Bitcoin's Energy Consumption!

[contact12345]

I was reading an article which explains that bitcoin might be able to run on a clean energy technology to avoid claims such as bitcoin uses a lot of energy which increases the global energy consumption.

It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!

My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?

https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591

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[Herbert2020]

a bitcoin miner is not an energy producer or an energy company! a bitcoin miner is simply a customer of energy companies and is using what they are providing them. if they burn fossil fuel and give the produced energy to bitcoin miners you can't say bitcoin isn't green. you should say energy companies aren't green!

what is the solution? go to these energy companies and petition why they are not using cleaner forms of energy. this is not something that bitcoin can solve!

[jice]

I was reading an article which explains that bitcoin might be able to run on a clean energy technology to avoid claims such as bitcoin uses a lot of energy which increases the global energy consumption.

It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!

My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?

https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591

Bitcoin miners are strictly profit-motivated and are looking for the cheapest energy.
I studied the mining sector and the energy sector. You can  find my study bellow:

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

[kleeck]

I don't think the energy bitcoin miners spending is not a good way for our old world.
We need a better and a cleaner way for the world.

[zenhu]

There lot of alternative energy we can use to mining bitcoin, but do we have the source for that? will it profitable? I mean if you already in a country that has the green energy you good to go but if you build it from scratch that will take time and more money, cause buying solar panel ain't cheap so wind turbine

[poktur]

If we look at the situation as a whole, it is theoretically possible to transfer bitcoin mining to renewable resources, but this is only theoretically, because renewable sources of electricity are not even in great demand now, because there is no adequate funding for the development of such a technical base and in the near future  it will be because it will reduce the consumption of oil than the oil tycoons will be dissatisfied with.  On the other hand, bitcoin mining does not use a lot of global electricity there.  The Internet has free access to all the necessary information about approximate calculations of electricity consumption by miners, which is approximately 1,100 MW, while the share of world consumption is 158,714,610 GW, this ratio looks like 1/16000.  

So it seems to me that opponents of Bitcoin are clearly overdone with forcing the situation associated with Bitcoin, because energy consumption for servicing Bitcoin leaves very little electricity!

[aoluain]

a bitcoin miner is not an energy producer or an energy company! a bitcoin miner is simply a customer of energy companies and is using what they are providing them. if they burn fossil fuel and give the produced energy to bitcoin miners you can't say bitcoin isn't green. you should say energy companies aren't green!

what is the solution? go to these energy companies and petition why they are not using cleaner forms of energy. this is not something that bitcoin can solve!

Good point, we can only use what is provided to us. It is up to the energy companies to
generate power by greener renewable means, solar, wind and wave.

An electric vehicle has to draw power from somewhere, that power may be generated
by burning oil, gas or coal.

[bobo012]

I was reading an article which explains that bitcoin might be able to run on a clean energy technology to avoid claims such as bitcoin uses a lot of energy which increases the global energy consumption.

It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!

My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?

https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591

Anything can run on renewable and green energy, and it is not. But you dont see anybody questioning that other operations. Do you wonder why? Why is somebody promoting only bitcoin as a bad player? In whose interest is that?

[dothebeats]

The more these critics press the energy issue on bitcoin, the more people will ignore it. It is not the miner's fault that they are using energy that comes from fossil fuels, but rather the providers that supplied them with such. Some operators have already stepped up their game and used hydroelectric power on their operations, and these critics don't even care to include those on their reports. Nuclear energy is always available to be used, but the amount of building an infrastructure would cost much, that's why most energy companies tend not to do it. It's greener and cost-efficient in the long run, but then fossil fuels and coal are still being used for most of the world's power.

The blame has to be thrown somewhere, and bitcoin is the perfect candidate for that.

[contact12345]

The more these critics press the energy issue on bitcoin, the more people will ignore it. It is not the miner's fault that they are using energy that comes from fossil fuels, but rather the providers that supplied them with such. Some operators have already stepped up their game and used hydroelectric power on their operations, and these critics don't even care to include those on their reports. Nuclear energy is always available to be used, but the amount of building an infrastructure would cost much, that's why most energy companies tend not to do it. It's greener and cost-efficient in the long run, but then fossil fuels and coal are still being used for most of the world's power.

The blame has to be thrown somewhere, and bitcoin is the perfect candidate for that.

This blame game needs to end somehow. We need to tell them that bitcoin is no ways going to be the scapegoat for the high energy consumption, corruption or any other criticism!!!

