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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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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.
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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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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).

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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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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.
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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.
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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.
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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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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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August 18, 2017, 01:43:21 PM
 #21

Isn't Bitcoin mining a waste of energy?




There are a lot of things that are waste of energy, especially in your house when you sometimes forget to turn of you electronics and or your house appliances such as like, your house light, TV, lamp, Fan, and other many stuffs that you always forget to turn it off but in mining is different for me because when you are mining you are earning. It depends on how you are mining but its at least you are earning than nothing unlike your TV its wasting you energy/electricity but your and your not earning anything. As for mining you are earning little by little, as long as your earning something nothing is wrong with that and its not a waste.



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August 18, 2017, 04:14:32 PM
 #22

Isn't Bitcoin mining a waste of energy?


If you think like that then why are you alive today? . Everything is definitely worth it, as bitcoin currently has a high selling point in the market share. The money we get certainly can cover the operational costs and we get a big profit. If what you mean is about the energy that counts in vain then you should be a person who uses natural energy, such as solar energy and wind energy. It will reduce a lot of wasted energy. But have you downsized and also can state that you are a person who does not waste energy? . You should think about it.  Wink


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August 18, 2017, 05:06:22 PM
 #23

I don't think so, bitcoin is not like gold or silver but it still worth a lot of money.

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August 18, 2017, 06:08:03 PM
 #24

Isn't Bitcoin mining a waste of energy?



Well op, inreally don't know why you posted that complete waste of energy post. But i think it's because of all the things that  you have heard from other people saying that mining is not as profitable anymore today than the past few years or as you say "a waste of energy". But let me tell you this; every bitcoiner is essential to what bitcoin is today. Keep that in mind. And if you take into consideration those people who have free electricity and have a lot pf space and money to spend, mining is a pretty much profitable choice. And can really give you sure profit, rather than trading or investing on things you don't even know much about..

But hey, it is a good thing that someone asked this question so that people can read and know. A curious mind is a smart mind Smiley

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August 18, 2017, 07:16:05 PM
 #25

If u mine with a old stuff yes it is wasting the time and energy. But everything what u doing wrong it is wasting the time.
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August 18, 2017, 07:42:28 PM
 #26

Dude, if everyone looked at mining BTC as a waste of energy, we wouldn't have BTC.

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August 18, 2017, 08:22:27 PM
 #27

It is not a waste of energy if you see it as in your outline view. Some of the people worry non efficient graphics card and miner is being used for mining the bitcoin or altcoins. If you are more concern about energy, please switch to solar miner to save of cost of electricity and wasting of electric power.

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August 19, 2017, 04:15:12 AM
 #28

Isn't Bitcoin mining a waste of energy?


I think mining only wastes energy only for personal gain even if we pay but still we have to start reducing the use of electrical energy.
Unless you use your own solar panels.
I am not prohibiting mining, just try to understand it

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August 19, 2017, 04:19:09 AM
 #29

Isn't Bitcoin mining a waste of energy?
I don't think so. The energy is not being used just to solve puzzles, it's being used to process transactions and keep the network safe by preventing attacks.
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August 19, 2017, 06:25:41 AM
 #30

That's a very good point but it's a necessity for the concept of Bitcoin. Yes, mining is a complete waste of resources as it doesn't do anything but generate a digital blockchain for a currency that could be created using other means. Eventually wasting so much electricity will be an issue and one of the downfalls of BTC, but if we take the right steps to protect the environment then it can be justified.
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August 19, 2017, 08:32:25 AM
 #31

Dude, if everyone looked at mining BTC as a waste of energy, we wouldn't have BTC.
This is a great, short answer.

If we are using electricity to create something it's not a waste. When you are baking a cake in your electric oven, is it a waste of energy? Big ovens in the restaurants use much more power than mining rigs and there's more restaurants in the world than Bitcoin mines!
Do you know what wastes the most electricity in the world? Your electronics on standby! How many things at your house are always on? I have electronic clocks, microwave, even stuff like climate controllers, security cameras. If I turned it all off I could run a miner and profit Wink


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August 19, 2017, 10:20:47 AM
 #32

No if you are making a new value. So you have electricity as your raw material + mining rig as the machine that works with that raw material and whoa-la you get altcoins(BTC) as a new product. You can take this example to any production and would that be a waste of electricity?

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August 19, 2017, 12:18:10 PM
 #33

I think everything is still balanced if you recall our beloved science slogan, "energy can not be created nor destroyed but it can only be transferred from one form to another"


So basically you are using electricity to run the miners which in turn producing large amount of heat energy and well some bitcoin for you.


Thus is normal cycle of every product that we produce on the earth. Whether its car, or high end satellite or your miners, everything will need energy and everything is converted to different energies.


Have you stopped using light bulb ? Then why caring so much about miner!


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August 19, 2017, 12:26:44 PM
 #34

Nothing in this world can be tagged as "waste" unless it is actually being wasted without getting anything but if you are capable of producing something with it, which miners are already getting as rewards in the form of Bitcoins by ^utilizing^ the electricity, I don't think there is any such need for us to think more on this. They are giving something to get something and that's how it all works in the real world as well.

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August 19, 2017, 12:28:10 PM
 #35

Isn't Bitcoin mining a waste of energy?



It depends in what country you live, mining can give big profits.

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August 19, 2017, 01:09:08 PM
 #36

The energy is nothing compared with the benefit it brought with
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August 19, 2017, 04:23:38 PM
 #37

Everything humans do could be considered a waste of energy, think about all the steps and energy to get materials to build a car, build a factory then build the cars, ship the cars, keep cars running w spare parts, oil production, gas production and distribution. Roads, gas stations, heavy equipment, man hours...  omg this is depressing.
 
Then you have mining for coal, or natural gas or better yet nuclear in pretty efficient power plants sending power over a wire, into a board made in a pretty efficient high tech mfg facility, that makes heat and processes trade transactions rather then material metal coins or toxic paper thats all hard to track or maintain and store.

Honestly Id say blockchain trade digital systems are pretty damn efficient. Guess there is still a lot of innovation into the algorithms and code so they run with less computing power that could be done.

