Bitcoin already using too much power by 2020?

[DeDordtenaar]

Nobody will know what is going to happen with the Bitcoin in that year and you see that Bitcoin was stable for a long time so it works not that much power and it has to rise also in the future.
And that is only nice if the halving is also going to be good but the bad thing is that we cant control it and that is bad.

in some time bitcoin experiencing a stable state and it will not last for a long time? and you've seen? in some time ago for bitcoin prices could rise rapidly over $ 100? I think halving will give a nice effect and 4 out later in 2020 halving will happen again. bitcoin might already have full power

[1715078370]

1715078370

[Real-Duke]

First time I talked about mining with a friend he asked me wondered: You burn power to earn money?
Yes for some reason it sounds bad 

[iqlimasyadiqa]

yes I think 2020 is the year that bitcoin has had a lot of users. bitcoin resource will be even greater. where in 2020 almost everyone is familiar with computer technology will also recognize bitcoin.

[Cuntabula]

First time I talked about mining with a friend he asked me wondered: You burn power to earn money?
Yes for some reason it sounds bad  :-

Well, an aluminum smelting plant burns tons of electricity, makes aluminum, and sells that aluminum for money.
We're smarter, we just bypass the middle step & turn electricity straight into money

[Real-Duke]

First time I talked about mining with a friend he asked me wondered: You burn power to earn money?
Yes for some reason it sounds bad  :-

Well, an aluminum smelting plant burns tons of electricity, makes aluminum, and sells that aluminum for money.
We're smarter, we just bypass the middle step & turn electricity straight into money

LOL thats right and we can buy aluminium from that company for our coins 

[BTCBinary]

The PoW algo is an energy consuming process. Surely the future is not PoW because in due time it will turn the network totally unprofitable. Either they solv this issue by introducing a new and less energy spending algo or either they improve the PoS algo and try to implement it on Bitcoin

[BurtW]

First time I talked about mining with a friend he asked me wondered: You burn power to earn money?
Yes for some reason it sounds bad 

I think it is more technically correct to say you burn energy to secure the Bitcoin network.  You get paid to secure the Bitcoin network, burning energy is your cost, the difference between what you get paid to secure the network and your energy cost is your profit.

An attacker would need to burn more energy that us (the current miners), the high cost of the energy they would need to burn is the cost of the attack.

The more energy burned the more secure the network.

That is PoW in a nutshell.

[JanpriX]

By that time (2020), more people should be using solar power in a major way. And the equipment for this type of energy source should be cost efficient because right now, only few have been using this due to its price being costly. Using solar power is also a great form of investment because it will provide more benefits in the long run (in terms here, for the miners/farms of BTC).

[BurtW]

By that time (2020), more people should be using solar power in a major way. And the equipment for this type of energy source should be cost efficient because right now, only few have been using this due to its price being costly. Using solar power is also a great form of investment because it will provide more benefits in the long run (in terms here, for the miners/farms of BTC).

If you are trying to say that massive energy consumption by Bitcoin mining will drive energy prices up to the point that renewable energy will become cost competitive then...  maybe.

So basically burning through all of our non renewable natural resources will cause us to switch to renewable sources of power.

Your point really has nothing to do with whether or not Bitcoin mining is using "too much power".

[awesome31312]

First time I talked about mining with a friend he asked me wondered: You burn power to earn money?
Yes for some reason it sounds bad 

I think it is more technically correct to say you burn energy to secure the Bitcoin network.  You get paid to secure the Bitcoin network, burning energy is your cost, the difference between what you get paid to secure the network and your energy cost is your profit.

An attacker would need to burn more energy that us (the current miners), the high cost of the energy they would need to burn is the cost of the attack.

The more energy burned the more secure the network.

That is PoW in a nutshell.

Thank you for explaining this, among other things. It is very important that people know to distinguish.

[JanpriX]

By that time (2020), more people should be using solar power in a major way. And the equipment for this type of energy source should be cost efficient because right now, only few have been using this due to its price being costly. Using solar power is also a great form of investment because it will provide more benefits in the long run (in terms here, for the miners/farms of BTC).

If you are trying to say that massive energy consumption by Bitcoin mining will drive energy prices up to the point that renewable energy will become cost competitive then...  maybe.

So basically burning through all of our non renewable natural resources will cause us to switch to renewable sources of power.

Your point really has nothing to do with whether or not Bitcoin mining is using "too much power".

Thanks for pointing this out. I like the way how you put into context the non renewable natural resources vs renewable sources of power. Greatly appreciate your comment on this one.

