Will bitcoin destroy the world?

[FlightyPouch]

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

-snip-

Then if these Bitcoin transactions consume such energy, then other digital currencies do too and if you are joining a campaign, that means you are also transacting this digital currencies and also destroying this world, and it do not makes sense since this transactions do not really consume this kind of energy unless you are owning a lot of rigs that can power a whole city.

[ppppph35]

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?

Why can't we think about this issue from another angle? The energy cost is that miners use money to buy it. They have to pay for it, or else they use other energy, just like I bought a hot dog on the street. I can decide that this hot dog is my own To eat or give homeless people, I own it, so I think the issue of energy is ridiculous.

[vvfvcxl]

Yes, bitcoin will destroy the world. So you quickly sell your bitcoin and wait for the destruction of the world. Energy will be used because Bitcoin is used up. Then countries fight for energy and a war breaks out. Then the world is destroyed by war

[btcrut2017]

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.

I agree that bitcoin build the world. The effect of its profit into our country are making our economy grow. People can now buy healthly foods. We can now provide good education to our children. We can buy our needs. I cannot comment on the power supply and all becs. I don' t have the idea but i will dig into this to understand more.

[MMS2017]

Bitcoin is the internet based currency and through this we can give the advantages to the world like this many people are doing well and they are earning good amount of money so bitcoin is good for the world the currency system will become very fast and this is a good way to be in the digital money and bitcoin is good for us and for the world as well.

[Russlenat]

I think in the future blockchain will developed energy efficient mining solution to this current problem, but for today the solution for this is by using green energy like solar, wind and water energy to mine bitcoin because this energy is too much efficient in bitcoin mining without destroying the world.

[Rupok]

Bitcoin is not destroying the country but is saving the world from destroying. I think Bitcoin always helps the country.Bitcoin always shows surprise, and the world has taken a step further. Unemployment has decreased due to the intensity of bites and people are able to earn Bitcoin in the house.

[pumbum]

if you look at it without fanaticism, you're right. but we must not forget that the technology does not stand still and in the future there will be no such consumption of electricity, due to the development of mining equipment. and the price will be supported not by complexity, but by liquidity

[Davidbee]

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?

I don't think bitcoin will destroy the world. As far as I know, most of the power resources that are now being used to mine bitcoin are superfluous, and if you don't have to waste it, if you use it to mine it, it will be profitable.

[sgenuine]

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.

And the energy of the sun is the most profitable resource for today. I do not think that Bitcoin is such a great threat to our mankind. Better mind the air and atmosphere pollution.

[yanlap]

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.

Those people who doesn’t know a single word about bitcoin. They are spreading negative and bad news about it. They are just in run to mold people mind about bitcoin. Stop people to buy bitcoin. And discourage those who are the owner of bitcoin to sell their bitcoin. If bitcoin used a lot of energy in mining process. Oil cant be end. If oil end whole world goanna end.

[Nilda]

Nuclear weapons will destroy the world. Renewable sources of energy can be used for mining. Save electricity, save the world! 

[FarmingCoins]

People isn't cashing out on oil barriels... as for it I don't see it being destroy.

[ALI AKBAR]

I think Bitcoin can never destroy the world. This is a misconception. Bitcoin will once again make economic progress around the world. I think the business of Bitcoin is a positive business. Bitcoin business is getting legalized all over the world. Bitcoin is running freely throughout the world. However, due to the popularity of the yes and the increase in Bitcoin, many people may want to destroy.

[genology]

"Destroy" is such a negative term to be associated to a cryptocurrency made to help the world. Bitcoin currency is actually something that supports our life and makes everything easier for people. It is not there to destroy us but it is there to help us.

[Sergey190785]

Bitcoin, on the contrary, brings all the people of the world together. Thanks to the crypto currency, many people improve their quality of life, because the crypto currency allows you to avoid dealing with banks that take huge commissions for transactions

[racistyui]

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?

Think the game is over. Starting to ask myself why do we need crypto again? A dollar is a dollar. Hardly get scammed using a visa card or transacting with my bank. The system we have works. Blockchain will survive but I think crypto is dead. No reason for coins especially bitcoin. Up and down prices, high fees and slow transactions. I feel sorry for all the companies that accepted crypto. Wonder how many are going to go out of business.
Everything in crypto is safe until the scam pulls the plug. Tether could last or go under tomorrow. That's crypto. They claim to be backed by USD. So the price of tether really never moves. So it's a good way to store money for a dip or a crash. Makes you sleep a little better at night knowing if you wake up to a crash you actually could make a profit off it.

[crypki21]

of course not

[Shingaling]

Bitcoin will help the world specially those who have no sufficient money to have a living,bitcoin helps many people to earn money for their future.

[newBIeT]

So you think btc is the only business that uses barrels of oil and other energy sources. I think you re being unfair to btc pointing out and even calculating the effect of it to the environment. A lot of businesses all over the world uses energy to exist or to do what they have to do but still people benefit from it. Even if btc uses what you have stated still people benefit from it. People with great minds does not just sit around wait for the bad effect, alternatives will come gradually and remove what you've been worrying about.