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Author Topic: Power consumption of Bitcoin mining  (Read 1049 times)
carlisle1
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October 28, 2018, 12:24:00 PM
 #81

Of course thats another false news or negative feeds to break bitcoins and cryptocurrency in the eyes of many people.but what we need to learn here is the truth about the energy conservation that most miners using now.so theres no need to listen in what others says
gesdan
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October 28, 2018, 01:31:19 PM
 #82

the GPU, graphics card unit for mining, has the biggest power consumption, like the 1 Rig have the 10 VGA, 1 VGA have 100W, so in 1 RIG it have 1500W, as we know 1500W is the biggest amount of the electricity power

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October 28, 2018, 09:19:53 PM
 #83

Oh, god this is just ridiculous. There are a TON of factors which should be taken in place , one of the biggest is the most of btc mining is done by clean energy sources as hydro ,solar and thermal so who cares about the consumption as long as it does not contribute to climate change and also one can make good arguments that current financial txs consume much more energy.

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charlyee
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October 31, 2018, 10:11:52 AM
 #84

Bitcoin will take more electricity for mining and also have best price too, some countries are restricted to mine minimum number of coins. if want to mine in less electricity better to go for other crypto.
Pan Troglodytes
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October 31, 2018, 11:02:11 AM
 #85

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.

Sure that whoever leaves mining, they do it for good, because to come back they would need to start afresh, make investments again etc.

Rather, what I meant by "people leave mining, hashrate drops" is that people switch between coins that bring most profit. I don't mine today, but back then when I mined you could choose the most profitable coin (it would fluctuate all the time) and I am sure nowadays it is even more automated then back then.

This is why I said that all that self regulates.

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.

Sure, you see, halving is a well expected and timed event. You can incorporate it into your predictions, profit calculations and business plans well ahead of time. As a result, future halvings must be already accounted for in current price levels. Just like dividents or statements of National Bank Officials (capitals intended) are already accounted for in the price levels of stocks ahead of time and only if there is a surprising statement it affects the price after it is announced.

So long term, halving cannot hurt profitability.

Sure, short term all kinds of fluctuations happen (e.g. as there are delays in difficulty calculations, people flock to mine an expensive low difficulty coin, only to change over to the next expensive low difficulty coin when the difficulty of the first one is recalculated).
Impulseboy
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October 31, 2018, 01:26:41 PM
 #86

If you take the energy that is being used (wasted) today by the highly inefficient banking system and compare it to the energy
consumed during the process of mining bitcoins, you will quickly find out that the energy spent in the mining process is not that large.
So I think articles like the one you've linked are misleading. Before blaming Bitcoin, the journalist should start by analyzing the current energy
costs in the highly bloated financial sector (which is something we accept as normal, but it is far from normal).

I think you are right. In terms of what is making global warming and/or climate change worst, bitcoin mining is definitely not the number one reason to blame for it. There are huge corporations releasing toxic wastes and burning fossil fuels. Compared that to bitcoin mining, the latter does not look like a big threat to our environment.
feather7789
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November 01, 2018, 07:26:18 AM
 #87

Bitcoin will receive more electric power while mining the coins, it is not easy thing to mine the coins, mining also need high speed internet and super computers so this is the reason it will take more power.
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November 01, 2018, 07:33:10 AM
 #88

For the sake of the environment that amount of energy to be emitted to the atmosphere will surely be harmful over time. It can also be added to the sins of bitcoin in other to have it destroyed. I am of the opinion that other cleaner sources of energy should be used for the coin mining. There are  other green sources like solar, wind and hydro where the expert can look on for alternative energy sources for crypto mining. We need to do all we can to shift the negative intentions targeted to cryptocurrencies in other to have it destroyed.
mekie
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November 05, 2018, 12:00:40 AM
 #89

I am not sure about the numbers, but mining is certainly a very power hungry operation. Until a more efficient method of mining is devised it will only get more power hungry. green energy solar, wind etc may help but it;s still going to be an issue

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eagle123
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November 05, 2018, 08:12:04 AM
 #90

Bitcoin mining is consume more electric power because mining requires super computers and very high internet and it will also take more time, we should always turn those computers.so mining consumption more power.
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November 06, 2018, 10:07:07 AM
 #91

Oh, god this is just ridiculous. There are a TON of factors which should be taken in place , one of the biggest is the most of btc mining is done by clean energy sources as hydro ,solar and thermal so who cares about the consumption as long as it does not contribute to climate change and also one can make good arguments that current financial txs consume much more energy.