There is alot of innovation in making your system more efficient which can be fun. Solar panels might be fun but your funding panel companies and battery companies, alot of upfront cost and materials.  You can get rid of your heat into your yard with a geothermal loop and water cooled like systems. 55F or 12c underground so loop cheap tube and have a dissipation system so your not using so much power or energy indoors with air condition system and not be dependent on outside air temp for natural air dissipation and cooler air circulation. Maybe underground server rack cellar is a good idea. You could also use a hyper efficient perm mag motor turbine gas generator that runs off lower cost natural gas to generate your power on location.

Just the foot print of eating everyday and being alive is a waste? haha but hopefully your a benefit to society, enjoy planet earth and take care of her... and maybe your fun to be around Cheesy

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August 19, 2017, 04:44:54 PM
 #38

Its the backbone of BTC and other PoW coins so it's worth it. It's the early stages of development. New coins will be developed that don't use as much energy to run the system once the technology goes further.

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August 19, 2017, 09:33:04 PM
 #39

What about all those wasted oil that leaks from tankers to the water? People are wasting money to build oil rigs, drill the sea bed, pump oil out, transport it on tankers to the mainland and then contain leaks and clean the water. All this so your idiot neighbor can rev his car and burn rubber.
Mining is not a waste when you see the big picture.

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August 19, 2017, 10:46:03 PM
 #40

Isn't Bitcoin mining a waste of energy?


  No.
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August 19, 2017, 11:11:06 PM
 #41

If it weren't using anything valuable then it's not securing the network. The goal is not to be incredibly energy friendly at all, it is to make sure that Bitcoin network is continually stable. If we wanted to go so far then aren't supercomputers also wastes of electricity? We might as well just stop using electricity and stop industrializing.














 

 

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August 20, 2017, 03:00:22 AM
 #42

If it weren't using anything valuable then it's not securing the network. The goal is not to be incredibly energy friendly at all, it is to make sure that Bitcoin network is continually stable. If we wanted to go so far then aren't supercomputers also wastes of electricity? We might as well just stop using electricity and stop industrializing.
Building an industry and also doing technology development requires energy. What if we do not use energy at all? Will we live without improvement and development?

Using energy positively can make us have new energy, because technology can make a new discovery. Thermal energy that is environmentally friendly and renewable. Just like doing the mining, we all continue to think to develop towards things more, without trying then we can not get anything, including science !!!



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August 20, 2017, 12:31:01 PM
 #43

No isn't wasting, if you move well in this cryptoworld you can make some profit..and Btc is nice

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August 20, 2017, 12:34:38 PM
 #44

No isn't wasting, if you move well in this cryptoworld you can make some profit..and Btc is nice

MY definition of waste is value of coins cost vs cost of power + gear.

By that definition it is not a waste of energy as my coin value is higher then power + gear.

Please support sidehack with his new miner project Send to : 1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
I mine alt coins with https://simplemining.net I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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August 20, 2017, 04:32:32 PM
 #45

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).

185kWh per transaction is nuts and I don't see how that is sustainable, but I guess since mining is being mostly done in place with free or near free electricity, it is profitable, for now.  

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August 21, 2017, 01:57:44 AM
 #46



What about all those wasted oil that leaks from tankers to the water? People are wasting money to build oil rigs, drill the sea bed, pump oil out, transport it on tankers to the mainland and then contain leaks and clean the water. All this so your idiot neighbor can rev his car and burn rubber.

Mining is not a waste when you see the big picture.




Yup that is what I depicted earlier in my post. People are just thinking on the small scale and only the case of bitcoin. But there are so many stuff around us which uses way lot energy than bitcoin. Im firm that if we have to produce something then we have to spend energy on it. The more energy we send the more we produce form it. Even if you have to print the dollar bill then needs energy, lots of electricity to run the imprinters and rollers so its not new thing really!

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August 21, 2017, 11:56:08 AM
 #47

How many BTC's are produced per kWh of electrical power with the best units these days ?
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August 21, 2017, 12:37:26 PM
 #48

Its depend upon in your point of view. In my own opinion, its not a waste of energy, because mining give some good profit. You cannot call anything as a waste of energy unless you use that thing for a nonsense purposes.

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August 21, 2017, 12:53:12 PM
 #49

Isn't Bitcoin mining a waste of energy?


Not at all. Thinking off that you do live on a place on which theres an abundance or dont have any problem on energy supply then it wont really be a waste of energy and also you do get profit on mining which you cant consider to be waste at all.It may consume more energy but would really be worth it though than on watching porn in your front of your pc is such a waste of energy Grin

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August 21, 2017, 02:47:20 PM
 #50

We make more money on mining than we use on energy so I don't see how it could be a waste for us :-)
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August 21, 2017, 04:32:50 PM
 #51

anyway you waste energy why not mining and got some profit

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August 22, 2017, 01:50:42 AM
 #52

There will no bitcoins if there are no bitcoin miners so it is not a waste of energy. The good thing in bitcoin we invest to have money in the internet that may less consume effort in transacting.
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August 22, 2017, 03:36:42 AM
 #53

I do not know, but as I know, the minning takes up a lot of energy, because it requires a large volume to run. But it really can generate a great income. Performance is always directly proportional to the energy in use.

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August 22, 2017, 05:42:12 AM
 #54

bitcoin mining is a waste of energy?
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August 22, 2017, 06:02:13 AM
 #55

Wasting energy or not, it's the only way to generate bitcoin's.

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August 22, 2017, 01:15:46 PM
 #56

It's not exactly a waste of energy. The computational power that is required to generate bitcoins is what makes the system reliable and secure. If there was no such thing as energy to be spent, then the barriers to enter the market would be extremely low and miners would be unreliable.
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August 23, 2017, 05:46:33 AM
 #57



Isn't Bitcoin mining a waste of energy?


Yes it is waste of energy but at the expense you also get money which is used for your daily needs, lavish lifestyle. So why this question is coming up now. It also costs energy to watch the TV and you don't get anything from it besides headache and pain in the eyes. Lols. I'm just focusing on the pros and cons and why does it matter if it costs energy. We are doing everything here at the expense of energy. So the question is not much debatable here and there is no output out of it.


