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Author Topic: Sustainability of cryptocurrencies?  (Read 2053 times)
Soul Reaper
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February 13, 2017, 02:16:32 AM
#21

It depends on what Bitcoin is being used for:

As a currency, Bitcoin will likely evolve into a 'regional currency', i.e. it will be used by a limited set of individuals or institutions for a narrow application (see the ECB's notes on this: Euro banknotes - a means of payment recognised worldwide).

As an platform for innovation, Bitcoin is definitely sustainable. For example, Bitcoin has already caused a lot of people and institutions to examine inefficiencies with the financial system - security, speed, risk, transparency, cost, accessibility... Although Bitcoin will spur discussion around these issues, it's unlikely Bitcoin will be the actual technology that solves these.

For example, thinking about the most popular Bitcoin companies (Circle, Xapo, Bitpay, Coinbase, etc.), it seems clear that these companies have contributed a huge amount to innovation in the financial system, but that the Bitcoin-only business models will not survive. It's more likely that large incumbent financial services companies will apply the functional innovations to existing currencies and transaction systems. It's clear that some companies had these goals in mind.

As a distributed database technology, Bitcoin is not sustainable. The proof-of-work consensus method is unreasonably cost inefficient. There are numerous methods that are more efficient

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February 13, 2017, 03:26:54 AM
#22

Sustainability would only be possible if there's a growing support for crypto currencies. There is no point for the continuous existence of something if it doesn't serve any purpose. Right now, with the digital age, we see that these new digital currencies are coming out left and right and we are being given choices on how to benefit from their offerings.
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February 13, 2017, 04:12:45 AM
#23

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 mining nowadays requires expensive hardware, for you to be able to mine a great amount of bitcoin, and also requires a stable internet connection, and high on electricity consumption because your PC is 24/7 open. But I just don't see why Electricity consumption is connected to the Global Warming that is one of the problem that we are having in our Mother Earth.

We are the one who is responsible for this Global Warming, All of us, because of our irresponsible deeds here on earth. The burning of plastics and the factories which emits too much waste and smoke to the air, also the vehicles that emits black smoke from its Engine. This are the things that we should give a solution, because we, the all living things here on earth are the ones who are going to suffer from this.

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Michel de Montaigne
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February 13, 2017, 05:35:20 AM
#24

Alternative energy sources can be used if a very serious investment is to be made. Apart from that, alternative energy costs will be more for small investors.
The most logical thing is to go to a country where your electricity is cheap.
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February 13, 2017, 07:48:30 AM
#25

chinese big farm use electricity that derivate from green source like hydro power plan, therefore they don't need themselves to run with green energy and it doesn't make sense anyway

global warning has more to do with industrial activity and nothing with bitcoin, where the heat generated is a joke in comparison, and it can genuinely re-used if they really wish to

and this for bitcoin, altcoin in general have even lower power consumption, i estimated a maximum of 500k gpu curently mining, with 100watt each you have from 50MW to 100MW in play...
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February 13, 2017, 09:02:43 AM
#26

We can have sustainability in bitcoin as well other digital currency, because cryptocurrencies were making evolution in the financial system. Periodically several other digital currencies with unique features have been existing. As quoted by one of the mate the digital currencies depends completely on mining process. So electricity is much important and other till resources were easily available digital currency network will sustain.


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February 13, 2017, 09:04:09 AM
#27

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.

Even if all 21M coins are mined, that doesn't mean mining will stop

Mining refers primarily to finding new blocks which is essential to keep the Bitcoin network ticking. Miners will just earn from fees, not from the block reward as of now. Regarding electricity consumption vs production, if there were no consumption, there would obviously be no production either. Though I don't think that mining has any effect on global warming. In fact, I'm heavily inclined to think that global warming (if there is any, in the first place) has nothing to do with humans and their activity

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February 13, 2017, 10:05:44 AM
#28

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?
Actually mining in altcoin is about equal to the bitcoin mining . In case of altcoin mining we have another chances of making some profit . Because as the altcoin mining earning is constant in the average time of mining but there remain still another chance if increase the price , if the price of altcoin increases then it may be result into the 100-200% profit in the single time ( which is not possible in case of bitcoin ).
So trend of altcoin increasing day by day due to the reason above .And in my opinion it depends upon the mining hardware that how much electricity is consumed by him , So here I will prefer for the altcoin mining instead of bitcoin .


