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Author Topic: When will Bitcoin be more energy efficient?  (Read 10128 times)
Lamisa asfiya
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June 11, 2018, 06:47:49 PM
 #21

I hope that Bitcoin will be more efficient in the next few years. Because Bitcoin could not accept the whole world yet. Some countries have adopted and some countries have boycotted. Moreover, there is a shortage of development in the case of Bitcoin security, slow down speed, etc. By fixing these, Bitcoin will have to wait several more years to be powerful.
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June 11, 2018, 07:02:12 PM
 #22

While the market is dominated by negative sentiment, traders are in no hurry to buy bitcoin. investors are afraid of another market collapse, which may occur after the publication of the results of the investigation of the US Justice Ministry about manipulating the prices for coins from the top ten of the rating.
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June 11, 2018, 07:23:21 PM
 #23

There are many theories about what factors would have a positive effect on Bitcoin's energy savings. None is obvious in one hundred percent, but the most likely solution to this problem seems to be the change in algorithm but it's not possible today. We can only guess how the situation would change due to such circumstances.

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June 11, 2018, 08:18:26 PM
 #24

If you look at the ICOs on the market you will see some energy efficient ways of mining such as solar power, natural ice as a cooler, and even bio gas for energy. It will be cheaper to mine bitcoin - if you use green alternative fuel
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June 11, 2018, 08:46:39 PM
 #25

 When will Bitcoin be more energy efficient?
   
       Based on what i heared in news, social media on about mining. It is too high energy consumption so we cannot suggested to do mining in the Philippines because of high energy cost.But in other country that was low energy cost you can do mining.
     
levvv
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June 12, 2018, 01:58:48 AM
 #26

Bitcoin is not wasting any paper, unlike paper money. Bitcoin only need electricity to be mined, i think it is efficient enough.
Paper money requires more resources like electricity, tree log, and other waste product.
Maybe bitcoin will be more efficient when it change to PoS coin.
Allura74
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June 12, 2018, 02:19:02 AM
 #27

While the market is dominated by negative sentiment, traders are in no hurry to buy bitcoin. investors are afraid of another market collapse, which may occur after the publication of the results of the investigation of the US Justice Ministry about manipulating the prices for coins from the top ten of the rating.
Yes, there is a possibility for market manipulation but still its probability is low and maybe we should think that its a part of coin volatility, and moving forward with the question about bitcoin's energy efficiency then I think the world only needs to change to a environmental friendly energy source like solar power and other green energy source because we all know that bitcoin always needs to mine for every transaction of million nodes around the world, we should change our power source and not the system.

Odlanyer
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June 12, 2018, 11:01:04 AM
 #28

Bitcoin energy is issue because of mining that needs electricity, all we know other country was not accept bitcoin. Bitcoin will be more efficient when it change to PoS coin.
ETHtotheMOON1
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June 12, 2018, 11:07:49 AM
 #29

Quote
According to environment news site Grist, if the currency’s growth continues on its current trajectory, it will use as much as the entire USA in just 18 months’ time.
Source: https://www.express.co.uk/news/science/888535/bitcoin-environment-destroying-planet-fossil-fuels-energy-electricity-Denmark-US-2020

Quote
By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.
Source: https://grist.org/article/bitcoin-could-cost-us-our-clean-energy-future/

Quote
Bitcoin network consumes at least 2.55 GW of electricity currently, and that it could reach a consumption of 7.67 GW in the future, making it comparable with countries such as Ireland (3.1 GW) and Austria (8.2 GW).
https://www.cell.com/joule/fulltext/S2542-4351(18)30177-6

Quote
Carbon footprint per transaction (kg of CO2)   122.14
Source: https://digiconomist.net/bitcoin-energy-consumption

Other person thinks digiconomist numbers are wrong and power consumption is much lower:
Quote
hypothetical Bitcoin market cap of $1 trillion still fails to incentivize miners to consume more than 800 TWh per year, or 0.74% of the world's consumption of energy
Source: http://blog.zorinaq.com/bitcoin-mining-is-not-wasteful/
http://blog.zorinaq.com/bitcoin-electricity-consumption/

---
I am asking as a non developer looking for the links to project or the timeline of developing solutions to this problem. Thank You
https://github.com/bitcoin/bitcoin



it's right to work on the efficiency of bitcoin, it's a true problem. With new green energies, we should be able to cut this issue further, also I'm hoping for miners that can be more eco friendly either.

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June 12, 2018, 11:13:53 AM
 #30

This is just a Fud once again.
OK, yes, Bitcoin does use a lot of energy but so does the FIAT currency.

People often doe snot think of what it takes to sustain FIAT currency system.
You have to take in to account a TON of things, in order to sustain FIAT you need to print it which takes up a lot of resorces further how much resources to take to collect and destory the old fiat notes? How much resources are poured in to fighting counterfeits? We can extend this much further like how much energy is used to transport FIAT.