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August 23, 2017, 11:14:52 PM
 #58

if u use old equipment of course u just wast energy and money on it. still at all even with new u need a time to start mine and earn money

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August 24, 2017, 11:16:33 AM
 #59

if u use old equipment of course u just wast energy and money on it. still at all even with new u need a time to start mine and earn money

To be constantly in trend need to constantly upgrade their equipment. This requires constant investment of large sums. Much still depends on the price of electricity. If in your country the price is low then you can offset the expense of this work on older hardware, but the profit of course will be lower.

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August 24, 2017, 09:25:08 PM
 #60

Isn't Bitcoin mining a waste of energy?
It depends upon the perceptive you take,if you are having a good mining hardware and if it gives you the profit with the amount of energy you are shelling out then it might not be a total waste,nothing comes easy,if you want to make money you have to spend money even when it comes to mining and so is the reason people have invested millions of dollars into mining and they are reaping their benefits.














 

 

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August 24, 2017, 10:37:37 PM
 #61

With this approach, you can turn everything into a waste of energy. Mining (better to work in warehouse or factory), electric cars (diesel and gasoline can be used), street lights (complete foolishness, candles to everyone), lighting the buildings in the city (again a waste of energy), using a smartphone (some years ago people used to live withput smartphones, I think we dont need it) Grin

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August 25, 2017, 01:02:27 AM
 #62

Not unless you have too expensive electricity or are not choosing the right coins

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August 25, 2017, 10:00:53 AM
 #63

Isn't Bitcoin mining a waste of energy?



I think the possibility of your opinion is true?
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August 26, 2017, 12:00:23 AM
 #64

I don't think it's a waste of energy really. Because all the costs that it takes to produce 1 bitcoin are priced in. That's probably why 1 bitcoin is worth 4000$ and counting right now.

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August 26, 2017, 06:03:41 AM
 #65

Mining of bitcoin is an energy consuming stuff so it is literally using loads of energy from the grid and it is therefore adding more bills for you to pay but it is also adding more coins to your wallet and with this I don’t think you should be bothered about that.

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August 28, 2017, 12:10:05 AM
 #66

Isn't Bitcoin mining a waste of energy?



Ethereum will change to PoS (Proof of Stake) instead of PoW (Proof of work) because the creator of Ethereum thinks that it's a huge waste of energy to run all these miners around the world.

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August 28, 2017, 07:45:37 AM
 #67

I truly think too it is wasting energy. Of course traditional assets also kind of similar in this way.

All in all the advantages of cryptocurrencies, even if pow, outweigh the disadvantages.

My opinion is that Ether takes the right step with focussing on pow on the mid- to long-term perspective.

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August 28, 2017, 10:55:38 AM
 #68

Mining of bitcoin is an energy consuming stuff so it is literally using loads of energy from the grid and it is therefore adding more bills for you to pay but it is also adding more coins to your wallet and with this I don’t think you should be bothered about that.
Theres no really need to bother since you would able to earn bitcoin or altcoin on your mining operation as long you do make payments on consuming energy then it would really be just fine in my own view. It would be a waste of energy if you are just mining without any profitability on doing it this is why its important to plan carefully when you are deciding on operating a mining farm or self miner.

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August 28, 2017, 04:20:59 PM
 #69

Isn't Bitcoin mining a waste of energy?


I also heard a lot about it. And i think it is. It seems like you'll just be earning in mining just to pay he electricity bills and for maintenance.

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August 28, 2017, 04:58:43 PM
 #70

Isn't Bitcoin mining a waste of energy?


If mining is a waste of energy then everything is a waste of energy.  Tongue

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August 28, 2017, 05:20:26 PM
 #71

Mining of bitcoin is an energy consuming stuff so it is literally using loads of energy from the grid and it is therefore adding more bills for you to pay but it is also adding more coins to your wallet and with this I don’t think you should be bothered about that.
Theres no really need to bother since you would able to earn bitcoin or altcoin on your mining operation as long you do make payments on consuming energy then it would really be just fine in my own view. It would be a waste of energy if you are just mining without any profitability on doing it this is why its important to plan carefully when you are deciding on operating a mining farm or self miner.

Ya If you want more profit with bitcoin means Just do mining. Some says doing mining is waste of energy and time. But if you get into mining means, you won't speak like this.If you do trading ,mining and participating in  Signature Campaign means,you will get enormous bitcoin in your account.

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August 28, 2017, 05:47:44 PM
 #72

Isn't Bitcoin mining a waste of energy?

Ethereum will change to PoS (Proof of Stake) instead of PoW (Proof of work) because the creator of Ethereum thinks that it's a huge waste of energy to run all these miners around the world.

And when will this happen? Vitalik Buterin promised a year ago to make Ethereum POS. But this has not been done
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August 29, 2017, 03:14:26 AM
 #73

Isn't Bitcoin mining a waste of energy?

Ethereum will change to PoS (Proof of Stake) instead of PoW (Proof of work) because the creator of Ethereum thinks that it's a huge waste of energy to run all these miners around the world.

And when will this happen? Vitalik Buterin promised a year ago to make Ethereum POS. But this has not been do
Isn't Bitcoin mining a waste of energy?

Ethereum will change to PoS (Proof of Stake) instead of PoW (Proof of work) because the creator of Ethereum thinks that it's a huge waste of energy to run all these miners around the world.

And when will this happen? Vitalik Buterin promised a year ago to make Ethereum POS. But this has not been done
ne

PosToken about to get going. Big hopes on that one 😉
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August 30, 2017, 03:26:09 PM
 #74

Isn't Bitcoin mining a waste of energy?


If mining itself is not worth the cost we can spend, I think it may be wasting energy. Especially if we do mining using gpu equipment and mining that we use requires a large enough cost can even pay the cost for electricity bills.
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August 30, 2017, 06:23:16 PM
 #75

that basically depends on the type of device you use for mining
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August 30, 2017, 07:10:31 PM
 #76

Isn't Bitcoin mining a waste of energy?


