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Author Topic: Sustainability of cryptocurrencies?  (Read 2002 times)
geschtonkenflapped
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February 11, 2017, 10:32:19 AM
 #1

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?
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February 11, 2017, 11:09:16 AM
 #2

As its decentralized such issues might gets risen, but if wasting of electricity is made in relation to the outcome then sure the entire system of crytocurrency as well other activities too gets paused. In a recent investigation police destroyed a mining farm that was operating far away from the city using the public electricity without proper registration. If governments make regulations sure several such mining farms will be destroyed by respective governments.

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February 11, 2017, 11:57:25 AM
 #3

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Electricity consumption has nothing to do with the global warming.Electricity production creates the global warming.If we produce electricity with green techonologies ,the consumption of such energy won`t be a problem.
Anyway,after 21M bitcoins the mining will stop and this issue will disappear.



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geschtonkenflapped
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February 11, 2017, 12:25:20 PM
 #4

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Electricity consumption has nothing to do with the global warming.Electricity production creates the global warming.If we produce electricity with green techonologies ,the consumption of such energy won`t be a problem.
Anyway,after 21M bitcoins the mining will stop and this issue will disappear.

Sorry, bad wording. To consume, we must produce, and green technologies aren't close to covering our current consumption, let alone future consumption. Hypothetically we could get to the stage where green technologies take over and then there would be no problem. However, this is not the current case and most likely won't be for a long time. So until that point, and with our current non-sustainable production of electricity used for bitcoin related activities, is bitcoin big enough to do damage?

The end of mining won't happen for at least 100 years if at all, and in that time some serious damage could already be done.
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February 11, 2017, 12:30:39 PM
 #5

I doubt that there will be a thorough review on something that is considered not worthy to conduct. I mean don't take it personally but Mining will have less affect on the study of electricity consumption because they are a little part of the community. If scholars will study related to that they might focus of airconditions and refrigerators which majority of the population have.

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buwaytress
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February 11, 2017, 12:35:02 PM
 #6

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Electricity consumption has nothing to do with the global warming.Electricity production creates the global warming.If we produce electricity with green techonologies ,the consumption of such energy won`t be a problem.
Anyway,after 21M bitcoins the mining will stop and this issue will disappear.

Sorry, bad wording. To consume, we must produce, and green technologies aren't close to covering our current consumption, let alone future consumption. Hypothetically we could get to the stage where green technologies take over and then there would be no problem. However, this is not the current case and most likely won't be for a long time. So until that point, and with our current non-sustainable production of electricity used for bitcoin related activities, is bitcoin big enough to do damage?

The end of mining won't happen for at least 100 years if at all, and in that time some serious damage could already be done.

It's not so simple an equation but is enough to demonstrate the real world demand and supply of electricity. The fact is, there are already places in the world where green power is outstripping use, and in some countries governments buy back this extra electricity.

For political and economical reasons, there is still a push for conventional non sustainable energy. Coal, oil is still profitable to the privileged, still at dire cost to the underprivileged.

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February 11, 2017, 12:43:17 PM
 #7

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

https://motherboard.vice.com/en_us/article/bitcoin-could-consume-as-much-electricity-as-denmark-by-2020
Quote
Bitcoin Could Consume as Much Electricity as Denmark by 2020

http://www.coindesk.com/400-million-year-researcher-argues-bitcoin-mining-worth-cost/
Quote
Aste estimates that as much as $50,000 is expended on electricity per hour by the world’s bitcoin miners.

Technologically PoW is an evolutionary Dead End.

Proof of Stake is the only Truly Long Term Sustainable Method for running a virtual coin network.



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February 11, 2017, 12:47:29 PM
 #8

Is there an argument to be made for or against them in the context of global warming?
Cars and planes are the major sources of global warming rather than electricity driven cars & devices. So same goes with bitcoin mining, no any gases are produced during mining expect some hot air. Which have almost negligible effect on our atmosphere. So I don't think there is anything to argue about negative impacts of bitcoin mining on our environment.

