Bitcoin is Bad for the environment, taking the worlds energy - yes?

[bitcoineverything]

Mining is not forever. Once 21 million bitcoins are already mined, mining will stop. So it could hardly affect world's energy for now.

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[pandalion98]

Mining is not forever. Once 21 million bitcoins are already mined, mining will stop. So it could hardly affect world's energy for now.

Oh, no. Mining will still continue, albeit with no block rewards.

The only way for miners to profit would be to take in transaction fees. At that time, I think transactions without a fee will never be confirmed, unless there's a contract to do so.

[neonshium]

Yeah by making a comparison to banking i am almost sure that the banks of the world have a larger impact on the enviroment than bitcoin.  just another deflection to paint bitcoin in a bad light

Of course, a bank investor will say that bitcoin is bad for environment but a bitcoin investor/traders will say it only takes a few of the worlds energy and not almost all the energy. Bitcoin energy needs are not depending on a single source, so it is not a bad IMO.

[eternalgloom]

I think it's just a matter of cost vs benefits. Does Bitcoin give us as a society enough benefits to warrant the energy usage, and I think the answer is 'Yes'.
It's good that there is now a way of transferring money that isn't controlled by big multinationals.

And in the future the energy needed for Bitcoin mining will be less of an issue, when we see more advances in the area of green energy (it becoming very cost effective).

[Carlton Banks]

Does Bitcoin give us as a society enough benefits to warrant the energy usage, and I think the answer is 'Yes'.
It's good that there is now a way of transferring money that isn't controlled by big multinationals.

And in the future the energy needed for Bitcoin mining will be less of an issue, when we see more advances in the area of green energy (it becoming very cost effective).

What if 97% of scientists didn't agree with your reasoning though?

[romero121]

Bitcoin is not at all bad for environment. Only in terms of energy consumption it might be in the last but the innovation had given high security for the users in terms of earning and investment.

[leopard2]

Yes it is consuming a lot of electricity.

Now the thing is, that fiat currency (debt based money, exponentially growing due to compound interest) forces every economy on the planet to grow continuously.

This growth is required in order to offset the growth of the monetary base.

In other words, if the total value of goods and services in an economy grows slower than the monetary base, price increase (falsely named inflation) will destroy the peoples buying power and savings. Hyperinflation and (civil) war is the end result. Current example is Venezuela. Older examples are the World Wars.

The electricity consumption of Bitcoin is nothing compared to the insane forced economic growth that results in much more ecologic destruction.

Birth control and a different money system will save the planet.

Cheers
Leo

(I think this should go in mining)

There has been a lot of talk on this.  Quite a few good papers
https://karlodwyer.github.io/publications/pdf/bitcoin_KJOD_2014.pdf
From this paper: "Bitcoin mining is comparable to Ireland’s electricity consumption".



As bitcoin grows the amount of energy on the planet is not increasing. Anyone who understands the article, it seems very legitimate to me, discuss,   Yes, I realize the miner wants to reduce cost & cut waste.  Therefore they may seek alternative forms or desire to do so.  Yes, I read about the Hydrofarmer on this very forum.  It is just not the norm with all the major miners around the planet.  Proof of work is expensive. https://en.bitcoin.it/wiki/Proof_of_work

**Title was sarcastic.  But it is still something to think about?

[X-ray]

By the way in the spring, the new cryptocurrency EDRCoin was introduced in the Asian market. A distinctive feature of the EDRC creators call environmentally friendly mining, achieved through the use of solar panels.

Maybe someone knows if mining Bitcoins can move to solar energy? Or the power will not be enough even for a small farm?

Some people may say yes and some people may say no, yes because it takes the world's energy and no because a lot
of people generate income more than they are spending by just mining a bitcoin block.

What?it's just for income?When they want to take care of their environment. Well, The country needs hard work to save their environment. It's too difficult to save our environment .

[Labumi]

Bitcoin is not at all bad for environment. Only in terms of energy consumption it might be in the last but the innovation had given high security for the users in terms of earning and investment.

Yes, it was only for the use of the bitcoin in internet. However, for the use of the bitcoin in terms of mining, I think it would be bad for the environment, for mining bitcoin requires considerable electrical energy and it will increasingly grow in line with the more difficult it is to mine the bitcoin. But it will have no effect when there is the best innovation in mining

[bitcoineverything]

Mining is not forever. Once 21 million bitcoins are already mined, mining will stop. So it could hardly affect world's energy for now.

Oh, no. Mining will still continue, albeit with no block rewards.