I'm just starting mining. I've gathered myself a powerful farm. Give me the best advice and how best to start !?
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August 30, 2017, 08:39:13 PM
 #77

Bitcoin mining SPEND a lot of energy but not WASTE.
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August 30, 2017, 10:58:45 PM
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PosToken about to get going. Big hopes on that one 😉

Any more informations than that?

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August 31, 2017, 06:43:09 AM
 #79

that basically depends on the type of device you use for mining

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August 31, 2017, 08:18:51 AM
 #80

I agree, mining is a total waste of energy unless youre using solar panels to provide energy in mining. It would be less expensive, but still, I dont recommend it tho. Also, energy consumption depends on the type of device youre using.

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September 01, 2017, 11:10:54 AM
 #81

Isn't Bitcoin mining a waste of energy?



I think the possibility of your opinion is true?
I don't think mining bitcoina is a waste of energy because the energy you waste, is been paid to you. Yes it depends on the mining hardware you use and also the Electricity bill in your region, but if your are doing a proper Mining then surely you are going to have a good profit. You can cover all the loss of the energy in your mining. If proper hardwares are used then minibg can give us a good profit.

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September 01, 2017, 11:18:02 AM
 #82

Isn't Bitcoin mining a waste of energy?



I dont really think that mining is a waste of energy if you earn when doing it.  If you are doing it correctly,  and you can earn profit less than the expenses you pay for electricity bills,  then its never a waste.   It can only be a waste if your mining and earn zero.

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September 01, 2017, 11:31:16 AM
 #83

It wouldn't be a waste of energy if all miners solve each block together, the problem is only the winner does it and all the others miners on the world did a lot of calculations for nothing.

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September 01, 2017, 11:44:34 AM
 #84

Isn't Bitcoin mining a waste of energy?



Yes , its waste of resources but then you need to compare it with correct things too

Its a way to convert your electricity energy to digital currency without a middle man like banks, Banks take fees taxes etc , here you pay electricity fee and hardware fee.

With banks its waste of fees etc -> People working banks earn pay
With Bitcoin its waste of electricity -> people working in hardware manufacturing earn but less as compare to banks personal

Let say you want to purchase Yen then how you can purchase it from usa ? Now using Credit card you can do it but they charge fees +tax+ conversation etc

You are still in profit if rates are higher once government start banning it

https://www.unian.info/economics/2076921-police-raid-bitcoin-mining-farm-in-kyiv.html
https://www.c[Suspicious link removed]m/2013/10/02/us-grabs-3-million-worth-of-bitcoins-in-silk-road-raid.html
http://www.news18.com/news/india/us-to-auction-bitcoin-seized-in-raid-on-silk-road-market-on-june-27-694960.html
https://www.theguardian.com/technology/2015/dec/09/bitcoin-founder-craig-wrights-home-raided-by-australian-police
https://www.coindesk.com/federal-raid-arizona-bitcoin-trader/

Then it may be the waste of energy, Remember this is not backed by gold , Bitcoin is backed by Individuals + Scammer + Durg dealers + Politician (black money)

Pepsi is not accepting bitcoin but there vendors are accepting it they are giving backup for this as investment.So you are getting physical Pepsi can by pay bitcoin because a individual is taking bitcoin as investment

If bitcoin is not accepted by Individuals and you cant buy hosting+Pepsi+ physical things then its waste of energy.

Thanks

 
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September 01, 2017, 11:59:50 AM
 #85

With this approach, you can turn everything into a waste of energy. Mining (better to work in warehouse or factory), electric cars (diesel and gasoline can be used), street lights (complete foolishness, candles to everyone), lighting the buildings in the city (again a waste of energy), using a smartphone (some years ago people used to live withput smartphones, I think we dont need it) Grin
Yes, if mining bitcoins is a waste of energy then all the applications you mentioned are also a waste of time. Mining is a business for many. There are also such business which use heavy energy, so are they wasting energy? If we study deeply about a sugar factory then we come to know that huge Electricity ia uaed there to convert sugarcane to sugar. But it is not a waste of energy because we are getting a better output in exchabge with the energy used and so is with mining. We get profit and can cover the Electricity loss.

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September 01, 2017, 05:01:07 PM
 #86

In each case, income is calculated individually. The same equipment under different conditions can bring different income. Bitcoin evolving transactions go without any problems so it is beneficial. The country in which the miners are is not important.

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September 01, 2017, 05:11:09 PM
 #87

In each case, income is calculated individually. The same equipment under different conditions can bring different income. Bitcoin evolving transactions go without any problems so it is beneficial. The country in which the miners are is not important.
that's right its calculated accordingly so its not a waste of time even you are not getting the same amount of earnings that someone does
but for sure if you plan correctly and calculate the outcome then its still useful.

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September 03, 2017, 01:14:25 PM
 #88

You want a green coins? than stake pos coins

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September 03, 2017, 06:47:08 PM
 #89

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.

He he  Cheesy Cheesy Priorities in order, check

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September 03, 2017, 07:59:48 PM
 #90

It spends a lot of energy but it brings a lot of money. So it is not wasting the resources
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September 04, 2017, 05:46:20 AM
 #91

It spends a lot of energy but it brings a lot of money. So it is not wasting the resources

U but a ennegy you will get a more proit it is use full one and you are invest your energy you will gine for it and devalaping you future invesment and saving for further proces.

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September 04, 2017, 06:16:32 AM
 #92

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.

Not the same. Btc mining does not produce anything, gold mining produce, well gold, and banking is a fundamental structure of society. Could we live without banking, sure, but it would be a different world.
Btc mining is a wheel thát only supplies it self, and is not linked up to anything else than the trust of users.

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September 04, 2017, 06:24:56 AM
 #93

Why you say using energy for produced other services wasting for that invest the power came for thus people.

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September 04, 2017, 06:39:11 AM
 #94

Isn't Bitcoin mining a waste of energy?


