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leowonderful
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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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allinmachine
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August 22, 2017, 05:42:12 AM
 #54

bitcoin mining is a waste of energy?
rodyw
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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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nexus99
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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.
wantjokull
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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.
GetFreeCoins
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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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eaLiTy
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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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