Is Bitcoin Mining Really Causing Environmental Damage? Maybe not that much...

[SistaFista]

Yes, bitcoin mining is not really causing damage for our environment.
If you see the real gold mining or other metal mining, they should causing more damage for environment because their waste products.
cryptocurrency mining is only consuming electricity and doesn't have waste products.

[1714942019]

1714942019

[1714942019]

1714942019

[solnce010515]

Humanity is developing now, look around. Yes, the production of bitcoin requires a lot of electricity, as well as the development of electric cars, robots...

[YCryptos]

Probably not.After all, mining consumes energy and as we all know it, we can extract water from the air and from anything,in the flesh to sunlight and rice grains!

[stayeduptolate]

There is this widespread notion that Bitcoin mining is detrimental to the environment, because of all the electricity it consumes. At a quick superficial glance, it seems logical. But in reality, it is not exactly the case.

Who mines Bitcoin and what kind of electricity is used for Bitcoin mining?

Currently, China accounts for about 71% of the mining hash power in the world. The mining farms are based in Western China. But why there?

Hydro power plants have been created in the past for the production of aluminium. Electricity is 60% of the cost to aluminium production through smelting. The aluminium market is oversaturated for years now and China, being a top producer, has cut the production. So they have a huge surplus of hydro energy that is not utilized. For simplicity, imagine a hydro power plant in the fields, surrounded by nothing else. And hydro energy is clean energy. It doesn’t kill trees.

However, the technological infrastructure for transporting the energy to regions that actually need it, is lacking. This overcapacity of energy can’t just be sent to China’s bustling urban centers. Actually it can, but electricity will have to travel long distances, which equals huge losses. Therefore, it would be more economical for a power consumer to be closer to the source of the power. This is where the mining farms and their warehouses have been built. Right next to the close-to-useless hydro power plants. So the majority of miners are using failed energy projects and not investing in new ones.

In order to mine Bitcoin, all you need is mining hardware, internet connection and a simple software and now the unutilized energy is used towards creating a decentralized blockchain system. Unused clean hydro energy is entering the global economy. This is the real mining! At the core of it, we have a Chinese river allowing a rural farmer in Africa get paid for the cotton he produces through the Bitcoin network. The Chinese rivers help a Filipino immigrant in USA to send his payroll to his relatives in the Philippines for cents of a dollar, rather than for a 40% commission fee via Western Union.

But Bitmain and the other pools are making so much money out of it. Is it fair?

Well, gold diggers and oil rigs are also making tons of money. Is it fair? Traditionally, the resource mining business has always been one of the most lucrative. It is at the top of the supply chain. In order for us to go to a gas station and fuel our car tank, someone had to drill that oil first. Gas has value for us as end users. We travel faster than on horses. In order for the gas station to make profit on retail prices, they need to buy that gas from someone first and so on. There is value for everyone in the chain, provided that the product or resource is actually needed.

The value exchange is pretty simple

Unutilized clean energy coming from rivers that doesn’t pollute the air on one hand. And the maintaining of a global decentralized payment system on the other.

So the real question is: “Is a decentralized, open, alternative, state-free monetary system needed?” For the average citizen in a developed country, it may still not be. But for billions underbanked that is life-changing.

A system that allows for 24/7 payments with no borders and close to zero fees. An alternative system to fiat money, that allows people in countries like Venezuela to protect their money and assets in rough times. A system that provides banking for billions in regions where there is no banks.

Conclusion

Unutilized clean hydro energy is being transformed into a global, borderless, open, decentralized, alternative financial system. The air is not being polluted. But the annual profits of banks are! And they will keep pondering how detrimental Bitcoin mining for humanity is. Is this the truth? Decide for yourself.

I would be happy to hear your thoughts on the subject...

I don’t think that bitcoin is causing any kind of environmental damage, the only requirement for using the bitcoin and investing into it is the internet, internet is the only requirement for bitcoin and for other crypto currencies operation too and I have also heard the rumour that in the coming future bitcoin will use twice the amount of electricity as use by the entire world currently and I found to be totally hypothetical and I think that bitcoin is that kind of resource that could never be easily exhausted so I don’t think that bitcoin is causing any kind of environmental damage.

[kit_finance]

I think that mining cryptocurrency Bitcoin, as well as mining any other cryptocurrency does not cause environmental harm to the planet.

[goshay97]

Compared to the governments dropping munitions all day long?  Or Chinese factories?  This is just media fake news hype.  I cannot believe anyone even reads or believes this shit. 

[TheClownSong]

I am believe electricity consumption for bitcoin mining not too much. Not more than 1% from electricity global supply. Beside that, right now many alternative energy and friendly energy that used by miners

[Bitcoinislife09]

There is this widespread notion that Bitcoin mining is detrimental to the environment, because of all the electricity it consumes. At a quick superficial glance, it seems logical. But in reality, it is not exactly the case.

Who mines Bitcoin and what kind of electricity is used for Bitcoin mining?

