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Cosbycoin
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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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Psalms23
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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.

warrior333
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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.

MTHOZ
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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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twthmoses
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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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