If we calculate all these things, the BTC network wont be so far off.
Also How much BTC mining is done in New Zealand where energy does not do any harm to environment.

Louise0910
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June 12, 2018, 11:58:12 AM
 #31

I think bitcoin will never be energy efficient because the nature of blockchain technology required many computers to solve one mathematical equation.
SabrinaSwo
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June 15, 2018, 07:47:36 AM
 #32

I have found a trustworthy project for investment. It is called Hello Gold Foundation. They are heavily vested in blockchain technology and focused on expanding the availability of products that are targeted at helping the underserved and unbanked. By supporting in this project it is possible to support much more startups that will reside grants from HelloGold foundation for their development. If you want, you can learn more #HelloGoldFoundation
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June 25, 2018, 01:04:42 PM
 #33

I think it is up to the cryptocurrency stakeholders to act upon this issue. If we do not take rapid and effective steps, then our whole energy generation system will be compromised. We need to promote solar energy generation for Bitcoin mining.
Coffee135
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June 25, 2018, 01:14:21 PM
 #34

I think it is up to the cryptocurrency stakeholders to act upon this issue. If we do not take rapid and effective steps, then our whole energy generation system will be compromised. We need to promote solar energy generation for Bitcoin mining.
All types of alternative energy are not effective. You need to spend a lot of money to provide your home with enough electricity but you will have to constantly save power in order not to stay in the dark. We must admit that all modern technologies have no prospects. Those who buy solar panels will never pay for them.
riplete
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June 26, 2018, 03:11:26 AM
 #35

I doubt it will happen because miners will oppose this idea, the network may be vulnerable if the transition is not done properly, the community can break up unless there is strong reason. to change the consensus method and make sure another string-division happens.
Investors are concerned about the collapse of the market, which may occur after the publication of a US Department of Justice investigation of price adjustment.
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July 03, 2018, 09:05:02 AM
 #36

bitcoin energy consumption has never been a big issue and it will not be an issue for many many years. So i think it is up to the cryptocurrency stakeholders to act upon this issue.
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July 03, 2018, 09:25:53 AM
 #37

Bitcoin is still one of the most energy-efficient, and investors are concerned about the market's downfall, which may occur after the Justice Department's findings on the adjustment. price for coins
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July 03, 2018, 10:10:34 AM
 #38

Miners secure Bitcoin network, they compete with each other in order to earn bitcoins. That's why they are so many of them. Bitcoin will continue to use more and more energy and it's not going to change. We would how to change PoW to something like PoS which obviously has many disadvantages. What would miners do with their useless hardware? ASICs are designed only to mine Bitcoin.

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December 01, 2018, 12:11:34 PM
 #39

Found interesting claim from CoinShares. That most Bitcoin is mined using electricity generated from renewable sources.

This article (https://www.theblockcrypto.com/2018/11/30/coinshares-report-renewable-energy-accounts-for-77-6-of-total-bitcoins-energy-usage/) contains following text:
CoinShares estimates that Sichuan has a 43.2% share of global bitcoin mining renewable energy usage, the remaining relevant Chinese provinces have a 5.7% share, relevant western regions have a 27.8% share, and the rest of the world has a 0.9%. Adding these up, CoinShares concludes that renewable energy makes 77.6% of total bitcoin mining. These estimates all assume that the renewable energy penetration and global mining market share are accurate. CoinShares states, in the report’s disclaimer, that “the information presented in this document has been developed internally and/or obtained from sources believed to be reliable,” and that the firm does not guarantee “the accuracy, adequacy, or completeness of such information.”

coinshares whitepaper: https://coinshares.co.uk/wp-content/uploads/2018/11/Mining-Whitepaper-Final.pdf

it gives to me an impression that if that is true, that there is massive mining in Sichuan, maybe in that area is some renewal sourced electricity surplus and so it is cheap and someone taken an advantage of that. That is just a guess, is possibly wrong. Is there any thorough article about the mining in that area?

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December 01, 2018, 12:37:14 PM
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 #40

it gives to me an impression that if that is true, that there is massive mining in Sichuan, maybe in that area is some renewal sourced electricity surplus and so it is cheap and someone taken an advantage of that.
In general, hydropower is the cheapest form of energy, and Sichuan has many high capacity hydroelectric plants, thanks to it's four rivers. Unlike heavy industry, Bitcoin miners can easily move to the area with cheapest electricity, so it makes perfect sense they end up close to hydropower plants.

I get the feeling people think about solar panels when they read "renewable energy". Hydropower has a large impact on the landscape by flooding valleys. There's also a study that show Hydroelectric dams emit a billion tonnes of greenhouse gases a year.

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