Can actually Bitcoin be good for the environment?

[Basshunter]

    Bitcoin is good for the environment. The things that affects the environment is not the bitcoin itself but the tecnology that we used to generate bitcoin. Like mining and other power source that produced radiation.

I would suggest that government in any country must have to adopt the renewable source of energy that is applicable to them such that people from that place may use this source of energy when doing the bitcoin mining operations which requires more electrical power consumption. With this, I would say bitcoin may continue to be good for the environment with no harmful effects to mankind and business transactions will continue to flourish.

You guys think that gov's care about the enviroment, thats so cute of you !

[Argoo]

Bitcoin or any other crypto currency does not pose any threat to the environment. This problem is far-fetched. Yes, electricity is used to extract bitcoin. However, it can be extracted from environmentally friendly sources, such as solar energy, wind energy and others. These sources of energy are inexhaustible. Also, the heat that is generated during the extraction of the crypto currency is also clever. It would be a desire and this process can be used not to the detriment of nature and ecology.

[bjjobg55206]

    Bitcoin is good for the environment. The things that affects the environment is not the bitcoin itself but the tecnology that we used to generate bitcoin. Like mining and other power source that produced radiation.

Compared with the traditional monetary system, the energy consumption of bitcoin is not only its fatal wound, but can be said to be a very economical. Bitcoin consumes a lot of power, but it maintains the operation of the entire Bitcoin network supported by the network. No need for a banknote printing machine Mint, do not need the central bank and the banking system at all levels, do not need complex international exchange system.

[noonc]

I think if this is done, it will result in the unemployment of the great majority of people. Then the distribution of social resources will be chaotic. At that time, people may become bitter about Bitcoin and people will be afraid of things they do not understand.

[Cardan0]

It's almost impossible that the existing banking system uses more electricity (per transaction) than Bitcoin does.

Miners receive the block reward of 12.5 BTC (currently about $125,000) every ten minutes, and in addition to that it has transaction fees.  Apart from the relatively small profit margin which they attempt to make, miners will use electricity (almost) proportionally to the value of the BTC they receive for mining a block.

I'm not saying that the existing banking system is efficient, but even articles like this one that give an attempt to crunch numbers from a pro-Bitcoin perspective end up finding that Bitcoin is extremely inefficient if you think of it per transaction rather than as a whole.

Proof of work is not necessarily a "waste" of electricity - it's important for security - but let's not pretend that the electricity isn't getting used.

Actually, your article just further proves my point, it states that BTC is x60 more efficient, even if it is probably not an objective source. You should take into account the huge waste of the whole system: office buildings, people using fuel to go to them, the immense waste of construction. Even if you were using renewable energy sources, you are using lot of energy that is not directly used to ensure the safety of the net.

A completely different thing is considering the process efficient in itself. I don´t picture BTC going PoS in any future, short or long term, since as today, forks are based on hashing power and the mines are not going to take the first step to self destruction.

Let´s not pretend that I have said that electricity is not being used and let´s put some numbers to the waste of the traditional sector before accusing bitcoin (and Alts for that matter).

[Andri.Ghani]

    Bitcoin is good for the environment. The things that affects the environment is not the bitcoin itself but the tecnology that we used to generate bitcoin. Like mining and other power source that produced radiation.

agree it is really a technological development that affects our environment but where initially stayed a lot of obstacles but after now well developed many people are starting to realize and join.
and until now a lot of income for those who have joined

[Dakshkapoor]

Yes, bitcoin is good for the environment. It does not have any bad effect on the environment. May the consumption of electricity for mining of bitcoins have some effect on environment. But nowadays we many sources of energy which never gonna exhausted for ever like from wind, sun and water.

[dollarneed]

I can not deny that bitcoin has a bad effect to the environment, although it is not large i mean we're living in the technology era where those technologies definitely have a bad impact to the environment, for example, source of electricity that coming from coal or diesel oil, the point is that the miners must find a renewable energy such as solar energy, wind power or water but honestly when we compared it to the banks surely banks have a worse effect on the environment than bitcoin, for example, is cash imagine how many trees have been felled to print the money.

