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Author Topic: Banks Consume Over Three Times More Energy Than Bitcoin  (Read 110 times)
najdovski
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August 23, 2018, 11:10:46 AM
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Bitcoin’s network energy consumption has become somewhat of a hot topic as the cryptocurrency grows in popularity. A clean energy researcher, however, says that naysayers are missing critical factors when making their claims.

"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."

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August 23, 2018, 11:49:40 AM
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Miners exploit bitcoin massively by investing a lot of Bitcoin mining machinery. This helps the student to earn a lot of money, but it consumes a lot of electricity to run the Bitcoin-based virtual currency. This is quite affecting the environment when producing too much electrical energy. In addition, the problem is that the price of Bitcoin is going down too because of this reason, when Bitcoin is exploited too massively, Bitcoin discount is also natural.

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August 23, 2018, 01:06:31 PM
 #3

Bitcoin’s network energy consumption has become somewhat of a hot topic as the cryptocurrency grows in popularity. A clean energy researcher, however, says that naysayers are missing critical factors when making their claims.

"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."

Source:
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https://bitcoinist.com/banks-consume-energy-bitcoin/

The Researcher is a idiot.  Wink

There is not enough Hydro electric to supply the amount of electricity needed by bitcoin.

The problem is not the current drain of bitcoin , the problem is the energy drain is growing geometrically.
And that Geometric Grow is greater than all of the Energy Growth of all forms of current energy production (Clean or otherwise).
By 2020 , it will be undeniable how bad bitcoin insane energy waste has become.

Unless someone finds a way to create Limitless Energy , the energy waste of bitcoin will be unavoidable within 2 years.


  
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August 23, 2018, 01:34:56 PM
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Unless someone finds a way to create Limitless Energy , the energy waste of bitcoin will be unavoidable within 2 years.

Won't change anything. It's not Bitcoin's energy consumption that's the main problem politically, but Bitcoin itself. In other words, even if Bitcoin's entire network runs on clean and environmental friendly energy, politicians and other hate filled idiots will find something else to complain about.

Another thing that people for once need to get straight, is the fact that securing almost $1 trillion in transactions every year isn't waste. I would even like to point out that Bitcoin miners are one of the most consistent industrial energy consumers in existence. We at home on the other hand, are the worst ever actual energy consumers, ahum, wasters the world has ever seen. People need to look at themselves instead of pointing their dirty finger at Bitcoin.

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August 23, 2018, 01:43:39 PM
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The Researcher is a idiot.  Wink

There is not enough Hydro electric to supply the amount of electricity needed by bitcoin.

The problem is not the current drain of bitcoin , the problem is the energy drain is growing geometrically.
And that Geometric Grow is greater than all of the Energy Growth of all forms of current energy production (Clean or otherwise).
By 2020 , it will be undeniable how bad bitcoin insane energy waste has become.

Unless someone finds a way to create Limitless Energy , the energy waste of bitcoin will be unavoidable within 2 years.  

Limitless? We don't need a limitless source of energy, we have the Sun. It has a limit and it's only 5 billion years from now Smiley
The Sun delivers more energy to Earth in an hour than we use in a year from fossil, nuclear and all renewable sources combined. That said, I see the problem in not using all of that potential power, not the drain or consuming.
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August 23, 2018, 02:10:58 PM
 #6

This assertion is laughable to say the least.
Only if the poster is aware that , it is estimated that the anount of energy that bitcoin mining consumes  is more than the energy consumped by the entire country of Singapore.
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August 23, 2018, 02:15:22 PM
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Unless someone finds a way to create Limitless Energy , the energy waste of bitcoin will be unavoidable within 2 years.

Won't change anything. It's not Bitcoin's energy consumption that's the main problem politically, but Bitcoin itself. In other words, even if Bitcoin's entire network runs on clean and environmental friendly energy, politicians and other hate filled idiots will find something else to complain about.

Another thing that people for once need to get straight, is the fact that securing almost $1 trillion in transactions every year isn't waste. I would even like to point out that Bitcoin miners are one of the most consistent industrial energy consumers in existence. We at home on the other hand, are the worst ever actual energy consumers, ahum, wasters the world has ever seen. People need to look at themselves instead of pointing their dirty finger at Bitcoin.


