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Author Topic: Could massive use of Electricity be the end or new high for Bitcoin  (Read 791 times)
bamboylee
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November 24, 2017, 09:47:58 AM
 #21

The world will be switching to renewable source of energy before that happens and coals as source of energy will be gone. With all the talk of climate change, most country will adopt to solar, wind, geothermal or hydro as source of energy. Asics will adopt as well to consume less energy with better output. So i think this is not a problem at all.














 

 

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November 24, 2017, 10:13:37 AM
 #22

No way, technology never remains the same, with the passage of time many modifications are made in technologies to make it better than before ( or many new technologies are emerged). No doubt electricity is a major issue in some underdeveloped countries but it is not critical at all. May be in future we may found a better way to minimize the electricity consumption in bitcoin mining to make it more efficient and cost effective.
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November 24, 2017, 10:46:24 AM
 #23

Hello everyone,
Today I came across a post https://powercompare.co.uk/bitcoin/ and became wary of potential drawbacks of increased Bitcoin mining to global electricity supply or with its reduced mining because of "caps" on electricity use lead to high appreciation of its value. Because its going to be a concern in coming days if only by 2020 mining will be using entire global electricity supply. Check the article and lets discuss the future of BTC as well as crypto!


the possibility that bitcoin mining is still done until 2020 will require more power, we have to make solar panels or solar power more efficient to get electricity.

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November 24, 2017, 10:56:40 AM
 #24

on the opposite site, this maybe a potential field to make a business in maintenance, solar / low-cost energy. Anyway our electricity demand is high enough. Though this maybe make the ozon die earlier, lol
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November 24, 2017, 01:57:13 PM
 #25

I think that they are trying to show the issue much greater than what actually it is.Its true that huge electricity is being used nowadays for bitcoin.But in future,due to technological advance,even nano chips may be used instead of microchips which may reduce the electrical usage for mining.By any means,this issue would be sorted out.

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November 24, 2017, 02:02:02 PM
 #26

As time goes by, technology becomes far much superior. I'm sure sooner than later there will be rigs which will reduce power consumption while still yielding current averages based on high output.

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November 24, 2017, 02:47:37 PM
 #27

The world will be switching to renewable source of energy before that happens and coals as source of energy will be gone. With all the talk of climate change, most country will adopt to solar, wind, geothermal or hydro as source of energy. Asics will adopt as well to consume less energy with better output. So i think this is not a problem at all.

And do you honestly think there is going to be enough energy from solar and wind for everybody?
Especially since we're going to also drop petrol cars? A single 300 km journey will consume more power than the average households does in a month.

In my country there was a period in February where there was no sun and no wind.
Energy production from "green" sources dropped to 0. We bought energy from the neighbors (guess what they were burning).

As time goes by, technology becomes far much superior. I'm sure sooner than later there will be rigs which will reduce power consumption while still yielding current averages based on high output.

And?
The cost will go lower, the profits will be higher , more rigs > more consumption.
Don't you realize that mining in limited only by the amount of electricity consumed vs the reward for mining?
If the daily reward is 10 $ we will burn ~ 10 $ of energy if its 10 trillions we will burn 10 trillions of energy (of course minus the costs of equipment and stuff  but you get the idea)

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November 24, 2017, 02:49:59 PM
 #28

I think that they are trying to show the issue much greater than what actually it is.Its true that huge electricity is being used nowadays for bitcoin.But in future,due to technological advance,even nano chips may be used instead of microchips which may reduce the electrical usage for mining.By any means,this issue would be sorted out.

It will make the price even higher in the future, this is very certain.

Look ethereum, to avoid electricity consumption, they're leaving pow style. They're passing to pos style just to get rid of electricity cost.
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November 24, 2017, 04:00:51 PM
 #29

I believe future cryptocurrency would slowly moved away from heavy electricity power consumption activities that just bring nothing but profits only to existing cheap electricity miners, the current scenario is focusing only on mainstream crypto like bitcoins or Ethereum, soon or enough new equipments capitalizing on them would be improved in terms of efficiency, i think future cryptocurrency could be just blockchain network maintainable on any computers as longthey had sufficient storage and network, POS, POW should replace some of them thus the problem wouldn't persist that long i believe.

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November 24, 2017, 05:38:44 PM
 #30

I have also read the information about coming 2020 and the usage of all global electricity for Bitcoin mining. I suppose it may really lead to the situation when each country will simply increase price for its electricity.

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November 24, 2017, 06:17:32 PM
 #31

Yes I have seen similar article but not this one and in that one the complete estimation of the bitcoin production and USD production was given. And there was not single chance I would have taken the side of bitcoin after reading the article because it is the most costliest thing ever to produce in the market. The electricity cost that needs to print or virtually mine the bitcoin is higher than producing the USD currency and its more than 60% efficient than bitcoin. So this is putting lot of stress over the electricity boards and in the time to come when the bitcoin circulation will be even more and the trisections will increase a lot then this stress might just outburst to create fallen legacy of the crypto currencies. There is no way to save bitcoin in that situation if government finds out that the mining is not enough and nothing can be done for it.




