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Envrin
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December 08, 2017, 04:54:28 PM |
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With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
I also do not really understand and understand the miner's issues, but it seems to me that soon bitcoin will replace a more promising and profitable currency. Which will be more profitable to mine. For example, such currency as Bitshares. |
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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Cryptozond
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Activity: 327
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★BREATH-BASED illness diagnostic★
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December 10, 2017, 08:23:53 PM |
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I found many interesting statements in this thread. The problem is really urgent and the solution is needed in the near future. Still, the development of alternative energy sources is very important now
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KEPLER99
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December 11, 2017, 10:37:33 AM |
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With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
I do not really understand and understand the issue of miners, but it seems to me that soon bitcoin will replace a more promising and profitable currency. Which will be more profitable to mine. For example, such currency as Bitshares.   It is just your dreams. Dude what had been so far regarding bitcoin do you really thin Bit shares will make this happen even in upcoming years. No that wouldn’t be happening. Bitcoin is amazing and this is sure to all those who had a little confusion for selecting bitcoins amongst other coins. So better is to accept the reality and go for better solution that is try more bitcoins and earn more. |
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musliyevich
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December 11, 2017, 12:49:00 PM |
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With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
price will make energy bill small bitcoin can’t be POS. you can earn 1 bitcoin from mining (20000$ and more ) |
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BurtW
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All paid signature campaigns should be banned.
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December 11, 2017, 03:22:26 PM |
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With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
price will make energy bill small bitcoin can’t be POS. you can earn 1 bitcoin from mining (20000$ and more ) You are correct that "bitcoin can’t be POS" But when you say "price will make energy bill small" you are mistaken. Read this thread: https://bitcointalk.org/index.php?topic=2465881.0 |
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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chamoisgeks
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December 17, 2017, 10:40:59 AM |
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Bitcoin mining is a sustainable way to earn bitcoins, eventhough the energy consumption would only get higher, we would have probably been able to mine all bitcoins before it becomes a unsustainly source for earning bitcoins.
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gigatux
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December 17, 2017, 01:38:46 PM |
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This is actually a good question to all.How do you imagine BTC in the near future? would it go on forever? or would it be replaced by a better cryptocurrency? so how to sustain bitcoin?
Well BTC currently is one of the top-notching in the cryptocurrency industry and it can sustain maybe up unto 3-4 years but if it excels those years I think it would be great since it can be more profitable but we will never know. It might be destroy even before those 3-4 years and we should be ready and prepare ourselves.
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seahay
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January 06, 2018, 08:22:36 AM |
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There is a probability that only miners that have the capability of using efficient mining hardware could continue to mine; given that they also have lower electricity costs.
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BurtW
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January 07, 2018, 02:08:33 PM |
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Bitcoin mining is a sustainable way to earn bitcoins, eventhough the energy consumption would only get higher, we would have probably been able to mine all bitcoins before it becomes a unsustainly source for earning bitcoins.
Bold predictions for the year 2140 (when the last Bitcoin is mined) from a newb. |
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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skorupi17
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January 07, 2018, 04:45:57 PM |
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With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
This problem has been an issue years back. Miners are quite aware of this issue in the first place that's why asic mining was born. Using asic consumes less power but with big hash power. However, the issue still arises that's why pool mining takes into action. By mining in pools, mining became more efficient. But the issue is still there. Bitcoin will not turn into a POS because of this. Bitcoin will remain a POW but power consumption will still be a problem. Maybe an upgrade to asic will be a way to deal with this but we all know that this would be just temporary. There is no permanent aid to this. Sooner or later, we will see only major miners will exist due to this issue. |
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BurtW
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January 07, 2018, 04:54:59 PM |
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With the power requirements to run the BTC network continually increasing... what is the long term solution? It doesn't seem viable that it can go on forever like this. Anyone have good insight? It's easy to just assume... "well there will be cheaper energy in the future" or "BTC will just switch to POS".... I guess I'm looking for answers with a little more substance and detail. Thanks!
This problem has been an issue years back. Miners are quite aware of this issue in the first place that's why asic mining was born. Using asic consumes less power but with big hash power. However, the issue still arises that's why pool mining takes into action. By mining in pools, mining became more efficient. But the issue is still there. Bitcoin will not turn into a POS because of this. Bitcoin will remain a POW but power consumption will still be a problem. Maybe an upgrade to asic will be a way to deal with this but we all know that this would be just temporary. There is no permanent aid to this. Sooner or later, we will see only major miners will exist due to this issue. In the long term mining efficiency (CPU, GPU, ASIC, pooling, etc.) only affects the difficulty, not the total power consumption. Total power consumption is not reduced by more efficient mining. |
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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nicesquawk
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January 15, 2018, 07:24:41 AM |
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Based from what is happening on BTC today, it might be stable for a few years or so, but not in the long run. The savings might be helpful for the future but will be gone in the end.
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heartelite
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January 15, 2018, 12:47:02 PM |
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Based from my own prediction, I guess it can’t be that super long-term that lasts for 100 years because sooner or later, tangible objects will be prioritized.
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biofancy
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January 17, 2018, 08:18:49 PM |
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In the long run, I don't really think that Bitcoin is sustainable because sooner or later, it will disappear and everything will be back to using tangible cash, just like nothing happened.
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fanbeila
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January 17, 2018, 11:54:02 PM |
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Already many have started to raise the issue that bitcoin mining is consuming huge power.So,in the future,we must shift to solar power or green power to sustain.
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