Bitcoin Power Consumption

[Albert211994]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

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[dothebeats]

This has been quite the rhetorical question of August-September here in bitcointalk, but to at least give you an answer, there aren't any plans to switch over to a greener alternative as of the moment, and I'm pretty sure the community and the devs are aware of what's in store for the bitcoin network regarding power consumption. Some miners have already made their own moves by moving into remote areas wherein internet is still accessible but they get the power of hydroelectric plants, with costs which are not lucrative and maintenance is easier since the area is a natural temperate region. Some farms in China have been relocating to the mountains to seek greener and cheaper power, great operating conditions for the miners which greatly reduces the power in cooling these machines. Perhaps a new algorithm would be introduced which is quite on par with the integrity PoW offers as of the moment, but as far as that change goes, there aren't any discussions yet.

[franky1]

the ACTUAL power usage is not the 1% that has been spouted about
by doing calculations on this months hashrate. the electrical usage is about 0.1% of RESIDENTIAL USAGE

which if you were to combine it with industrial and commercial. would be far LOWER
and then if you think about the new gen ASICS coming soon which are not only twice the hashrate but also less electric needed per unit. then the efficiency gets even better and the percentage drops again(under 0.03%)..

now then. if we were to take todays hashrate but go back to GPU mining and take the electric requirements of that. then GPU mining would be about 1400x an asic per kwh  meaning the current 0.1% ASIC would be 140% of world electric GPU mining..

so relax. people are already ahead of you worry. they been ahead of it since 2013.
so much so infact that the electric consumption vs generation gap  (the excess) bitcoin is not even using up 1% of EXCESS

[Kemarit]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

Care to share what harsh environmental implications you talking about?

Its possible that many bitcoin mining hardware gear in the future could be eco-friendly, like GMO Internet Launches Mining Machine GMO miner B3 With a Maximum Hash Power of 33 TH/s: Customers can maximize hash power and power consumption in their environment.

But did you know that banking consumes an estimated 100 terrawatts of power annually? So stop worrying about how much energy bitcoin uses.

[Impulseboy]

I do not understand how this is becoming a topic of concern with bitcoin users lately. I am sure that there are other corporations and households that consumes more power than bitcoin mining. And although there are many people who uses bitcoin, there are more people who are not using and/or even unaware of the existence of cryptocurrency. That being said, I, too, hope that someday we will find an environmental friendly alternative for mining bitcoins.

[Gaaara]

There is no alternative for the power consumption, and I don't see any other way to do it. For me the power consumption is reasonable and is being fair unless you come from a country which the power bills or the electric bill is higher than the average it happens when your country lacks of energy or oil to provide power.

[yogeshkale]

Bitcoin is more power consumption a lot of mining company increasing their hash power so increases the difficulty of bitcoin mining so consume electricity. Nowadays bitcoin mining not profitable or also consume more power.

[LeGaulois]

The conspiracy about the Bitcoin consumption disaster has been debunked several times. Desperate to find an argument against Bitcoin these same people then argued about the storage cost. None of both is a valid argument. if you compare with what banks, Visa, Mastercard, AMEX, Discover, etc are all using, the Bitcoin's energy is peanuts compared to.

BTW, I am waiting to see @KingScorpion commenting on this topic to talk about the Bitcoin "cult" and the POW 

[Xavofat]

But did you know that banking consumes an estimated 100 terrawatts of power annually?

The power consumption of banks isn't really comparable to the power consumption of Bitcoin unless you factor in the amount of transactions conducted with each service.  Considering that even in its current state Bitcoin takes up a pretty serious amount of power by all credible estimates, it would be a massive guzzler if it was more widely used.

It's not worth worrying about yet because there is value to Bitcoin's power consumption - it maintains the security of the system - and at some point renewable energy could become more commonplace, but let's not kid ourselves that it's really innocent compared to the big nasty banks.

[EmmaBen]

I understand the problem of mining vs power and the heavy cost implications. This is one of the few reasons why mining is considered to be no lucrative. It really requires a lot of resources.
Sstoshi has done well with his innovation, and I belief he and his team of developers (if any  ) can still do more in improving the mining algorithm. Of course if the algorithm is improved, it could reduce electricity consumption.

It is even made a bit difficult because of the amount of bitcoins currently in circulation. And I believe this was an unforseen "harmless" error right from the very beginning.

[darkangel11]

But did you know that banking consumes an estimated 100 terrawatts of power annually?