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November 24, 2017, 06:34:17 PM
 #32

Like anything it's just supply and demand. If the demand for electricity to mine BTC keeps increasing then the price of electricity will go up. Eventually it will be uneconomic to mine BTC and hence the demand for electricity will drop. The only reason that so much power is being used on bitcoin is because so many people are mining and hence the difficulty level keeps increasing to keep the block rate the same. Once all coins have been mined then that will be the end of bitcoin mining.
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November 24, 2017, 07:27:06 PM
 #33

Yes it could be because the way we are using electricity for mining purpose is insane and hence the global warming is getting aggressive because of bitcoin. We really need to think different eco friendly ways of mining the bitcoin and other crypto currencies or these programs could be shut down very easily by protestor of environment. They are very concern about the heat emission that is occurring from the machines during the mining operation. For them to cool down we are using big HEPA machines which produce ozone killing CFC gases which makes the situation even worst than the previous one. So yeah may be ewe need to be sure that we wont harm the earth environment on mass scale while doing our great trading strategies and investments. Everything could shut at one glance.

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November 24, 2017, 08:11:14 PM
 #34

I think this is incorrect, and if you compare bitcoin network electricity cost, and the fiat network electricity cost, you will probably realize that fiat is way more expensive than bitcoin itself. Electricity management is a problem for the environment, but every case should be analyzed by it's ratio in energy cost/utility for society. Bitcoin has an amazing potencial, and it's energy cost is justified for it's uses, and like I said, it's probably less than the cost to support our broken fiat model. Renewable sources of energy should be used, but that is important for everything and not just bitcoin mining.

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November 24, 2017, 09:55:08 PM
 #35

Hello everyone,
Today I came across a post https://powercompare.co.uk/bitcoin/ and became wary of potential drawbacks of increased Bitcoin mining to global electricity supply or with its reduced mining because of "caps" on electricity use lead to high appreciation of its value. Because its going to be a concern in coming days if only by 2020 mining will be using entire global electricity supply. Check the article and lets discuss the future of BTC as well as crypto!
The truth is that those who own the energy they may control the mining power of crypto farms and at that point it will be reflected in the price and volatility of cryptocurrency.

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November 24, 2017, 10:37:02 PM
 #36

I don't get why you think a massive consumption of electricity would be good in any way for Bitcoin. The less electricity needed the better in my opinion!



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hase0278
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November 24, 2017, 10:37:50 PM
 #37

The world will be switching to renewable source of energy before that happens and coals as source of energy will be gone. With all the talk of climate change, most country will adopt to solar, wind, geothermal or hydro as source of energy. Asics will adopt as well to consume less energy with better output. So i think this is not a problem at all.
You are right that it aint a problem at all because of the reasons you stated. When bitcoin becomes mainstream, there might be new mining devices by that time that consumes energy only equivalent to what a household appliance consumes to solve the problem at hand. Also by that time there will be many improvements to the technology of the world, probably by that time someone will invent a more cost energy source.

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November 25, 2017, 10:55:48 AM
 #38

Hello everyone,
Today I came across a post https://powercompare.co.uk/bitcoin/ and became wary of potential drawbacks of increased Bitcoin mining to global electricity supply or with its reduced mining because of "caps" on electricity use lead to high appreciation of its value. Because its going to be a concern in coming days if only by 2020 mining will be using entire global electricity supply. Check the article and lets discuss the future of BTC as well as crypto!

Pathetic attempt to gain attention. Electricity is used and for the regular banking.

Why don't they make a info graphic how much electricity are using all the banks in the world with their workstations and main frames?


Yes it is true banks are using electricity but we should also understand that banks are already accepted worldwide so them consuming electricity is not a question. What he is trying to say is the electricity that bitcoin mining requires for now specially it is not yet on a stage that it is already accepted worldwide.
You don’t even know what you are saying– banks making use of electricity won’t create any bad effect in any way, cause their usage rate is just like a normal house electricity usage. In banks, you just find the normal working equipment you will usually find in offices just like printer, photocopier and computers.

A miner is different from all these and only a single miner consumes electricity more than they can ever do. Come to think of it when there are lots of miners (a farm)…I wonder how much of power that will consume.
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November 25, 2017, 11:00:00 AM
 #39

I think it is highly unlikely that BTC mining might be jeopardized by a shortage of electricity.
Next generation Miners are more efficient and the worlds power production is also increasing (as you can see here https://www.statista.com/statistics/270281/electricity-generation-worldwide/ ).

Many new cryptos are also moving to less energy consuming algorithms and PoS, so again I doubt that a power shortage might endanger Crypto.
AGREED, if there will be a shortage of power or any kind of issues because of mining probably miners will find a new source of energy and i think not only miners but every business in the world will shift to renewable energy, i just hope technology will become more friendly with nature as soon as possible Smiley

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November 25, 2017, 11:57:29 AM
 #40

Its a high for bitcoin ,as electricity is the  ultimate need of hour many organisations are making it from natural resources like solar ,wind etc the electricity is going to be cheap and more over electrical devices coming in future will be more efficient

Maybe no, electricity could not be the only reason for Bitcoin to collapse. There so many factors that can lead to BTC's end, for example the internet. Humans keep pushing forward and keep on inventing new things. If bitcoin was created out of theories and scientific inventions, then we can also assume that their could be an alternative on creating new energy source.

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