Will bitcoin destroy the world?

[carlisle1]

Each bitcoin transaction costs 215 kilowatt-hours of energy??

Honestly, I have no idea where these numbers came from,
I would say 2 watt per transaction (not kw).
But if you are so environmentally sensitive person,
why don't you take a closer look,
of how much electricity is being consumed by the banks on a global scale.
There are 90.000 branches with average branch size of 5,000 square feet. This is just the U.S.
A branch is made of concrete and steel and consumes not only Electricity, but Gas and other materials as well.

Bitcoin is the most energy efficient transaction system ever.

Perfect catch mate lol..lets get outside US because in that region air conditioning units arent in deman,lets talk about asia and africa when all of the banks using aircoins and cooling system compute how much energy and electricity they cost than mining bitcoin?and for sure mining bitcoins requires payment for energy consumptions tha can buy another supplies

[nidacoinlove]

Bitcoin mining is based on very high energy costs and environmental costs.

One bitcoin =20 barrels of oil.


How many barrels of oil do you think the industry consumes every year?


10 barrels? 50 barrel?

Each year, the mining industry consumes more than 24 terawatts of energy, the equivalent of 13,239,916 barrels of oil.

Every 10 minutes, 12.5 bitcoins are dug up, meaning 20 barrels of crude oil have been reached since each bitcoin was dug up (not yet traded).

In other words, the amount of energy consumed by the global bitcoin mining campaign is 40 times greater than the amount of energy needed to support the Visa card network.


One bitcoin transaction = one American family USES electricity a week.

According to encrypt the currency analyst Alex DE Vries estimate an index, the currency trading energy consumed each year more than 24 tw, this is equivalent to total energy consumed each year in Nigeria, which has a population of 186 million.


Currently, about 300,000 bitcoins are traded each day. Each bitcoin transaction costs 215 kilowatt-hours of energy.

The average American household USES about 901 kilowatt-hours of electricity a month, which means that each bitcoin exchange consumes enough energy to make an American family comfortable for a week.

What do you think about the energy consumption of bitcoin?

First I do not know if the numbers you provided is accurate, if you can share the link or the resource it would be a nice read. For the I do not think so because every year the world are switching to other sources of producing electricity. Even United states of America, United Kingdom, China and Germany are  the leading countries  that produce renewable energy.You can expect that in the future using oil to produce electricity will be non existent. You do not need to worry about Bitcoin destroying the world because it will not happen.

It is not true, I read an article on some website around four months ago where the same kinda story was published that bitcoin is going to consume the greatest amount of energy by 2020.
There is no such evidence which they can provide because there nothing in real like that. For my personal knowledge I asked a friend who is Bitcoin miner, according to him these are all fake news.
Even if bitcoin mining consumes high power, there are alternate sources to produce energy for example: solar energy could be used for it and also small wind mill unit could be bring to use for the production of power.
In this whole scenario I don't see any destruction happening anywhere. 

[Atits]

Many people believe that Bitcoin is the future currency of our world, others argue that it is a store of value. Whilst both could be true.I think I'll stick with my hypothesis that bitcoin, and its correlative phenomenon, blockchain, are really an advanced Bond villain plot to crash the world's markets ...

[George Khelashvili]

 Will bitcoin destroy the world?

I dont think so, its just bigining new world

[Fappanu]

Bitcoin mining is based on very high energy costs and environmental costs.

One bitcoin =20 barrels of oil.


How many barrels of oil do you think the industry consumes every year?


10 barrels? 50 barrel?

Each year, the mining industry consumes more than 24 terawatts of energy, the equivalent of 13,239,916 barrels of oil.

Every 10 minutes, 12.5 bitcoins are dug up, meaning 20 barrels of crude oil have been reached since each bitcoin was dug up (not yet traded).

In other words, the amount of energy consumed by the global bitcoin mining campaign is 40 times greater than the amount of energy needed to support the Visa card network.


One bitcoin transaction = one American family USES electricity a week.

According to encrypt the currency analyst Alex DE Vries estimate an index, the currency trading energy consumed each year more than 24 tw, this is equivalent to total energy consumed each year in Nigeria, which has a population of 186 million.


Currently, about 300,000 bitcoins are traded each day. Each bitcoin transaction costs 215 kilowatt-hours of energy.

The average American household USES about 901 kilowatt-hours of electricity a month, which means that each bitcoin exchange consumes enough energy to make an American family comfortable for a week.

What do you think about the energy consumption of bitcoin?

Not the bitcoins can break the world. The man can break it, Look at the forest clean fresh air. In the city? What we can see. There are many ways to consume electricty in fact that the bitcoins can help us greatly.

[fanbeila]

I think that you are providing very high numbers which is totally unrealistic.If we try to see every industry based on its electrical consumption,then I swear that there would be no production and hence no development and we would have to return to olden ages.Bitcoin has been targeted by critics for many reasons and this is just another reason.

