solution than pow we have now. I'm not saying it's not working, but in the future we could try
some pos variation to stop waste of money on power and manufacturing mining equipement.  But so far, for now and still many years to come,
bitcoin is fine as it is, because the energy consumed by the network is nothing when you compare it to the alternatives.

[AGD]

Until there is an alternative to proof-of-work that is proved to be secure enough to power a global, decentralized ledger, it would not be correct to call bitcoin mining useless or wasteful -- unless, of course, you don’t think Bitcoin provides any value to the world.

Transacting via blockchain secured by POW uses too much energy, by design.
The cost of mining 1 BTC can not be significantly lower than the price of 1 BTC -- that's how the network is secured. Read the white paper. That's as wasteful as having to spend $90 to print a hundred-dollar bill.
With most of that $90 being Chinese, coal-fired electrical cost

Bitcoin is not responsible for how mining energy is produced. Btw the same "coal-fired" energy is used to support fiat.

Now you seem to have an exact idea on how much for example a dollar (or a yuan) actually costs to produce, secure, transfer, hold, defend  etc. Mind to share the number?

[Ultrafinery]

Until there is an alternative to proof-of-work that is proved to be secure enough to power a global, decentralized ledger, it would not be correct to call bitcoin mining useless or wasteful -- unless, of course, you don’t think Bitcoin provides any value to the world.

Transacting via blockchain secured by POW uses too much energy, by design.
The cost of mining 1 BTC can not be significantly lower than the price of 1 BTC -- that's how the network is secured. Read the white paper. That's as wasteful as having to spend $90 to print a hundred-dollar bill.
With most of that $90 being Chinese, coal-fired electrical cost

Bitcoin is not responsible for how mining energy is produced. Btw the same "coal-fired" energy is used to support fiat.

Now you seem to have an exact idea on how much for example a dollar (or a yuan) actually costs to produce, secure, transfer, hold, defend  etc. Mind to share the number?

Of course bitcoin is not responsible for how mining energy is produced, bitcoin is just a codebase, can't do anything without people.
The fact that most of the mining happens i China on government-subsidized, 70% coal-fired power is just a fact. That's how it is, AGD.

The revamped $100 bill costs 12.5 cents to produce — a 60% increase over the 7.8 cents it cost to print the older version of the bill.
Hope this helps.

[AGD]

Until there is an alternative to proof-of-work that is proved to be secure enough to power a global, decentralized ledger, it would not be correct to call bitcoin mining useless or wasteful -- unless, of course, you don’t think Bitcoin provides any value to the world.

Transacting via blockchain secured by POW uses too much energy, by design.
The cost of mining 1 BTC can not be significantly lower than the price of 1 BTC -- that's how the network is secured. Read the white paper. That's as wasteful as having to spend $90 to print a hundred-dollar bill.
With most of that $90 being Chinese, coal-fired electrical cost

Bitcoin is not responsible for how mining energy is produced. Btw the same "coal-fired" energy is used to support fiat.

Now you seem to have an exact idea on how much for example a dollar (or a yuan) actually costs to produce, secure, transfer, hold, defend  etc. Mind to share the number?

Of course bitcoin is not responsible for how mining energy is produced, bitcoin is just a codebase, can't do anything without people.
The fact that most of the mining happens i China on government-subsidized, 70% coal-fired power is just a fact. That's how it is, AGD.

The revamped $100 bill costs 12.5 cents to produce — a 60% increase over the 7.8 cents it cost to print the older version of the bill.
Hope this helps.

Production cost is easy to google. How about my question? (remember: produce, secure, transfer, hold, defend - and add recycling cost, salaries, cost for storing, cost of couterfeiting etc etc etc.)

The price will be much higher than the actual prodution cost and this is also higher than Bitcoins mining cost. Again, you need to understand, that you are not here to "help", but to discuss. Stop your "hope this helps" bullshit already. It sounds arrogant and also lets you look like an idiot, combined with the lack of actual content, that you provide.