The power consumption of banks isn't really comparable to the power consumption of Bitcoin unless you factor in the amount of transactions conducted with each service.  Considering that even in its current state Bitcoin takes up a pretty serious amount of power by all credible estimates, it would be a massive guzzler if it was more widely used.

Really? So in your opinion if suddenly ten million people joined the crypto space and started to send transactions on regular basis the power consumption of BTC miners would skyrocket? It doesn't work like that. The blocks are being mined regardless of whether your transaction occupies the space or not! If there's too many transactions you will have to wait a little longer or pay more, but it won't mean that someone somewhere will have to plug in another antminer to make sure you're being served.

[hadveach]

owh, sure. many ways to create environmentally friendly mining, I think using solar power, waste power, hydropower will create a good mining and save more on electricity costs.

some cities in the England have used hydropower for mining.

[team87]

Consumption of Bitcoin mining power will continue to increase, I say it's natural. Because there is always movement and increase day by day. I guess that's not the main problem.

[bloodyvio]

this is a difficult problem to solve
until now there is no eco-friendly mining tool

[figmentofmyass]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

it might. ideally, bitcoin miners would flock to areas where there is surplus electricity capacity---situations like hydroelectric plants where there is more energy generated from running water than is needed in the area. in those cases, miners could be securing the network with little or no energy footprint.

the use of renewable energy sources in mining is also relevant here. it's not just a question of how much electricity miners use; it's a question of what electricity.

[jamota]

Currently bitcoin mining is not profitable or also consumes more power.
Bitcoin is a power consumption that more mining companies increase their hash power so that it increases the difficulty of bitcoin mining to consume electricity.

[Maricel2017]

Less maintenance will increase the consumption of every equipment i think you should find alternative supply of power which less electricity but eco friendly like solar energy panel but it will depend on your area. You should invest big money for that but you can used that life time.

[franky1]

currently bitcoin mining is profitable. if you living in the right area and have the right equipment

and so this topic will eventually squabble around and eventually say but what about the residence and the impact to bitcoin sucking energy away from them causing issues.. well ill just leave this quote here.. oh and it also includes the stupid "china have 50%" screams and worries addressed too

anyway for reference of math, the network utility of power is 20TW a year
https://bitcointalk.org/index.php?topic=4976730.msg45537985#msg45537985

The generation of electricity cannot be stored or "saved" because the world does not have the technology to "hold" all that energy yet. Once it is generated, it should be used, or the costs used to generate it would be wasted. The only "wasted electricity" is unused electricity.

There definitively are miners using partially "not-scarce" electricity (like coal/hydro/nuclear power at night when there is low domestic consumption but the plants cannot be "regulated down"). But if only because of Bitcoin mining, existing plants have to work more, or new electric plants have to be built, then Bitcoin "is using scarce electricity". I am pretty sure that this applies to a majority of miners.

power plants do regulate. and at night they do shut down some generators.
but they do try to keep some excess between produced and consumed.
it does take 30mins-1 hour to restart a generator. so they like to keep a gap. and they also like to sell some of that excess to other countries**  
**OR INDUSTRIES hint hint

so here goes
lets imagine out of the 20.7twh.. that 50% was just in china (10.35)
china consumes 5683
china produces 6529
=836 difference (13% safety gap)

10 vs 800 excess.. = no impact to residences lives

have a good day. china love that someone is buying their excess

[geminiboy]

owh, sure. many ways to create environmentally friendly mining, I think using solar power, waste power, hydropower will create a good mining and save more on electricity costs.

some cities in the England have used hydropower for mining.

Bitcoin mining with solar power may be less effective, but if you use hydropower it can be maximized, then is it true that in the UK it has been mining using waste, water and solar power, can I find a link about the news?

[chocolah29]

owh, sure. many ways to create environmentally friendly mining, I think using solar power, waste power, hydropower will create a good mining and save more on electricity costs.

some cities in the England have used hydropower for mining.

Bitcoin mining with solar power may be less effective, but if you use hydropower it can be maximized, then is it true that in the UK it has been mining using waste, water and solar power, can I find a link about the news?

How come it will be less effective? As far as I know, using solar power is consistent as having a regular electricity. It may be less effective if your solar panel didn't get enough charge as it may affect the consistency in mining. But if you live in a tropical country wherein the temperature usually get in 40°C, this will be enough to charge the solar panel that can be use in household.

