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Dexion
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September 18, 2018, 11:43:30 PM |
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I think, when the world's electricity supply is still large, and has reserves from every source, the world's electricity will be able to handle bitcoin.
in addition, the development of electricity is never stopped, the innovation of electrical energy from various sources has always been used to save world electricity, such as hydroelectric power, solar power, waste power, and steam power.
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"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
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Photographer
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Activity: 157
Merit: 10
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September 27, 2018, 05:11:42 PM |
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I think, when the world's electricity supply is still large, and has reserves from every source, the world's electricity will be able to handle bitcoin.
in addition, the development of electricity is never stopped, the innovation of electrical energy from various sources has always been used to save world electricity, such as hydroelectric power, solar power, waste power, and steam power.
The world does not have "reserves" of electrical energy, since on large scale electricity cannot be stored. It must be produced just when it's needed. So if the Bitcoin network is consuming X energy, that quantity has to be produced in real time, with all the implications of that. |
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dovedove
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Activity: 9
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September 30, 2018, 02:58:42 AM |
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Bitcoin consumes 1% of the world's electricity. Is this worth it? I hope through the PoS protocol as Lightining Network, power consumption will decrease.
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Dmitry.Vastov
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October 02, 2018, 01:51:36 PM |
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One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption. https://digiconomist.net/bitcoin-energy-consumptionThis, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming. Is Bitcoin sustainable as it is? I don't think so - in fact I'm sure it is not. There is a limit to insanity. More data here: https://digiconomist.net/bitcoin-energy-consumptionWhat is likely to happen next? Which are your thoughts? The most important characteristic of bitcoin is its sustainability as it has made its existence since more than a decade and not only this bitcoin is that resource of the world that could hardly be exhausted as now till date there are millions of people around the world who are investing into bitcoin, as I heard the rumour that bitcoin is now consuming 1% of total worlds electricity and will consume double the amount of electricity as consumed the the entire world currently in the coming decade, so this is all rumours and nothing is going to happen like this. |
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AliMan
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October 02, 2018, 02:20:55 PM |
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One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption. https://digiconomist.net/bitcoin-energy-consumptionThis, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming. Is Bitcoin sustainable as it is? I don't think so - in fact I'm sure it is not. There is a limit to insanity. More data here: https://digiconomist.net/bitcoin-energy-consumptionWhat is likely to happen next? Which are your thoughts? The most important characteristic of bitcoin is its sustainability as it has made its existence since more than a decade and not only this bitcoin is that resource of the world that could hardly be exhausted as now till date there are millions of people around the world who are investing into bitcoin, as I heard the rumour that bitcoin is now consuming 1% of total worlds electricity and will consume double the amount of electricity as consumed the the entire world currently in the coming decade, so this is all rumours and nothing is going to happen like this. I think Yes, even its consuming 1% of electricity it is still worth it. Bitcoin is only one that exist for many years and its sustain its existence until now. Also possible to Bitcoin to have changing because many people are now using it. If it continue to be like that possible Bitcoin will be more stronger and successful this time. The only need to do is keep believing to it to continue its legacy of being a best crypto. |
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eashikde
Jr. Member
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Activity: 266
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October 02, 2018, 03:10:36 PM |
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In my opinion, this is not critical and the fact that such energy consumption goes up takes a certain percentage, regardless of which they pay for it. I think if it will cause damage, it will immediately be prohibited to conduct such operations.
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MaximusJune
Newbie
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Activity: 16
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October 06, 2018, 01:31:35 AM |
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The media, politicians and others consider wasting electricity due to the significant bitcoin mining in the world when there are too many other energy-wasting jobs in the world such as pollution and lighting. Other main areas. The issue of energy is not just about exploiting electronic money. In general, electricity consumption has accelerated. We can get energy from many different sources here on our planet, we have to think of ways to have energy or electricity in other ways so that we do not consume most of the main energy sources. The environmental problems arising from the consumption of electricity will not be reversible as long as the exploitation of bitcoin is increasingly difficult. Many farms use solar panels but it is always "wasted" energy.