[Cardan0]

To make Bitcoin mining environment friendly we have to focus on renewable energy. We have to generate power from solar ,air and hydro. That's all.

Renewable energies are now a tendency and many of the projects that want to make bitcoin farms to industrial scale are located near the least expensive energy source at the moment - Hydro power - So actually they do already use renewable at large scale.

Obviously, even if so, the energy could probably be used in other applications, so is not 100% friendly.

[Deubila]

When I read this topic I like it, because I think the bitcoin market is a potential market that can invest in to make a big profit, and of course it will also be more beneficial for the environment as it does not discharge waste to the environment. If a plant has a large amount of capital, such as bitcoin and investment, to generate a large profit such as bitcoin, it is likely to produce a lot of waste.

[onnz423]

A lot has been said about mining and about the electricity consumption of the activities related to bitcoin mining. However, I have thought of the alternatives and how other systems produce not just energy waste, but also plenty of useless work and "human waste".

To have a network that can ensure the completeness of transactions, the global accessibility and all the features that bitcoins, and many alts, have at the moment, would probable produce a huge carbon footprint. Just think of the VISA system or the banking system... the amount of people working on it, the waste of commuting to works, the infrastructure.

Thinking of all that, would you still say Bitcoin is bad for the environment?

If you add up the total power required for the visa banking system, all the ATMs, all the card machines, all the servers, I am pretty sure it exceeds bitcoin. In any case, power requirements should never be used to put something down. Energy production via renewable sources is increasing, and an increase in power consumption might actually promote investments into better renewable tech. In the end, energy will be less of a concern when our production easily exceeds our usage (fusion anyone?).

[Eternu]

A lot has been said about mining and about the electricity consumption of the activities related to bitcoin mining. However, I have thought of the alternatives and how other systems produce not just energy waste, but also plenty of useless work and "human waste".

To have a network that can ensure the completeness of transactions, the global accessibility and all the features that bitcoins, and many alts, have at the moment, would probable produce a huge carbon footprint. Just think of the VISA system or the banking system... the amount of people working on it, the waste of commuting to works, the infrastructure.

Thinking of all that, would you still say Bitcoin is bad for the environment?

If you add up the total power required for the visa banking system, all the ATMs, all the card machines, all the servers, I am pretty sure it exceeds bitcoin. In any case, power requirements should never be used to put something down. Energy production via renewable sources is increasing, and an increase in power consumption might actually promote investments into better renewable tech. In the end, energy will be less of a concern when our production easily exceeds our usage (fusion anyone?).

That is correct, we must look at bigger picture here. We can not speak about bitcoins power usage for mining, and not speak about banking system that we have now.

For people to be able to use bitcoin, we do not need banks and many other things that comes with banking system (but i believe that banks will find their way into dealing with bitcoin). All we need are those miners, which use less electric power than all banks.
Also there are people in Sibir who made heat system for their houses from crypto miners, which mean that power that miners use are not just for mining.

From this even a person which knows nothing about bitcoin can see that this is nothing bad a farce. In which bitcoin will be presented as an bad for our environment.
There is no denying that we need to do something about energy production via renewable sources, because we have only this planet.

[Pleione527]

We could use bitcoins to promote a healthy environment, raise funds for restoration projects,with its fast transactions only with the use of internet, no need for people to travel from one place to another to invest thus minimizing the
Car pollution and expenses in materials. Topics to post could also include facts concerning environmental issues which are very timely to make each one of us aware of it.

[Ian Dave]

Yes, I think it would be good for our environment because it can lessen the number of unemployment and can give a money for the people to have a work. It helps them to be wiser in trading and investing.

[Mickznet]

It depends on what power source you are using in bitcoin mining, if your using  renewable source of energy bitcoin is good to our environment.