Yeah...to bad that's just a myth

U.S. Senator Warns Closing Montana Coal Plant Will Hurt Bitcoin Mining Industry

Bitcoin mining’s growing demand for cheap energy revived a shuttered coal mine

Bitmain Has Bitcoin Mining Plans For Texas’ Rockdale Coal Mining Town Expansion

You should realize that mining is a business, they need cheap energy and if they can get cheap energy they will use anything, coal, gas, oil, teddy bears or ponies, they will burn anything as long as its cheaper.


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1993jochico
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November 06, 2018, 10:41:18 AM
 #92

If you take the energy that is being used (wasted) today by the highly inefficient banking system and compare it to the energy
consumed during the process of mining bitcoins, you will quickly find out that the energy spent in the mining process is not that large.
This is true there are lots of banks in the whole world and those banks consume a huge amount electricity on their everyday operation.

I wonder why they compute the power consumption of mining bitcoin are they not happy that a miner get high bills and pay it properly?.

lyks15
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November 06, 2018, 01:57:18 PM
 #93

I think there is a point. Bitcoin mining can consume energy so much becausebyou need to open your computer all day all night together with your internet to earn a small amount of bitcoin. I think this is not practical even if you are doing nothing. But think wisely if you are not lossing if you earn small but you have a lot of expenses in energy and internet consumption. And for me it is more practical if you are joining in signature campaign. It is more less expenses and you need to use your mind and you need to follow the timeline in posting but the advantage is it is you dont have to pay more energy and internet consumption.

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rtm125
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November 07, 2018, 10:17:07 PM
 #94

I think the problem of bitcoin and energy consumption is somewhat exaggerated. Look at our world. Advertising signs, factories, residential buildings and commercial, they all consume a huge amount of electricity. And bitcoin mining on this scale is very small.

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jatin729
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November 08, 2018, 06:55:22 AM
 #95

Yeah it is really very bad thing in the crypto. recently i read a news about  Mining. The news was talked about how bitcoin mining can impact our environment and it will lead to global temperature upto 2 degree Celsius by 2033.
For your reference i have added news link
https://www.firstpost.com/tech/science/bitcoin-mining-is-a-significant-contributor-global-warming-warn-scientists-5484091.html 

andriw
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November 08, 2018, 08:01:47 AM
 #96

Energy-saving bitcoin mining methods can only be obtained by innovating computer processors or chips regarding performance and power requirements, I think in the future there will emerge the latest generation of computers that are capable of sophisticated computing but with low electricity consumption.
Pan Troglodytes
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November 09, 2018, 12:45:37 PM
 #97

Energy-saving bitcoin mining methods can only be obtained by innovating computer processors or chips regarding performance and power requirements, I think in the future there will emerge the latest generation of computers that are capable of sophisticated computing but with low electricity consumption.
Low electricity consumption is a very relative statement. Computers of today have extremely low consumption compared to first computers (which occupied multiple rooms in univerisities) while they are extremely more powerful. Sure, you can go further and probably in 50 years people will not believe how we could be using what we are using today.

Anyway, mining can be eco-friendly if it is powered with a dedicated river or wind turbine power station.
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November 09, 2018, 02:23:59 PM
 #98

yeah bitcoin mining will take more electricity to produce coins and also the price of bitcoin is more.
celer
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November 09, 2018, 02:50:44 PM
 #99

yeah bitcoin mining will take more electricity to produce coins and also the price of bitcoin is more.
Today I read the news and saw interesting information that the mining cryptocurrency takes more power than real mining. How you think about this , that is real ?
MMS2017
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November 09, 2018, 03:03:35 PM
 #100

I have read much about bitcoin mining and i come to know that it is good for creation of coins but the cost of power consumption for it is more than coins you can earn so for bitcoin mining consumption power is high and it is the reason that most of the miners are shift to China because the electricity is cheap there so mining is good but cost should be keep in mind before doing any thing in life.

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