Yet still it will always depend on classification of solar panel.

[pixie85]

owh, sure. many ways to create environmentally friendly mining, I think using solar power, waste power, hydropower will create a good mining and save more on electricity costs.

some cities in the England have used hydropower for mining.

Bitcoin mining with solar power may be less effective, but if you use hydropower it can be maximized, then is it true that in the UK it has been mining using waste, water and solar power, can I find a link about the news?

How come it will be less effective? As far as I know, using solar power is consistent as having a regular electricity. It may be less effective if your solar panel didn't get enough charge as it may affect the consistency in mining. But if you live in a tropical country wherein the temperature usually get in 40°C, this will be enough to charge the solar panel that can be use in household.

Yet still it will always depend on classification of solar panel.

The problem with solar panels is that they have to be kept clean. Dust, sand, snow, all these things make you lose efficiency. Also solar panels need a huge battery packs to be able to sustain high power miners through the night. It's much less effective than nuclear or hydro.

[Xavofat]

But did you know that banking consumes an estimated 100 terrawatts of power annually?

The power consumption of banks isn't really comparable to the power consumption of Bitcoin unless you factor in the amount of transactions conducted with each service.  Considering that even in its current state Bitcoin takes up a pretty serious amount of power by all credible estimates, it would be a massive guzzler if it was more widely used.

The blocks are being mined regardless of whether your transaction occupies the space or not!

The electricity consumption of Bitcoin isn't directly proportional to the amount of transactions, but I do think that there's a causal link.  In order for someone to send Bitcoin to somewhere else, they have to own it.  If there are more people sending transactions, that generally means that there's more demand for Bitcoin (and this would be even more obviously the case if there were many times more transactions being sent than there are now).

If there's more demand, the price of Bitcoin rises, and therefore miners have a greater incentive to spend money on miners in an attempt to make profit, so they increase Bitcoin's electricity consumption.

If there's too many transactions you will have to wait a little longer or pay more

As you show here, if the Bitcoin network was not capable of handling a huge amount of transactions but the demand for it increased, it would still cause an increase in electricity consumption.  People sending Bitcoin would pay more in transaction fees to miners.

[arief.sutono]

There is no alternative to power consumption, and I see no other way to do it. For me, power consumption is reasonable and fair unless you come from a country where electricity bills or electricity bills are higher than the average that occurs when your country lacks energy or oil to provide electricity. Thanks

[tegarp90]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

I think this problem could be solved by the RIG developer itself.
Such as nvidia and amd, they should create a powerful vga with low power, so bitcoin mining will not consume not so much energy

[franky1]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

I think this problem could be solved by the RIG developer itself.
Such as nvidia and amd, they should create a powerful vga with low power, so bitcoin mining will not consume not so much energy

that has already addressed 5 years ago. ASICS are more efficient than GPU's. your about 5 years behind in the research.

and as for others.
solar is cleaner than coal. but not as effective. as others have said. when its winter there is less sunlight (shorter daylight hours) the roof may be covered with snow so need ongoing cleaning. thus the season that requires more energy due to more dark night hours needing houselights on for longer, heating, etc..   is actually getting less energy production due to less daylight and snow and left over autumn leaves covering roofs

where as hydro is better. because even when a reservoir uses the water to turn a turbine. that is not the end of the story for that water.
that same water can be reused. it doesnt have to just be released to a river by law. it can be re-stored downstream and then pushed through another set of generators... repeat repeat repeat.
meaning 1 gallon of water is not just 1x electric. but that same water can be recycled  x*y with y being the number of generators downstream

[YuginKadoya]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

I think this problem could be solved by the RIG developer itself.
Such as nvidia and amd, they should create a powerful vga with low power, so bitcoin mining will not consume not so much energy

Apparently, this is easier said than done, I really think that developers of that said RIG had already thought about this problem and aside from that I really think they are doing all they can to resolve such issues but as what we are  to know there is not a single solution for the RIG and the energy needed was also rising together as the bitcoin rises, But aside from reducing the needed power of the RIG I then remember that there is an article about using appliances to mine for bitcoin, So aside from the daily task provided in using these appliances at the same time using that electrical energy to mine for bitcoin, But If this could really be applied for appliances.  

[PickwickRock]

There are countries which are adapting eco friendly methods of creating power such as using wind turbines. This will be environmentally friendly and at the same time will be able to produce cheap power too. Maybe we can try adapting to these methods.

