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Author Topic: Could massive use of Electricity be the end or new high for Bitcoin  (Read 784 times)
pugman
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November 30, 2017, 05:13:00 PM
 #61

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!
Bitcoin mining is considered to be a drawback as it consumes tons and tons of electricity and need for updated technology makes the cost for mining very high for an individual. Why do you think China is popular in terms of mining, that's because there is low cost for electricity. In India also it's cheap but there's a lack of updates technology in all the places in India because of which mining is comparatively lesser. Some governments I heard, are planning to stop users from mining in their country as it consumes a lot of energy.

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MoKenyanCrypto
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December 05, 2017, 08:34:16 AM
 #62

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!
Bitcoin mining is considered to be a drawback as it consumes tons and tons of electricity and need for updated technology makes the cost for mining very high for an individual. Why do you think China is popular in terms of mining, that's because there is low cost for electricity. In India also it's cheap but there's a lack of updates technology in all the places in India because of which mining is comparatively lesser. Some governments I heard, are planning to stop users from mining in their country as it consumes a lot of energy.
This was my worry if govt's start banning or restricting mining activities what would happen and just on a lighter note why is China not banning mining of cryptos? Grin
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December 05, 2017, 01:09:10 PM
 #63

I don't think that the massive electricity of the miners and other type of bitcoin users will result for an end for bitcoin because it is clear that it will just make noise for bitcoin and it will create a scenario where the big name people like the governments and other authorities will notice bitcoin and be one of the adopters of bitcoin.

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December 05, 2017, 04:28:17 PM
 #64

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.

There is no doubt that Bitcoin does acquire a lot of electricity intake . Many such concerns regarding the over-exploitation of electricity and energy resources for consumption of electricity to perform Bitcoin mining have been shown in the past . The concerns are not wrong but the give a sense of "plotting" and "degrading" the already controversial image of Bitcoin . In coming years there is going to be a maximum consumption and production of electricity via renewable resource .
Major innovations and developments are being made in order to minimize the cost and energy consumption for the process of Bitcoin . Already the advances of technology has gone from CPU mining to ASICs and cloud mining to resolve and support the issue . I think it would be fair to give them some time to further improve and improvise.                                                       

cryptocrusher
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December 05, 2017, 04:33:44 PM
 #65

I don't think that the massive electricity of the miners and other type of bitcoin users will result for an end for bitcoin because it is clear that it will just make noise for bitcoin and it will create a scenario where the big name people like the governments and other authorities will notice bitcoin and be one of the adopters of bitcoin.

If only it were so simple to get adoption of bitcoin. But that is the scenario OP is talking about and in that case he is worried there would be an electricity shortage. I think in time many cryptos will move to other methods of mining that do not require such an energy input. I also think that in time we will evolve energy production methods so that perhaps electricity production and use isn't such an issue anyway and can come from renewable sources.

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December 05, 2017, 04:53:08 PM
 #66

I don't really believe that the cost of electricity for bitcoin mining will lead to the end of bitcoin but may likely affect the market value of bitcoin positively in the future.
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