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Author Topic: Power consumption of Bitcoin mining  (Read 1049 times)
ongkok87
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September 25, 2018, 07:20:56 PM
 #41

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?



If you compare with fiat currency, cryptocurrency energy cost is still far from them.
for example if you use paper money, you need to cut trees to make paper, electricity for production machines, waste products, etc
I don't think electricity consumed by bitcoin miners will have negative effects on bitcoin future besides it's already known and for the New energy-saving mining method it will be a very good development if that will happen in the nearest future it may be faster and more reliable compare to the present methods and machines.
I think the electricity that will be used as a mine can increase dramatically because more and more miners in the country. so more electricity supply will be used

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CoinsGazer
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September 26, 2018, 01:49:27 AM
 #42

Bitcoin mining uses a lot of energy (electricity). In other words, its impact on the environment depends entirely on the “green performance” of the global energy network. If the global electricity network cannot achieve near-zero emissions by 2050, then the renewable energy industry should be ashamed of the lack of market success. But if it can achieve near-zero emissions, the impact of Bitcoin on the environment is minimal.
1993jochico
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September 26, 2018, 01:56:20 AM
 #43

I think there will be a new method that can use by miners in the future invention is never ending maybe we cant think of it now but maybe someone will, the mining consumption also gives more expenses to the miners and it would be great to to hear out a new way to mine that gives lower expenses.

primeminer
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September 26, 2018, 02:31:08 AM
 #44

I think there will be a new method that can use by miners in the future invention is never ending maybe we cant think of it now but maybe someone will, the mining consumption also gives more expenses to the miners and it would be great to to hear out a new way to mine that gives lower expenses.
mining can indeed give great results if the prices are all the same as in 2017, at that time almost everyone rushed to find coins by mining. different from now all coins have decreased in price so that it gives little profit. even the cost of running a machine is not enough. now I prefer to trade because the capital needed is very affordable.
raymond013
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September 29, 2018, 12:32:25 PM
 #45

The future of bitcoin mining may be more environmentally friendly, but I do not think the bitcoin industry is currently consuming a lot of electricity, and a lot of idle energy sources in some remote areas. However, there must be a way to help save that energy so that the miners can make their money while using the tools necessary to do so. Tapping is not bad, however as you say, it consumes power leading to illegal exploitation, and what's next? I'm not a good end to anyone, but since you risk everything for it, it's the debt you have to pay, sincerely. Do you consider using the most powerful GPUs in the world to play games, wasted rather than running those GPUs to maintain a global currency? Most ASICs in today's development are geared towards energy efficiency and farm operations provided by renewable energy sources, such as hydropower / solar
Dmitry.Vastov
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September 30, 2018, 01:58:31 PM
 #46

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?


There was a rumour all around the world that the electricity consumption of bitcoin is very high and in the coming decade bitcoin will going to use double the amount of electricity as used by the entire world currently so I think this is a work of FUDs and they are trying to bring down the valuation of bitcoin and this is all rubbish because now everyone knows that bitcoin is very sustainable crypto currency and there are millions of people around the world who are investing in bitcoin and they are satisfied with the bitcoin services.
Dragongin
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October 04, 2018, 09:58:44 AM
 #47

Tapping is not bad, however as you say, it consumes power leading to illegal exploitation, and what's next? I'm not a good end to anyone, but since you risk everything for it, it's the debt you have to pay, sincerely. Do you consider using the most powerful GPUs in the world to play games, wasted rather than running those GPUs to maintain a global currency? Most ASICs in today's development are geared towards energy efficiency and farm operations provided by renewable energy sources, such as hydropower / solar / solar. In a report released today, Morgan Stanley analysts estimate that the power consumption for computer systems used to exploit Bitcoin is currently about 0.6%. global bridge.
ETHtotheMOON1
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October 04, 2018, 10:00:30 AM
 #48

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?



well it's quite a lot, I also feel like the energy consumption caused by bitcoin mining should be solved somehow, it's not good to contribute more to the greenhouse effect. We should be more progressive as community than that

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player1001101001
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October 04, 2018, 10:25:18 AM
 #49

I just watched this video and it is very helpful to understand that there are many thing which are consuming more energy as compare to bitcoin mining. But people don't aware of those things, I just recommend to everyone please check out this video and you will get answers of all your questions which is related to power consumption of bitcoin mining.

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dewildance
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October 04, 2018, 10:30:17 AM
 #50

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?



This energy consumption cannot be sustained when we think about the long term. In this respect, we have to take a step in energy production. (For our future, we have to think of it as green energy.) or we should experience technological developments in mining with low energy.
slaz26
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October 04, 2018, 10:32:33 AM
 #51

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?