[qwertyuiop0987654321]

Of course not. Bitcoin is not even that popular to cause that much energy consumption. Besides, there is a natural tlimit to how much energy we can produce, and if bitcoin takes too much of it, then the number of transactions will go down, because such a process could not be sustained.

I don't think Bitcoin will destroy the world rather it helps the world by helping the people living onto it.

[SMD.Shuvo]

Neither it is a complete lie, Bitcoin can not destroy the world. If anyone says that Bitcoin is taking the world to progress, I agree with it but Bitcoin can not destroy the world. This precious world is not yet well promoted. If it is promoted well then people will get a good idea about Bitcoin slowly. Ultimately, Bitcoin Bitcoin can not destroy the world in my eyes.

[bitfocus]

One bitcoin =20 barrels of oil -really! how can that be? do you mean mining one bitcoin costs energy worth of 20 Barrel Oil?

[megamanexe002]

Mankind can product the energy not only from oil. There are wind energy, sun energy. Soon people will switch to this types of energy product.

Yes mankind produces energy any materials around us and not only from oil. But it doesn't mean destroying the world. In my own understanding,people working on these job are knowledgeable enough for this kind of job. so why worry, they are not destroying the world instead they're building economy of the world to a prosperous one.

[Sar elok]

Bitcoin mining is based on very high energy costs and environmental costs.

One bitcoin =20 barrels of oil.


How many barrels of oil do you think the industry consumes every year?


10 barrels? 50 barrel?

Each year, the mining industry consumes more than 24 terawatts of energy, the equivalent of 13,239,916 barrels of oil.

Every 10 minutes, 12.5 bitcoins are dug up, meaning 20 barrels of crude oil have been reached since each bitcoin was dug up (not yet traded).

In other words, the amount of energy consumed by the global bitcoin mining campaign is 40 times greater than the amount of energy needed to support the Visa card network.


One bitcoin transaction = one American family USES electricity a week.

According to encrypt the currency analyst Alex DE Vries estimate an index, the currency trading energy consumed each year more than 24 tw, this is equivalent to total energy consumed each year in Nigeria, which has a population of 186 million.


Currently, about 300,000 bitcoins are traded each day. Each bitcoin transaction costs 215 kilowatt-hours of energy.

The average American household USES about 901 kilowatt-hours of electricity a month, which means that each bitcoin exchange consumes enough energy to make an American family comfortable for a week.

What do you think about the energy consumption of bitcoin?

In my opinion, people who do not like liked bitcoin will still spread negative issues against bitcoin. If you count the numbers against the bitcoin, do you count the numbers against the hospital? Whether the hospital should be closed as well due to the use of electrical power? Think again.

[devinks]

No. Bitcoin still can not master so much in the world economy. unless a part of the world economy is playing on btc it is likely that there will be a lot of price matching in bitcoin

[anzhanbei1214068]

I don't think bitcoin is going to destroy the world, I know that some of the big mining bitcoin factories are powered by some hydroelectric power or solar energy, and these are green energy sources.

[Yakapo]

I don't see how Bitcoin Will destroy the world of anyway it can destroy the world. Just like fiat, its just a currency that has a variety of uses. In fact, when Embraced, BTC can change the world fr the better as it guarantees safe transactions, fast transfer, and is a source of livelihood to most

[cryptojac17]

No. Bitcoin still can not master so much in the world economy. unless a part of the world economy is playing on btc it is likely that there will be a lot of price matching in bitcoin

Bitcoin ks another dimension of currency it is no design to destroy world economy instead it was  designed to uplift the currency system by introducing a new  technology to eradicate the middle man who just using  people money like banking system.

[pat4cryptoreal]

You have make a good analysis of how bitcoin will destroy the world. I want to know if there is any disastrous substance that is always emitted during mining of bitcoin that is dangerous to health and our environment.

[SingAlong]

It is too exaggerated that bitcoin will destroy the world. In fact, Bitcoin will help us to rebuild our world just because of it's potential to help and make our daily living easily. I think bitcoin will destroy our world if we will use it in illegal or criminal ways that can harm our ecosystem, economic and other aspect.

[fairy_fries]

It is not Bitcoin who will destroy the world. The people who will use it illegally, which already have cases right now, are the ones who will destroy the world. Bitcoins will be likely used for evil things coz of it's anonimity and ease of use. Let's just hope that they won't put Bitcoin in this dark side and be blame in the end.

[oginiimaoyani]

Bitcoin will not destroy the the world, but when the users used it wrongly that is when it will have negative effect on the world so to me it will give finacial liberty to the world.

[snaper14]

if you compare a financial system energy consumption with a housheold energy consumption than it is not a very reliable comparison, it seem like comparing energy consumption of a car with the horse. Where we can say horse if more eco friendly.