It isn’t actually a waste of energy as par say, its just that the energy bills are going to keep piling up and they are going to be eating deep into the mining profit which can make mining unprofitable if the energy cost is high

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September 04, 2017, 12:01:46 PM
 #95

It is definitely a waste of energy since it acts as another dump on our environmental health
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September 04, 2017, 04:38:30 PM
 #96

it sure is..
1. the only purpose of calculations in mining is making the process of block creation difficult. It is raising the cost of domination to unreasonably high value, higher than potential benefit. Calculations themselves do not add any value to anything. The same could be done by weightlifting if it were automatically verifiable. 
2. comparing mining to usage of resources in other activities is bullshit. Using electricity to producing aluminum is different, as without electricity there is no other way to get the metal.
3. there are other ways to achieve the same goal, like POS and other proofs that are introduced in other blockchains
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September 06, 2017, 05:59:12 AM
 #97

Isn't Bitcoin mining a waste of energy?


About all you can say that it spends energy for nothing, but until it pays for itself. If you have long-term plans for this and you want to start with a lot of mining rigs, then it's profitable.

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September 07, 2017, 09:24:03 AM
 #98

the only way it would not waste energy would be invensting in alternative/renewable  production of electricity like wind, solar panels, and hydro-e

another way would be to use the depleted energy of mining into heating buildings in cold areas like northen / central europe ...

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September 07, 2017, 10:44:05 AM
 #99

Wasted hardly, you buy powerful equipment not just for the sake of interest, and you strive to cover all your expenses, thereby increasing the capacity and costs accordingly. All on increasing. And home mining is definitely a waste of time, energy and energy, the power is not the same and will not cover the costs.

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September 08, 2017, 07:30:25 AM
 #100

If it that says so, why would all is being intrigue in bitcoin mining if thats a waste of energy. If you're talking about electric energy then I think you should go quit staking or mining as easy as that.

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September 08, 2017, 08:13:25 AM
 #101

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.

That's why miners fee are expensive. In order to provide the necessary power to make it functional, we must pay a price for its functionality. Great power comes with great responsibility and so they say.

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.

Good line. Mining electronics parts like silicon, gold, copper is much much more expensive than mining BTC. Why they are doing this ? because its for the general benefit of the industry and they are willing to take all the risks because of the big return. Same for BTC, if BTC became a million dollar per coin then the profit of miners will be paid out exponentially.


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September 09, 2017, 06:15:33 PM
 #102

Waste of energy? So are all the servers that banks use for all the transactions and other government infrastructures a waste as well? It's kinda the same just that Bitcoin is the new financial system as some see it. The reality is that most governments will switch over to blockchain based technologies in the future. Maybe not Bitcoin. Closed blockchain without a public coin basically. I totally see that happening and as a result, we will get a safer system and the government can watch our money even better to bad. Right now we are the pioneers of something new be proud.

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September 11, 2017, 08:41:59 AM
 #103

I won't say it is a  waste of energy because bitcoin mining is also helping you yield more of wat you have already. And as time goes on, d higher the value of the bitcoin the more value you get from your mining. Just as someone rightly said, you need to have the right miners to really make the mining  process worth the while and not wasting energy in the real sense.

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September 12, 2017, 10:06:58 AM
 #104

Depends, people are always wasting energy anyway so its not new and if youre talking about old mining. But since companys are now focusing on energy efficient technologies, we can expect a drop on energy wasted in mining also.

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September 12, 2017, 12:43:12 PM
 #105

yes actually very much in the affairs of spending money ranging from equipment to be purchased such as electricity is very major in doing the mining must be adequate and most of all we have to raise capital a lot first so that profits can also be very large.

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September 12, 2017, 01:28:15 PM
 #106

Of  course not
we just taking money from electric
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September 12, 2017, 02:42:33 PM
 #107

Waste of energy? Seriously? Is your typing on this thread a waste of space? That question should answer your question.
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September 12, 2017, 05:25:45 PM
 #108

Waste of energy? Seriously? Is your typing on this thread a waste of space? That question should answer your question.

What a way to put down in the another style which answered the query in a brilliant way. I like the way you have answered it.

OP - Why do you think its a waste of electricity because just consider even printing the $ notes require electricity is it a waste ? Well mining yield bitcoin and it could be used and alternate to the dollar in making payment digitally.



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September 12, 2017, 05:32:47 PM
 #109

It's not really wasted energy because the electricity cost and price of the equipment is priced in the current price of bitcoin. So in the end it's all balanced out in a way. That's why I wouldn't say it's wasted energy. It's not eco friendly either but it's not wasted because for bigger miners it's still profitable to mine bitcoin.
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September 13, 2017, 12:17:07 PM
 #110

There is a Frecnh company installing heating systems for free , including the heat provided.

These systems rely on CPU, they rent their CPU for calculation / rendering ...

I bet they'll soon start mining , this way Energy won't be wasted
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September 13, 2017, 01:30:30 PM
 #111

standard mining rigs are not so energy efficient but today there are many ways to build energy efficient miners though it would cost greater capital. I don't think something that is workig 24/7 and doing their job is wasting energy though.

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September 13, 2017, 05:41:44 PM
 #112

moste things we are doing is just a waste of energy, the thing is that bc grow in price, so one day your bc will cost more then wasted power

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September 13, 2017, 10:08:24 PM
 #113

What ? Bitcoin mining is not a waste of energy. Instead, it requires a little energy. Faucet in the otherhand is a waste of energy.

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September 13, 2017, 10:13:16 PM
 #114

solo mining is not profitable now a days.
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September 13, 2017, 11:53:18 PM
 #115

I sure would not put mining BitCoin or any crypto coin in the same sentence as mining precious metals and gold!!! That is just plain stupid!!!
Precious metals are used in the manufacturing of millions of items from electronics to medicine.

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September 14, 2017, 02:38:20 AM
 #116

Well considering that Mankind's "Modern Science" has no clear definition of energy..
In fact Academia has it's head so far up its ass we may never recover..
They have no clue what energy really is...they WRONGLY call electric potential, energy.

