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

[nc50lc]

"The Design, the needs and the greed".
So much for a digital currency.

With the current difficulty setting of 10 minutes a block just for " fairness' " sake till we mined that maximum amount of btc doesn't work with today's events.
It was designed to be an equal opportunity to everyone who are mining. There are no "everyone" now.

The Hashrate is too damn high and the difficulty will rise with it.
(Read what others said) That electricity should have beed used for something else.

It depends on what is "waste" for you. That's why language is unconventional sometimes.

[odolvlobo]

What? I think you just aren't comprehending.
Bitcoin network will "use as much electricity as the entire world does today" by early 2020
Can you think of anything valuable to add to the discussion?

Ok, suppose you are correct and that is the actual intent of the statement. Then, here is another freebie:

2. Let's assume energy production increases 10% in the next 2 years (by 2020). It's a reasonable assumption. If in 2020 Bitcoin uses today's total energy consumption, then there is only 10% left for everything else. That would never happen. I will leave it to you to figure out why.

[HasHe]

When are you going to get tired of always posting this crap? I Sent you a private message to you a few days ago because i wanted to ask you why are you creating this crap in here.

I sent "do you have some privileged information? because you are posting that kind of fud that is very sensitive"
 
And you did not even replied to me, it seems that you are trying to post as much fud as possible in order to make people lose their money.

You said "came on! Short all your coins in order to leave this system!" when bitcoin was $13,000 each one.

Now it is $17,200, and i haven't seen you posting in those threads anymore.

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.

Came on fucking newbie, if you are jealous because you did not buy bitcoin when it was $1000, then it is your fault.

I have made enough money to retire myself before my 25 years old because of cryptos, so i dont think that they are a "ponzi" just like you are saying.

GTFO

We could see such threads nowadays showing that they are very much concerned about electricity being wasted for mining bitcoins and they speak in a way as if no other projects make use of more electricity.The only motive is that they want to blame bitcoin by any way.At first,they blamed it for being used for illegal activities,then complained for high transaction fee and when nothing works,they are trying to shed fake tears that more electricity being used.

[ShortCoins]

I predict a price correction will happen in 2018

I see bitcoin being around $1000-2000 or so. But before that happens it might go up in price. Could even get to 100k before the crash

[paul00]

At first some people may see it as wasting of resources once we invested in mining however if you come to think of it, mining investment thru bitcoin is the same as stock investment in various mining companies. Not all users of bitcoin are into mining and developing the digital currency thru it is not solely thru mining.

[ShortCoins]

Many people won't realize the damage that is cost by wasted resources until it is far too late

We won't be able to stop ourselves from destroying every last resource in the name of greed.



"By November of 2020, it’d use more electricity than the entire world does today. That’s bad. It means Bitcoin emits the equivalent of 17.7 million tons of carbon dioxide every year, a big middle finger to Earth’s climate and anyone who enjoys things like coastlines, forests, and not dying of mosquito-borne diseases. Refracted through a different metaphor, the Bitcoin P2P network is essentially a distributed superintelligence utterly dedicated to generating bitcoins, so of course it wants to convert all the energy (and therefore matter) in the universe into bitcoin. That is literally its job."

(Source: Wired, December 15 2017)

[chocolaty]

Yes. I believe that mining just consume too much of everything. The money you earn from mining is just being eaten away by the resources you use everytime you mine. In my own opinion, I think I'll prefer earning cryptos and I'll be contented.

[darkangel11]

This looks like a thread by a greenpeace activist. One of those guys who were using a ship that runs on diesel to sail from one oil rig to another in a protest against oil extraction We are wasting various resources on various things. Wood to make houses, natural gas to cook food and heat those houses, clean air to make jets move people from one place to another.

The money you earn from mining is just being eaten away by the resources you use everytime you mine.

What resources? The same ones that you're wasting away by watching porn on your computer? Or maybe the ones that your christmas lights are burning away?

[usekevin]

Yes. I believe that mining just consume too much of everything. The money you earn from mining is just being eaten away by the resources you use everytime you mine. In my own opinion, I think I'll prefer earning cryptos and I'll be contented.

