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Author Topic: Power consumption of Bitcoin mining  (Read 1049 times)
max fray
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October 04, 2018, 04:13:58 PM
 #61

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, there is already a so-called "proof-of-stake" (PoS) mechanism that does not require mining equipment at all. This would allow saving tons of electricity and could be a nice alternative for those people who are concerned about our Earth. There are already some coins that use PoS and one of them might become as popular as bitcoin just because of being friendly to the environment

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October 04, 2018, 04:40:43 PM
 #62


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?


Developments in the field of bitcoin/crypto mining never ceased nor stopped, it has been a continual effort to find ways to better the mining rigs to make the system more efficient both in process and power consumption.  People have been trying to lower down everything, from cost to the power consumption, and i tell you, there has been a lot of improvement in this area.

Secondly, it is not only the systems and the hardware that are being developed (in the sense of cryptocurrency in general). But developers has been trying to find a much more faster and efficient means of proofing a transaction so that they are verified at a much faster speed and blocks are created in a shorter process.

So i'm sure that we are all set to see how mining methodologies will revolutionize soon.
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October 04, 2018, 04:46:25 PM
 #63

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 has been handled many times in this forum. And it is always exaggerated, whether it is for what purpose, which surely drops the image of Bitcoin. If it's true that mining consumes a large amount of electricity to exploit Bitcoin, of course the government will offer a more reasonable price to minimize this. So you don't have to worry too much about that.
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October 05, 2018, 05:42:22 PM
 #64

bitcoin has been and will remain unchanged, and may be the only cryptocurrency that will be mined physically, not by itself. This means that it is a great tool for long-term investment, thanks to its value
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October 05, 2018, 05:45:33 PM
 #65

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?



Nowadays less energy spent on bitcoin mining..
But not because new-invented technology, it's because people are leaving bitcoin mining due to no more profitable..
Sad truth..
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October 08, 2018, 09:41:32 AM
 #66

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?



Nowadays less energy spent on bitcoin mining..
But not because new-invented technology, it's because people are leaving bitcoin mining due to no more profitable..
Sad truth..

People leave bitcoin mining for good? No, it cannot happen long term. It is a self-regulating feedback loop. You see, when the profitability drops, people leave mining, hashrate drops, then as a consequence difficulty drops and profitability rises.  What you may have been seeing are short term fluctuations. Even the halving didn't hurt profitability long term.
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October 08, 2018, 09:50:09 AM
 #67

People leave bitcoin mining for good? No, it cannot happen long term. It is a self-regulating feedback loop. You see, when the profitability drops, people leave mining, hashrate drops, then as a consequence difficulty drops and profitability rises.

This sounds wonderful in theory. In reality, I believe that some miners do mine at a loss (some know it, some not) and some of them even leave this business for good.
But the chance is bigger the miner keeps mining at a loss than coming back after leaving this.

What you may have been seeing are short term fluctuations. Even the halving didn't hurt profitability long term.

Care to elaborate a little? Halving doesn't necessarily get reflected in the price and I am sure that halving the income for the same work (the difficulty won't drop) and consumption is not great for profitability.

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October 09, 2018, 02:46:00 PM
 #68

A friend of mine said this recently that it takes a lot of time and a lot of electricity energy go down this road. The mechanism of bitcoin mining isn't easy though. His laptop crashes on the regular and it takes a lot to bring it back. So I agree with one of the comments that said that some people who mine bitcoin don't know the cost of what they are doing, and some people who find out at one point leaves the mining business for good. This is so true.

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October 09, 2018, 03:00:25 PM
 #69

I dont think the issues of electricity are the main problem in some countrys. Like my place we use hydro power for electricity and very cheap. Even tough mining bitcoin using a very high power but who care. We earn passive income from it every day and who know what happen if bitcoin price are skyrocket again. It sure about gaining profit the top of list.
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October 09, 2018, 03:55:03 PM
 #70

The algorythms for mining Bitcoin are getting harder and harder to be calculated by the CPU's so they will use more and more energy.
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October 10, 2018, 04:42:57 AM
 #71

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?