The Amount of Energy Waste is not what secures bitcoin, it is the collusion of the Chinese Miners that secure bitcoin, nothing more nothing less.
If the Chinese Miner switched to an energy efficient consensus , it would be just as secure, because the energy waste is not securing it,
the collusion of the majority is securing it. (Look up 51% attack)

The mere fact that Bitcoin's payment system requires more electricity than multiple countries combined is pure stupidity already and it is just going to get worse.

https://digiconomist.net/bitcoin-energy-consumption
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August 23, 2018, 02:16:06 PM
 #8

This helps the student to earn a lot of money, but it consumes a lot of electricity to run the Bitcoin-based virtual currency. This is quite affecting the environment when producing too much electrical energy
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August 23, 2018, 02:22:53 PM
 #9

Bitcoin energy consumption has never been an issue not even a "hot topic". what happened was that last year thanks to the big price rise  that we had the FUDsters exhausted their subjects they usually use and they had no more new stuff to use so they started inventing issues. one of them has been the energy consumption. and the thing that is ignored in their arguments is the utilities that bitcoin is providing.

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August 23, 2018, 02:27:14 PM
 #10

The idea that banks consume more energy than the bitcoin mining is not necessarily so. What makes the energy consumption high is inefficient energy activities, high energy losses etc. The energy crisis, if any should be addressed specifically and in context not using a one off data to generalise the issue on hand

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August 23, 2018, 02:35:22 PM
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Bitcoin energy consumption has never been an issue not even a "hot topic". what happened was that last year thanks to the big price rise  that we had the FUDsters exhausted their subjects they usually use and they had no more new stuff to use so they started inventing issues. one of them has been the energy consumption. and the thing that is ignored in their arguments is the utilities that bitcoin is providing.

People have been warning about the insane energy waste since 2015.
https://motherboard.vice.com/en_us/article/ae3p7e/bitcoin-is-unsustainable
It is not a new concern. In Fact: Proof of Stake was created in 2013 as a solution to the PoW Energy Waste Issue.

Bitcoin is not providing a utility equal to the energy it wastes.
*IE: Visa Network handles far more transactions and requires far less energy than BitWaste.*
*Almost all Proof of Stake coins can outperform bitcoin transaction capacity at a fraction of the energy used.*

Miners could switch to a more energy efficient consensus , even if they only switched to a more energy efficient PoW such as Groestl or x13 .
It would help slow their insane waste.

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August 23, 2018, 02:36:09 PM
 #12

This topic is mainly concerned with speculation. Consumption of a large amount of power for mining of bitcoin is not an acute problem for anyone. Soon the mining of bitcoin will end and the topic will be exhausted.

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August 23, 2018, 02:39:55 PM
 #13

This topic is mainly concerned with speculation. Consumption of a large amount of power for mining of bitcoin is not an acute problem for anyone. Soon the mining of bitcoin will end and the topic will be exhausted.

LOL, WTF  Huh

Bitcoin Mining won't end unless the bitcoin network dies.

So WTF are you Thinking the mining will end?


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August 23, 2018, 02:46:10 PM
 #14

Unless someone finds a way to create Limitless Energy , the energy waste of bitcoin will be unavoidable within 2 years.

Won't change anything. It's not Bitcoin's energy consumption that's the main problem politically, but Bitcoin itself. In other words, even if Bitcoin's entire network runs on clean and environmental friendly energy, politicians and other hate filled idiots will find something else to complain about.

Another thing that people for once need to get straight, is the fact that securing almost $1 trillion in transactions every year isn't waste. I would even like to point out that Bitcoin miners are one of the most consistent industrial energy consumers in existence. We at home on the other hand, are the worst ever actual energy consumers, ahum, wasters the world has ever seen. People need to look at themselves instead of pointing their dirty finger at Bitcoin.

This is something good to read, lolz, 1 trillion being wasted over the security. Yeah and what do we know about the banking at all. I guess they are just fooling the crypto community and this hatred will keep on pushing through the market all the time. Even when the bitcoin is costing so much money then why should anyone be worried about the cost and waste of energy! Ask a bitcoin holder from the 2009's or 10's  and he will buy a total hydro power generation plant for them if they think its getting costly affair for them. LOLZ

   

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Zin-Zang
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August 23, 2018, 02:49:30 PM
 #15

Unless someone finds a way to create Limitless Energy , the energy waste of bitcoin will be unavoidable within 2 years.

Won't change anything. It's not Bitcoin's energy consumption that's the main problem politically, but Bitcoin itself. In other words, even if Bitcoin's entire network runs on clean and environmental friendly energy, politicians and other hate filled idiots will find something else to complain about.

Another thing that people for once need to get straight, is the fact that securing almost $1 trillion in transactions every year isn't waste. I would even like to point out that Bitcoin miners are one of the most consistent industrial energy consumers in existence. We at home on the other hand, are the worst ever actual energy consumers, ahum, wasters the world has ever seen. People need to look at themselves instead of pointing their dirty finger at Bitcoin.