[oceantiger]

Mining companies are seriously looking at the energy consumption during mining and may likely source for other eco friendly and cheaper sources for energy. There are seriously considering the solar energy source which will be cheaper compare to the present thermal and hydro carbon sourced energy being used for now. There are other source like converting waste to wealth that is using waste in refuse dumps to convert them to energy and  agricultural fertilizer.

[menammeo]

It is undeniable that Bitcoin or blockchain is one of the most highly regarded technologies in a billion dollar market, with great potential. However, the downside of it still makes investors afraid, especially about the "huge" power consumption of the network to exploit and carry out virtual currency transactions in the world.
It estimates that the network currently consumes 2.55 gigawatts of electricity, enough to power the whole of Ireland. But by the end of 2018, the amount of electricity needed to operate Bitcoin as well as other virtual currencies could account for half of the world's total electricity supply, with the same expected consumption. 7.67 gigawatt slag.

[aoluain]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

Care to share what harsh environmental implications you talking about?

Its possible that many bitcoin mining hardware gear in the future could be eco-friendly, like GMO Internet Launches Mining Machine GMO miner B3 With a Maximum Hash Power of 33 TH/s: Customers can maximize hash power and power consumption in their environment.

But did you know that banking consumes an estimated 100 terrawatts of power annually? So stop worrying about how much energy bitcoin uses.

No matter what we do we need electricity. What about if we compare the
mining of bitcoin to the creation of FIAT currencies.

Consider the cost of mining and processing the metal used in FIAT, the cost
of transportation and storage also.

Stop worrying about energy consumption of bitcoin.

[udidrone]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

Care to share what harsh environmental implications you talking about?

Its possible that many bitcoin mining hardware gear in the future could be eco-friendly, like GMO Internet Launches Mining Machine GMO miner B3 With a Maximum Hash Power of 33 TH/s: Customers can maximize hash power and power consumption in their environment.

But did you know that banking consumes an estimated 100 terrawatts of power annually? So stop worrying about how much energy bitcoin uses.

No matter what we do we need electricity. What about if we compare the
mining of bitcoin to the creation of FIAT currencies.

Consider the cost of mining and processing the metal used in FIAT, the cost
of transportation and storage also.

Stop worrying about energy consumption of bitcoin.

Mining consumption i think wouldn't use big recources as what people use for their daily life. And we all know some people who  care about crypto still develop project that will use friendly resources to mining so we not make nature damaged.

[bolbau]

seeing that the price of bitcoin is very high, it is very normal if the cost of power consumption is also very high. the higher the price, the more people are interested in mining bitcoin, the harder it is for everyone to get bitcoin (becoming scarce), the more production factors needed to compete (tools), the higher the mining costs, simple logic is very reasonable. and I think the current power consumption used by bitcoin is no worse than existing conventional industrial companies. technology continues to grow, I am sure and all hope that problems like this will be overcome along with the discovery of new ideas and innovations.

[stayeduptolate]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

In my point of view, bitcoin is very sustainable resource, a resource that could never be exhausted and has millions of advantages with it and moreover it consumes a very small amount of electricity as the only requirement for bitcoin mining is internet only but there was a rumour that in the coming decade bitcoin will use double the amount of electricity as use by the entire world currently but I think this is a tactic to bring bitcoin valuation down but let me clear this thing that this won’t bring any effect on bitcoin valuation.

[tigerhuda]

It isn't possible to accurately quantify the amount of Bitcoin electricity currently consumed. To minimize the impact of Bitcoin on the environment, regulators may charge higher prices for large-scale mines or quantitative limits. The power that mines can use. However, at present, there aren't many mechanisms to reduce the power consumption of Bitcoin.

[killat]

In most of the countries, energy is quite expensive and at the current price mining is no longer  profitable. With free electricity, it definitely can be profitable.

With paid electricity, things look a little different, because your profits are a lot smaller AND your equipment gets old/outdated.

With every coin that is being mined out there, the next one requires more power to be mined. That's why I prefer to stay out of such investment when I know that in X amount of time, my miner will mine less value than it consumes.

With free electricity, we can assume that you make $3 per day. As time goes, you will make less and less every day(assuming you mine the exact same coin AND its price doesn't move).

Of course, you can always mine different coins, but it requires constant research on which coin is the most profitable to be mined right now.

Even though the crypto market is not as volatile as it used to be, it's still pretty risky and prices jump both up and down a lot.