There is NO energy in this Universe...there is only the ILLUSION of MOTION...
There is nothing to waste....there is INFINITE potential
Overunity is a silly oxymoron....AS IS UNDERUNITY..
There is only BALANCE..Unity...

Better yet ask yourself...What is the PURPOSE of the UNIVERSE? Is it a waste of energy?
NO it IS the expression OF energy....it is NOT the energy it expresses!!!
Energy is CAUSE ...MOTION/Potential are EFFECTS
This Universe is an EFFECT of energy....

I do sympathize as I too sometimes feel humans are too stupid to be worth the energy..
Call me when you want the secret to transmutation of elements and immortality

8x S9's and  A Polarity Controlled  Electric Gyroscope
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September 14, 2017, 09:54:41 AM
 #117

It's a waste of energy if what you spend for the energy is greater than what you earn from mining. Otherwise, i wouldn't call it as a waste of time and resources.
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September 14, 2017, 03:00:13 PM
 #118

Mining hardware has been replaced from computer CPUs to graphic card GPUs, then in FPGAss ( Field Programmable Gate Array) and now to ACICs (Application Specific Integrated Circuit).
With the release of bitcoin in 2009 the mining chip architecture and processes are developing continuously.
This has been proved beneficial to the latest innovators of the market.
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An Impressive Purely Anonymous Currency.


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September 15, 2017, 01:53:27 AM
 #119

Isn't Bitcoin mining a waste of energy?



I have my mining rig connected to a solar panel. You just need to find the right coin to mine. I currently have a new 9 GPU Ethereum mining rig at 275MH/s.

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September 15, 2017, 03:40:24 AM
 #120


If you want to earn money then it's not waste of energy. Everything in here needs energy so it doesn't matter as long as you are paying back the energy with money, time, efforts etc.  Even if we earn money in real job then we put our energy at work and give some output as result of which we get paid. So it's equivalent thing with bitcoin as we put some energy into it we earn it and get paid for that hard work. So doesn't really matter.

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September 15, 2017, 04:30:54 AM
 #121

Isn't Bitcoin mining a waste of energy?



depends what coin you mine Wink

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September 15, 2017, 10:07:43 AM
 #122



Isn't Bitcoin mining a waste of energy?


Yes it is waste of energy but at the expense you also get money which is used for your daily needs, lavish lifestyle. So why this question is coming up now. It also costs energy to watch the TV and you don't get anything from it besides headache and pain in the eyes. Lols. I'm just focusing on the pros and cons and why does it matter if it costs energy. We are doing everything here at the expense of energy. So the question is not much debatable here and there is no output out of it.
No, bitcoin mining is not waste of energy.
Here are 9 good reasons which, taken together and in our opinion, completely justify the world’s admittedly high expenditure of electricity on the Bitcoin project:
1. Bitcoin is Backed by Electricity (and Ingenuity)
2. Mining is a Profitable and Promising Industry in a Slow Global Economy
3. Protection from Inflation and Avoidance of Capital Controls
4. Bitcoin Ultimately Requires Fewer Resources than the Fiat System
5. Mining Generates Subsidised Heat
6. Bitcoin Mining can support the IoT ( Internet of Things )
7. Denmark and Germany Occasionally Struggle with Excess Power
8. Mining Powers Bitcoin’s Tokenized Assets, Secondary Layers and Merge-Mined Coins
9. Mining Efficiency is Constantly Increasing
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September 17, 2017, 07:24:27 PM
 #123

No. I will say it in an another way. We will get energy by this. So get into deep for goldmine.

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September 21, 2017, 08:26:06 AM
 #124

Actually it can also be said that because we have to meet all the facilities and infrastructure in the process of performance but the most striking is the electricity bill payment rates that can reach 5 to 10 million per month. But all that can also be covered after the big profits later.

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🌟 eSports ICO: 01/11/2017 🌟


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September 21, 2017, 09:11:36 AM
 #125

i think it everyone have different understanding of thread question. If you are talking about profitability and you are earning more than your utility fees, that not a waste of energy. But if you are talking about this energy literally yes everyone is just wasting on mining.

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September 21, 2017, 10:55:18 AM
 #126

The goal is not extremely energy-friendly, it ensures that the Bitcoin network is always stable. If we want to go too far, not supercomputers are also waste electricity? We can also stop using electricity and stop industrialization. The energy we send more than we create it. Without any problem of power supply then it wont really be a waste of energy and you also get profits on mining that you can not see as wasted at all. thank you
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September 22, 2017, 06:00:43 PM
 #127

Isn't Bitcoin mining a waste of energy?



I guess It`s up to you which side you are looking at... All of us start on mining then you will earn and unitl you have more.. and If you want to earn more try to mine other coins as well, right now, I`m interested in RISE coin because of there User Friendly Decentralized Application Platform and Imagine being able to build your own decentralized application and Asset Tokens / Custom Coins on the RISE blockchain without needing to have the knowledge or skills of a developer..

So just stand to the right spot you will see the Benefits of Bitcoin!!
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September 22, 2017, 10:00:55 PM
 #128

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.
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September 23, 2017, 12:34:45 PM
 #129

May be it would seems just waste of energy through the eye of a person who is not involved in it and not getting any benefit through it. But for the miners and all bitcoin community it isn't like that. Well i also believe that electricity should be consumed wisely and we have to avoid any misuse and energy wastage but the reality is to get something you have to lose something. And it is not a bad deal at all to mine such a valuable thing by using some energy resources.

   
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September 23, 2017, 01:20:35 PM
 #130

asic-minerworld.com is the best shop for mining equipment in the Web. Nice prices, fast delivery. Awesome support.
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September 23, 2017, 01:26:11 PM
 #131

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.
When you say per transaction, are you saying per amount sent, per coin mined, per block mined. 30kwh is a lot - thats enough to drive a car for half a day.
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September 24, 2017, 06:58:00 AM
 #132

Isn't Bitcoin mining a waste of energy?


