Bitcoin already using too much power by 2020?

[shinratensei_]

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 

Wow, your friend cares about the natural conditions,But you right it's sound is very bad. Many people are willing to sacrifice a variety of resources that exist in nature for the sake of earning money.

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[Chrismeister]

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.

The value of Bitcoin is not even rising that fast and you have to know that it is really hard to predict what will happen in the future with Bitcoin in 2020 so that is risky.
And many people are thinking that the value will be higher in that year because it was already stable for a long time.

[awesome31312]

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.

The value of Bitcoin is not even rising that fast and you have to know that it is really hard to predict what will happen in the future with Bitcoin in 2020 so that is risky.
And many people are thinking that the value will be higher in that year because it was already stable for a long time.

I think Bitcoin's value is stagnating. In about four years or so the price range would still be between $500 to $600.

But I wouldn't know, I don't have 20-20 vision 

[BurtW]

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

What on Earth?  Purchase more equipment to reduce power consumption?  No.

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.

Again NO.  Power consumption is not affected by mining efficiency.  Mining efficiency only affects difficulty.

Again NO.  The source of the power used does not affect power consumption.  Using 100 GW of solar power is the same as using 100 GW of coal power.  It is the same amount of power.

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 also am waiting with baited breath for your math showing how the cost of resource used to mine Bitcoins will be going down.  Are you expecting a breakthrough in cold fusion?  BTW if the cost of power were to actually go down then the Bitcoin network would adjust by using more power until it again consumed the maximum power it could afford.  So if the cost of power goes down the Bitcoin network would consume even more power - not less.

Note that the cost of power (c) is in the denominator in the power estimation formula meaning that the lower the cost of power the higher the power consumption:

P = (6(50/2^e) + f)(x)(1 - g)/c [kW]

where:

x = exchange rate [USD/BTC]
e = era [0..32] (we are currently in era 1)
f = average fees per hour [BTC/hour]
c = cost of energy [USD/kWh]
g = average gross profit margin [unitless ratio]

[Real-Duke]

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

I bet the power consumption over all won't go down if we buy always the newest hardware but the speed of hashing increases like we can see in difficulty again and again           

[BurtW]

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

I bet the power consumption over all won't go down if we buy always the newest hardware but the speed of hashing increases like we can see in difficulty again and again           

Unlike all you clueless "we just need more efficient mining equipment" signature campaign thread spammers, Real-Duke figured it out.

[Woshib]

Yes, I think it's really a problem, because if the Bitcoin continue to grow, it will eventually consume much of the world's electricity, and if there is a power outage, it will surely be blocked.
Maybe in the future there will be solutions for that.

[patricken]

Yes, I think it's really a problem, because if the Bitcoin continue to grow, it will eventually consume much of the world's electricity, and if there is a power outage, it will surely be blocked.
Maybe in the future there will be solutions for that.

The power consumption will not rise when the block reward+ fee is the same level as before. When that rises, the power usage will rise.

[zimmah]

Only environmental freaks are concerned Bitcoin is the future. 

there are clean solutions to generate energy, and also, more transactions does not mean more power is used.

the amount of miners it irrelevant to the amount of transactions. No matter if you have 1 or 1 million transactions, you only need 3 miners. (actually only 1 but than it wouldn't be decentralized).

More miners just means more security because of more decentralization.

[BurtW]

more transactions does not mean more power is used.

the amount of miners it irrelevant to the amount of transactions. No matter if you have 1 or 1 million transactions, you only need 3 miners. (actually only 1 but than it wouldn't be decentralized).

More miners just means more security because of more decentralization.

You are correct that there is no correlation between number of transactions and power consumption.

You are correct that there is no correlation between number of miners and number of transactions.

Then you make a statement about the minimum number of miners which I do not completely follow.  I guess it is true that the network could survive with a very small number of mining companies but that is not relevant to the fact that this small number of mining companies would consume as much power as they could afford.

The number of mining companies has no correlation to the amount of power the miners use.

Power consumption is proportional to price no mater how many miners do the mining and consume the power.

[sana54210]

Only environmental freaks are concerned Bitcoin is the future. 

there are clean solutions to generate energy, and also, more transactions does not mean more power is used.

the amount of miners it irrelevant to the amount of transactions. No matter if you have 1 or 1 million transactions, you only need 3 miners. (actually only 1 but than it wouldn't be decentralized).

More miners just means more security because of more decentralization.

Besides, the only miners are those that have access to dirt-cheap electricity and utility bills.
Bitcoin wouldn't consume a considerable amount of power that will change the predicted increase of energy-dependency.

[Cryptonitex]

Agree, if the banks are gone, and BitCoin takes over, it'll be alright.

[awesome31312]

Agree, if the banks are gone, and BitCoin takes over, it'll be alright.

This is very true. The corporatocracy harms the environment more than Bitcoin ever will but nobody dares criticize it.

[Thereisnospoon]

Any crisis can be solved in a few different ways and innovation is one of them even more so the crisis brings innovation.
If  Bitcoin's intrinsic value is high enough nothing and nobody will stop it.
And that is a power what is greater then energy required to run it

[Superbitzz]

i think 2020 is too far to say any thing about that. but the power of the bitcoin can be realize from today. the present condition of the bitcoins shows its position clearly.

[masewild]

i think 2020 is too far to say any thing about that. but the power of the bitcoin can be realize from today. the present condition of the bitcoins shows its position clearly.

If the bitcoin price just double from the current price, it will use similar amount of energy as now. So no worries.

[pandalion98]

i think 2020 is too far to say any thing about that. but the power of the bitcoin can be realize from today. the present condition of the bitcoins shows its position clearly.

No, it's really close. It would be a good idea if they started worrying about it now.

I think they should implement some sort of PoW/PoS hybrid so the ASIC market won't crash.

[blackmachinegun]

Agree, if the banks are gone, and BitCoin takes over, it'll be alright.

Lol bank would not be dead. bank is an institution that is very important to manage the finances of the world. bank is not just a place to save money. but also set up state finances. each country has their own banks so it is unlikely if the bank will be dead or missing.

[satmas]

i think 2020 is too far to say any thing about that. but the power of the bitcoin can be realize from today. the present condition of the bitcoins shows its position clearly.

No, it's really close. It would be a good idea if they started worrying about it now.

I think they should implement some sort of PoW/PoS hybrid so the ASIC market won't crash.

They can increase the proportion of the PoS gradually so that the PoW can still be used. That willl save some energy.

[ckeith]

2020 is pretty far from now.

I'm sure someday the devs will come up with something to solve the potential problem.