Bitcoin is now consuming 1% of the world's electricity. Is that sustainable?

[SexForCryptos]

All things considered it doesn't really matters how energy is consumed by Bitcoin or whatever, because the system in the end will self regulate itself eventually. If Bitcoin't consumption will be unsustainable then something will change. If mankind's presence on earth will be unsustaibale, then something will change. Whatever the outcome, it will the the only possible and inevitable one.

[Ruth Ellis]

As the report, the electricity was consumed by bank, internet.. is many times as much as bitcoin was. Moreover, once bitcoin dominate the world, it can be changed bank notes, and many other currency. So that, the electric will be small or big. I mean, the electricity which Bitcoin is consuming is not quite remarkable. Therefore, we should not worry about this problem. The issue what we should care most is rasing price of Bitcoin.

[Laura Evans]

I'm quite worring about this issue. Bitcoin is a type of cryptocurrencies, and it hasnot still been recognized by all around the world. Futhermore, it was supposed that Bitcoin will be soon ended in few year. So, consuming 1% of the world 's electricity. Is this worthy ?

[Satosho Kakamolto]

I'm quite worring about this issue. Bitcoin is a type of cryptocurrencies, and it hasnot still been recognized by all around the world. Futhermore, it was supposed that Bitcoin will be soon ended in few year. So, consuming 1% of the world 's electricity. Is this worthy ?

Well, at least Bitcoin can be proud to have taken part to Global Warming...

[ajuelnah akun]

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-consumption

This, 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-consumption

What is likely to happen next? Which are your thoughts?

it's time for miners to switch to alternative energy, no longer using fossil-powered electricity.
this is for the common good, natural resources are increasingly depleting, coal stocks are also running low. if we don't save electricity from now on.
just imagine 20 years from now we will experience a natural resource crisis. and of course that will have a bad impact on the whole world.

[SexForCryptos]

But in the end, I guess that Proof of Stake will more and more overlap and then slowly eclips Proof of Work. And this will eventually solve the issue.

[omorfi]

I hope through the PoS protocols such as Lightining Network, electricity consumption will decrease. But i think that electricity cost make bitcoin valuable

[CeyCrypteon]

Media, politicians and other people consider the electricity waste caused by bitcoin mining as significant in the world when there are so many other energy wasting work done in the world such as light pollution, and other major areas but bitcoin mining causing electricity waste is shown frequently through media and other sources which I think due to lack of understanding about the good that it does to the world and its people 

[dewildance]

Energy problem is not just about crypto-money mining. Consumption of each used device is increasing. In general, electricity consumption has accelerated. In particular, we have to give great importance to green energy.

[KingScorpio]

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-consumption

This, 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-consumption

What is likely to happen next? Which are your thoughts?

Bitcoin will vastyl drain not just electricity but also socioeconomic fabric as well.

regards

[Elqui]

We can get energy from different sources here in our planet, we have to think of ways to have energy or electricity in other ways so that we dont consume most of the main sources of energy.

[d5000]

I hope through the PoS protocols such as Lightining Network, electricity consumption will decrease.

Lightning is not a PoS protocol. Lightning transactions are simply "bundled" Bitcoin transactions. So Lightning's security is, ultimately, based on Proof of Work.

And unfortunately, Lightning does also not really contribute to a "decreasing energy consumption". Bitcoin's energy consumption is mostly based on its price (higher price -> higher potential profit for miners -> higher hashrate -> higher energy consumption). Lightning could even lead to a boost in price, because of the increasing attraction to use Bitcoin for smaller real-world transactions, and thus to a higher energy consumption.

Lightning's big advantage is different: It decreases hardware, networking and storage costs for full nodes. These costs can be ultimately also described as "energy consumption", but are much lower than the consumption by miners.

[Delinquency]

Ecologic disaster is the biggest problem of bitcoin in my opinion. Environmental problems which arise from electiricity consumption will be irreversible as long as bitcoin mining is getting harder and harder.

[squatter]

And unfortunately, Lightning does also not really contribute to a "decreasing energy consumption". Bitcoin's energy consumption is mostly based on its price (higher price -> higher potential profit for miners -> higher hashrate -> higher energy consumption). Lightning could even lead to a boost in price, because of the increasing attraction to use Bitcoin for smaller real-world transactions, and thus to a higher energy consumption.

Correct. I think that mining speculation -- and thus energy consumption -- are tied to price, which is tied to adoption and speculation about adoption. Eventually those two things will converge, but for now it's a gold rush that assumes future exponential adoption.

Lightning may bring renewed utility and micropayments to Bitcoin, which could certainly foster adoption and drive price up. Not only that, but Lightning requires that users lock up BTC to use the network or collect fees from it. That can lessen available supply on the market.

With that in mind, I don't really see the mining arms race slowing down anytime soon...

[bekkioPEK]

many farms use solar panels but it is always "wasted" energy. I personally believe that PoS is a good alternative for emerging altcoins. the bitcoin will remain PoW as it should be

[Ninja Sword]

What regulates the expenditure on electricity from the exploitation of virtual currencies is the quotation: if they are worth a lot, the consumption goes up, if they are low, it decreases.

[sinkfish]

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-consumption

This, 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-consumption

What is likely to happen next? Which are your thoughts?

its seems alot. but mainly alot of this mining facilities powered by surplus energy. like many power plant in china struggle to operate, mining could be there solutions to keep these power plant continue to operate.

[Photographer]

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-consumption

This, 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-consumption

What is likely to happen next? Which are your thoughts?

its seems alot. but mainly alot of this mining facilities powered by surplus energy. like many power plant in china struggle to operate, mining could be there solutions to keep these power plant continue to operate.

You don't have such quantities of energy produced "as a surplus". This sounds like a desperate argument of someone in denial of the true echological implications.

[laiya94]

I saw recently a number of ICO introduced as a solution to the world electricity problem and some of them were targeting cryptocurrency mining power consumption so in the near future we will get a good solution.

[dont-fomox]

not as much as mining gold