Stop worrying about how much energy bitcoin uses

[kripkiki12]

Obviously it is energy consuming but in todays world what is not... I think that should not necessarily be an argument against Bitcoin

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[Visteryy]

We as supporters of bitcoin already know that it's totally a false allegation over bitcoin that it consumed the highest electrical energy for mining operations.Critics just want to target bitcoin by any means.Also even if it consumed higher energy,its not related to coal and mostly hydro electric power.

From here we should also have a new plan. To reduce the load on the power instead of it by another energy. Use the energy of the wind or the power of the flow. It is also considered to be a solution to make bitcoin more stable.

[sunflower_11438]

yes, those who don't like bitcoin will look for the side they think is negative
I think if things continue like this
bitcoin prices are getting higher and more energy is needed
instead, it will encourage our creativity to find new types of energy that are environmentally friendly

[timerland]

Yeah exactly. Especially with some mining operations potentially turning to self sustained sources of energy, and the growing supply of cheap electricity made possible by hydro, wind, or solar sources, I don't see any reason why we should worry about the energy that the network uses.

In fact, the energy that bitcoin uses has pretty much little to no significance when it comes to the grand scheme of things, on a global scale.

What really matters is how the energy used in the operation of the network is generated.

This kind of reminds me of a thread saying that we shouldn't go cashless because of all the energy we use once all the population adopts it. It's just as absurd as saying that bitcoin's energy use will be a problem when mass adoption occurs.

[1Referee]

It's just as absurd as saying that bitcoin's energy use will be a problem when mass adoption occurs.

It's called ignorance and somewhat mixed with hypocrisy.

In all cases when people don't use something, they'll consider it useless and in case it consumes a significant amount of resources, it's automatically a waste of resources for them.

People didn't like the internet in the very early days, where it was said that it would be an environmental disaster. If you look back now, where billions of people use and rely on the internet, it's suddenly no longer an issue. I'm pretty sure that Bitcoin will follow the same route where later on people will no longer start throwing with their nonsensical arguments.

And yes, there will always be a good number of nitpickers that regardless of how something works, will not agree with it.

[St4yInTh3D4rk]

I think we no need to worry even if the bitcoin miners uses lot of energy because we have lot of methods to produce the electricity even for few more centuries just like the hydro power,solar,wind power and mainly the nuclear power plants but most of countries excepting the nuclear power plants because it doesn't harm to the environment but in future if there is scarcity for electricity we can use them at great extent.

[Theb]

We will always have that kinds of biased articles where another industry/entity could have save this or powered that but they always fail to see that the world does not run like that way. I am tired of seeing these kinds of articles as they don't give a fair opinion about these kinds of matter, they make it feel like BTC mining is taking away a large portion of the world's overall power consumption and it has taken it away from another country/place that should be benefiting from it when they didn't, Mining Bitcoin didn't really deprived any country from their use of electricity.

[Bezobraznike]

We will always have that kinds of biased articles where another industry/entity could have save this or powered that but they always fail to see that the world does not run like that way. I am tired of seeing these kinds of articles as they don't give a fair opinion about these kinds of matter, they make it feel like BTC mining is taking away a large portion of the world's overall power consumption and it has taken it away from another country/place that should be benefiting from it when they didn't, Mining Bitcoin didn't really deprived any country from their use of electricity.

   Yes we will have that Theb, and truth is that world will depends of renewable energy. Bitcoin energy consummation is
will meet this requirements. Power from water, sun or some third element, there will be many new sources of energy in
the future.
   This article that creator of this thread shared with us is great. It speaks about other side that many people didn`t
hear about. I believe we have nothing to worry about, we having a good direction, and spam news doesn`t hit all
of us.

[deloreswest]

Yes bitcoin mining is only 2% of our daily usage of electricity and also with fast development of cryptocurrency it eould drive the use of better sources of energy. I do read about this on news in internet and i do completly agree. Even old bankong system is use more energy than bitcoin .

[shield132]

You wouldn't stop worrying when Bitfury's largest mining center is built (for example) in your country in tax free zone with the cheapest electricity price in your country and for this reason, civilians have to pay higher rates in electricity bills and the reason why people are angered is 100% logical. It's also hard to believe people that bitcoin isn't scam scheme.