The only way for miners to profit would be to take in transaction fees. At that time, I think transactions without a fee will never be confirmed, unless there's a contract to do so.

Oh! OK I get it. Miners are the ones confirming transactions. So mining will still continue..

[crairezx20]

I think the effect of mining is to increase the hot of the places.. This is the only i think the effect of asic miners the more power consumption the more hot you will get in your places..  unless if you have an aircon..

[Jasad]

(I think this should go in mining)

There has been a lot of talk on this.  Quite a few good papers
https://karlodwyer.github.io/publications/pdf/bitcoin_KJOD_2014.pdf
From this paper: "Bitcoin mining is comparable to Ireland’s electricity consumption".



As bitcoin grows the amount of energy on the planet is not increasing. Anyone who understands the article, it seems very legitimate to me, discuss,   Yes, I realize the miner wants to reduce cost & cut waste.  Therefore they may seek alternative forms or desire to do so.  Yes, I read about the Hydrofarmer on this very forum.  It is just not the norm with all the major miners around the planet.  Proof of work is expensive. https://en.bitcoin.it/wiki/Proof_of_work

**Title was sarcastic.  But it is still something to think about?

lets disscuss about effect of bitcoin and money to environment life cycle,we know bitcoin spent many power with electricity based,and mine bitcoin of course take not small amount of power,its why bitcoin mining should not become a self own,i think better if group or team who legally can mine bitcoin.

[ayesha sadiqa]

i think every one has its own thinking. but for me i dont think that it is a fact. bitcoin is too good for environment. i think

[Junko]

Compared to all the different forms of pollution in all the world including, carbon emissions, industrial waste, garbage, etc, etc, I would think bitcoin ranks low on the list. The same as far as energy consumption goes. I think much more energy is wasted from billions of people doing other less productive activities such as playing online video games, streaming videos, watching television all day and night, talking and texting on their phones and the list goes on and on.

[a7mos]

bitcoin miners uses electricity which can be produced from renewable resources like solar panels and wend. so It does not pollute the earth at all. the electricity is not going to increase in the future because i think the mining difficulty will go down because more people will abandon mining

[upsidedown75]

Bitcoin is not at all bad for environment. Only in terms of energy consumption it might be in the last but the innovation had given high security for the users in terms of earning and investment.

Bitcoin is quite a lot better than physical cash with respect to the environment, in my opinion. Taking up a small percentage of world energy is actually better than cutting down trees to make paper money and killing the lands and mining ores for making coins.

[irun4fundotca]

Bitcoin is not at all bad for environment. Only in terms of energy consumption it might be in the last but the innovation had given high security for the users in terms of earning and investment.

Bitcoin is quite a lot better than physical cash with respect to the environment, in my opinion. Taking up a small percentage of world energy is actually better than cutting down trees to make paper money and killing the lands and mining ores for making coins.

except money in bill format is made from cotton and linen fibers

[Gleb Gamow]

(I think this should go in mining)

There has been a lot of talk on this.  Quite a few good papers
https://karlodwyer.github.io/publications/pdf/bitcoin_KJOD_2014.pdf
From this paper: "Bitcoin mining is comparable to Ireland’s electricity consumption".



As bitcoin grows the amount of energy on the planet is not increasing. Anyone who understands the article, it seems very legitimate to me, discuss,   Yes, I realize the miner wants to reduce cost & cut waste.  Therefore they may seek alternative forms or desire to do so.  Yes, I read about the Hydrofarmer on this very forum.  It is just not the norm with all the major miners around the planet.  Proof of work is expensive. https://en.bitcoin.it/wiki/Proof_of_work

**Title was sarcastic.  But it is still something to think about?

Does that mean as the world's population grows there'll be less energy per each of us? Or just for the Irish?

[el kaka22]

-snip-
Does that mean as the world's population grows there'll be less energy per each of us? Or just for the Irish?

I think it is just for the Irish, and we can not deny the fact that bitcoin is a big help to the online community who wants to earn and make profit online. But I will stand for my belief that bitcoin is not bad for the environment compared other industry pollution.

[macwika]

-snip-
Does that mean as the world's population grows there'll be less energy per each of us? Or just for the Irish?

I think it is just for the Irish, and we can not deny the fact that bitcoin is a big help to the online community who wants to earn and make profit online. But I will stand for my belief that bitcoin is not bad for the environment compared other industry pollution.

As difficulty is increasing day by day, more and more electricity is being used in mining, which could have been used for powering the rural areas, so i think that it is harming the nature and we should probably fork it to like POS maybe which would be a really nice solution to this problem!!