I will sell all my savings and inverse in Bitcoin Mining.Because I had gained many bitcoin from the Mining. Only thing is you need to inverse huge money as a investment to start of Mining.In digital currency investment you will get double or triple of your Invested money.

[megynacuna]

Yes. I believe that mining just consume too much of everything. The money you earn from mining is just being eaten away by the resources you use everytime you mine. In my own opinion, I think I'll prefer earning cryptos and I'll be contented.

I will sell all my savings and inverse in Bitcoin Mining.Because I had gained many bitcoin from the Mining. Only thing is you need to inverse huge money as a investment to start of Mining.In digital currency investment you will get double or triple of your Invested money.

Even though i support you on investing in a  bitcoin mine i don't think it makes economic sense to sell just everything (your savings) for it because you might crash if it crashes even though it doesn't look like happening any time soon  but its better to play it safe and diversify your investment as  and when you can.

[rmilly]

I think as tech develops and clean energy is coming, the energy that mining takes will be improved. Also, Siberia just became a really good option or mining lol.

[nufeils]

Its not wasting, its spending. Everything in life comes with a cost, otherwise Bitcoins would be worthless. Its a trade off for the system to function

[Uberse]

Doesn't bitcoin mining present us with a workable test-case for renewable-energy production?  

[Vitolife]

Many people won't realize the damage that is cost by wasted resources until it is far too late

We won't be able to stop ourselves from destroying every last resource in the name of greed.



"By November of 2020, it’d use more electricity than the entire world does today. That’s bad. It means Bitcoin emits the equivalent of 17.7 million tons of carbon dioxide every year, a big middle finger to Earth’s climate and anyone who enjoys things like coastlines, forests, and not dying of mosquito-borne diseases. Refracted through a different metaphor, the Bitcoin P2P network is essentially a distributed superintelligence utterly dedicated to generating bitcoins, so of course it wants to convert all the energy (and therefore matter) in the universe into bitcoin. That is literally its job."

(Source: Wired, December 15 2017)

This is just FUD, this is based on assumption on the energy consuption based on current mining equipment and growing difficulty but as you know, the energy efficiency and hash power of mining devices is improving with every new generation. There will be definitely some growth in consumption of energy but it would be very minor compared to this FUD prediction, also the mining of bitcoin is using the most efficient/cheapest energy sources - water, solar so the miners can maximize their profits. You can compare it with gold mining - only portion of gold is used for real pursposes, rest is for store of value but the impact on environment is much bigger - chemicals, energy, waste, landscape destruction. Bitcoin is a gold disruptor, store of value, gold 2.0 with many advantages.

[pixie85]

Its not wasting, its spending. Everything in life comes with a cost, otherwise Bitcoins would be worthless. Its a trade off for the system to function

Exactly. By mining Bitcoins we are buying it for fiat with the use of some middlemen. Those middlemen being hardware manufacturers and electricity suppliers. We could do this using the exchange owners as the middlemen and it wouldn't be much different. Somebody has to be paid for us to get cryptocurrency. It can be a guy from craigslist or localbitcoins, it can be an exchange owner or it can be the government if we buy at an auction. Nothing goes to waste!

[Celebrity]

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.

[Mayang04]

Nowadays, many uses bitcoins as transferring virtual money. It is also appealing to younger population. They are considered as fintech (financial technology). With this, we are not wasting resources instead we are spending in order to invest. We cannot have want we want if we dont spend something like our time and effort to invest.

[Goorobo]

Mining Bitcoin requires so much computational power and electricity that is unprofitable unless new money comes into the market to pay for the expenses. But ask yourself, if you are not an investor, once you get your bitcoin what will you do with it? If your answer is get rich quick, sell now and cut your losses.

[rodskee]

wasting resources to make digital currencies, thats not true we are here to invest in crypto get good profits and get more knowledge about the new technonolgy of virtual cryptocurrency. If wasting of resources to make digital coin the miner go stop to mined if they get nothing.

[Goorobo]

Bitcoin mining is never profitable in the present. Miners mine currently betting BTC's value will increase later. The market is dependent on fresh money investing in BTC futures. A price crash is coming soon. Smart investors will buy on the dips. Naive investors will panic sell at any price and give their money away.