Will bitcoin destroy the world?

[yanxuanyunshan4]

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?

[Hellas Fos]

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.

[cosmoo]

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.

[Red-Apple]

yes, bitcoin is the only cause of global warming and without it we will have spring all year long. bitcoin is also evil and eats babies.

it is not at all like bitcoin is providing anything useful. and nobody has ever used bitcoin for anything meaningful like as a currency or anything like that. it is just there to waste energy.

[meer45]

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.

[Polipog]

I don't think bitcoin can destroy the world, it is a opposite view of bitcoin. But if we say bitcoin improved economic growth all over the world, I really agree on that, but negative issue of bitcoin business is not a new in bitcoin business, almost everyday there are some forms of negative issues about bitcoin business, maybe because of the rapid popularity and increase of people who access bitcoin that's why a lots of people also wants to destruct the smooth operation of bitcoin.

[Tszunami98]

It is not bitcoin fault people use oil to produce energy. Anyway the tehnological revolution is near and solar or wind energy will be used to produce energy. In 100 years all bitcoins will be mined anyway

[Bitcoinnumberone]

I don't think bitcoin can destroy the world, it is a opposite view of bitcoin. But if we say bitcoin improved economic growth all over the world, I really agree on that, but negative issue of bitcoin business is not a new in bitcoin business, almost everyday there are some forms of negative issues about bitcoin business, maybe because of the rapid popularity and increase of people who access bitcoin that's why a lots of people also wants to destruct the smooth operation of bitcoin.

Bitcoin will actually help build the world. Let's say there are really a lot of effects to our electricity usage amd connections but that be rehabilitated and helped. We just need to be more cautious though to its possible effect to us.

[trecore4]

Okay thats pretty convincing but I have not checked any numbers that you have mentioned here. If that is true then we are already on the verge of setting up the global warming by adding the mining operations of the bitcoin. The global warming already existed however the thing has gotten intense now a days just because of the bitcoin mining. I believe that the electricity companies might be blessed with the top ups that they are getting but they might be tired by producing more energy than the normal rates. These are just events that we can imagine really but they are true and they will affect the worlds environment and the worlds economy in the future.

[Pursuer]

the answer to your long wall of text and all the numbers without reference is a very simple question:
what do you think bitcoin does?

all the talk about how much bitcoin is consuming energy and all the FUD that you added in your title about the "works destroying" is meaningless when you think about the things that this decentralized cryptocurrency known as bitcoin is providing us.

what you said is like you going to a bank and shouting at them that they are destroying the world with one of those signs on a stick saying "the end is nigh" because they have lamps, computers,... on in their branch and they are using electricity...

[bug.lady]

The part with your calculation showing that one bitcoin requires 20 barrels of oil to be burnt is at least sound, and please also note, that the fact you are discussing is on average reflected somehow in bitcoin price. So no problems there.

But the part where you seemlessly reuse the same energy consumption to NOT create bitcoins, but rather confirm transactions, is logically not sound, I am afraid, and your conclusions are far fetched. Amongst others, you are mistaking

• the energy used to confirm a transaction with the energy used by the whole mining industry at the same time
• you count the energy usage at least twice: for mining bitcoins and separately for confirming transactions. They are not separate activities, though

The calculation you are doing with the barrels is interesting because it gives the real world basis for estimating bitcoin price - now and in the future. But you must definitely rethink and rewrite the part two of your post.

[Eragon54]

Bitcoin will surely destroy the world, if you have really use it in bad and abusive ways. As long as we protect it, and use it in eco friendly and good use, we help the world and ourselves as well.

[Yakult]

Nah, I don't think bitcoin cause really a lot. Oil-based energy is not the only one out there. Alternative energy has already been invented. If you're going to compare the people using bitcoin to the entire world population, I say it will only be 1-2 percent. I don't think it is such a waste if you are earning quite to make a living just atleast compensate it by doing the right thing to prevent global warming.

[CryptoBry]

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.

I am also concerned about the environment but we should not be one-sided in deciding if one activity can be damaging to the environment or not. We have to compare Bitcoin with other industries who are likewise consuming power in their everyday dealings. One aspect with Bitcoin is that it is only consuming mostly the power needed to mine the coin and nothing more...unlike other industries which are also using papers and other resources to carry out their business. Bitcoin is paperless and is not polluting any river and if the mining is getting its power from renewable resources then it can less air polluting.

[Traderbtcc]

Nah, I don't think bitcoin cause really a lot. Oil-based energy is not the only one out there. Alternative energy has already been invented. If you're going to compare the people using bitcoin to the entire world population, I say it will only be 1-2 percent. I don't think it is such a waste if you are earning quite to make a living just atleast compensate it by doing the right thing to prevent global warming.

My point exactly. Those numbers are wrong. Not all mining farms mine bitcoin via oil-based energy sources. Solar energy can be used in some mining farms to reduce these harmful gas emissions. And there are only few professional mining farms available so the probability of Bitcoin's emission passing other industries is super low.

[Creepings]

Bitcoin will surely destroy the world, if you have really use it in bad and abusive ways. As long as we protect it, and use it in eco friendly and good use, we help the world and ourselves as well.

How can you say that? Bitcoin is a "digital" currency and it is nothing to factories and cars that emits something that destroys the ozone layer. Bitcoin will not destroy the world, and if there will be a reason that the world will be destroyed, the reason will not be bitcoin but we humans that are little by little killing our home world.

[Hellobx]

I'm curious how to get the cost of digging a bitcoin, which seems unrealistic.
And there is still a lot of power in the world that is currently wasted, and mining bitcoin is just a resource.

[Jeepney_koh]

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?

If you look at the situation before, I think the consumption of energy before and now are just the same. They consume the same amount of energy because people before also use computers and until now. Bitcoin has no direct issues about the destroying of the world because of consumption of ener. Not all people in the world are using bitcoin.

[eert]

Bitcoin will surely destroy the world, if you have really use it in bad and abusive ways. As long as we protect it, and use it in eco friendly and good use, we help the world and ourselves as well.

It is said that the end of the world has said that for so long the world has not yet been destroyed, and it will not be too big for Bitcoin to back this pot. People who hate not knowing Bitcoin have been spreading negative news about Bitcoin.

[imlosser]

No .it is a wrong thinking .why bitcoin destroy  world? you don,t know ?bitcoin is very secure and digital money .we use it very easily buy sell i think bitcoin will be not destroy .it will must very digital in world to money.but it need our work of bitcoin growth about.