[lagersagotar]

It is undeniable that Bitcoin or blockchain is one of the most highly regarded technologies in a billion dollar market, with great potential. However, the downside of it still makes investors afraid, especially about the "huge" power consumption of the network to exploit and carry out virtual currency transactions in the world. The result of the architecture of the virtual currency system, as well as the blockchain block, causes every transaction to require a large number of calculations to be performed, and the execution of the feature requires that a system is maintained and run. With this speed, Bitcoin will use about 50% of the world's energy.

[oreRoyalTea]

As Bitcoin grows the statistics and forecasts of the power consumption of the Bitcoin digging network are extremely complex and are not simply based on conventional approaches. High will promote the development of new power plants, and many power plants will burn fossil fuels, and Bitcoin may reverse the development of clean energy.

[Nicholson55]

I don't see any other options currently - that is not to say something might not come in time but, for the time being, things will likely stay as they are

[1993jochico]

Some of the miners use solar to mine therefore they minimize their expenses on mining that makes it more profitable, Im not sure if there other way like this to mine.

[wongdeso]

Bitcoin mining is done with high power so that this technology is expensive technology that must be revealed and can be done well. It seems that for mining other than electricity cannot be found yet, with solar power there are still many obstacles that must be overcome.

[funchiestz]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

It's not just Bitcoin-specific. The same is the case for cryptocurrency coining Ethereum and other blockchain mining.

[jcarlo]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

I think the only is using alternative energy. Many resource right now that can produce electricity and i am believe the cost much cheaper. I am believe bitcoin electricity consumption not to big and not more than 1% from total capacity

[Angelo34]

I don't see how this is turning into a subject of worry with bitcoin clients of late. I am certain that there are different organizations and family units that devours more power than bitcoin mining. What's more, in spite of the fact that there are numerous individuals who utilizes bitcoin, there are more individuals who are not utilizing as well as even unconscious of the presence of cryptographic money.

[koRo11n]

In Bitcoin transactions, the Bitcoin network will be processed and validated by the miners. This Bitcoin mining process consumes approximately 350 megawatts of electricity.

[pinkflower]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

It's not just Bitcoin-specific. The same is the case for cryptocurrency coining Ethereum and other blockchain mining.

Except Burst, a cryptocurrency that you can mine that uses very low power by using the free space in your hard drives. I have seen many complaints about Bitcoin's power consumption, but none of them are supporting the project thats trying to fix that problem. Support Burst or know about it.

[bp.comp69]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

Cara terbaik untuk mengurangi bitcoin adalah dengan cara menyulitkan pendaftaran dan mengurangi pendaftaran bitcoin.

[kokobaba880]

I have personally started bitcoin mining but now the power consumption by mining is more than it's benefit and a double of cost we have to bear for it So due to this i have left crypto mining and in our country where electricity cost is high i am unable to continue mining in our country and now the mining will be stopped in China as well.

[juntop1]

New technologies and data processing centers always need a big amount of energy. From year to year, the amount of energy consumed increases. It is a normal thing. The energy production can increase but it will have a minimal impact on the environment because the issue is not how much but how it is produced. Bitcoin miners are just consumers of energy. Maybe it is time to stop criticizing them for high power consumption and start rethinking how most countries receive energy from resources harmful to the environment.

[JustinKyle]

Is the world capable of maintaining Bitcoin as the virtual currency is receiving a lot of attention from institutional investors as well as central banks both positive and negative? Here is the bitcoin creation that requires an incredible power source. With this industry, electricity is the biggest obstacle. We can reduce the power consumption by lowering bitcoin prices.

[jice]

For those interested, I share with you a 35-page personal study on Bitcoin's energy footprint;

Difficult since the beginning of the year not to fall on a newspaper article announcing that the Bitcoin network is an ecological disaster due to its high energy consumption. We will soon learn that Bitcoin miners are responsible for the non respect of the Kyoto protocol.

The Bitcoin network uses a large amount of energy. However, does a technology that consumes energy necessarily have a high carbon footprint?

