Bitcoin & Electricity: Threat or Blessings

[BADecker]

Since electricity is sold to people by utility companies, it's simply another sale. That's what they want, don't they? If they need to build more power plants just to sell electricity to miners, why not? More money for the utilities. More money for the various fuel companies that sell fuel to the utilities, right? More sales means better GDP, right?

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[Jerareld06]

Well there is a downside to every blessings. Researches for more effecient ways to conduct electricity is in process. As the whle wolrd is going ECO, there might be a shift from the general use of electricity for the stations.

[Adaykith12]

For better hashrate it is required to have good PC which demands a lot of energy source. There are demerits in every blessing but many are researching a way to be much more eco friendly.

[Greladric77]

Neither threat or blessings. We all know that for better hash rate we need better PC equipments and antminers which will take more energy resources. Now the question is how to maintain it, without hampering the daily necessity. Miners should get their own sources of electricity most probably green energy and stop putting pressure on fossil fuel or oil and gas. Thus things will be stable for everyone. If the sources cannot be made timely, miners should pause mining for a brief period of time and start dealing with the existing ones. Solutions are there, we just need to find it.

[Glaleng09]

Mining bitcoin needs electricity. But the heavy usage of fossil fuels won't do any good to the environment. We just need to find a way that is more friendly towards environmen, more green energy I guess.

[Zainal-baguz]

if I think bitcoin and electricity are very useful, bro. to build one's economy for the better. especially now the era is progressing. whereas business in the digital world is increasingly important because it follows the times

[Prayservice Thomas]

Plus electricity cannot be stored.

FYI:
Electricity can be stored,

1. Batteries
2. Flywheels
3. Gravitational potential energy using a pumped hydroelectric facility.
4. Compressed Air Energy Storage
5. Rail Energy Storage
6. Molten Salt Storage
7. Thermal Energy Storage

Reference: http://discovermagazine.com/2015/july-aug/26-power-stash

 

It should have been "electricity can not be stored in a profitable way".

None of these ways is what is considered "efficient".
It is more profitable to produce new energy instead of storing it.

[Red-Apple]

Plus electricity cannot be stored.

FYI:
Electricity can be stored,

1. Batteries
2. Flywheels
3. Gravitational potential energy using a pumped hydroelectric facility.
4. Compressed Air Energy Storage
5. Rail Energy Storage
6. Molten Salt Storage
7. Thermal Energy Storage

Reference: http://discovermagazine.com/2015/july-aug/26-power-stash

 

It should have been "electricity can not be stored in a profitable way".

None of these ways is what is considered "efficient".
It is more profitable to produce new energy instead of storing it.

actually "cannot be stored" is completely correct. when something is not done then it is not possible. for example you can not store electricity for usage of a small village in a "battery". so no it is not possible to store electricity.
also you should read that statement in its context not out of it. we are talking about large scale storage of Electricity that a electric company produces not a tiny scale electricity that you need to run your cell phone!

[budrabut]

Interesting topic to discuss, but before I have read topics that are almost the same as this.
The presence of Bitcoin and crypto currency brings new trends and life for some people who know Bitcoin well. But of course this cannot be separated from the negative issue. One of them, as discussed in this topic, is that the presence of bitcoin is a driver to increase electricity consumption. As we know that bitcoin is very dependent on the internet and the internet cannot walk and work without electricity. This has become a conversation in tread in this forum. However, this cannot be a reference and a basis for determining or assessing Bitcoin as a threatening trend. In assessing a matter of course we must have a standard assessment. Is bitcoin the only one that consumes electricity so much, of course we have to do many things to find out and prove it.

However, we don't just look from one side. On the other hand, the presence of Bitcoin and crypto currency has a positive impact on the economic growth of a society. Where those who are able to bring in income from wrestling Bitcoin. The tenths of this will reduce the purchase value that is increasing because of the money that continues to flow.
I am very interested in the closing of this article, namely "we can green with bitcoin". This is what must be shared together in the

[Kakmakr]

Plus electricity cannot be stored.

FYI:
Electricity can be stored,

1. Batteries
2. Flywheels
3. Gravitational potential energy using a pumped hydroelectric facility.
4. Compressed Air Energy Storage
5. Rail Energy Storage
6. Molten Salt Storage
7. Thermal Energy Storage

Reference: http://discovermagazine.com/2015/july-aug/26-power-stash

 

It should have been "electricity can not be stored in a profitable way".

None of these ways is what is considered "efficient".
It is more profitable to produce new energy instead of storing it.

Really? Try and tell that to the 1000s of people who are using Elon Musk's Power Wall for load shifting, backup power, and off-the-grid use. 