This is something good to read, lolz, 1 trillion being wasted over the security. Yeah and what do we know about the banking at all. I guess they are just fooling the crypto community and this hatred will keep on pushing through the market all the time. Even when the bitcoin is costing so much money then why should anyone be worried about the cost and waste of energy! Ask a bitcoin holder from the 2009's or 10's  and he will buy a total hydro power generation plant for them if they think its getting costly affair for them. LOLZ

LOL,  Cheesy Cheesy Cheesy
You have not purchased a Dam recently.

google.com
Quote
The problem is the huge costs of building dams and the long time it takes to build them.
Itaip� Dam, for example, cost $20 billion and took 18 years to build.
Actual costs for hydropower dams are also almost always far higher than estimated costs - on average around 30 per cent higher.

At the rate Bitcoin Energy Waste is growing , you only got ~2 years to do something , much less 18 years to build a dam.
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August 23, 2018, 02:55:11 PM
 #16

The thing that most of these idiot that are claiming that Bitcoin is using more energy than the Banking sector are missing, is the

fact that they are simply ignoring the electricity to run these financial operations. Let's look at the bigger picture.. If Bitcoin render

these institutions void, then they would not consume electricity to run their buildings, ATMs, Currency manufacturing and safe

keeping etc... so the bigger picture favours Bitcoin.  Wink

Signature space for Hire :->
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August 23, 2018, 02:59:28 PM
 #17

Well AFAIK, bitcoin technology require more electricity power especially when it's difficulty getting increase from time to time.
As I know bitcoin using VGA technology that require  more energy than ordinary process so it's quite confusing when I read the article.
Of course it need more research before finalize !
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August 23, 2018, 03:04:42 PM
 #18

The thing that most of these idiot that are claiming that Bitcoin is using more energy than the Banking sector are missing, is the

fact that they are simply ignoring the electricity to run these financial operations. Let's look at the bigger picture.. If Bitcoin render

these institutions void, then they would not consume electricity to run their buildings, ATMs, Currency manufacturing and safe

keeping etc... so the bigger picture favours Bitcoin.  Wink


The problem, is that Bitcoin Usage is growing exponentially at an alarming speed,
the Banking sector is using ~ the same amount of power as it has every year for the past 10 years.
In other words the Utilities can easily keep up with the Banking sector because it energy growth is gradual and it has been around since even before the utilities. Bitcoin is not even 10 years old and it will be using more than the banking sector within 2 years and keep wanting more.

If you bitcoin fanatics were able to freeze bitcoin energy growth to only 15% per year, it would not be that big a problem as the utilities could meet that.

The Problem is Bitcoin Energy Waste is Growing Exponentially!

Which means more harm to the environment and more harm to poor people when they have to compete for electricity with a rich greedy bitcoin miner.
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August 23, 2018, 03:20:30 PM
 #19

Bitcoin currently uses ~1/3 of the entire banking industry,

Do you have a reliable source for this statistic? I know bitcoin uses a lot of energy but having the said statistic makes literally no sense and is somewhat trying to give banks the positive vibe in here.

The problem, is that Bitcoin Usage is growing exponentially at an alarming speed,
the Banking sector is using ~ the same amount of power as it has every year for the past 10 years.
In other words the Utilities can easily keep up with the Banking sector because it energy growth is gradual and it has been around since even before the utilities. Bitcoin is not even 10 years old and it will be using more than the banking sector within 2 years and keep wanting more.

And at this point, I'm convinced that you just hate bitcoin for what it is now. Idk where are you getting your stats from, and with the amount of digitization and infrastructure added to banks after a couple decades, I don't think their power consumption would be the same as to where it was back then. Imagine, AC units, a bunch of computers, servers etc. etc. are being used by them everyday, and do you think with those added things electricity would remain stagnant? Of course not.


If you bitcoin fanatics were able to freeze bitcoin energy growth to only 15% per year, it would not be that big a problem as the utilities could meet that.

The Problem is Bitcoin Energy Waste is Growing Exponentially!

Which means more harm to the environment and more harm to poor people when they have to compete for electricity with a rich greedy bitcoin miner.


We all know that that would be improbable unless bitcoin switches into some form of greener algorithm, but that would, IMO, decrease the 'value' of the coin itself. Bitcoin's energy waste is not a problem, heck, the world's energy waste problem started from factories and the improper handling of greenhouse gases (CFCs and the likes). Also, garbage disposal is waaaaaay more dangerous and alarming than bitcoin's energy usage and output, but why are we turning a blind eye on to such things? Ahhh let me think, because bitcoin is a piggy bank waiting to be cracked by the banks and governments for profit. It's quite hypocritical to think that the people who seem to care about our environment are actually the same people who are the least concerned about even bigger problems.

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August 23, 2018, 03:27:46 PM
 #20

@dothebeats

Bitcoin makes a massive amount of money , and they can't bother to spend any research to improve their energy efficiency.
All the data is out there, use your time and google it.

Most of you moon junkies, care little about the environmental or personal damage bitcoin does ,
which is why what is coming in ~2 years you will deserve.
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