After analyzing the mining sector and the energy sector, this argument does not hold water if we take into account the rapid adoption of renewable energies by miners. Better yet, Bitcoin contributes to the development of alternative energy solutions, particularly hydroelectricity

Medium:
https://medium.com/@jicprusnel/bitcoin-as-an-environmental-subsidy-to-alternative-energy-1e91c427ab9e

PPt presentation:
https://www.slideshare.net/JeanChristopheBusnel/bitcoin-and-its-energy-footprint-120144132?qid=f0356e77-e70d-4053-95d9-39d6e7065cc7&v=&b=&from_search=1

[carlisle1]

Thats why these days mining is not profitable anymore,because of this continuously power consumption growing day by day.not lik the old days when mining is one best source of inome here in cryptocurrency but today.this is just a nothing but a break even business because only for electricity billing will come you profit

[BitBustah]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

It is a concern because of the recent news of climate change.  However, I think in the near future we will have more efficient and clean energy sources.  Also the amount used by crypto mining farms is a lot lower than the traditional banking system uses if you factor in everything linked to it.

[joeperry]

The mining of bitcoin is through PoW which is mining there's no other way on getting a bitcoin except for mining, that's one of the negatives of the bitcoin it consumes a lot of energy in order to produce virtual currency which can affect the environment.

That's why there are some coins which can get through PoS and I support those kind of coins however still many people are using bitcoin up to date, maybe we should try and support coins which provides PoS right?

[bitcoinVPSD]

Yes, the power consumption from bitcoin mining is having a negative impact on our environment. And of course we can not replace the electricity with other sources of energy. But I think the plants should use new fuel sources to generate power for the plants. We can use solar energy or use wind to create electricity. This helps to protect the environment.

[rindo]

In July, American Express Travel Services Related Co. registered another patent for a blockchain-based system that would automate payment proofing by encrypting payment data with a public key on an opening node of a blockchain.
Archiving describes how the system allows a user with a mobile device to capture the image of a receipt. The system then, deciphers the image and combines it with the database on the transaction history.

So the discussion of power consuming is not applied to Banks and that kind of financial organization??

[sinta23]

I have personally started bitcoin mining but now the power consumption by mining is more than it's benefit and a double of cost we have to bear for it So due to this i have left crypto mining and in our country where electricity cost is high i am unable to continue mining in our country and now the mining will be stopped in China as well.

in fact, being a miner must have a thick bag. because the longer the electricity costs increase. Moreover, being a miner also requires high electricity, so the costs incurred are also high.

[dimiinx]

Some of the miners use solar to mine therefore they minimize their expenses on mining that makes it more profitable, Im not sure if there other way like this to mine.

I think miners need a lot of consumption, not just eating and drinking, but need tools to mine, for example mining aids, in the form of heavy equipment

[SnapDown22]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

the consumption is that there is no consumption for bitcoin, but only the existence of a mining aid and intelligence only if we can do it well

[kzozenberg]

Energy consumption will not grow there is the government of the country will ban mining as China did a couple of days ago !

[gamechangers]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

The rate at which bitcoin mining consumes power is alarming as there is no alternative to this at the moment. I'm not sure the bitcoin community are doing anything towards it right now, the heat encountered during mining and the gases inhaled are unhealthy. Using solar power can be a good source of power to power the equipment but could be expensive too.

[minairia3]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

I heard many crackdowns happening in China in many mining sites there. Environmentally speaking POW like the btc is realy not that good. I believe there are more eco-friendly POW model nowadays that is not that mainstream. That's the reason why they have invented POS but also some cons to that, though not on the nature side.

[hadveach]

mining using ASIC, and by using energy other than electricity, and it will be friendly to the environment and save the country's electricity supply.

then, I think the government must limit electricity by making cost of electricity more expensive.

[feather7789]

yeah... bitcoin is very hard to mine because it has highest price in crypto and it requires more electricity to mine.

[KrishaBitcoin]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

The most common way is the use of the solar energy. Using heavy solar panel is very common now in which not only the people can save the money but they could help to save the nature too. In fact, this is the reason of why numbers of crypto miners won't reduce as they use this as an alternative source of energy but even do this is an energy saving but you should consider the expenses too just to build a solar facility so if you want to join mining then think of it very carefully.

[TheClownSong]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

I am believe right now many miner using alternative energy. Using solar energy is much cheaper and its good for our environment. Many alternative energy and miners must be want to eficient their energy usage

[sinkfish]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

a standard s9 antminer have a similar consumption to 1.0hp air conditioner. its actually pretty high demanding actually.