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RadjorBlade
Newbie
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Activity: 78
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October 07, 2018, 01:31:36 PM |
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I think, when the world's electricity supply is still large, and has reserves from every source, the world's electricity will be able to handle bitcoin.
in addition, the development of electricity is never stopped, the innovation of electrical energy from various sources has always been used to save world electricity, such as hydroelectric power, solar power, waste power, and steam power.
Electricity consumption is indeed a matter of bitcoin, unlike paper money. Bitcoin transactions and mining are very wasteful of electricity, but the solutions offered are not all able to solve the current problem. Maybe one day renewable energy can be a solution, because fossil energy will one day run out. If don't find an alternative and fossil energy runs out, bitcoin ends because the internet cannot be used without electricity. |
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mekie
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Activity: 308
Merit: 11
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October 07, 2018, 02:50:28 PM |
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I very much doubt the 1% figure, itb would be interesting to get more on this and the sources of the information. Just for example lighting-at some point at some where it is dark think of the electricity that alone will use. For me i can't believe in the 1% senario.
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riosakamoto
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October 07, 2018, 06:24:36 PM |
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I don't think that's something to be afraid of firstly I highly doubt that bitcoin is now consuming 1% of the world's electricity like some other members pointed and even calculated it and it does not seem that way secondly since mining is having a bad effect on the environment several initiatives are shining to switch and reverse this situation. many bitcoin farms are starting to use renewable energy using solar and wind-powered mining.
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KingScorpio
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October 07, 2018, 07:49:11 PM |
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One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption. https://digiconomist.net/bitcoin-energy-consumptionThis, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming. Is Bitcoin sustainable as it is? I don't think so - in fact I'm sure it is not. There is a limit to insanity. More data here: https://digiconomist.net/bitcoin-energy-consumptionWhat is likely to happen next? Which are your thoughts? no its actually embarassing, that 1 bitcoin transaction needs the electricity of a european houshold in 2.5 weeks |
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LeonardoDiCrypto
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October 07, 2018, 08:44:11 PM |
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One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption. https://digiconomist.net/bitcoin-energy-consumptionThis, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming. Is Bitcoin sustainable as it is? I don't think so - in fact I'm sure it is not. There is a limit to insanity. More data here: https://digiconomist.net/bitcoin-energy-consumptionWhat is likely to happen next? Which are your thoughts? no its actually embarassing, that 1 bitcoin transaction needs the electricity of a european houshold in 2.5 weeks More than embarassing that is unsustainable. And when something is unsustainable, it usually doesn't last forever. |
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vgk88
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October 07, 2018, 08:47:31 PM |
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If society does not find stronger sources of electricity, over time, Bitcoin will consume an even greater percentage of world electricity. The banking system and gold mining consume energy several times more energy than Bitcoin.
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tenakha
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October 07, 2018, 09:15:53 PM |
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1% of all electricity usage in the world seems as a large percentage. Besides, if so and it's seen as a investment like now, it's not worth it. So, the passion of people making money isn't important from global warming. But using Bitcoin and Blockchain for the benefit of humanity will protect our future and i will support it accordingly.
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KingScorpio
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October 07, 2018, 09:48:00 PM |
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One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption. https://digiconomist.net/bitcoin-energy-consumptionThis, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming. Is Bitcoin sustainable as it is? I don't think so - in fact I'm sure it is not. There is a limit to insanity. More data here: https://digiconomist.net/bitcoin-energy-consumptionWhat is likely to happen next? Which are your thoughts? no its actually embarassing, that 1 bitcoin transaction needs the electricity of a european houshold in 2.5 weeks More than embarassing that is unsustainable. And when something is unsustainable, it usually doesn't last forever. you dont say, i even think entire market will decentralise away from bitcoin, there will be institution managers with their own coins like "graphene coin" or "fusion coin", people have an interest supporting those coins, those coins are being released with economic consumption for doing certain products not for wasting electricity. and they will matter much more besides this forum lost 24% viewers in septembers thats a loss of 4 million from 16.8 to 12.8 million viewers per month https://www.similarweb.com/website/bitcointalk.org#referralsi think the market will forget bitcoin, because the problem is that no one has an interest to support it, except those that own a lot of miners, or those that can build miners. and thats the main problem, why the people stop caring about that coin. |
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gowobonyok
Jr. Member
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Activity: 490
Merit: 2
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October 09, 2018, 02:00:52 AM |
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if the amount of minner continues to increase, the electricity costs will continue to increase. it can even reach 5%. because Minner Bitcoin costs the highest electricity than others.
