Bitcoin consuming too much Electricity.

[bajigur894784]

Please how do btc utilize too much electricity, like it really consumes electricity? Don't all our appliances do?

from what I know, Bitcoin transactions will be processed and validated by miners in the Bitcoin network. The miners use a special hardware in mining. While in the mine perform calculations and calculations called "hash". Hash operation is needed as a solution to solve complex mathematical algorithms. If the miners are successful, will get a number of new Bitcoin units (rewards), and added with a certain amount of transaction costs.
well .. mining process is what will ensure system security in Bitcoin network. According to Deetman, (Sebastian Deetman is a graduate of Industrial Ecology at Leiden University in 2010) Bitcoin mining process consumes approximately 350 megawatts of electricity. The amount is equivalent to the electricity needs of 280,000 households in America.
Sebastian Deetman started off by referring to Christopher Malmo article on MotherboardVice. Malmo in his article, underlines that the level of electricity consumption in Bitcoin network is quite large. check here for your reference https://motherboard.vice.com/en_us/article/ae3p7e/bitcoin-is-unsustainable

[icanscript]

The idea of too much energy consumption by miners is contrived.
Talk about the amount you can compare with anything. Write the figures for electricity consumption by the banking system.
Or we spend too much energy on the production of dildos!

[webdevmastery]

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

Its normal for you to have high electricity consumption since you are running a huge machine, but its ok if you also earn a lot of money then it was very profitable. Most of the graphics card today is sold out in the market because of the high value of bitcoins in the market.

[jargal]

The idea of too much energy consumption by miners is contrived.
Talk about the amount you can compare with anything. Write the figures for electricity consumption by the banking system.
Or we spend too much energy on the production of dildos!

not sure, I would need to see the figures.

[v0rtecxz]

yes a lot of energy is wasted to get some bitcoin from miners, the idea you propose is very good, better utilize other resources (energy) like Solar panel, wind turbine or water, with energy of course it will be very friendly environment of course can save some expenditure, so the profits will increase, hopefully this idea can be applied as a whole for bitcoin seekers

[drwhobox]

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

renewable energy is the next big thing when it comes to mining crypto currencies. More and more miners are shifting to solarpanels etc. Due to low prices for the long run of their mining rigs. Big chunk of energy are being consumed with regular energy most of them must switch to renewable energy.

[emuLOAD]

You people need a reality check, and to stop commenting on things that clearly are Beyond your competence.

It is shocking to read how many of you seem to think solar would be an environmentally friendly solution for mining, or how somehow renewable enrgy would be cheaper. You are the kind of people that push governments in taking poor decisions that eventually cause unimmaginable harm.

please, study. educate yourselves.

[ovcijisir]

I just think that Proof-of-work algorithm that Bitcoin uses is wasteful on computer resources. I don't see the benefit of POW over POS (Proof-of-stake) algorithm, because POS uses much less electricity. 

[deviltasha]

What's the problem if miners consume electricity if they pay for it or do the necessary work to create it, when did people paying for things they want become a problem. I't be fun if amish/steampunk crossover anti-bitcoin champion emerged out of nowhere though

[Granxis]

Energy consumption has become a huge problem. Bitcoin is consuming billions of kilowatts of energy all over the world for mining. Unfortunately, we are faced with nature. I never thought people could beat nature. Controlling Bitcoin mining is against Bitcoin's.

[postokenlover]

As people increasingly focus on environmental protection, the use of renewable energy to produce bitcoin will be a trend. I think it will bring a new leap to the development of encrypted currency if it is able to use solar energy efficiently. This will greatly reduce production costs and thus reduce transaction costs. It is very good for the popularity of bitcoin.

[ovcijisir]

What's the problem if miners consume electricity if they pay for it or do the necessary work to create it, when did people paying for things they want become a problem. I't be fun if amish/steampunk crossover anti-bitcoin champion emerged out of nowhere though

Yes, they pay for it but they consume so much elecricity that it can harm the environment. I think that solution is in POS (proof of stake) algorithm that is much less wasteful. Even ordinary computer can "mine" those POS coins.

[Ranker]

If people have enough money to pay for electricity, why stop them?

[rainezerr401]

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

Mining is really consuming a lot of electricity if you did not optimize your rig. The best thing to do is research a lot about the graphics card you are planning to buy before getting it because there are specific cheap for best hashrate and all you need to do is figure this out in order to earn more profit through mining.

[blue_nexus15]

What's the problem if miners consume electricity if they pay for it or do the necessary work to create it, when did people paying for things they want become a problem. I't be fun if amish/steampunk crossover anti-bitcoin champion emerged out of nowhere though

Yes, they pay for it but they consume so much elecricity that it can harm the environment. I think that solution is in POS (proof of stake) algorithm that is much less wasteful. Even ordinary computer can "mine" those POS coins.

In order to be able to exploit bitcoin in times of high value and less and less demanding, the digging system must be extremely modern and operating at full capacity, thus consuming a lot of power for bitcoin mining workshops. No one can deny that bitcoin mining is a profitable business, so for long-term survival and no impact on the environment, the mining companies should study the use of energy there. Can recover and not affect the environment. Can be mentioned as: wind, solar energy, sea waves ...

[paul00]

I agree, I think it is the best for the miners to invest on recyclable energies in able to help in decreasing their impact on the environment, hoewver this transition would need more capital and additional equipments in able to facilitate.

[valentinen39]

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.

I do not think that there's a technology that is already existing where renewable energy will be available for mining. The best thing for mining rig to become more profitable is that your area will have a low electricity consumption, just like in china and that's the reason why 30% of the contributor in the market is coming from chinese miners.

[50ouncebrew]

Bitcoin does consume a lot of electricity. Some say too much. There are altcoins that are reducing this though, but I don't think they'll take over BTC anytime soon.

[zabjerr]

I think it's not too strong to eat electricity because you do not always have a bitcoin on your computer, the power of eating electricity is the bitcoin miner, that's great and cost-efficient, but if you do not You do not have to pay for electricity

[eckmar]

Stupid idea. Do you know how much electricity data centers use ? Yeah Google is trying to do something with renewable power but that does not mean anything. You don't complain going on Facebook or Youtube and enjoying yourself, so I guess their data centers don't consume any electricity ? Don't be naive. Everyone here is looking for profit. If it's more profitable to pay for electricity rather than produce it everyone will do so.