I haven't been tried or experienced mining so I cannot say exactly if it is a waste of energy. But if your bills is much more than what you earned through mining, then I can say it is such a waste of energy. But if your source of energy is renewable, like wind, hydro etc. and you aren't paying any bills because of that then it is a profit. So it is not a waste of energy no more. But I'm not attracted on mining, so I think I won't get involve on it. And even if it is a waste or not a waste, I'm not getting involve on it. So I won't have any problem.  Cheesy

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September 24, 2017, 10:29:18 AM
 #133

Really wasted energy when mining it? I don't think you're wasting energy just using an obsolete device or not properly.

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September 24, 2017, 12:28:58 PM
 #134

germany is going for over 30 euro cents/KW in 2018. Here you can only mine big expesive GREEN bitcoins
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September 24, 2017, 02:05:29 PM
 #135

Isn't Bitcoin mining a waste of energy?


No I don't think so, even though bitcoin mining is consuming a high amount of electricity still the amount you will get on mining is more greater than to your consumed. Yet, if you wanted to gain through mining and you don't want to increase your electric bills then you could try to have some alternative source of energy like solar panel or something.

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September 28, 2017, 01:09:30 PM
 #136

With the current difficulty for mining Ethereum and the price I have to pay for electricity, i make $1,50 per day. For that i use 10Kw each day, so yeah, in that case it seems like a waste.

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September 28, 2017, 02:27:20 PM
 #137

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...

And now? .... Cool Cool Cool Cool
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September 28, 2017, 05:49:10 PM
 #138

Isn't Bitcoin mining a waste of energy?



Doesn't really correlate with energy and it's waste. If you talking about the use of electricity then off course it is waste of energy as long as you are not paying the electricity bills. Otherwise we are completely fine with the nervy consumption. There is simple fact that mining uses electricity to run the hardware but why don't you understand that running your computer for gaming also makes use of same thing and the output is zero as well. Lols. I believe it's not really waste of energy everything needs energy.

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September 28, 2017, 06:56:14 PM
 #139

It can happen if the hardware that you are using is inefficient. It also wastes your money. Mining bitcoin is hard these days, there are many other ways that you can earn bitcoin. But the good thing is when you run your hardware, you can do other things and leave it as is while earning something.

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September 29, 2017, 03:27:40 AM
 #140


Depends in what regard you are saying this one. If you are saying that in general then this is waste of electricity because we are using it as energy form. But if you think that it's waste of energy in terms of eco friendly way then no I don't think so. There is difference between waste and consumption of energy. If I'm making the use of energy for something which gives me output then it's not waste. But I'm keeping the xyz machine on when I'm not using it or there is no output from it then that waste of energy. In case of mining it's not waste of energy for sure.




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September 29, 2017, 04:17:32 AM
 #141

A lot of things requires energy and Bitcoin mining is not a waste of energy. Its mining efficiency is constantly improving which means less power is used to provide more cryptographic security.
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September 29, 2017, 04:37:30 AM
 #142

It depends on how you think, because I think when using electricity without getting benefits that's a waste of energy, by mining we get income so I think not waste of energy.

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September 29, 2017, 08:32:21 PM
 #143

It depends on how you think, because I think when using electricity without getting benefits that's a waste of energy, by mining we get income so I think not waste of energy.
Well if somebody thinks that mining is a waste of energy then keep it in mind that watching tv is also a waste of energy because it not giving you anything in return. But mining gives you much that you can easily pay your bills. So that’s totally insane when someone says that mining is waste of energy.
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September 30, 2017, 12:52:22 AM
 #144

Isn't Bitcoin mining a waste of energy?



Yes, bitcoin mining is a waste of energy, all devices that used electricity are waste of energy. also your body when you are moving or do a lot of activity, you wasting your energy but with a cause. like mining in bitcoin, even mining bitcoin is waste of energy but in a cause, because we people dont waste time,energy without a cause. even you said that is wasting energy fpr bitcoin, but it came back more profitable for you.

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September 30, 2017, 02:18:35 AM
 #145

It depends on how you think, because I think when using electricity without getting benefits that's a waste of energy, by mining we get income so I think not waste of energy.
Well if somebody thinks that mining is a waste of energy then keep it in mind that watching tv is also a waste of energy because it not giving you anything in return. But mining gives you much that you can easily pay your bills. So that’s totally insane when someone says that mining is waste of energy.
actually this is only necessary to see if the mining that we make has more advantage if we calculate with electric bill,
if after calculating electricity bills and income from mining we still benefit, so there we do not waste energy but we get the advantage of the mining that we make.
It is very easy to calculate the advantages of mining

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September 30, 2017, 05:26:09 AM
 #146

It depends on how you think, because I think when using electricity without getting benefits that's a waste of energy, by mining we get income so I think not waste of energy.
Well if somebody thinks that mining is a waste of energy then keep it in mind that watching tv is also a waste of energy because it not giving you anything in return. But mining gives you much that you can easily pay your bills. So that’s totally insane when someone says that mining is waste of energy.
actually this is only necessary to see if the mining that we make has more advantage if we calculate with electric bill,
if after calculating electricity bills and income from mining we still benefit, so there we do not waste energy but we get the advantage of the mining that we make.
It is very easy to calculate the advantages of mining

Yeah correct it not a waste of energy you, but your event you will gain from it. It will use full one for getting more profit it help to your future life and it get more gain and you will get the more information it. You will act in the bitcoin you will can join for it. It will give more information for the business, how to improve it. So it's not a waste of energy it, but way to get the profit.

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September 30, 2017, 05:57:06 AM
 #147

It depends on how you think, because I think when using electricity without getting benefits that's a waste of energy, by mining we get income so I think not waste of energy.

I too think this that if we are getting the output with the required electricity and gets the profits or money from it which can be used in so many ways and also help people to live their livelihood.  Instead one should be careful not leaving electricity on when nobody is there which is actually a total waste of energy.

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September 30, 2017, 09:52:09 AM
 #148

Yes, it's waste of energy, but everything which profitable in this world require a lot of energy from people or-and machines.
In bitcoin environment, miners and mining hardware are required in order to verify every transaction that has broadcast to the network, the founder has setting it that way and become the nature of bitcoin, What miners basically do is bundling all unconfirmed transaction into a block. The form of the block must satisfy certain conditions before the block is considered valid. This condition is called proof of work https://en.bitcoin.it/wiki/Proof_of_work Even we are as humans who wants to live need energy to do it, so does bitcoin network.