Currently, China accounts for about 71% of the mining hash power in the world. The mining farms are based in Western China. But why there?

Hydro power plants have been created in the past for the production of aluminium. Electricity is 60% of the cost to aluminium production through smelting. The aluminium market is oversaturated for years now and China, being a top producer, has cut the production. So they have a huge surplus of hydro energy that is not utilized. For simplicity, imagine a hydro power plant in the fields, surrounded by nothing else. And hydro energy is clean energy. It doesn’t kill trees.

However, the technological infrastructure for transporting the energy to regions that actually need it, is lacking. This overcapacity of energy can’t just be sent to China’s bustling urban centers. Actually it can, but electricity will have to travel long distances, which equals huge losses. Therefore, it would be more economical for a power consumer to be closer to the source of the power. This is where the mining farms and their warehouses have been built. Right next to the close-to-useless hydro power plants. So the majority of miners are using failed energy projects and not investing in new ones.

In order to mine Bitcoin, all you need is mining hardware, internet connection and a simple software and now the unutilized energy is used towards creating a decentralized blockchain system. Unused clean hydro energy is entering the global economy. This is the real mining! At the core of it, we have a Chinese river allowing a rural farmer in Africa get paid for the cotton he produces through the Bitcoin network. The Chinese rivers help a Filipino immigrant in USA to send his payroll to his relatives in the Philippines for cents of a dollar, rather than for a 40% commission fee via Western Union.

But Bitmain and the other pools are making so much money out of it. Is it fair?

Well, gold diggers and oil rigs are also making tons of money. Is it fair? Traditionally, the resource mining business has always been one of the most lucrative. It is at the top of the supply chain. In order for us to go to a gas station and fuel our car tank, someone had to drill that oil first. Gas has value for us as end users. We travel faster than on horses. In order for the gas station to make profit on retail prices, they need to buy that gas from someone first and so on. There is value for everyone in the chain, provided that the product or resource is actually needed.

The value exchange is pretty simple

Unutilized clean energy coming from rivers that doesn’t pollute the air on one hand. And the maintaining of a global decentralized payment system on the other.

So the real question is: “Is a decentralized, open, alternative, state-free monetary system needed?” For the average citizen in a developed country, it may still not be. But for billions underbanked that is life-changing.

A system that allows for 24/7 payments with no borders and close to zero fees. An alternative system to fiat money, that allows people in countries like Venezuela to protect their money and assets in rough times. A system that provides banking for billions in regions where there is no banks.

Conclusion

Unutilized clean hydro energy is being transformed into a global, borderless, open, decentralized, alternative financial system. The air is not being polluted. But the annual profits of banks are! And they will keep pondering how detrimental Bitcoin mining for humanity is. Is this the truth? Decide for yourself.

I would be happy to hear your thoughts on the subject...

Reality speaking most of the things existing in this generation contributes negatively to the environment. When it comes to the energy being consumed by bitcoin, I believe it is not much to be an issue. There are other alternative ways to produce energy. Too much consumation of energy is already a problem even before crypto was not made. What people should think is how to make those alternative ways possible and sufficient for every country.

[Wasd009]

In my opinion bitcoin does not cause any damage to the environment and if there are only a few, because when you invest in bitcoin you only need a computer or an internet laptop. Is not that too hard or does it hurt so much?

[btcluisdiki]

I believe that if BTC mining is using renewable source of energy, I think it has a lesser impact to the environment. However, for those btc miners that are using their source of electricity coming from power plants using fossil fuels, I believe this could somehow create a small impact to the environment due to  high electricity consumption where power plants consumes much higher fossil fuels.

[Renai0925]

This is the first time I've heard of this and is actually surprising. Sure bitcoin mining takes a lot of energy to operate especially if you have a farm of miners but was it really to the extent that those countries are running of electricity? And cause havok to the environment? They are paying for that electricity and if they profit more from it then it is their right. There are more environmental problems right now and IF crypto mining IS one of them then it should be the least of our problems. They should focus on plastic wastes first and even smoke emissions. Oh wait, electric cars will be one of the solutions. Would they be an environmental problem also?

[xanaxxx]

There is this widespread notion that Bitcoin mining is detrimental to the environment, because of all the electricity it consumes. At a quick superficial glance, it seems logical. But in reality, it is not exactly the case.

Who mines Bitcoin and what kind of electricity is used for Bitcoin mining?

Currently, China accounts for about 71% of the mining hash power in the world. The mining farms are based in Western China. But why there?

Hydro power plants have been created in the past for the production of aluminium. Electricity is 60% of the cost to aluminium production through smelting. The aluminium market is oversaturated for years now and China, being a top producer, has cut the production. So they have a huge surplus of hydro energy that is not utilized. For simplicity, imagine a hydro power plant in the fields, surrounded by nothing else. And hydro energy is clean energy. It doesn’t kill trees.