[Cardan0]

A lot has been said about mining and about the electricity consumption of the activities related to bitcoin mining. However, I have thought of the alternatives and how other systems produce not just energy waste, but also plenty of useless work and "human waste".

To have a network that can ensure the completeness of transactions, the global accessibility and all the features that bitcoins, and many alts, have at the moment, would probable produce a huge carbon footprint. Just think of the VISA system or the banking system... the amount of people working on it, the waste of commuting to works, the infrastructure.

Thinking of all that, would you still say Bitcoin is bad for the environment?

If you add up the total power required for the visa banking system, all the ATMs, all the card machines, all the servers, I am pretty sure it exceeds bitcoin. In any case, power requirements should never be used to put something down. Energy production via renewable sources is increasing, and an increase in power consumption might actually promote investments into better renewable tech. In the end, energy will be less of a concern when our production easily exceeds our usage (fusion anyone?).

That is correct, we must look at bigger picture here. We can not speak about bitcoins power usage for mining, and not speak about banking system that we have now.

For people to be able to use bitcoin, we do not need banks and many other things that comes with banking system (but i believe that banks will find their way into dealing with bitcoin). All we need are those miners, which use less electric power than all banks.
Also there are people in Sibir who made heat system for their houses from crypto miners, which mean that power that miners use are not just for mining.

From this even a person which knows nothing about bitcoin can see that this is nothing bad a farce. In which bitcoin will be presented as an bad for our environment.
There is no denying that we need to do something about energy production via renewable sources, because we have only this planet.

I also read an article in a blog that compares bitcoin use of electricity with many other life activities, such as the light on futbol stadiums or the excesive lighting of many cities, not to mention heating waste.

[Cardan0]

    Bitcoin is good for the environment. The things that affects the environment is not the bitcoin itself but the tecnology that we used to generate bitcoin. Like mining and other power source that produced radiation.

I would suggest that government in any country must have to adopt the renewable source of energy that is applicable to them such that people from that place may use this source of energy when doing the bitcoin mining operations which requires more electrical power consumption. With this, I would say bitcoin may continue to be good for the environment with no harmful effects to mankind and business transactions will continue to flourish.

Renewable energies are also scarce, that means that even if you use renewable sources, you are using electricity that could potentially have other uses, so it is not impact free in any case.

[Cardan0]

    Bitcoin is good for the environment. The things that affects the environment is not the bitcoin itself but the tecnology that we used to generate bitcoin. Like mining and other power source that produced radiation.

Compared with the traditional monetary system, the energy consumption of bitcoin is not only its fatal wound, but can be said to be a very economical. Bitcoin consumes a lot of power, but it maintains the operation of the entire Bitcoin network supported by the network. No need for a banknote printing machine Mint, do not need the central bank and the banking system at all levels, do not need complex international exchange system.

A systema such as bitcoin can also benefit from using the net services in places where there are more renewable sources or electricity is cheaper. So it is, in a way, decentralising the cost of the banking system.

[swogerino]

At the moment mining Bitcoin is not so energy efficient. Many miners including small home miners are mining with normal electricity adding to a small pollution in the environment. Countries like Japan which are far ahead in every aspect of Bitcoin are investing a lot of money in Wind Turbines farms and I believe this to be the most perfect source of energy and to be also clean for the environment.

[Ranly123]

A lot has been said about mining and about the electricity consumption of the activities related to bitcoin mining. However, I have thought of the alternatives and how other systems produce not just energy waste, but also plenty of useless work and "human waste".

To have a network that can ensure the completeness of transactions, the global accessibility and all the features that bitcoins, and many alts, have at the moment, would probable produce a huge carbon footprint. Just think of the VISA system or the banking system... the amount of people working on it, the waste of commuting to works, the infrastructure.

Thinking of all that, would you still say Bitcoin is bad for the environment?

How can it be bad for the environment if it is all digital which do not need resources that can affect the ecosystem. Though it uses electricity for minig, it does not mean i could totally corrupt the environment.