[franky1]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

at 50exahash
it would need 10 trillion PC's CPU mining
it would need 333 billion GPU's mining
it would require only 3.5million S9 asics mining
it would require only 1.75m T15 asics mining(without boost)
it would require only 1.4m T15 asics mining (with boost)

so i think you will find if you done the math of electric needed per category above. that as the network gets stronger(higher hash) those involved are actually .. yep. in reality already making it more eco friendly to mine.
again imagine if we were CPU mining at 50exa vs asic mining. and ull see the point

a standard s9 antminer have a similar consumption to 1.0hp air conditioner. its actually pretty high demanding actually.

to add to this, as someone else said else where. think about the billions of cans of soda drunk each week that need to be refrigerated. all them refrigerators around the world running 24/7 just to keep a cans of pepsi's cool

yeah... bitcoin is very hard to mine because it has highest price in crypto and it requires more electricity to mine.

think of it more so that bitcoin has highest price in crypto because it requires more electric to mine and SECURE it by making it harder for others to try manipulating transactions

[rindo]

I think this problem could be solved by the RIG developer itself.
Such as nvidia and amd, they should create a powerful vga with low power, so bitcoin mining will not consume not so much energy

The short-term results of the company are a reflection of the excess channel stock after the cryptocurrency boom. This will be corrected over time. In other words, the prices of Nvidia's graphics cards increased due to cryptocurrency-mining-insanity. However, once that demand had disappeared, prices fell too slowly to attract customers who were waiting for more affordable cards.

Nvidia's inventory increased to $ 70 million in the third quarter (€ 62 million). This was one of the reasons for the decline in Nvidia's gross margins. The margin decrease is also attributed to $ 57 million (€ 50 million) in costs related to the company's previous generations of chips after the dive into the demand for cryptocurrency mines. The shares of Nvidia have now dropped by about 16%.

[logic123]

bitcoin mining takes more electricity and more time and also it will take super computers other wise we can't mine.

[H1N1]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

The power consumption of mining bitcoin is quite much, not only bitcoin but mining other altcoins as well.
But it is nothing to compare with other heavy industries in the world, they consume more power than mining cryptocurrency.
Some mining farms actually using an eco-friendly resources to make electricity power for their mining farm.

[iSparta]

Bitcoin is mined using the PoW algorithm, which inevitably leads to increased power consumption with the high popularity of cryptocurrency. The society needs to impose restrictions on aggregate capacity for individual miners, pools and regions in order to increase decentralization, decrease hashrate and diminish energy consumption.

[Peacemaker1994]

I don't know much concerning bitcoin mining power but to be honest mining consumes Hugh amount of power and it's keeps going up using a computer system to mining would require you dedicating it to only mining

[vamshi789]

bitcoin is consuming more power in mining because it has more price and value so it takes more electricity.

[Julunguul]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

actually it could have been using eco-friendly personnel but to supply power consumption for crypto mining activities, this seemed almost impossible to do because as far as I am eco-friendly, the number of sources is very limited and of course the power generated has a maximum limit

[irenegaming]

That's a real problem and they are trying to solve it, just wait for the new bitmain models to know if they're really going to fix that, also for a permanent solution would have to move the type of mining from PoW to PoS or similar, which I do not know how convenient it is in the end.

[cizatext]

One of the ways bitcoin mining power consumption can be reduced is to option in to a more advanced technology such as the solar system in that case the usage may be a little flexible and cheap, but that will still not be a 100% solution to the environmental and bill disadvantage of advanced bitcoin technology. As long as the bitcoin network keep developing and advancing the cost of running a mining farm will always increase.

[kwakgyimah]

Some of the miners use solar to mine therefore they minimize their expenses on mining that makes it more profitable, Im not sure if there other way like this to mine.

Solar is a good source of energy to power the high consuming mining plants. It is for this reason that many blockchain based projects are trying to find solutions to the problems that crypto mining brings to the environment such as global warming.

[stiletos]

Solar should be the best option for bitcoin mining farms. To do this miners will need to locate places where there is sufficient sunlight for power generation. Wind option can also be explored at least with wind farms can be located in regions where additional cost for cooling won't be considered.

[Tipsters]

I'm not sure if there is but I think there should be a project also to counteract the power wastage of btc and other POW mining that is detrimental to the environment. They should start with that niche and then to grow further to the global issue.

[baghdatis1990]

             Energy consumption for Bitcoin will continue to grow, which can be an advantage and a disadvantage. The advantage is that the Bitcoin price will not fall below the production price and the disadvantage is that huge profits will not be realized in the near future , Bitcoin netravers the best period.