[darkangel11]

You wouldn't stop worrying when Bitfury's largest mining center is built (for example) in your country in tax free zone with the cheapest electricity price in your country and for this reason, civilians have to pay higher rates in electricity bills and the reason why people are angered is 100% logical. It's also hard to believe people that bitcoin isn't scam scheme.

What are you talking about? Why the hell would people have to pay higher bills? Maybe in third world where they need to add a couple hamster wheels in the power station every time someone screws in one more bulb.
The power cost per kWh in a city doesn't change when a car factory or a storage center is built. Why should it change because somebody is opening a bitcoin farm?
Have you ever signed up a deal with a power company? You have to tell them how much power you'll be using and they adjust the rates accordingly. You don't just plug into the nearest transformer.

[shield132]

You wouldn't stop worrying when Bitfury's largest mining center is built (for example) in your country in tax free zone with the cheapest electricity price in your country and for this reason, civilians have to pay higher rates in electricity bills and the reason why people are angered is 100% logical. It's also hard to believe people that bitcoin isn't scam scheme.

What are you talking about? Why the hell would people have to pay higher bills? Maybe in third world where they need to add a couple hamster wheels in the power station every time someone screws in one more bulb.
The power cost per kWh in a city doesn't change when a car factory or a storage center is built. Why should it change because somebody is opening a bitcoin farm?
Have you ever signed up a deal with a power company? You have to tell them how much power you'll be using and they adjust the rates accordingly. You don't just plug into the nearest transformer.

Yeah, you are right, why the hell would people have to pay higher fees? To cover the loss from bitfury, hard to believe but in some countries that happens. Bitfury uses a lot of energy, there are other big miners too, people love easy money in Georgia, they are 3rd country in mining worldwide. So since Bitfury uses a lot of energy with lowest prices, people have to cover that loses. Government increased electricity bills but Bitfury has same rates with more miners and more electricity usage.

[zoeylee]

Let us not worry for that because discipline comes from our own self. Let us just help one another because everyone needs this kind of energy for our daily work. We work because we have daily needs, we need to pay also our obligation for the electric consumption.

[binhvo1505]

But it also causes a loss of natural resources. The big problem here is the loss of resources. The article pointed out that bitcoin digging consumes a lot of energy and natural resources are now running out. We can argue for cheap electricity but can not save electricity.

[wahyu wida]

Did bitcoin use energy ? I am not hear before where bitcoin use energy because I think bitcoin just investment way for increase our money, by investing at bitcoin we can take much profit when bitcoin is growing up and we can take much money with bitcoin, many member have success with bitcoin and get much profit.

we know that for bitcoin mining requires a lot of electrical energy. indeed this must be anticipated if many people of the world use it. maybe with alternative energy sources can be a solution

[DanieIssac]

Do not be so worried about the energy that bitcoin uses, bitcoin miners today know how to use renewable energy like solar panels to save on the electricity they pay. As a result, the cost of bitcoin digging is significantly reduced

[Thanasis]

If we compare the electricity used by the banks all over the world then miners are no where near them which means mining is already saving lot of energy for us.And in future we may see the miners which can produce more hashrate of power with less energy consumption when we compare to the current miners so it is better to work on improving the miners efficiency that crying about it.

[tegacoll86]

Obviously it is energy consuming but in todays world what is not... I think that should not necessarily be an argument against Bitcoin

I am not agree. Ask from those country's people where electricity is to much expensive. Mining is worth it only for those country where electricity is cheap and almost free.

[nicster551]

The word “bitcoin” is as likely to garner feverish excitement as it is glaring criticism. The financial community sees speculative promise in the form of trade that currently has little to no regulation. Meanwhile, others argue that it’s a distraction that detracts from the overall longevity of U.S. financial institutions.

Bitcoin’s energy consumption has become a recent talking point in the debate. A Forbes article published May 30 indicates that bitcoin dramatically increases global energy consumption – and that electricity is its “Achilles heel.”

I am a researcher who studies clean energy technology, specifically the transition toward decarbonized energy systems. I think that the conversation around bitcoin and energy has been oversimplified.

