Bitcoin uses too much energy?

[Kprawn]

Let's break that myth down and ask yourself where would that electricity be used and for what? How many lights are burning

in buildings 24/7 that has no significant impact? {Motion sensors would make it much more economical} People are wasting

a lot of electricity and it adds ZERO economical value. Bitcoin use electricity economical to run a financial network that adds

value to the world.   {A lot of that electricity are generated by hydro/solar/wind/thermal, because a lot of the larger mining

farms are located near these plants. ...}  

[prikitiw]

If we compare Bitcoin mining with factories it is certainly bigger for factories to consume Energy, but why is this news really exaggerated by some people, what is it because the factory gives big taxes to the country? I think some people want to make Bitcoin look bad.

[Jating]

https://motherboard.vice.com/en_us/article/7xmvbq/bitcoin-energy-science-world-electricity-demand

Now Motherboard is not the best source for news, but let's consider the implications of this...

Consuming immense amounts of energy is actually somewhat counterproductive if we consider the vision of Bitcoin giving us tools for independence. And it's somewhat unethical because we should not be using more than we need on this earth.

However, we don't really know how much energy it is consuming at this stage, so this could just be another reporter trying to find a story.

Kindly read the article below:

https://phys.org/news/2018-08-energy-bitcoin.html

Indeed, this is a lot, but not exorbitant. Banking consumes an estimated 100 terrawatts of power annually. If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.

Author of the article is Katrina Kelly-Pitou: https://www.linkedin.com/in/katrina-m-kelly-pitou-a8565826/

So it looks like she debunked the myth that Bitcoin consumes so much energy and its somewhat counter productive.

So what the next argument for bitcoin? Greenpeace coming over and claiming Bitcoin is slowly killing the Whales  

[henrytran167]

As my opinion the bitcoin can not use so much energy, but the miner use it to exploit bitcoin or the other altcoin.
i think there are so much thing use more energy than mining bitcoin, hehe.

[tadpole_bitfrog]

https://motherboard.vice.com/en_us/article/7xmvbq/bitcoin-energy-science-world-electricity-demand

Now Motherboard is not the best source for news, but let's consider the implications of this...

Consuming immense amounts of energy is actually somewhat counterproductive if we consider the vision of Bitcoin giving us tools for independence. And it's somewhat unethical because we should not be using more than we need on this earth.

However, we don't really know how much energy it is consuming at this stage, so this could just be another reporter trying to find a story.

I think this is a new industry and people should take advantage of the natural resources to exploit and get rich. Then as technology becomes better, they will find another way to optimize people's lives.
This is a good opportunity for miners. Natural resources will be overcome in the future if we contribute to the education of technology.

[Irfansyed]

Bitcoin and most other cryptocurrencies are founded on the notion of an immutable ledger, called the blockchain, which comprises transfers of value from one party to another. Cryptocurrency “miners” seek results to a kind of algorithmic puzzle that fits a very specific set of requirements. Every ten minutes on average, a server finds an acceptable solution, and the miner gets a reward from the bitcoin system

[Malkova0]

we can not measure how much energy bitcoin, if you have high-end system then it will not consume more energy.

[oceantiger]

I do not believe that presently that bitcoin mining is consuming much energy because the level of usage of bitcoin is still low worldwide and besides there are other cheaper way to source for energy when we look towards renewal energy source. The solar and wind will be of advantage to bitcoin miners.

[Ikpirijor7]

I think its not expending excessively vitality, the news is extremely overstated by a few people, we can utilized another wellspring of vitality to mine Bitcoin, the investor, the auto and manufacturing plants are utilizing more vitality however individuals never understood that, I think a few people need to influence Bitcoin to look awful

[sabihanazir]

In my opinion  that bitcoin mining is very energy consuming and bitcoin consume too much energy in mining, a lot of mining people are spending a lot of energy in mining.

[RomanPetrush]

That's why new crypto and blockchains coming. Because of all understands that BTC takes too much energy. In the nearest future will be very cheaps blockchains.

[Zebulun18]

A lot of vitality is emotional yet banks utilize 3 times more vitality than Bitcoin (source: an ongoing report) A reality is a reality. Shouldn't something be said about the shops having the light turned ON amid the night? Discussing the misuse of vitality, Bitcoin is very far to be a guilty party. Indeed, even a few urban areas understood this and kill the light in the avenues beginning from 11.59 pm

[Bitocek100000]

This problem can be solved by using alternative methods of extracting electricity or using space on the ground with excess electricity, as in the Russian Siberia.

[LEMbo]

Proof of work will be phased out in the future

[metalglowd]

https://motherboard.vice.com/en_us/article/7xmvbq/bitcoin-energy-science-world-electricity-demand

Now Motherboard is not the best source for news, but let's consider the implications of this...

Consuming immense amounts of energy is actually somewhat counterproductive if we consider the vision of Bitcoin giving us tools for independence. And it's somewhat unethical because we should not be using more than we need on this earth.

However, we don't really know how much energy it is consuming at this stage, so this could just be another reporter trying to find a story.

Yes, bitcoin and the project within that bring "Green Energy" i think that's all are just like a lifecycle with no end. just look at some case. People build hardware and use electricity that im sure it's cost is not small.

And then, we see some ICO or project that similiar like that, which is they said "if you buy their coin/token" it also help for green energy. How it will create green energy meanwhile, there's a way to get those coin/token is from eating up the electricity

[Dolarin]

I think it's a temporary problem. More efficient miners using less energy and more efficient ways of extracting energy are being actively introduced.

[aoluain]

Im not sure we need to consider the amounts of energy bitcoin mining is consuming.
I have read other peoples posts about this and its something the media like to focus on
but if we consider bitcoins rival, FIAT currencies all over the world and the energy
used to mint coins and print notes, then transport them all over the world! Thats not
talked about, and if we compare both they are probably on a par.

This idea was posted by another member it it got me thinking about this thing about
energy consumption.

[RippleSpaset]

Yes very much and it's bad.Now it is necessary to solve this problem,who can do it will be able to get rich fabulously . Otherwise, mining farms will not be able to exist as they will bring losses and this is a fact .

[Kertmu]

Therefore Bitcoin is expensive, because it takes a lot of costs. Experts say that the creation of a new Bitoin is about 6K.

[lillyann]

Bitcoin energy consumption is growing very fast - in July it was still approx. 14.5 TWh, in August it was over 16 TWh. What does this mean in practice?

    - one transaction on bitcoin absorbs 185 KWh - kilowatt hours;
    - 185 kWh would be enough to supply 6.5 households in the US for one day;
    - the entire bitcoin market could supply 1 million 483,000 homes;
    - bitcoin is responsible for 0.08 percent. global consumption of electricity.