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February 13, 2017, 12:39:02 PM
#29

There are many factors that we need to consider when we talk about sustainability of cryptocurrencies. Many are talking about mining and other technical stuff when we talk about cryptocurrency but those are just part and not the whole of cryptocurrency. But among other factors there is one basic and fundamental factor that a cryptocurrency must have in order to survive and that is the potential market. Potential market refers to people who might be interested to invest in such a coin, without people promoting your coin by buying it then it will be the end of your coin and it will end up as a shitcoin.

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February 13, 2017, 12:47:33 PM
#30

chinese big farm use electricity that derivate from green source like hydro power plan, therefore they don't need themselves to run with green energy and it doesn't make sense anyway

How do you know that?

As far as I know, there are not many hydroelectric power stations in China (even despite the Three Gorges Dam being the largest power station in the world). According to this Wiki article, 73% of Chinese electricity production in 2014 came from burning coal. But coal-fired power stations are one of the most polluting electricity generating plants out there (even without taking into account the purported global warming) since coal is radioactive on its own

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February 13, 2017, 12:51:22 PM
#31

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?

I wouldn't argue as they might have their quota of contributing to global warming but the aviation industry are the worst culprit yet they are treated with flexible hands while Bitcoiners and miners are treated with iron fist. I call for equality please.



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February 13, 2017, 01:08:43 PM
#32

Bitcoin mining was completely digital it doesn't give any bad impact to the environment ! If electricity is not a problem at all because there is too many way to gain electricity eitheir natiral or artificial !There is natural way of having an electricity either via solar or wind power , mining bitcoin has no bad effect in the environment unlike mining a gold which involves lot of risk
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February 13, 2017, 02:01:39 PM
#33

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?

I understand your angle but not all cryptocurrencies are mined and if you get to compare fiat to them then you better name the entities to be compared. Mineable cryptocurrencies of course can have negative impact on our environment and that's a fact but that doesn't compare in any way to what other petrochemical companies and refineries are doing to our ozone layer thereby increasing global warming tremendously.



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February 13, 2017, 02:20:49 PM
#34

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?

Regarding on Global Warming, well if you think that it is really happening and it is being cause by carbon emission from burning fossil fuels, then I think Bitcoin doesn't need to be responsible for it, and the invention of bitcoin is great really a great news. Because bitcoin is digital and weightless so it reduces our need to burn fossil fuels in order to transport, count gold, paper and coin money, and no one in the country has a monopoly on the production of bitcoin. it means bitcoin creates a non partisan basis on which country leaders can discuss and negotiate contrast designed and reduce the burning of fossil fuels.


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February 13, 2017, 02:31:10 PM
#35

I am not sure if someone raised any complaint against cryptocurrencies mining or not but I think it痴 temporary phase (if just bitcoin is concerned). I also haven稚 heard about any solar or wind mining farm yet but it would be nice to have a detailed data of electricity consumption and other aspects associated with it to study it further.

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February 13, 2017, 02:37:21 PM
#36

It's an undeniable fact that mining can cost lots of electricity and require a quite strong internet connection, but there are much bigger environmental problems we need to solve. Do you know how many tonnes of trash that the world throws away each day? Or how much energy that each country spends on cooling or heating systems? This alone has had destructive results on the environment, which has led to global warming. And as I can see that the number of people mining is way less than the number of people using electrical applicants. So it's not the main reason for global warming. And alternative energy is a solution, you should think about it.

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February 13, 2017, 02:41:40 PM
#37

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?

I havnt carried out a study but i reckon that it pales into insignificance compared to all the Legacy banking systems around the world, heating the buildings, electricity for them and the like.
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February 13, 2017, 03:04:49 PM
#38

I believe that mining bitcoins produces no harm in the environment because there is no chemicals mix , no land drills ! no forest cuts and etc , bitcoin mining just need a machine and electricity and it can survive for itself ! Bitcoin mining consumes a lot electrcity same as hotels and other high class facilities but that doesnt mean it ruining the environment ! it was just an electricity its is not a factory or chemicals !

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February 13, 2017, 03:18:55 PM
#39

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?
If I remember correctly, there have already been some relatively simple studies on this subject, and they concluded that the Bitcoin network is taking maybe about as much total energy as other traditional money networks do, however it all comes from electricity as opposed to other forms of mechanical energy.

There is a very minimal argument when it comes to cryptos (specifically Bitcoin) and global warming.














 

 

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February 13, 2017, 03:49:35 PM
#40

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.
Yes, there are a lot of bigger industries out there that using more electricity than mining farms.
Sustainability of bitcoin and others cryptocurrency doesn't just depends on electricity obviously. Moreover, it consider has less impact to environment, especially global warming due to it just consume electricity, but others industries, animals farms, and exhaust gases from vehicles which responsible for it.

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