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Author Topic: Could massive use of Electricity be the end or new high for Bitcoin  (Read 784 times)
voztata
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November 25, 2017, 01:06:34 PM
 #41

Humans is the most adaptive species though so if this problem will arise in the future I think people who mines Bitcoin will do such things that will solve any kinds of problem that will occur, electricity is significant in mining so if in year 2020 Bitcoin will use the entire global electricity supply then I think the distributor of different electric power company in the whole world will keep up and build new infrastructure to cater the demand of the people who needs electricity.

There a lot of alternative source of electricity though.


I’d rather they stop or reduce the mining rate for Bitcoin than letting it affect communities negatively. There are more important reasons why we may need electricity, and the most important is hospitals. The government wouldn’t like anything that will affect their country in a bad way, and that’s the reason most of them has banned/stopped bitcoin.

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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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November 25, 2017, 01:53:53 PM
 #42

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.
Electricity will not be the reason to bitcoin ceased to exist. If desired, you can increase the block size. This will reduce the consumption of electricity. There are ways to resolve pressing problems. The main thing is to learn to find a consensus within the community and to set a goal. Renewable energy sources will never replace traditional.

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November 25, 2017, 02:13:01 PM
 #43

Is electricity was supposed to be the end of bitcoins then it should have been the end of human civilization as well but we evolving to create alternatives to tackle this problem..thus we now have renewable sources of energy that are producing electricity and there are countries where 100% electricity is being created from wind electricity thus I think in the future.. bitcoin mining might adopt this norm..well not just bitcoins ! But the whole world will soon run on renewable sources of energy thus I don't think it will be the end ..rather name it an evolution.

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November 25, 2017, 02:16:37 PM
 #44

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!

There's a critical logic error in the article that leads to the most shocking claim. The article purports that at the current growth rate, Bitcoin will consume all the world's electricity by Feb 2020. That should immediately be discounted as preposterous and impossible; obviously Bitcoin can never consume all the world's electricity. Its is physically impossible. The authors mean to say that if Bitcoin's growth continues, by Feb 2020 it will consume as much electricity as the world currently does. That's not the same thing, and also extremely unlikely.

First, they took one data point and extrapolated it 26 months into the future. Anyone with a little statistics knowledge should be able to tell you the folly in making a conclusion based on only one data point. The smaller your subset, the more likely your data point is an outlier or not indicative of a true trend. Second, as energy demand grows, energy supply grows, so increasing Bitcoin demand for electricity would spur the world to create more capacity. Third, the diminishing return on very large numbers means the growth of electricity consumption has to slow from Bitcoin-related sources. That means it's highly unlikely that the growth rate they extrapolated an be maintained long enough to reach the energy consumption it is predicted to in 26 months, and even if it did, for the other reasons it wouldn't constitute all the world's electricity consumption.

Because they get these basic things wrong, it's hard to take anything else they said too seriously.


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November 26, 2017, 08:16:16 AM
 #45

Humans is the most adaptive species though so if this problem will arise in the future I think people who mines Bitcoin will do such things that will solve any kinds of problem that will occur, electricity is significant in mining so if in year 2020 Bitcoin will use the entire global electricity supply then I think the distributor of different electric power company in the whole world will keep up and build new infrastructure to cater the demand of the people who needs electricity.

There a lot of alternative source of electricity though.
Yes, we adapt so fast to situations that you would not even remember a problem ever existed. We will start seeing a lot of changes happening in most place and power issues will end up solved even if they tend to sound more of a problem. Like you said, there are so many alternative source of electricity and if that would end up paying more than using the main power source, it is as simple as making use of the alternative sources.

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November 26, 2017, 09:20:21 AM
 #46

It's all just FUD. Just think of the massive electricity savings when all the banks close down.
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November 26, 2017, 09:22:41 AM
 #47

It doesn't really matter about the high electricity consumption, many savvy miners are switching to renewable energy source (e.g. OgNasty), because mining hardware uses so much power the amount of time taken for the solar/hydroelectric/wind generators to pay for themselves is reduced.

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November 26, 2017, 10:14:32 AM
 #48

the increasing power usage of bitcoin network isn't a problem at all since the world power supply is exponentially increasing every year due to construction of power plants and some developed countries are constructing solar power plants and wind energy plants and also some miners are switched over to renewable energy to reduce energy costs although the exponential increase of mining difficulty is a problem to miners someday. devs must do something to reduce it.



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November 26, 2017, 12:11:49 PM
 #49

Technology is ever evolving so we'll always be able to improve our designs to cope with the existing problem and that also goes for the tech miners have right now. We can use renewable energy too to ease the total consumption of power in a certain country; it could help with the burden indirectly.