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February 11, 2017, 02:04:37 PM
 #9

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Electricity consumption has nothing to do with the global warming.Electricity production creates the global warming.If we produce electricity with green techonologies ,the consumption of such energy won`t be a problem.
Anyway,after 21M bitcoins the mining will stop and this issue will disappear.

Yes it sure is,but Bitcoin is not the only crypto currency that is being mine,there are still hundreds of existing proof of works coins and many more coming,this is the reason why it's preferable to choose pos algo coins because the consumption is much less compare to pow coins.



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February 11, 2017, 02:11:12 PM
 #10

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Bitcoin was started as an alternative to present monetary system. Now compare the resources used in Bitcoin development (mining and other expenses) to Monetary System (banks, ATM, running costs). Bitcoin hardly utilize 1-2% as what utilized by present banking and monetary structure. And what about presence of 2 AC in 10x6 feet ATM room? Do these ACs contribute nothing to Green House gases?
Re-think! Shocked

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February 11, 2017, 02:13:51 PM
 #11

Let's compare bitcoin to what they usually like to usually compare it to - gold. How is gold mined and what are the costs? Aside from all the energy used to mine it, it usually comes with an environmental cost, with landscapes destroyed and chemicals from digging as well as processing the gold can also escape into the environment. Cryptocurrencies only become damaging to the environment if the electricity used was from polluting plants like coal and oil.
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February 11, 2017, 02:25:40 PM
 #12

Bitcoin was started as an alternative to present monetary system. Now compare the resources used in Bitcoin development (mining and other expenses) to Monetary System (banks, ATM, running costs). Bitcoin hardly utilize 1-2% as what utilized by present banking and monetary structure. And what about presence of 2 AC in 10x6 feet ATM room? Do these ACs contribute nothing to Green House gases?
Re-think! Shocked

Let's compare bitcoin to what they usually like to usually compare it to - gold. How is gold mined and what are the costs? Aside from all the energy used to mine it, it usually comes with an environmental cost, with landscapes destroyed and chemicals from digging as well as processing the gold can also escape into the environment. Cryptocurrencies only become damaging to the environment if the electricity used was from polluting plants like coal and oil.

Yeah these are the sorts of reasoning I was wondering about. As bitcoin gets more and more in the spotlight, in my opinion these issues must be studied in more detail.
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February 11, 2017, 02:28:50 PM
 #13

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Bitcoin was started as an alternative to present monetary system. Now compare the resources used in Bitcoin development (mining and other expenses) to Monetary System (banks, ATM, running costs). Bitcoin hardly utilize 1-2% as what utilized by present banking and monetary structure. And what about presence of 2 AC in 10x6 feet ATM room? Do these ACs contribute nothing to Green House gases?
Re-think! Shocked

Bitcoin might use 1 or 2 per cent of banking''s consumption,  though it's probably more. It probably has 0.1 per cent or less of banking''s users. It sounds like a lot of mining uses hydro among other things but it's still shockingly profligate. If I were designingit from scratch that's definitely something I'd have remained more conscious of.

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February 11, 2017, 02:33:53 PM
 #14

I doubt that there will be a thorough review on something that is considered not worthy to conduct. I mean don't take it personally but Mining will have less affect on the study of electricity consumption because they are a little part of the community. If scholars will study related to that they might focus of airconditions and refrigerators which majority of the population have.

Yeah, unless some really huge mega corporate company gets into mining no scientists are going to be looking into the energy consumption and let alone what the energy consumption does to affect global warming. Scientists are only going to come and do a job if there is reporting and money to come out of it, and in this case there is going to be nothing to be made to profit if they were to look into the issue.

Companies that manufacture and sell air-conditioners and refrigerators like said above have a lot to profit off of having scientists say that this is "eco-friendly" or some bullshit along those lines.



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February 11, 2017, 02:34:49 PM
 #15

I think some studies will point out that cryptocurrencies using proof-of-stake have the advantage of not requiring a high electricity consumption. But I think in the case of proof-of-work, the energy we use is not being wasted. As long as this keeps the network running in a more decentralized and stable way, in fact this can be considered an efficient way of power usage.

