Power consumption of Bitcoin mining

[israfil]

Although I have a little bit of my ideas about this new thing, I will say something from my mind, electricity is needed to use Bitcoin mines, but by transaction fees. Mine machines are still needed to ensure their transaction

[1713567863]

1713567863

[Cordenne]

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?

Some claim that a proof-of-stake algorithm could prove to be more ecologically sound. Innovations like the Lightning Network could also scale this problem down. Sustainable energy sources such as hydroelectric power has Chinese mines drawing cheap surplus energy from hydroelectric dams. Solar powered mining farms are also a more environmentally friendly approach to the problems posed.

[bitmover]

I wrote about this some time ago.
https://bitcointalk.org/index.php?topic=3167859.msg32757342#msg32757342

Bitcoin mining consumes a lot of energy. But it could hasten renewable energy adoption worldwide.

Renewable energy equipment are expensive for households and the return of the initial investment takes too long. But if the excess energy produced can be directed to mining, the capital recovery can be hasten too. As it is profitable, it will lead people to buy more solar panels to mine bitcoin at their houses (They can't build a coal plant at their homes). As people are buying more solar panels, this will stimulate the research for more efficient and low cost solar panels.

And, as many said before, the banking system consumes way more energy, and even Christmas lights consumes the same amount of energy.

[masudginanjar]

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).

really a friend, a lot of Banks in my country who expend the electricity for its operational activities, such as:

1. use the AC in every Bank room.
2. use electricity for computer server Bank and its client.
3. use of printing machine for transaction paper.
4. ATM electricity usage in some spots.

  so it can be said that Bitcoin mining is nothing more than the electricity used by the Bank. and I am sure it is.

[acheampong64]

It is true though but if a time comes and the utilization of energy by Bitcoin/cryptocurrency mining increases, a solution shall surely arise. Though the concern is gradually rising, a new revolution will come as a panacea

[tonysitaly]

The future of bitcoin mining may be more environmentally friendly, but I don't think the current bitcoin mining industry is wasting a lot of electricity, and a lot of power resources are idle power in some remote areas.

[groundcontrol67]

I am sure that in time the amount of energy used for mining in bitcoin will somehow effect governements decisions towards it. However, there has to be a way to help save that energy so that miners can make their money while using the tools required to do so. Just like how engineers are inventing ways for the mass production of cars to be more environmentally friendly.

[freesia_pnp888]

Mining is not bad, however like you said, it's power consuming which leading to illegal mining, and what's next? this happened: https://btcmanager.com/japanese-police-arrest-16-persons-for-illegally-mining-cryptocurrency/ . i don't it's a nice ending for anyone, but since you risk everything for it, it's debt you should pay, sincerely. but to mine the rest of bitcoin in the short future, these cases will be more, not less.

[stompix]

I wrote about this some time ago.
https://bitcointalk.org/index.php?topic=3167859.msg32757342#msg32757342

Bitcoin mining consumes a lot of energy. But it could hasten renewable energy adoption worldwide.

Renewable energy equipment are expensive for households and the return of the initial investment takes too long. But if the excess energy produced can be directed to mining, the capital recovery can be hasten too. As it is profitable, it will lead people to buy more solar panels to mine bitcoin at their houses (They can't build a coal plant at their homes). As people are buying more solar panels, this will stimulate the research for more efficient and low cost solar panels.

And, as many said before, the banking system consumes way more energy, and even Christmas lights consumes the same amount of energy.

In order to have excess, you must install a lot of panels...a lot.
And solar panels only produce energy during the day, you will need a lot of extra batteries.
Have you run a check on how are you going to recover your investment?

These days it's a pain the ass to make ROI even with 5cents per kW , how many people worldwide do you think have the money to build a solar array to feed two or three s9 miners? Not even talking about being in an area where it's worth putting up solar panels.

You make it sound like it's s simple thing of putting up some panels and start making money...
No, it's not!!!

[levvv]

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

[Lexurdania]

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 that will not affecting on bitcoin future. Electricity cost on bitcoin mining is already known in years and its not affecting on the price. Some country have different electricity cost, beside that right now many renewable techonology we can use to mining bitcoin

[Kakmakr]

Would you consider the use of the most powerful GPUs in the world for gaming, more wasteful than running those GPUs to sustain a global currency? Those GPUs are currently being used for fun, where the hashing power could have been used more productively to sustain a few thousand global Crypto currencies. 

Most of the ASICs in development today are geared to energy efficiency and the mining farms are powered by renewable energy sources, like hydro/Wind/Solar energy. 

[stompix]

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

But after you make them you can sit and relax for about 10 years.
And about transportation, an armored truck doing 100km would roughly consume as much as 5-6 S9 running a whole day.

And, paper bills like the euros are not made from wood pulp, they are made from cotton.

Would you consider the use of the most powerful GPUs in the world for gaming, more wasteful than running those GPUs to sustain a global currency? Those GPUs are currently being used for fun, where the hashing power could have been used more productively to sustain a few thousand global Crypto currencies. 

Most of the ASICs in development today are geared to energy efficiency and the mining farms are powered by renewable energy sources, like hydro/Wind/Solar energy. 

First, you know too well that energy efficiency will not reduce electricity consumption.
If the new miner east just 600 instead of 1200 KW the hashrate will just double as it's cheaper to mine and in the end to electricity burned will be the same.

As for the GPU, gaming part...it's all about options.
Can you experience the same gaming with burning that power? Nope.
Can you make donuts in the parking lot without burning tires and gas? Nope.
But can we have some solution to protect the chain with burning that much electricity? Maybe
And I say maybe because I'm no fan of PoS, but there might be another way to secure the chain.

[maikala]

Power consumption of Bitcoin mining.
In a report released Wednesday, Morgan Stanley analysts estimate that the power consumption for computer systems used to dig 'Bitcoin' is now about 0.6 percent. global bridge. This amount of electricity is more than the average use of 159 countries.

[coinnumber]

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.

[MD Nur Hossain]

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 is essential for Blockchain and it will bring a good profit for all mining. Bitcoin mining rigs will need energy to run. In some countries it will feel the need to use this natural way for the supply of stable and cheap prices. It will give better profits than mining.

[Sponsoredby15]

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 a bias article. They should also include bank electricity consumption because even banks are using computers in every branch and ATM are also everywhere. Compute it all and you will see that Bitcoin is more energy efficient than bank transaction.

[Phan Long]

There is no law that prohibits the use of a person's maximum electric energy, only to increase the rate of income when they use too much energy.
Bitcoin mining has a lot of potential for enrichment, so a lot of people invest in machines to exploit Bitcoin. So much energy is needed for the machines to work.
However, small banks around the world are consuming less and less electricity.
Electronic money is an improvement on the world's currency, it overcomes the complex and expensive disadvantages of traditional trading and the problems surrounding it.

[spiker777]

Seems like a major over exaggeration, I would like to see where they get their numbers from to assume they use 0.5% of the entire world's energy supply, that's incredibly insane. I have seen other reports saying Bitcoin mining consumes more energy than some entire small countries! If that is true, then we should really be working on a solution to improve the power efficiency of the mining network, as 0.5% of the energy supply is just unsustainable if it continues growing.

[pitiflin]

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 now a old school thing. You can't realistically mine bitcoin's and get a nice chunk of it. Not to mention how much the difficulty level of bitcoin is and how costly it is to mine a single bitcoin. Bitcoin isn't environmental friendly exactly because not every single miner would be able to use solar power, so hence they'd obviously use normal electricity, which is a big let down.