All this of course small problems of bitcoin and the General sphere of cryptocurrencies, there are problems and more important, well, it's different. that such here small problems can be embodied in one big.

anitaraymonds
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October 04, 2018, 10:37:53 AM
 #52

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?



Bitcoin has been attacked for most part of 2018 and this has really impacted on the market price and value of bitcoin and all these attacks are coming from government on the ground that bitcoin is anonymous and could easily be used for crimes and drugs. If another attack that will be coming from the environmental angle hit bitcoin then there will be much problem for the coins to make it. I will like to suggest that miners should consider another source of energy that is environment friendly like solar, wind and hydropower for energy source. This will go along way to shift attention from bitcoin.  
Snyderfx2
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October 04, 2018, 10:39:42 AM
 #53

Most people only consider the power consumption of bitcoin mining and that is a major scenario in many media broadcasts but no one think about the benefits that majority of people has gained by using bitcoin through effective and efficient transactions methods as a digital currency so bitcoin maybe consuming more electricity than other currencies but it is a fact or a cost that the world can ignore when considering many benefits and advantages it gives to its users

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gorokill
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October 04, 2018, 10:44:21 AM
 #54

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?


The miner's role is very important for blockchain and supports the performance of cryptocurrency itself, it makes good profits for all miners even though the strength required is not small to operate a bitcoin mining rig. Some countries use natural methods to provide electricity at stable and inexpensive prices and give them the advantage of getting good profits from mining.
Blackhammer321
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October 04, 2018, 10:45:04 AM
 #55

To mine the bitcoin is very much needed electricity to use, but I think there will be a way to mine another coin that is more power efficient.

So true. We cannot only use the non-renewable resources to be the only source of energy. People can also used other forms to create electricity. Everything here is in deep need of electricity therefore we cannot really control it because it is a necessity. So the only thing we can do is to find alternatives.
bob123
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October 04, 2018, 11:36:35 AM
 #56

I do believe though that bitcoin mining now is very power consuming. Imagine, at this level of adaption, it already consumes this amount of energy at approximately 4 TPS. I sure hope they find a solution soon.

A solution has already been found. A second layer solution called hashed timelocked contracts (HTLCs).
The most known implementation of HTLC's is the lightning network.

With the LN as a second layer, the TPS capability will heavily increase without increasing the energy consumption.


It might also be worth to mention that the whole energy consumption from the bitcoin network is just a small fraction of the energy consumption from the whole banking industry.
This 'bitcoin is killing the environment' argument is not valid at all. Especially since this assumes that the whole energy is (and will always be) from non-renewable sources. That's not an assumption one can easily make.

giantrobot
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October 04, 2018, 01:39:08 PM
 #57

It is true that the amount of energy used to extract the bitcoin is quite large. But if you compare the energy used in banks, this is still a small number. Too many banks in the world require energy to light and work.  So the power consumption is huge.
Pan Troglodytes
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October 04, 2018, 01:48:56 PM
 #58

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?

The investors who build huge bitcoin mining plants are very careful to maximize their profit and not to waste any part of it, and wasting energy is wasting their profit, too. So they choose the sites for their mining operations very carefully, in effect they locate them in places that:
1) can provide cooling cheaply (cold climate or near-by water reservoirs)
2) have access to cheap energy (close to renewable energy sources, eg. river dams).

In effect, the mining operations use renewable energy, very often the energy that otherwise (if not used) would be wasted anyway. Of course, it is not a rule, but a tendency driven by profit maximization. Anyway, this tendency makes the environmental impact of large scale bitcoin mining much less devastating than the figures from OP would make it to seem to be.
pumbum
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October 04, 2018, 02:56:37 PM
 #59

bitcoin will always be limited to the amount, and thus will be even more limited, because mining is more difficult than POS
Huskarls
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October 04, 2018, 04:02:36 PM
 #60

Today I read this article.....

https://www.ccn.com/bitcoins-electricity-usage-could-power-all-of-austria-in-the-future/

It says in 2018 Bitcoin mining may consume 0.5% of world’s electricity in 2018.
I think this is because the mechanism "PoW" of Bitcoin. It costs a lot of power. And it looks like this statistics only includes Bitcoin, but there are still other coins can be mined.
I am sure for some people this is not environment-friendly and this could be used as the reason to restrict Bitcoin.

Will this affect the future of Bitcoin? or will there be any new energy-saving mining method for Bitcoin or other coins? How do you think about this?



this is still a lot of debate, on the one hand, mining bitcoin is something we can say "damaging" the environment because of inefficient use of energy, while on the other hand many blockchain projects in the name of green energy, but many have not been realized
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