Mining bitcoin is requiring much electricity indeed, but i don't think it will be harming our resources.
There are many eco friendly resources that we can use for mining bitcoin if we want create mining farm.
There are several bitcoin mining farms that using solar energy, or other alternate energy to save more resources.

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October 11, 2018, 02:09:16 AM
 #72

electricity consumption for bitcoin minning is too expensive, and that can affect bitcoin in the future. if minning is stopped, can it still continue the bitcoin ecosystem, what survives is only a trader and investor? is that possible?

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October 11, 2018, 02:35:25 AM
 #73

wow 0.5% is very high i think, and 0.5% is from all electricty in the world right? its is very high for electricity consumption, why people still mining? there are many people said that the bitcoin mining is not profitable anymore, the BEP is very long and i think its true from the price of the cryptocurrency and the rig price

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October 11, 2018, 05:14:41 PM
 #74

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?



I think bitcoin mining power consumption won't increased forever because when more peoples join to mining btc, the difficulty of bitcoin mining will rising.
If the mining difficult rising, the rewards for miners will be lower. If the rewards keep lowering, then many peoples will stop mining and the power consumption will decrease.

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October 11, 2018, 06:05:58 PM
 #75

A new study by Power Compare shows that the current consumption of electricity for digital currency is far more than that of more than 20 European countries. Only in some countries have more electricity consumption than Ireland, Croatia, Serbia, Slovakia and Iceland. Interestingly, only three countries in Africa are currently consuming more electricity than Bitcoin: South Africa, Ai And Algeria. According to Power Compare, Bitcoin's annual estimated electricity consumption is about 29.05 TWh - equivalent to 0.13% of global electricity demand.
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October 17, 2018, 11:02:28 PM
 #76

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.
Technology will also find its way into the GPUs and bring the computing power more faster and efficient level. 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.

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October 19, 2018, 08:29:44 AM
 #77

Bitcoin has been alarming people for years because of the amount of electricity needed to mint new virtual coinage.

Bitcoin and most other cryptocurrencies are founded on the notion of an immutable ledger, called the blockchain, which comprises the transfer of value from one party to another.

Cryptocurrency “miners” seek results to a kind of algorithmic puzzle that fits a very specific set to requirements. Every ten minutes on average, a server finds an acceptable solution, and the miner gets a reward from the bitcoin system.

The miner’s combination of solution and transactions is also added to the blockchain. The new block does not become a de facto part of the ledger until a few more blocks are added, because valid solutions are sometimes found simultaneously, and it is not always clear straightaway which will become the longest, winning fork in the chain.

To ensure that coins cannot be minted too quickly, as the overall network’s computational power increases, the bitcoin protocol continually makes it harder to find a putative solution. Miners are obliged therefore to keep upgrading in order to earn rewards as fast as competitors. And more computing power requires more electricity.
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October 19, 2018, 09:09:23 AM
 #78

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?



Off course every year, electricity capacity should always increased by government because economic activity increasing too. I am believe bitcoin mining is economic activity too and it helps people getting extra income from cryptocurrency industry.
I think more power needed by bitcoin mining, more good for bitcoin because the activity on bitcoin increasing and the price must be increasing too

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October 23, 2018, 08:40:19 PM
 #79

WhAt exactly is “staking”? And how do I do it? Is it similar to mining? Thanks.
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October 28, 2018, 12:09:09 PM
 #80

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 is very sustainable and now the very successful crypto currency all over the world and we all know that this is human psychology that in every success there are some people who are being jealous of that success every time and the same thing is happening with bitcoin also there are rumours that in the coming decade it will be using twice the amount of electricity as use by the entire world currently, though the bitcoin mining requires some amount of electricity but this doubling the amount of electricity use of the entire world is completely hypothetical in my opinion.

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