However, the technological infrastructure for transporting the energy to regions that actually need it, is lacking. This overcapacity of energy can’t just be sent to China’s bustling urban centers. Actually it can, but electricity will have to travel long distances, which equals huge losses. Therefore, it would be more economical for a power consumer to be closer to the source of the power. This is where the mining farms and their warehouses have been built. Right next to the close-to-useless hydro power plants. So the majority of miners are using failed energy projects and not investing in new ones.

In order to mine Bitcoin, all you need is mining hardware, internet connection and a simple software and now the unutilized energy is used towards creating a decentralized blockchain system. Unused clean hydro energy is entering the global economy. This is the real mining! At the core of it, we have a Chinese river allowing a rural farmer in Africa get paid for the cotton he produces through the Bitcoin network. The Chinese rivers help a Filipino immigrant in USA to send his payroll to his relatives in the Philippines for cents of a dollar, rather than for a 40% commission fee via Western Union.

But Bitmain and the other pools are making so much money out of it. Is it fair?

Well, gold diggers and oil rigs are also making tons of money. Is it fair? Traditionally, the resource mining business has always been one of the most lucrative. It is at the top of the supply chain. In order for us to go to a gas station and fuel our car tank, someone had to drill that oil first. Gas has value for us as end users. We travel faster than on horses. In order for the gas station to make profit on retail prices, they need to buy that gas from someone first and so on. There is value for everyone in the chain, provided that the product or resource is actually needed.

The value exchange is pretty simple

Unutilized clean energy coming from rivers that doesn’t pollute the air on one hand. And the maintaining of a global decentralized payment system on the other.

So the real question is: “Is a decentralized, open, alternative, state-free monetary system needed?” For the average citizen in a developed country, it may still not be. But for billions underbanked that is life-changing.

A system that allows for 24/7 payments with no borders and close to zero fees. An alternative system to fiat money, that allows people in countries like Venezuela to protect their money and assets in rough times. A system that provides banking for billions in regions where there is no banks.

Conclusion

Unutilized clean hydro energy is being transformed into a global, borderless, open, decentralized, alternative financial system. The air is not being polluted. But the annual profits of banks are! And they will keep pondering how detrimental Bitcoin mining for humanity is. Is this the truth? Decide for yourself.

I would be happy to hear your thoughts on the subject...

It's hard to tell whether this is the truth. I mean if really 70% of bitcoin mining energy comes from hydro plants, then it would be surely more ecological than traditional banking.

[jrrsparkles]

Seriously people worried about the energy consumption of miners,nah.There are lot of renewable sources available on the earth from that we can produce enough electricity to power the world but there are lazy overnments who want to blame the bitcoin for the mining purpose,ther are lot of industries who producing useless products so we need to seal them all?

[Wendigo]

I think Iceland is the leading country when it comes to environmentally friendly crypto mining on an industrial scale. Here is an excerpt from a very informative article:

The island nation is the first to use more electricity on mining cryptocurriencies than on its households – thanks in part to its magma-fuelled power plants. But the news from Iceland is the first time cryptocurrency mining within one nation has overtaken productive uses of electricity. Why is Iceland so popular? The answer is simple: location, location and volcanoes. Volcanoes provide Iceland with a cheap and abundant form of renewable energy. Geothermal and hydroelectric plants abound on the island, driving down the wholesale cost of power, which lets bitcoin miners make higher profits as they run their computers 24/7, 365 days a year.

Iceland has a naturally cold climate and a lot of renewable energy sources which make this little country a sought-after destination for crypto mining companies.

[kasurnya]

obviously it damages the environment, because it uses electricity with fossil fuels in excess. it will make natural resources run out quickly. and coal has a limited amount.

[magneto]

Don't think that the problem here is bitcoin mining at all.

Bitcoin mining affects the environment significantly less than the construction of physical branches of banks or even the mining of precious metals which are used pretty much as nothing other than commodities which people hold value in with little industrial purpose.

What really matters is how the energy is being generated, as you said. If it's being powered by hydro, or solar energy, then there is really no harm done to the environment. Of course, this is not 100% right now, but even with coal powered energy, the benefits of maintaining a decentralised payment network like bitcoin far outweighs the minimal impact on the environment when compared to other precious mining activities, as stated above.

[levvv]

I dont think mining bitcoin damaging the earth environment because it doesnt consume too much energy.
The factories in the world are worse than bitcoin mining xompany. What i know, mininng bitcoin only required electricity.

[ZonaCrypto]

If you only look at energy consumption, in a sense, Yes. As well as what damage man causes to nature, not yet invented technology.

[crazymelons12]

Do not forget that no matter what is the source of our electricity still it has some effects. It can still create heat that may not be good to our environment. Too much heat can cause global warming. And global warming can cause a lot of problems to the environment.

[Derizo]

Cryptocurrency mining consumes a lot of electrcity. This electricity is made from non-renewable sources. We have to change our priorities. We should regulate mining in such a way that only solar-power energy is to be used for the mining. Otherwise, this will create a energy crisis.