Is BTC mining is disturbing our planet earth.

[r1s2g3]

 I recently come across the article that says :
"10 U.S. households can be powered for one day by the electricity consumed for a single bitcoin transaction."

If we use so much energy in bitcoin then we can ran out of energy (or we need to shut down the bitcoin network).
Can somebody enlighten me how the balance can be achieved to maintain both the Bitcoin Network and Planet Earth?

source: https://www.cbsnews.com/news/bitcoin-mining-energy-consumption/

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[nc50lc]

What is wrong with the system is the difficulty setting that changes depending on the total hashing power of the last block.
As far as I know, its initial purpose was to make mining balanced, free for all and make the btc supply rate stable. Now it's turning into a war that consumes a lot of resources, by the way, any kind of war is resource extensive.

It is impossible to balance this without anyone from both ends to lose.
We can reduce or designate a fixed difficulty to discourage High Powered mining rigs but you will see the big picture of what will happen later.
There are renewable power sources available that the large mining industries can use but this will not stop anyone from wasting their electricity.

If this became a desperate world issue, we will be needing a desperate counter measures.

[Zhukov0]

Mining should stabilize after some time. Also there are other coins that use Proof of Stake for this exact reason.

[Jet Cash]

Visa and the banking system consume far more energy, and they also require the use of many other resources. Maybe Bitcoin is actually helping to reduce the energy requirements.

Also, one has to lookat the underlying stats. Do they include the energy costs associated with the running of nodes. I think those are pretty negligible, as I would be running the computer anyway, and core is just a background task. However, if you want to publish negativity about Bitcoin, you could imply that all nodes are dedicated to the Bitcoin network and perform no other tasks.

[stantpro]

We have so much energy on planet earth that cannot be exhausted.More so we can
always harness other forms of energy and convert to electrical energy which in turn
becomes the desired electricity.Hence, we have more than enough to mine not only
bitcoin but other crypto currencies also.

[Jet Cash]

We have so much energy on planet earth that cannot be exhausted.More so we can
always harness other forms of energy and convert to electrical energy which in turn
becomes the desired electricity.Hence, we have more than enough to mine not only
bitcoin but other crypto currencies also.

We could start by harvesting all the plastic bottles in the oceans, and converting those into energy. That would be more useful than the damaging fracking process.

[bluefirecorp_]

Proof of work is inefficient. Proof of capacity and proof of retrieval would be better systems. Not a huge fan of proof of stake myself (to earn some, you need some is kinda silly).

Proof of capacity is way more efficient. I can spin a disk for a few watts and store millions of hashes. As opposed to having to grind hashes every day, all day.

We have so much energy on planet earth that cannot be exhausted.More so we can
always harness other forms of energy and convert to electrical energy which in turn
becomes the desired electricity.Hence, we have more than enough to mine not only
bitcoin but other crypto currencies also.

You're an idiot. The sun produces more energy in a second that what the earth can produce in a hundred years.

We have so much energy on planet earth that cannot be exhausted.More so we can
always harness other forms of energy and convert to electrical energy which in turn
becomes the desired electricity.Hence, we have more than enough to mine not only
bitcoin but other crypto currencies also.

We could start by harvesting all the plastic bottles in the oceans, and converting those into energy. That would be more useful than the damaging fracking process.

That's not how energy production works. Are you planning on burning those complex hydrocarbons for heat energy that you're gonna convert into electrical energy through a steam turbine? If so, the efficient of that is so low you'd spend more energy collecting the micro-plastics.

[r1s2g3]

Visa and the banking system consume far more energy, and they also require the use of many other resources. Maybe Bitcoin is actually helping to reduce the energy requirements.

Also, one has to lookat the underlying stats. Do they include the energy costs associated with the running of nodes. I think those are pretty negligible, as I would be running the computer anyway, and core is just a background task. However, if you want to publish negativity about Bitcoin, you could imply that all nodes are dedicated to the Bitcoin network and perform no other tasks.

I am not publishing any negativity on bitcoin. If you do an honest search on internet with topic "how much energy needed to mine bitcoin". then you will surely amuse yourself .
It is our responsibility to use all Natural resources judiciously. Government are imposing carbon tax and various taxes to protect the environment. 
If the reports that are saying bitcoin wastes the energy then we should counter it with facts.
I never run any mining rig so I  have no idea how much energy it consume. 

[r1s2g3]

Proof of work is inefficient. Proof of capacity and proof of retrieval would be better systems. Not a huge fan of proof of stake myself (to earn some, you need some is kinda silly).

Proof of capacity is way more efficient. I can spin a disk for a few watts and store millions of hashes. As opposed to having to grind hashes every day, all day.

Is any crypto currency is using proof of retrieval system. It sounds very interesting system but found it is used for image storage.

[junoreactor]

Proof of work is inefficient. Proof of capacity and proof of retrieval would be better systems. Not a huge fan of proof of stake myself (to earn some, you need some is kinda silly).

Proof of capacity is way more efficient. I can spin a disk for a few watts and store millions of hashes. As opposed to having to grind hashes every day, all day.

Is any crypto currency is using proof of retrieval system. It sounds very interesting system but found it is used for image storage.

Filecoin for instance, it has both: proof of work algorithm and also proof of retrieval which requires nodes to prove that they store a particular file.
Caution needed though, I'll get some information first as I remember reading some bad things about their ICO last year (great benefits given to insiders).
That being said apparently the coin is doing alright right now, with a price over $20 per coin.  

[krigger]

If we get electricity from solar power plants then this won't matter.

[r1s2g3]

Proof of work is inefficient. Proof of capacity and proof of retrieval would be better systems. Not a huge fan of proof of stake myself (to earn some, you need some is kinda silly).

Proof of capacity is way more efficient. I can spin a disk for a few watts and store millions of hashes. As opposed to having to grind hashes every day, all day.

Is any crypto currency is using proof of retrieval system. It sounds very interesting system but found it is used for image storage.

Filecoin for instance, it has both: proof of work algorithm and also proof of retrieval which requires nodes to prove that they store a particular file.
Caution needed though, I'll get some information first as I remember reading some bad things about their ICO last year (great benefits given to insiders).
That being said apparently the coin is doing alright right now, with a price over $20 per coin.  

Thanks for the info.  I am just interested in checking if somebody able to use the concept. But look like they do not have any working product right now.

[r1s2g3]

If we get electricity from solar power plants then this won't matter.

Harvesting Solar energy is currently very expensive and current solar cells are not that efficient.

[avonka]

There will be solutions in the near future for environmentally friendly mining facilities in the Swiss alps.
powered by renewable energy only. It is a good start for mining to go green.