Bitcoin consuming too much Electricity.

[Aileen C.]

Your right. Anyways everything we have at home consumes electricity. Like our appliances, light etc. In BTC we consume electricity while we do this kind of business since we do monitor unto stock market and internet technology. But then imagine with BTC you earn, and gain from it so nothing to lose.

Indeed! Though BTC uses more electricity, atleast you gain profit from it. Its like your investing a business and electricity is one of your kind of capital . Anyways businesses do electricity so I think theres no difference yet BTC is more advantage.

it uses  electricity but it also gains something in return, unlike watching TV.

Good point. There's so much electricity being wasted around the world and people are complaining about bitcoin mining.
Your gaming PC with dual GPUs uses almost as much as a decent miner. Is gaming a productive activity? I'd argue that it's much less productive than supporting a crypto network.

What about things left in standby mode? They are the biggest unproductive energy consumers in the world. Nobody cares about that, but suddenly mining is such a big deal.

So if an item left on standby uses 1 watt an hour (i.e. it is brand new and adheres to the new 1 watt legislation), then it uses 1kWh for every 1000 hours it is on. There are 8760 hours in a year, so it will use 8.76kWh in a year. Currently 1kWh from one of the big 6-energy company costs 14 pence, so over a year that will cost £1.23 to do nothing!
TV (10 YEARS OLD)
An old TV uses 12 watts an hour, so it uses 1kWh for every 83 hours it is on (in standby). There are 8760 hours in a year, so it will use 106kWh in a year, which at today’s prices equates to £15, again to do nothing.

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[Exister]

Bitcoin does not consume too much energy.

It consumes enough energy. Bitcoin must always consume as much energy as possible. even though technology makes energy cheaper and computation more efficient, blocks must always be as difficult as possible to generate.

If difficulty becomes low it becomes too easy to attack the network with fraudulent blocks.

its possible that only one proof of work consensus algorithm in the world should be operational.

[pixie85]

I don't see anything wrong with consuming power to mine Bitcoin as long as you're paying for it. If there's a certain wattage available for sale it shouldn't concern the seller what the buyer does with it. What if he decided to simulate lightnings. There was a Soviet project that focused on creating lightning storms. They were using amplified power to shoot lightnings into the clouds to make rain and do various experiments. Was that a waste? Pretty much, because the research was abandoned and the whole facility is in ruin (you can google the pictures).

[gakadem]

yes you are right, electricity is indeed the number 1 constraint for miner bitcoin
china even now prohibits bitcoin mining because it is considered as a waste of electricity, that's what I read in the news of the end of this

[Aveatrex]

I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?

Yeah I agree with you.
That's the main downside about bitcoin. It consumes alot of energy I would loved more bitcoin if it had the technology Proof of Stake.
With Proof of Stake,miners are not needed.Some altcoins has that feature (like Raiblocks) and I really like it though.
Hopefully the renewable energy will actually help Bitcoin ( yes,goveneements may take actions against it just because it consumes alot of energy)

[aljun107]

Mining really take up a great amount of electricity. So engaging into mining may require some graphics card for you to have an effective yet effecient mining. I am also planning to start mining becauseI already have someof the requirements.

[jeluhtajem]

yes it is true bitcoin mining does require electricity with very large power
because in demand to always make active devices that are used as a tool miner bitcoin
and it becomes a problem, it seems the miners must have an alternative energy so as not to disrupt and bad for the environment

[sikke1]

40% of world Electricity is made with burning Coal. In China lol what 80%? Single bitcoin transaction is consuming Electricity worth 200$(random number I personally guess). Bitcoin Core network can handle 7-14 transactions /second.  VISA is making 2000-4000 transactions / second. None knows whats VISA transaction cost / electricity / waste of resources. But what we all know is that Money will pay for it. As long as Money comes to pay salaries networks work..... Who cares that some military/space expenses are waste when someone is paying for it.

Bitcoin is most polluting waste of energy there is but Money will pay for it.

Money = ledger some government(US) is willing to back up

[emuLOAD]

You _actually_ think Bitcoin is the most polluting thing in the world? You think it's the biggest energy waster?

We are touching levels of pathetic here.

[Crypington]

I think the issue is that moving along the block chain and creating new coins does not have to be as energy intensive as it has become.  Bitcoin was designed to be mined by CPUs, and I don’t think the creators ever envisioned this arms race to hashing power to not only cause it to become so centralized, but to take away the “voting power” of the common user.  

It don’t know how to fix it, but the current state is analogous to asking people if they’d prefer their car gets 40 miles to the gallon, or 40 gallons to the mile.  Bitcoin is way over using the energy needed to accomplish its goal.