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February 11, 2017, 02:37:48 PM
 #16

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Let me ask you this.... Has anyone made a study of the electric consumption and eco footprint of ALL the banks in the world and also the electricity and

resources being spend to mine resources for metals for coins and also to manufacture paper currencies globally. Then they need to include the transport

of this currency and security systems needed to guard it.  Huh ..... I bet you, if you compare that to Bitcoin mining, you will not even have to ask this

question.  Wink  { ATM's run 24/7 and how much electricity do they use? }

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February 12, 2017, 03:59:03 PM
 #17

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Let me ask you this.... Has anyone made a study of the electric consumption and eco footprint of ALL the banks in the world and also the electricity and

resources being spend to mine resources for metals for coins and also to manufacture paper currencies globally. Then they need to include the transport

of this currency and security systems needed to guard it.  Huh ..... I bet you, if you compare that to Bitcoin mining, you will not even have to ask this

question.  Wink  { ATM's run 24/7 and how much electricity do they use? }

No question. Banking's energy use far outstrips current bitcoin use, but I'm actually not sure how much less crypto overall is using in relative terms to achieving the same purposes and needs.

Bitcoin alone might "win" this argument but if you were to count all the cryptocurrencies just focused on nothing but trading and mining..?

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February 12, 2017, 05:52:31 PM
 #18

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Bitcoin was started as an alternative to present monetary system. Now compare the resources used in Bitcoin development (mining and other expenses) to Monetary System (banks, ATM, running costs). Bitcoin hardly utilize 1-2% as what utilized by present banking and monetary structure. And what about presence of 2 AC in 10x6 feet ATM room? Do these ACs contribute nothing to Green House gases?
Re-think! Shocked


In the case of the energy consumption caused by mining, the whole thing needs to be analyzed by comparing it to the other currencies and payment systems that are in use. I read somewhere that Bitcoin is currently using 30% of the amount of energy used by the banking system, and yet Bitcoin is involved only in a small fraction of the economic activity taking place (this 30% doesn't include the production and shipping of mining equipment). So, as more people start using Bitcoin, the amount of energy consumption is going to increase by a huge amount.
  
Perhaps more energy efficient ways of mining Bitcoin can be invented. What miners can do today is to purchase and use the most energy efficient mining equipment. They could also set up their mining systems in cold climates, so that cooling doesn't use up additional energy.

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February 12, 2017, 06:06:14 PM
 #19

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

Let me ask you this.... Has anyone made a study of the electric consumption and eco footprint of ALL the banks in the world and also the electricity and

resources being spend to mine resources for metals for coins and also to manufacture paper currencies globally. Then they need to include the transport

of this currency and security systems needed to guard it.  Huh ..... I bet you, if you compare that to Bitcoin mining, you will not even have to ask this

question.  Wink  { ATM's run 24/7 and how much electricity do they use? }

No question. Banking's energy use far outstrips current bitcoin use, but I'm actually not sure how much less crypto overall is using in relative terms to achieving the same purposes and needs.

Bitcoin alone might "win" this argument but if you were to count all the cryptocurrencies just focused on nothing but trading and mining..?

How would trading drastically influence the electrical consumption and push that past the electricity being used by banks? You know Wall street

and other financial markets around the world use much more electricity to operate than the average Bitcoin market. You only see the front end

and not the servers and mainframes behind it.




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February 12, 2017, 06:53:33 PM
 #20

Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?

You dont need to know how much electricity is being used since you csn tell by the total mining power. Just assume all gfx cards are on full since that is how they mine. So just take the average consumption of watt per hash. Its not exact but its good enough.

Why are ypu worrying about the tiny little bit GPUs are using up in electricity anyway ?

No there is no srguemwnt to be made for it about global warming. Why are you worrying about that when there people dumping toxic waste into the ocean and cutting down forests to burn the wood and coal that they mine in huge factories thst pump out this smoke all day long. GPUs sre not going to cause the Ozone layer to open up.

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