✨✨✨ Are we wasting resources to make digital currencies? ✨✨✨

[Uberse]

It appears that mining costs and the creation of crypto currencies consumes a lot of resources

We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?

Okay, let's start with the electricity we used for mining and noding activites to keep our blockchain alive. We consume crazy amount of electricity and we produce this electricity from oil, coal and other petroleum sources mainly. This means we're wasting resources as it's a must.

Got to shut down all those electric signs in Times Square and Las Vegas too.

[sangtuosimino]

There is a lot of power resources in very remote areas, all of the idle power. In addition, there are many encrypted currencies using the POS mechanism, which does not waste a lot of resources.

[helars2008]

I think not.
And for me this resources are not only for creating digital currencies only.
But it has now become a tool - a tool for us to change our perceptions with regards to our financial needs.
It enables us to be revolutionized and be independent to banking institution.
And i am very thankful for this.

[Dontme]

I think not.
And for me this resources are not only for creating digital currencies only.
But it has now become a tool - a tool for us to change our perceptions with regards to our financial needs.
It enables us to be revolutionized and be independent to banking institution.
And i am very thankful for this.

Totally true. It will cause us to improve instead our daily financial needs. And if what they are talking about wasting resources well, absolutely it's not but ofcourse there are always benefits in creating this kind of lifestyle with the crypto's.

[Havven]

It's something to think about for the future, but at the moment I believe crypto is only responsible for 0.1% of the global energy consumption.
So at this stage there are plenty of other avenues (99.9% worth!) that hold more potential for limiting our use of natural resources.

[GreenBits]

The biggest problems I see with mining is that it is a waste of computing power, energy, and labor. We could be using this computing power for AI, exploring space, or solving world problems. Instead we are using up a ton of resources like electricity and producing nothing tangible in return. On the other hand our current banking system does use up a lot of resources to produce and maintain currency. I just wish there was a way to be more planet friendly when producing a digital currency.

No  fucks can give about the computing power itself, moreso the amount of power used, like you said. under ideal circumstances, miners can be built from pre existing parts on certain algos. so for the environmentally conscious miner, btc isnt even really an option at the moment, but alt algos still can be profitable to mine. but the power, despite the device, is the real problem, its a waste of a resource that is really needed for something more practical.

the labor is a benefit, imo. there is nothing wrong with value creation, just so at the sake of safety/longevity.

[Whespers78]

It appears that mining costs and the creation of crypto currencies consumes a lot of resources

We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?

bitcoin is one of the ways to solve  world problems like tax and government.

we have many super computers and only use it to tracking others.

[RamonBTC]

Mainstream manipulation and black propaganda indeed that affect this kind of thinking. Does banking system or fiat/credit card and many more currency in the world doesn’t do the same or have much power wastage than cryptocurrency. If you said No then you need to research for yourself. Cryptocurrency has no dominant usage of electricity and resources and that is even visually available for someone to see.

[Kulafu]

Energy used to earn money is not waste at all.
Almost every household have 1 TV set and those thing consume a lot of energy with nothing in return.
if you compare the number of rigs to TVs maybe not even in 10 percent.
 

[Xenrise]

What do you mean we are wasting resources? We are making our resources count in bitcoin and other cryptocurrencies bro. It is all good in crypto! We are making differences.

[BelieveInBTC]

We are not wasting resources on maintaining Bitcoin. Do you know what is the total cost of maintaining every paper currency? Bitcoin uses a lot of energy but it also produces a lot of heat which could be used for keeping our houses warm in the winter. Solar panels are still too inefficient to use them in a huge mining farms.

[shacc]

Bitcoin and Cryptocurrencies are a clean usage of ressources like electricity as you mentioned, its the power that keep this currency clean and available for many years

[TIDOVEE]

Nothing goes for nothing, there will necessarily be some needed resources to expend before mining and creation of ICO projects, so I don't think that should not be referred to as waste.

[Snub]

in any case, the costs of producing something are needed...I don't think that this is a huge expense...besides, the cryptocurrency is really useful...maybe in the future it will be possible to optimize these costs

[Anti-Cen]

Yes, yes and yes

We are wasting electrical and CPU power with the block-chain and most of the software
is concerned with making miners rich and is not any used for people that buy these coin
or those that want to do anything useful with then.

$55 in transaction fees on a system that can only do 7 transactions a second
is a total joke and will ensure the leafs fall off the tulip much faster than they should

Total real data processing speed for BTC is 14Kbs if you care to check the maths

[Anti-Cen]

Bitcoin and Cryptocurrencies are a clean usage of ressources like electricity as you mentioned, its the power that keep this currency clean and available for many years

That's a bit like saying that it get warmer at night

90KWH of electric just to write 250 bytes of data into a ledger was fine with the enigma machine used in WWII but not today 

[ylnar123]

It appears that mining costs and the creation of crypto currencies consumes a lot of resources

We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?

If you think investing in digital currency is a waste of resources then why are there so many people who invest in bitcoin? Is there any data to prove that it is a waste of resources? Knowing on how risky it is to invest on cryptocurrency but when you see the data that is in the chart you can see that investing on cryptocurrency is profitable. So i will not believe in what you say investing in cryptocurrency a waste of resources.

[Faroxx]

The only resources that we spend on bitcoin mining is electricity. Humanity is actively working on finding alternative sources of energy, and I think that in the coming years, providing electricity will not be a problem for us.

[negamus]

How the fuck could be wasting resources? we are mining cryptocurrencies, that is money, and what about when the governments have to print bills? They need paper to make those bills, and getting paper means that they need to cut off trees in order to get it.

[HabBear]

It appears that mining costs and the creation of crypto currencies consumes a lot of resources

We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?

Sure, some people are! Most initial coin offering are complete rubbish...they'll never be used, ever. For Bitcoin and the other top ten currencies I believe the energy use is worth it. Also, the miners could try to utilize more sustainable energy options - hydro, solar, wind. The onus is not on us as coin users, but for the miners...along with anyone else directly consuming energy to do so in a responsible way (if that is something they believe in).

Mining operations in Iceland use thermal heat, which has very little negative impact on the world or environment.