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Author Topic: Can blockchain ever be environmentally friendly  (Read 225 times)
doch
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July 22, 2018, 09:52:44 PM
 #41

The blockchain technology has made the transactions and the exchange easier without the need of a middleman. It uses the source of hydro power, as mentioned in the post which is indeed an ecofriendly means of a resource. It eliminates the means of a fuel based resource. Given that it is an online based resource, it is good for the environment.

Even in future we are expecting that it will become more and more popular and more easy for the people to use. I think that it is totally environmental friendly, i cannot see any bad effect of bitcoin on our society, but it will really help the people to increase their income. Bitcoin has already given a lot of profit to people, people have make a good profit from bitcoin investment and still they are confident to get more an more profit by continuing their investment in bitcoin.

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July 22, 2018, 10:11:57 PM
 #42

"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true
Some studies show that the mining of one Bitcoin consumes as much electricity equivalent to the electrical energy used by over 30 households.
A project underway named 4New seeks to produce green energy by turning waste to energy. With the energy produced they will create a mining farm where people can min the top 20 minable coins at a reduced cost and with energy produced from 4New. If you are interested to know more you can check 4New.io
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July 22, 2018, 10:42:29 PM
 #43

Yes , blockchain is and will always be environmentally friendly. That is part of the striking characteristics of blockchain. The decentralized nature alone makes it really exciting.
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July 22, 2018, 11:12:48 PM
 #44

Yes blockchain can be environmental friendly without it been affecting the environment.With renewable energy resources, blockchain can be use to generate electricity which is tradeble on decentralize market.

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July 22, 2018, 11:28:41 PM
 #45

Probably blockchain in a few years will still be a friendship with Bitcoin because of course blockchain is still in dire need of Bitcoin which is now very well known Bitcoin.
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July 22, 2018, 11:31:07 PM
 #46

"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true
It is true that bitcoin mining can take considerable amount of energy ,but it is no where near the deceptive value quoted for banks or visa transactions, because they usually did not include the electricity cost used in running the back office.
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July 22, 2018, 11:49:07 PM
 #47

The blockchain technology has made the transactions and the exchange easier without the need of a middleman. It uses the source of hydro power, as mentioned in the post which is indeed an ecofriendly means of a resource. It eliminates the means of a fuel based resource. Given that it is an online based resource, it is good for the environment.

Even in future we are expecting that it will become more and more popular and more easy for the people to use. I think that it is totally environmental friendly, i cannot see any bad effect of bitcoin on our society, but it will really help the people to increase their income. Bitcoin has already given a lot of profit to people, people have make a good profit from bitcoin investment and still they are confident to get more an more profit by continuing their investment in bitcoin.
Yes, certainly bitcoin helps more people to have income but we all know the fact that bitcoin should be mine per transaction at blockchain and needs continuous power for powerful GPU's to have faster mining and I believe that this is not a problem for environment since there are many green energy power source to be use.

Nicholas Ferreiraa
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July 30, 2018, 01:11:46 AM
 #48

Why not. I have read an article and here are the possibilities that blockchain technology can protect the environment and reduce climate change: On the change factor: due to its high transparency, Blockchain technology encourages change. change, aiming at perfecting the product or production process in a positive way; Co2: This technology can calculate a tax on a product based on the amount of carbon discharged. Create product quality control systems for companies based on emissions; Financial Treaties: Blockchain technology has the potential to reduce market manipulation and financial fraud; Renewal: encourage re-use by evaluating the impact of renewable programs and monitoring the provision of bonuses; Energy: Increasing the impact of peer-to-peer technology is a technology that allows users to generate electricity with renewable energy, such as the sun, which can help the poor to use. the use of electricity in a particular area when natural disasters occur; on the formation of a supply chain: the traceability of the production process from the origin of the item to the store becomes clearer. Reducing CO2 emissions and polluting activities during monitoring.
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July 30, 2018, 02:33:39 AM
 #49

I think Blockchain is environmentally friendly, which pollutes the environment by digging Bitcon, not Blockchain technology. At present, Blochchain technology is being researched and applied to protect the environment. Blockchain can help individuals and companies see their interaction with the environment and encourage them to take more environmentally friendly actions. The Blockchain platform can be used to track the amount of carbon released in each product, plant and biogas waste, or a company's standardized waste management system. their. With Blockchain's foundation, monitoring the release of CO2 in each product is possible. If the technology is applied in the production process, the taxation of the product becomes more public with the company. This encourages companies to take higher responsibilities with the products that they offer you. In addition, it helps produce products that are more environmentally friendly.
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July 30, 2018, 02:55:03 AM
 #50

Blockchain can be environmentally friendly. Blockchain applications can help save energy. The Blockchain platform can help us to generate electricity for ourselves. Peer-to-peer-based power systems will reduce the need for power conversion over a distance, which means that "exchanges" on Blockchain can optimize the transfer of power to the place. Others are in need. Traditional energy is being managed by the government, which creates a lack of influence in the distribution of energy. And part of the world is affected by natural disasters or poor areas. Some projects are based on blockchain technology of energy: Transactive grid is a collaboration between Consensys and lo3, based on Blockchain can solve any problem. Suncontract is a block-based peer-to-peer application. It exchanges solar and other renewable energies. Based on its foundation, the Blockchain system allows organizations, companies and individuals with direct investment cards in the field of renewable energy. Escochain is the Uber's founder Blockchain project, which aims to create a platform for users who want to invest in renewable energy.
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July 30, 2018, 03:18:35 AM
 #51

To be honest, things are still in the development phase now and hence it might be true that Bitcoin mining is consuming high energy, however, I am sure that we will see improvement in the coming years as we are moving towards sustainable growth.

* Bitcoin Green’s Hugh Naylor on How to Mine Crypto Without “Destroying The Environment”.

* Huge Wind Farm to Power Bitcoin Mining Will Be Built in North Africa - Bitcoinist.com.

We cannot ignore the opportunity cost and expenses of using and ignoring Bitcoin mining activities.

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July 30, 2018, 03:26:01 AM
 #52

However, I think POW mechanism and POS mechanism have their own advantages.
If you need to solve the environmental problem, you only need to switch to the POS mechanism to solve the problem.

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August 01, 2018, 04:09:22 AM
 #53

"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true

If you measuring the energy consumption in Iceland, of course bitcoin mining will cost electricity more than peoples home because the population of the country is not too many. In some big city, bitcoin mining is not consuming energy more than the usage in industrial factory.

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August 01, 2018, 04:15:37 AM
 #54

It is true that the mining of bitcoins does require a lot of electricity, and I think that mining will be more environmentally friendly with the progress of the community, and some areas in North America are now discussing the possibility of using solar panels for mining.
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