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Author Topic: waste of energy  (Read 17466 times)
stevemic
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August 16, 2017, 11:29:35 AM
 #1

Isn't Bitcoin mining a waste of energy?

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NiHaoMike
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August 16, 2017, 02:23:26 PM
 #2

You could say that banks and gold mining are a waste of energy, too.

And then there are energy efficient altcoins like the ones that are mined with HDDs or smartphones.

Those who have/had free electricity have wanted a way to turn that into money. With cryptocurrency, that has become a reality, but there's still no free lunch.
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August 16, 2017, 05:06:01 PM
 #3

It can be if you are using old miner devices but it isn't if you are using the right devices.
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August 16, 2017, 05:10:40 PM
 #4

I guess it depends on your opinion. Much of the energy that humans use is a waste of resources really. In any case bitcoin is not particularly green. So, maybe?

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August 16, 2017, 07:19:45 PM
 #5

You wasted energy posting about this....

Stop buying industrial miners, running them at home, and then complaining about the noise.
popolite11
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August 16, 2017, 07:29:08 PM
 #6

Yes of course it some kind of waste of energy. But now I can buy hosting for example, domains without credit card! And it is very worthwhile!
And you can be a millionaire because of bitcoin and other altcoins!
Wasting energy is just inevitability now.

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soothaa
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August 16, 2017, 07:51:11 PM
 #7

The sheer amount of power used is kind of mind boggling, but when you think about that a very large portion of the BTC hash rate these days comes from major farms near dams which basically provide "free" power it does not sound as bad. Really the bigger problem in my opinion is all the ASICs produced that will be completely worthless and just junked in a few months. That is a ton of valuable resources lost and wasted just sitting or thrown into a landfill.

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August 16, 2017, 07:54:18 PM
 #8

I didn't do the math myself, but I read a few months back Bitcoin miners use about 30 kWh per transaction.
My household lasts about 3 days with the electricity needed for 1 transaction. So yes, that's a lot.
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August 16, 2017, 08:26:56 PM
 #9

Isn't Bitcoin mining a waste of energy?

Isn't banking a waste of workforce?

Depends on whether you think that having a decentralized, global and secure transaction network is worth it.

There are other, less energy consuming alternatives such as Proof of Stake, however their merits are highly controversial.


I didn't do the math myself, but I read a few months back Bitcoin miners use about 30 kWh per transaction.
My household lasts about 3 days with the electricity needed for 1 transaction. So yes, that's a lot.

Apparently we have reached 185 kWh per transaction by now. Holy shit.

https://digiconomist.net/bitcoin-energy-consumption

The good news is that the energy consumption per transaction is likely to go down due to Segwit, 2nd layer transactions and future halvings (assuming the amount of transactions continue to increase).

The bad news is that these savings will probably be offset by a growing BTC price.

The good news is that the BTC price will reach a ceiling sooner or later (presumably before mining farms are located on a dyson sphere around the sun).

kkeylb
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August 16, 2017, 08:42:47 PM
 #10

Bitcoin mining a waste of energy? Without it, there would be no bitcoin so.......

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August 16, 2017, 09:11:18 PM
 #11

Depends where you live. Where i am fron ( Belgium ) it would not be profitable to mine because electricity is to high... Or you need to invest big time in to efficient equipment to drop the energy bill.

I gave up the idea my self to invest big in to mining. And im not jumping to move to another country just to mine Cheesy

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August 16, 2017, 11:06:05 PM
 #12

First....
There is NO energy in this Universe.....Electricity is NOT energy...

Now to answer the question..properly rephrased.

In 2012 when I first started mining bitcoins it was a HUGE waste of electricity and I did so KNOWING it was a HUGE waste of money...

However the value of those bitcoins today GROTESQUELY DWARFS those costs....And paid for tons of hard drugs booze and hookers and fast cars.











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PAKYU
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August 16, 2017, 11:27:40 PM
 #13

You could say that banks and gold mining are a waste of energy, too.

And then there are energy efficient altcoins like the ones that are mined with HDDs or smartphones.
yes i am agree with you. it is same mantality.


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August 16, 2017, 11:44:03 PM
 #14

Isn't Bitcoin mining a waste of energy?



Gee, never heard that one before.  I think I'm wasting too much energy replying to this senseless post.

A: Because it messes up the order in which people normally read text.
Q: Why is top-posting such a bad thing?
A: Top-posting.
Q: What is the most annoying thing on usenet and in e-mail?
NiHaoMike
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August 17, 2017, 01:08:24 AM
 #15

Really the bigger problem in my opinion is all the ASICs produced that will be completely worthless and just junked in a few months. That is a ton of valuable resources lost and wasted just sitting or thrown into a landfill.
The obvious solution is to sell the old miners to those who have "free" or absurdly cheap electricity, which is what actually happens in practice. Those in cold climates can also make good use of the "waste" heat.

Places that have electricity included are a bit of a dilemma conservation wise. They remove the biggest incentive to conserve, and in fact conserving lets such schemes continue. One way to "break" them is to irresponsibly waste energy, which feels wrong. Cryptocurrency mining is one not-so-wasteful way to achieve the same result.

Those who have/had free electricity have wanted a way to turn that into money. With cryptocurrency, that has become a reality, but there's still no free lunch.
laurenB7742
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August 17, 2017, 05:50:25 AM
 #16

In a way it is yes. But there is no alternative, is it? Fiat money on paper notes is a waste of trees that are cut to make paper. Online banking and credit card payments also use electricity. So it's kind of inevitable.
faroredono
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August 17, 2017, 06:40:46 AM
 #17

Hash calculations help secure the network by requiring proof of work. There are alternative systems, but they are still early and being proven (no pun intended).

Yes there is a lot of electricity used, but until we are confident in other systems, it's the best we got at the moment.
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August 17, 2017, 08:18:35 AM
 #18

I was also worrying about the impact of Bitcoin on the environment.
According to this article (in short: a lot of hydroelectrical power is used) it sounds a little bit better than I thougt:
https://cointelegraph.com/news/brief-overview-of-chinas-cryptocurrency-mining-capital-costs-earnings
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August 17, 2017, 08:29:23 AM
 #19

Isn't Bitcoin mining a waste of energy?



It depends on how much you are going to input in mining work, if you are going to start with 1 or 2 mining rig then it is really waste of energy as the mining output will be costly for you. But if you are going to start the mining with lot of mining rigs and cheap electricity then it will be cheap and profit for you.














 

 

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Coffee135
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August 17, 2017, 02:08:07 PM
 #20

Isn't Bitcoin mining a waste of energy?



It depends on how much you are going to input in mining work, if you are going to start with 1 or 2 mining rig then it is really waste of energy as the mining output will be costly for you. But if you are going to start the mining with lot of mining rigs and cheap electricity then it will be cheap and profit for you.
What difference 1, 2 or more. They all consume same amount of power. I doubt that someone of individuals can enter into a contract for the supply of electricity at wholesale prices. China has become the market leader in mining Poteau that there is low price of electricity. Probably this situation will continue.

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