New technologies – such as data centers, computers and before them trains, planes and automobiles – are often energy-intensive. Over time, all of these have become more efficient, a natural progression of any technology: Saving energy equates to saving costs.

By talking specifically about just the consumption of energy alone, I believe many fail to understand one of the most basic benefits of renewable energy systems. Electricity production can increase while still maintaining a minimal impact on the environment. Rather than focusing on how much energy bitcoin uses, the discussion should center around who indeed is producing it – and where their power comes from.

Counting consumption
Unlocking a bitcoin requires an intense amount of computational power. Think of bitcoin as sort of a hidden currency code, where its value is derived by solving a programmable puzzle. Getting through this puzzle requires computer brainpower.

Electricity is 90 percent of the cost to mine bitcoin. As such, bitcoin mining uses an exorbitant amount of power: somewhere between an estimated 30 terrawatt hours alone in 2017 alone. That’s as much electricity as it takes to power the entire nation of Ireland in one year.

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.

Power sources
Bitcoin is certainly consuming an increasing amount of power worldwide, but is it increasing the world’s carbon consumption? Bitcoin miners have traditionally set up shop in China, where coal supplies 60 percent of the nation’s electricity.

Now, bitcoin mining is exploding in areas with cheap power, like the Pacific Northwest. Power there is mainly cheap due to the massive availability of hydropower, a low-carbon resource.

Bitcoin mining in China, with a largely fossil-based electricity source, may indeed be problematic. China is already one of the world’s major contributors of carbon emissions. However, bitcoin mining in Oregon? Not the same thing. Not all types of energy generation are equal in their impact on the environment, nor does the world uniformly rely on the same types of generation across states and markets.

In Europe, for example, Iceland is becoming a popular place for bitcoin mining. That nation relies on nearly 100 percent renewable energy for its production. An abundant supply of geothermal and hydropower energy makes bitcoiners’ power demand cheap and nearly irrelevant.

Similarly, in the hydropower-driven Pacific Northwest, miners can still expect to turn a profit without contributing heavily to carbon emissions.

The right discussion
Like many other aspects of the energy industry, bitcoin is not necessarily a “bad guy.” It’s simply a new, and vaguely understood, industry.

The discussion about energy consumption and bitcoin is, I believe, unfair without discussing the energy intensity of new technologies overall, specifically in data centers.

Rather than discussing the energy consumption of bitcoin generally, people should be discussing the carbon production of bitcoin, and understanding whether certain mining towns are adding to an already large environmental burden.

Although there has been extensive discussion in the media of bitcoin’s energy consumption, I’m not aware of any studies that actually calculate the comparative carbon footprint of the bitcoin process.

Global electricity consumption is going up overall. The U.S. Energy Information Administration predicts that world use will increase nearly 28 percent over the next two decades. But increasing energy consumption is bad only if we aren’t shifting toward less carbon-dense power production. So far, it seems that only miners are currently shifting toward cleaner parts of the world.

So perhaps people should quit criticizing bitcoin for its energy intensity and start criticizing states and nations for still providing new industries with dirty power supplies instead.

https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591

....

Haven't seen many pieces which made an attempt to be objective and unbiased on bitcoin's energy consumption.

I believe this one to be accurate with a single exception. Most bitcoin mining operations in china are powered by hydroelectric plants rather than coal. She is correct in citing coal as producing the majority of china's electricity. However she is incorrect in thinking this translates to bitcoin mining utilizing coal.

Hydroelectric power is cheaper and more affordable than coal generated electricity. Bitcoin miners have mobility due to mining not being tied to any specific geographic area. This makes it the perfect application for "zero carbon emission", environmentally friendly, hydroelectric power and I do believe that is the source miners tap.

Still it is worrying because our Governments will have a huge issue about it. But it the end it would still be useful because crypto will have a great impact in the future.

[arnaudel98]

Obviously it is energy consuming but in todays world what is not... I think that should not necessarily be an argument against Bitcoin

For example China and Iceland has free cost of electricity we can mine 24 hour there. But in my country where electricity is expensive bitcoin mining would never be worth it. We always care about our electricity bills.