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November 26, 2017, 01:00:48 PM
 #50

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!
Each person involved in the blockchain mining is looking for alternative energy sources to lower the costs so there is no problem related to energy.

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November 26, 2017, 03:05:51 PM
 #51





Humans is the most adaptive species though so if this problem will arise in the future I think people who mines Bitcoin will do such things that will solve any kinds of problem that will occur, electricity is significant in mining so if in year 2020 Bitcoin will use the entire global electricity supply then I think the distributor of different electric power company in the whole world will keep up and build new infrastructure to cater the demand of the people who needs electricity.


There a lot of alternative source of electricity though.




I’d rather they stop or reduce the mining rate for Bitcoin than letting it affect communities negatively. There are more important reasons why we may need electricity, and the most important is hospitals. The government wouldn’t like anything that will affect their country in a bad way, and that’s the reason most of them has banned/stopped bitcoin.



Its not about that it will affect their country in bad way its about their efficiency of not bale to produce the electricity in proper way. I mean there are countries which are able to harness the power from sun and still can do many things without having the power load shading! There are countries which are evolving very fast and they need lots of electricity and they have literally no sources. But they are still harnessing power like crazy.


I think if a country is self sufficient on fulfilling the needs then we don't have to worry about the mining operations and its electricity costs. Everything can be recalled and made into something greener. Im not against the nature or energy stuff or something like that but if we have the platform and sources then why not use it to make the better world. Think.

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November 26, 2017, 03:18:56 PM
 #52

I don't think massive consumption of electricity will be a big problem for Miners. By the time that we reach that problem, Im sure we've already come up a new source of electricity. Imagine 2140 will be the year in which the last Bitcoin will be mine. Im sure by that time We have created things like Iron man arc reactor. Its bound to happen its just a matter of when.

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November 26, 2017, 03:31:45 PM
 #53

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!


if forever mining using ordinary electricity will be very expensive and expensive, mining or miners must be able to make their own electricity can easily make solar panels or solar power that can be more efficient.

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November 26, 2017, 10:09:33 PM
 #54

To my mind the High hype of the alternative sources of the energy is obvious for now even in crypto!
look at the recent growth of the price for example of Power Ledger, Sun Contract end others!
So rise ofthe usage of electrycity will make people faster adopt this alternative and more ecology ways of using it!
This will never couse the crash for BTC!

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November 26, 2017, 10:12:00 PM
 #55

Maybe it would revolutionize the electricity industry as there will be search for new and cheap ways of consuming energy which can bring the renewable energy into the usage of many countries.

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November 26, 2017, 10:17:34 PM
 #56

Electricity is the major problem even now as some countries can`t produce it due to high costs and complicated work. There may be an increase in bills or taxes regarding it.

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November 26, 2017, 10:18:13 PM
 #57

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!
Electricity will not be the issue in future mining as I think that there are already many alternative to power sources and mining can also use on of it. Solar energy is one of the best replacement for electricity and many people around the world have already setup solar plants to supply electricty to there miners and mine bitcoins and others coins essentially and profitably.

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November 30, 2017, 04:00:42 PM
 #58

I wouldnt be worryed with those atleast not now, since the energy being used into the mining were an energy wich were being wasted or not used, since werent any business for those, bitcoin and crypto mining has allowed some companies and private companies to enter into the market and being able to sell their energy. I do believe dag crypto are the future, and we arent worryed yet with the big energy being spent to keep bitcoin safe as well to mine others coins, the fact is the concept is good for business but not good for Earth at all, but well, into the future i hope and believe better miners will hit the market making those impack to keep stable.
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November 30, 2017, 04:56:04 PM
 #59

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.

Sure it will be a nuisance seeing such articles that bringing cryptocurrencies down, potential investors will doubt the moment they read it, so what can we do? That's why we are here not only to make profit but also to help on resolving upcoming problems, this was this forums sole purpose, sharing ideas and knowledge as we are stronger if we help each other. There's a lot of way on how we can accumulate energy, but it will take more of our money to do so. More and more problems are coming to the crypto community, might well as think of the regulation and banning of the crypto currencies in some countries.

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November 30, 2017, 05:05:23 PM
 #60

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!
If the government bans use of electricity coming from the grid to power up a mining farm, there's always another way to get electricity, either you invest in building your own source of power, maybe a solar farm, run-off river or wind mill or if you are a big time mining farm operator, you can ask independent power producer to build a power station near you and sign a contract on how many MW you need per day and for how many years.

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