[coolcoinz]

The issue is farfetched about the fact that mining bitcoins consume too much energy. Miners pay for energy, but it is enough to provide all the inhabitants of the earth.

Of course! Ever heard of the surplus energy every nuclear power plant produces? Every single huge energy supplier has this excess energy and has to do something with it. It's not like you can just shove a megawatt here and there and heat up someone's yard. They have enough of it that they could insert a heating cable under every road and melt the snow instead of trying to push it, sand it or salt it.

Blow it out the top - France chose to build expensive additions to a subset of their nuclear plants which allow them to divert steam to cooling towers without going through turbines. Basically, they turn the heat generated by the nuclear plant into hot air with no economic benefit.
Shove it uphill - California chose to build a lot of pumped hydro to give its nuclear fleet something to do at night and in other lulls. This was an expensive infrastructure project which allowed them to overbuild nuclear, spend money to push water uphill, then spend money to let it out when needed.
Pay someone else to take it - Ontario chose to build grid connections to New York state among other jurisdictions. When Ontario has too much nuclear on the grid, they try to sell it to the USA. When New York has too much cheap fossil electricity of their own, they demand that Ontario pay them to accept Ontario's excess energy.

https://www.quora.com/Where-does-surplus-electricity-go-Is-the-difference-made-up-entirely-by-adding-easily-regulated-energy-sources-like-hydropower-and-natural-gas-plants-on-top-of-nuclear-or-are-there-other-mechanisms-in-use

[jancukiyah]

Yes, the people who mining bitcoin should search the other option for energy. Their should think about the effect used a lot of energy to this earth. It's so dangerous for me. If you can minimize the energy, it's the best way I think. Don't make anybody's get dangerous just from your activity.

[DragonCoinZ]

Of course bitcoin is using a lot of energy. But the normale FIAT Money system uses a lot more energy. Just calculate all banks and all the server of the banks how much energy they using for a currencies who dont is even one cent worth. SO instead of bashing bitcoin and cryptocurrencies for the energy they used, they should change to the real money system from fiat money to cryptocurrencies so we can shut down all the banks and the energy they use.

[kareninsf]

Does anyone know where the energy comes from for giant mining farms in places such as China and Mongolia? China is planning on opening mining farms in Canada now - at least Canada as cleaner energy (water).  I heard something about btc and energy on NPR radio show science friday recently, and their expert said a bitcoin transaction takes 5000 times more energy to process than one visa transaction.
It definitely  seems to be a problem. I hope people can adopt sustainable methods to mine- seems difficult :/

[PeRo]

I happen to know a person that is mining Bitcoins and uses solar panels for electricity, he hoped to cut the expenses on electricity, but our stupid country demands taxes that are pretty high and it comes to a same price plus you pay pretty big for the panels. But he is happy to help save the enviroment as much as he can and he keeps buying solar panels even though it is not worth it. More and more people mine with electricity from solar panels because it is cheaper and it will help a lot.

[bitcoinveda]

yes bitcoin need to environmental friendly it is harming natural resources if we have healthy eco system it is good for industry all together

[fmasta]

I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?

I agree with you. But there is another way out of this situation. Start to mine other more interesting and promising crypto-currencies. Switch your steady attention. Give bitcoin time to restore and update its technological features.

[Guiii]

This is something I don't agree very much. Of course someone can be able to produce BTC or other crypto with green energy but the main problem is just that it is a way too energy guzzling, no matter it is a green energy. This will limit the future possibilities and the future of cryptos will be the one that is really green in the sense of "few eneergy guzzling".

I'm still looking for the crypto that will fill those criterias and this will be the future currency, trust me !

[denisaardelean]

I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?

I agree with you that investors on miners should invest on renewable energy but their power consumption not even a fraction of the industrial and manufacturing company.

There are already miners shift to renewable practice to save money.  Renewable energy may expensive to start but it is more cheaper in the long run.

The idea of ​​using renewable energy to exploit bitcoin is great, I've also heard about this issue quite a lot. But the use of renewable energy means you have to invest a huge amount of money so few miners will accept it. In order to be able to use more renewable energy for bitcoin mining, I think bringing together many miners together and investing in renewable energy will then exploit bitcoin with the same power. create. This is a way to reduce the initial cost of installing equipment that creates renewable electricity.

[sopromat]

I think miners should start invest on renewable energy source (solar panels, wind turbines) to lessen the impact of bitcoin on environment?

In fact, i am looking to expand all my rig to more than 50 Cards, but i do not know what to do.. if i do not buy a solar panel, i am going to be paying more than $3,500 worth of Electricity bills per month, and this is true, lmao.