[Cuntabula]

By that time (2020), more people should be using solar power in a major way. And the equipment for this type of energy source should be cost efficient because right now, only few have been using this due to its price being costly. Using solar power is also a great form of investment because it will provide more benefits in the long run (in terms here, for the miners/farms of BTC).

If you are trying to say that massive energy consumption by Bitcoin mining will drive energy prices up to the point that renewable energy will become cost competitive then...  maybe.

Yep, that's why I drive a big block Chevy with Hilborn mechanical injection, because I care about environment. With all them fuel-efficient cars around, we'll never switch over to clean, renewable energy.

[Jasad]

Eventually, technological advances will lower the cost of resources required to mine Bitcoins. You are not addressing that with your math. I will post more detailed calculations later.

i will wait for your post about calculations.
i think its not happen when bitcoin halving come,i guess some miners quit from mine bitcoins or at least they think mine bitcoin no longer profitable. lets wish this is really happen.

[spazzdla]

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

I was hoping for this comment.

[Cuidler]

The PoW algo is an energy consuming process. Surely the future is not PoW because in due time it will turn the network totally unprofitable. Either they solv this issue by introducing a new and less energy spending algo or either they improve the PoS algo and try to implement it on Bitcoin

I dont see reason why Bitcoin mining should be totally unprofitable in the future. Obviously the unprofitable miners turns off and sell their mining equipment and only those profitable keep mining. Obviously electricity cost is main factor whether you can be profitable, but always someone with lowest electricity cost must be profitable, now and in the future as well.

About the too much power used by 2020, it depends about Bitcoin price and block rewards and I dont expect the Bitcoin price will skyrockets so much to justify much higher power usage for Bitcoin mining, plus in 2020 next halving bring block rewards down to just 6.25 Bitcoins each.

[blackmachinegun]

Eventually, technological advances will lower the cost of resources required to mine Bitcoins. You are not addressing that with your math. I will post more detailed calculations later.

i will wait for your post about calculations.
i think its not happen when bitcoin halving come,i guess some miners quit from mine bitcoins or at least they think mine bitcoin no longer profitable. lets wish this is really happen.

I think the miners would not go for a halving of the year. reward is still promising. and many more that have not been mined bitcoin? I'm sure the miners are still eager to be bitcoin mining. at least not for halving this year dude

[MingLee]

Eventually, technological advances will lower the cost of resources required to mine Bitcoins. You are not addressing that with your math. I will post more detailed calculations later.

i will wait for your post about calculations.
i think its not happen when bitcoin halving come,i guess some miners quit from mine bitcoins or at least they think mine bitcoin no longer profitable. lets wish this is really happen.

I think the miners would not go for a halving of the year. reward is still promising. and many more that have not been mined bitcoin? I'm sure the miners are still eager to be bitcoin mining. at least not for halving this year dude

Bitcoin mining is always profitable, as long as you adjust your costs to match what it is costing you. Mining isn't like mining in real life; you can't have better deposits. You can only have the same consistent reward, and it costs the same amount per hash (most of the time) so no miner has an advantage, per say.

We'll still have a lot of miners for a fairly long time yet.

[sobsitesearch]

Eventually, technological advances will lower the cost of resources required to mine Bitcoins. You are not addressing that with your math. I will post more detailed calculations later.

i will wait for your post about calculations.
i think its not happen when bitcoin halving come,i guess some miners quit from mine bitcoins or at least they think mine bitcoin no longer profitable. lets wish this is really happen.

I think the miners would not go for a halving of the year. reward is still promising. and many more that have not been mined bitcoin? I'm sure the miners are still eager to be bitcoin mining. at least not for halving this year dude

Bitcoin mining is always profitable, as long as you adjust your costs to match what it is costing you. Mining isn't like mining in real life; you can't have better deposits. You can only have the same consistent reward, and it costs the same amount per hash (most of the time) so no miner has an advantage, per say.

We'll still have a lot of miners for a fairly long time yet.

In what country have the best bitcoin mining in the whole world?
In my country i think there is no mining site that can i mine. or how to start mine my own bitcoin any recommendation? thanks

[ranochigo]

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/

There is no plan that I know of that could effectively solve this issue. My take is that they should not modify anything in the protocol. PoS is quite flawed since the larger merchants and holders can hold a monopoly over the network with little costs, giving government chances to do so too. Factoring in the technological improvement in ASIC, the power consumption efficiency is getting higher and higher with the cost of the equipment. This can help to reduce power consumption. Solar power and renewable energy would probably be more developed and widely used by then.

[Mandoy]

First time I talked about mining with a friend he asked me wondered: You burn power to earn money?
Yes for some reason it sounds bad 

Hahaha well that really is the irony of mining, thats why we needs to purchase high-number pieces of technology to lessen power consumption.