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Photographer
Member
Offline
Activity: 157
Merit: 10
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November 20, 2018, 09:27:01 PM |
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One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption. https://digiconomist.net/bitcoin-energy-consumptionThis, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming. Is Bitcoin sustainable as it is? I don't think so - in fact I'm sure it is not. There is a limit to insanity. More data here: https://digiconomist.net/bitcoin-energy-consumptionWhat is likely to happen next? Which are your thoughts? no its actually embarassing, that 1 bitcoin transaction needs the electricity of a european houshold in 2.5 weeks More than embarassing that is unsustainable. And when something is unsustainable, it usually doesn't last forever. you dont say, i even think entire market will decentralise away from bitcoin, there will be institution managers with their own coins like "graphene coin" or "fusion coin", people have an interest supporting those coins, those coins are being released with economic consumption for doing certain products not for wasting electricity. and they will matter much more besides this forum lost 24% viewers in septembers thats a loss of 4 million from 16.8 to 12.8 million viewers per month https://www.similarweb.com/website/bitcointalk.org#referralsi think the market will forget bitcoin, because the problem is that no one has an interest to support it, except those that own a lot of miners, or those that can build miners. and thats the main problem, why the people stop caring about that coin. I agree with you, and the fall will probably be spectacular. In fact, I think that the high prices of BTC are mainly caused EXACTLY by the fact that the network consumes so much electricity and for the miners it is necessary that the price rises to pay for their consumption, and with their wealth they can influence the price. |
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IfixTchenTchen
Member
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Activity: 149
Merit: 10
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November 20, 2018, 09:38:25 PM |
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It will be interesting to see what will happen to mining now that the price of Bitcoin is tanking. It's a very delicate mechanism, in this very moment mining BTC has turned more expensive than actually buying Bitcoins - so basically a lot of energy is really thrown away right now since it would be more profitable to switch the moners off - we'll see.
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Bonsaiav
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November 20, 2018, 10:54:23 PM |
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One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption. https://digiconomist.net/bitcoin-energy-consumptionThis, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming. Is Bitcoin sustainable as it is? I don't think so - in fact I'm sure it is not. There is a limit to insanity. More data here: https://digiconomist.net/bitcoin-energy-consumptionWhat is likely to happen next? Which are your thoughts? It seems clear, as said by gentlemand, the amount of electricity consumed by miners has triggered the emergence of some creative ideas among electricity developers, both by individual companies and by the people themselves. With renewable energy, I don't think this has become a problem for the government or society. Honestly, at the moment I don't know the state of the number of miners, are they currently experiencing an increase or even the opposite? If we talk about the benefits, in my opinion bitcoin is the only best alternative for countries with weak economies especially for countries affected by hyper-inflation. Meanwhile bitcoin hasn't been completed in solving the economic problems of the community, I'm very confident this condition will make the existence of bitcoin more calculated, and go further (long life). Because basically, bitcoin can we rely upon more its positive benefits and can provide maximum benefits for its users. |
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Troysen
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Activity: 476
Merit: 10
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November 20, 2018, 10:57:46 PM |
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At the moment if it is sustainable, but when the consumption continues to rise, measures will be taken to reduce it, right now the miners are developing other types of mining protocols, to be able to work more efficiently with the energy, perhaps in the future a fork will be necessary to choose other forms of mining to replace the pow, as pos or other that comes new.
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