Bitcoin uses too much energy?

[daoquanghuan]

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.

Bitcoin mining is a waste of energy, but if we look at exploiting other types of assets such as gold mining, the consumption of energy is still high. As the cost of mining increases, the value of that asset is likely to rise and more people will want it. In the future, bitcoin will become increasingly scarce and difficult to exploit. The more energy, the more valuable it will be

[Ayomiqueen]

Bitcoin is indeed an energy consuming thing with high payment but I think that still get down to the country or region you are has some country energy rate is much better to mine btc like Venezuela which has a very good rate compare to some country with as low as $1000 per block or so and that is getting me worried too because with time the bills will be getting higher and less reward , which in some time it will all get mined and reward will base on trx fees which I think might cause high fee just my opinion though.

[Wajan]

Bitcoin uses too much energy is true, because bitcoin contains a lot of energy, so that bitcoin can generate a lot of coins, high energy finally raises bitcoin coins, currently bitcoin energy is declining.

[Initscri]

There's no doubt Bitcoin uses energy, and probably isn't the most eco-friendly solution.
However, it should be noted, other financial institutions leverage energy as well. From the stock market (and computer manipulating/producing calculations as such) to the banks themselves, everything uses computer power/energy.

It'd be nice to see a fair comparison between the two.

[Jyominall]

Well, if bitcoin really became more costly and harder to mine, than people used other networks that could displace it. Ethereum, for instance, has a cryptocurrency to it as well, and has more energy efficient way to mine. But bitcoin is still very popular

[NavigateSamurai055]

Yes it is right and I guess the community also aware of this and it is hope that soon they will take necessary step about this problem.

[AmyMartin27]

Can comment like that. Bitcoin consumes too much energy, but its exploiters do not accrete. That's bad news for the crypto market and the government.

[Emmax]

According to one widely cited website that tracks the subject, the Bitcoin network is consuming power at an annual rate of 32TWh—about as much as Denmark. By the site's calculations, each Bitcoin transaction consumes 250kWh, enough to power homes for nine days. Naturally, this is leading to concerns about sustainability. Eric Holthaus, a writer for Grist, projects that, at current growth rates, the Bitcoin network will "use as much electricity as the entire world does today" by early 2020. "This is an unsustainable trajectory," he writes.Global energy production obviously can't double in two years, and it would be an environmental disaster if it did. Fortunately, while the Bitcoin network consumes a ridiculous amount of energy, particularly on a per-transaction basis, the situation isn't as dire as critics like Holthaus claim. Bitcoin's energy consumption won't necessarily march steadily upward. Indeed, Bitcoin's energy consumption is designed to fall in the long run. And Bitcoin's energy consumption isn't tied to the number of transactions the network handles. That means that increasing use of the network won't necessarily impose a high environmental cost.

[quynhtran722]

The "digging" of Bitcoin consumes a lot of electricity, and as more and more "miners" get involved in virtual money rushes, the amount of energy needed to dig a coin will increase at a tremendous pace. According to a new study, the entire Bitcoin network could consume 7.7 gigawatts of electricity by the end of the year, enough to power a country like Austria.

And if Bitcoin prices continue to rise as some experts predict, the virtual currency will probably consume 5 percent of the world's electricity. This is a huge number, and shows that Bitcoin in its current state is a very inefficient currency that can not last long and is a threat to the environment.

[kaisa]

When someone says bitcoin sucks a lot of energy, it means that he has little knowledge and does't want to compare with gold mining, banking systems, and money printing. even though they suck more energy.
especially at this time, there are several solar energy manufacturing projects to reduce energy waste for mining farms. logically it makes sense, even though supplying solar energy is relatively low and cannot drive a fully mining farm.
however, I think that to reduce the mining farm burden there must be a division regulation in each country.

[Jhonthor]

Too much energy consumption is one of the arguments they use against bitcoin, they fail to also mention that banks use 4times the value quoted for bitcoin at the least. So which is more at consumption of electricity?

I think as long as it's beneficial it doesn't matter how much energy it uses it won't be a problem at all right?
If we don't use energy to mine bitcoin we still use it for other things to make more money

[cryptolet]

It is  true that bitcoin consume some energy but it can not be compared to the benefits derived from bitcoin mining because with it one can pay off bills.

[Cyptocity]

Bitcoin’s electricity usage is enormous. In November 2017, the power consumed by the entire bitcoin network was estimated to be higher than that of the Republic of Ireland. Since then, its demands have only grown. It’s now on pace to use just over 42TWh of electricity in a year, placing it ahead of New Zealand and Hungary and just behind Peru, according to estimates from Digiconomist.

[HeXecutor]

Well ... in general, if you look and understand the situation, then there are no problems in this sense. People who are engaged in mining are very few in relation to the general population of people. And even if we take into account the mining of the farm, in which all this happens on an industrial scale, even taking this into account in relation to the global electricity costs, the miners occupy a very small part ...

[Emilyp]

Bitcoin mining has been said to use more energy that even some countries are contemplating banning it but currently they are projects pushing for alternative energy sources for crypto mining. Maybe they will be able to solve the issue of power usage.

[Kakarot01]

As a matter of fact we can not gauge how much vitality bitcoin is utilizing but rather we can close it takes more vitality in view of its principle function.It is digital.Transaction is electronic.You need to apply exertion, learning and time.

[mooccowmoo]

Mining gold wastes a lot energy and ressources. Yet we accept it.
The entire banking system needs huge amounts of energy. Yet we accept it.
People are wasting energy in a large scale. Still we accept it.

[HarryBrace]

It is right because it is a huge technology so, it needs a lot of energy to run the whole system and I think they should make their own power plant.

[DannyMarco]

Bitcoin uses too many energy only because it needs too many energy and there is no shortage of energy and if they have no problem then why we face problem.

[A Feeder]

We can't measure how much energy we used to bitcoin as long that you want to used bitcoin whatever you want, if you want to earn profit you will not count that energy that you used because your goal is to have a money not counting the energy that you used.