Elon Musk has proven that power storage can be profitable and he invested millions to do just that. Go read more about this project here, https://www.tesla.com/powerwall

We need to start thinking out of the box, like Elon Musk and his team of engineers, to reduce Bitcoin's electricity footprint. 

[market-beta]

maybe many people don't like bitcoin. they consider it a threat. but I personally consider it a blessing. because I can change my life to be better and more stable

[Agilth@mail.ru]

Every time I am amazed how much time people spend to find information, collect, transform and post it to this website. I truly don't understand whether those merits cost your huge amount of time. What about topic... Well, Everybody here says that we need to find green way for bitcoin.. Of course, we do, but who will be dealing with that if now everybody too keen on making a profit from bitcoin. I mean, first, bitcoin has to become something bigger than it is today and only the start searching for its green way

[franky1]

Really? Try and tell that to the 1000s of people who are using Elon Musk's Power Wall for load shifting, backup power, and off-the-grid use.  

Elon Musk has proven that power storage can be profitable and he invested millions to do just that. Go read more about this project here, https://www.tesla.com/powerwall

We need to start thinking out of the box, like Elon Musk and his team of engineers, to reduce Bitcoin's electricity footprint.  

you do realise that getting 1KW from the grid and putting it into a battery as potential energy. does not mean you will get out 1kw when you later use the potential energy

its why when you charge a battery for 6 hours you only get 2 hours USE out of the battery(dont pretend standby time is real use)

EG solar power to lightbulb direct=7 hours of light
EG solar power to battery to lightbulb =less than 7 hours of light

[Zin-Zang]

Plus electricity cannot be stored.

FYI:
Electricity can be stored,

1. Batteries
2. Flywheels
3. Gravitational potential energy using a pumped hydroelectric facility.
4. Compressed Air Energy Storage
5. Rail Energy Storage
6. Molten Salt Storage
7. Thermal Energy Storage

Reference: http://discovermagazine.com/2015/july-aug/26-power-stash

 

It should have been "electricity can not be stored in a profitable way".

None of these ways is what is considered "efficient".
It is more profitable to produce new energy instead of storing it.

Hmm , you can tell you got nothing to do with the energy business.

Have you ever heard of Peak Times, this is the time during the day when the most electricity is being used and utilities charge higher prices.
There are companies that do nothing but store energy during OFFPEAK Times when electricity is cheaper and resell it back to the Utilities during Peak Times.
Those companies profit from the difference in the price, which exceeds any loss from storing it.

Some companies that have solar farms setup have even started placing trailers onsite that contain massive batteries,
they charge these batteries and then have a Semi move them to another location that is paying a higher electricity rate than that location.
Even with the gas used,  the % of power lost, and the truck driver wages, they make a profit off of transferring electricity by semi.

So the storage of Electricity and moving it where they can sell it for a higher price is a big deal and the smart players are starting to make a fortune off it.

[enogheghase123]

your thoughts are well received by on a personal note I think the energy needed to mine bitcoin is fair enough considering the energy used in the banking sector or the energy required to produce and maintain fiat currency. Anything good always comes with a price to go bye.

[Stac]

   Bitcoin has been a subject globally spoken  by almost all  it was introduced by the year 2009 as a digital decentralized electronic currency .It is totally different from fiat currencies and Bitcoin is mined by running powerful computer programs .for this mining process a lot of electric energy is used so people like to go to places where electricity is cheaper  .The ups and downs of Bitcoin value is a blessing for the people and the downfall of price tends people to purchase more Bitcoins and during the hike of value people get the tendency to sell  for profit .Electricity is a threat even though Bitcoin is a blessing .

[bitfocus]

People who are bothered about BTC's energy consumption never adds up things like Currency Printing Costs, Costs for operating Banks and central banks and other related costs, lol.

[drumamat]

Guys, alternative sources of energy are exactly the direction in which cryptocurrencies will move. This is inevitable.I like all the projects related to green energy and I watch them closely.Yes, the transition from fossil fuels to alternative fuel will be a very expensive pleasure, but in general, with the help of such projects, the Earth will be cleaner.Such projects are really worth the investment.

[Webberson]

It is actually true that bitcoin as a digital currency, requires the use of an electricity to complete its transactions. Whether the consumption of electricity is high or not during mining, it can actually not be compared to the benefit it brings afterwards. As for me, i think its a blessing rather than a threat, and the energy consumption should be seen as a paid price.

[izanagi narukami]

I'm sure that many company try to use echo friendly for their electricity.
If we want to be more advance , we must think foward like crypto for me as the blessings.
No matter how hard they try, they will find the way / solution at the end because this is we called as revolution industry !