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September 30, 2017, 01:50:07 PM
 #149

Waste of energy? Seriously? Is your typing on this thread a waste of space? That question should answer your question.

What a way to put down in the another style which answered the query in a brilliant way. I like the way you have answered it.

OP - Why do you think its a waste of electricity because just consider even printing the $ notes require electricity is it a waste ? Well mining yield bitcoin and it could be used and alternate to the dollar in making payment digitally.
Honestly, it is a brilliant way to pose an answer in a form of a question back to someone and it really got me laughing.

I am pretty sure even the OP himself has no understanding of what he was saying. Even if you are to mine gold, will it not require energy from machines and labor ?

If bitcoin were cheaper to mine, will it even have any serious value today since everyone will just quickly rush into it apparently. He should wait until the difficulty level even increases the more, then he will know this is even just the beginning. NOTHING GOOD COMES EASY (this one is even easier as far as I am concerned).


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October 01, 2017, 07:05:44 AM
 #150

First, the eco-conscious seek to generally diminish global power consumption. Given that electricity is, at present, primarily generated through unsustainable methods, eco-activists hold that all energy expenditures must be critically weighed against their (debatable) contribution to climate change. Secondly, there are those dubious economists who doubt Bitcoin’s viability. This group is best exemplified by Paul Krugman, who argues that Bitcoin (and to a lesser extent, gold) has no real value to society and so represents a waste of resources and labour.
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October 01, 2017, 04:34:12 PM
 #151

I spoke with Al Gore about this and he said it's causing global warming.

It's a waste of energy if you are one of those people who don't have bitcoin.   Energy is consumed for all kinds of reasons and there will be those who claim any of them is a waste of energy.

I see it a a very good use of energy.  A free market way of preserving capital, a protection from inflation.   How can that be a waste of energy.  The Fed is using energy to fuel computing power to run differential equations to test economic models which will tell them how to confiscate wealth by creating the maximum inflation possible.  No that is a waste of energy.   The success of bitcoin will conserve energy in the long run by slowing down the giant central banking monsters who's super computers are eating everything.
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October 01, 2017, 04:37:30 PM
 #152

....................Paul Krugman, who argues that Bitcoin (and to a lesser extent, gold) has no real value to society and so represents a waste of resources and labour.

Krugman,  he uses more energy running the Feds central printing presses then bitcoin ever will.   The value of a Noble Prize is now worth less money then the fiat paper Krugman suggests we print.
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October 03, 2017, 04:59:57 AM
 #153

....................Paul Krugman, who argues that Bitcoin (and to a lesser extent, gold) has no real value to society and so represents a waste of resources and labour.

Krugman,  he uses more energy running the Feds central printing presses then bitcoin ever will.   The value of a Noble Prize is now worth less money then the fiat paper Krugman suggests we print.


It's not a waste of energy it is use full for the internet process and count all people. You put an effect you will get more income and more information. If use the energy you get the process and develop the mining, but you not the reading for the count every day it is given more information and how well its process.


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October 03, 2017, 09:08:55 AM
 #154

It is not a waste of energy if you know what you do, then you have some extra coins

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October 03, 2017, 10:37:26 AM
 #155

Isn't Bitcoin mining a waste of energy?



Bitcoin mining I will say isn't a waste of time depending on the Miner you choose and also the fees involved. This is also a means of earning more bitcoins and you should know that there are different levels of earners all over the world in terms of volume/quantity generated. So, waste of energy can also be seen as relative.

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October 03, 2017, 12:01:34 PM
 #156

right .. but that's proportional to your income. for large-scale energy is needed in mined bitcoin. so you get a big profit. although the cost for mining is very expensive but it is effective to produce bitcoin.

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October 03, 2017, 04:02:35 PM
 #157

No not at all.

If something new can be created that has a value. then energy is not wasted.
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October 03, 2017, 05:00:26 PM
 #158

No not at all.

If something new can be created that has a value. then energy is not wasted.

Facebook and other social media is rather a waste of energy. haha. You cant make money on those things while on mining we cant able to say that it is a waste of energy as long we are profitable on it and also regarding on the energy consumption i think its just right as long we do legally pay up on to those electricity company without doing something illegal then it should be fine.



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October 03, 2017, 05:01:17 PM
 #159

Isn't Bitcoin mining a waste of energy?



Hi! Yes, you may deem it so. But looking on another perspective will make you ponder harder a little bit more. It is more like tilting the head that is geared towards the other end. On my experience, I can say it really does costs a lot of wasted energy considering the amount of time needed to finish what has started. Also, added to another consideration is the number of Bitcoins that have to be mined 24 hours a day, seven days a week. So there, you can say it is bad for the environment but good for the economy. Likewise, you can also say it is bad for the environment therefore it is also bad for the economy. Anyway it goes both ways since one affects the other.  

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carlisle1
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October 03, 2017, 06:13:29 PM
 #160

No not at all.

If something new can be created that has a value. then energy is not wasted.

Facebook and other social media is rather a waste of energy. haha. You cant make money on those things while on mining we cant able to say that it is a waste of energy as long we are profitable on it and also regarding on the energy consumption i think its just right as long we do legally pay up on to those electricity company without doing something illegal then it should be fine.
which is correct as long as we are paying properly and everything still in place and nothing has been wasted, mining is one those ways
that we can do in order to generate profits so learning the concepts will allow us to earned.

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October 03, 2017, 06:56:43 PM
 #161

No not at all.

If something new can be created that has a value. then energy is not wasted.

Facebook and other social media is rather a waste of energy. haha. You cant make money on those things while on mining we cant able to say that it is a waste of energy as long we are profitable on it and also regarding on the energy consumption i think its just right as long we do legally pay up on to those electricity company without doing something illegal then it should be fine.
which is correct as long as we are paying properly and everything still in place and nothing has been wasted, mining is one those ways
that we can