[Herbert2020]

The blame has to be thrown somewhere, and bitcoin is the perfect candidate for that.

this has never been about blame, nor about energy and definitely not about its greenness!

from the first time this discussion began it has always been a new form of attack on bitcoin trying to undermine its value. if you read between the lines of all the previous discussions all of them are basically saying bitcoin is worthless so it is wasting energy.

[Pursuer]

I don't know where this fascination about bitcoin and its energy consumption comes from sometimes. we live in a world that in comparison there are far bigger industries that are consuming a lot more energy than bitcoin and are actually wasting a lot of it. but it seems like certain people are only interested in talking about bitcoin and the small energy that it is using to provide the one of a kind service that is benefiting everyone around the globe!

[awik p]

The more these critics press the energy issue on bitcoin, the more people will ignore it. It is not the miner's fault that they are using energy that comes from fossil fuels, but rather the providers that supplied them with such. Some operators have already stepped up their game and used hydroelectric power on their operations, and these critics don't even care to include those on their reports. Nuclear energy is always available to be used, but the amount of building an infrastructure would cost much, that's why most energy companies tend not to do it. It's greener and cost-efficient in the long run, but then fossil fuels and coal are still being used for most of the world's power.

The blame has to be thrown somewhere, and bitcoin is the perfect candidate for that.

This blame game needs to end somehow. We need to tell them that bitcoin is no ways going to be the scapegoat for the high energy consumption, corruption or any other criticism!!!

should we know if this is the matter, of course as a millennial human, we look for the right solution to overcome it, so that it can run well, not blame. we know BTC is a technological innovation for payment devices

[PsylockReborn]

Since bitcoin technology is relying on proof of work system of operation, energy consumption is really huge for it should run 24/7 using computers all over the world. There are some articles that I've read online stating that bitcoin's energy consumption reached at 1% of the worlds energy consumption.

There are some counties just like China who are into solar and wind farms. This is what we call the green energy, an alternative to using traditional energy sources for mining bitcoin. This is one way of preserving the environment from toxic by product from those used energy caused by bitcoin mining.

This type of mining using solar and wind not only can help the environment but also the owner of the farm for we all know that energy is very expensive if we do mine bitcoin.

[131tc01n]

a bitcoin miner is not an energy producer or an energy company! a bitcoin miner is simply a customer of energy companies and is using what they are providing them. if they burn fossil fuel and give the produced energy to bitcoin miners you can't say bitcoin isn't green. you should say energy companies aren't green!

what is the solution? go to these energy companies and petition why they are not using cleaner forms of energy. this is not something that bitcoin can solve!

yes I think it's true, that the miner is just a customer of an energy provider company, where the miners are free to do whatever they want to that energy.

[Izabelle Casey]

Bitcoin Miners are consumers just like any other. They do not produce energy or are they related to an energy company. They are using what is provided to them. If fossil fuel is turned to energy and being provided by the energy companies to consumers you can't blame miners about not going green as they aren't in control of it. The energy companies are. And if you're looking for a solution to this then why not contact the energy companies themselves.

[ChadHuerta]

Not only for bitcoin, we should use clean energy for all industries. Yes mining coins requires a lot of energy and so does the others industries. If there is a talk of new, safe and green energy; I think every industry should start using that; not just bitcoin.

[rumexx]

I think this energy consumption aspect of bitcoin is over elaborated and it is still part of international conspiracy against bitcoin in other to have it destroyed. There are other business that produce more ozone depleting substances and they are not going after them because of the interest they have in such ventures. Bitcoin miners can look out for green energy sources like solar, wind and if possible hydro sources also. There is a new antimeter that Japan produced that consume only 45watts of energy. I think the energy issues will soon be solved.

[frowsiter]

I guess hydro power projects with mining facilitates can be best shot in this one. I am working on a project called as SAM, where these guys have created a cubes which are in built with graphic unit miners. These cubes are also placed in Alps county where the temp is always in minus so no need maintain the temp.
How they are going to deliver the energy to these so called SAM cubes ? Well they are going to set up their own hydro power projects and solely be available for the SAM cubes mining only. I guess this is one of the best shot for producing environment friendly model of mining equipments. Its more or less self sustaining stuff.

[jrrsparkles]

Bitcoin mining can save lot of electricity when we compare with the energy required for the banks everywhere and also bitcoin miners can be much more effective in the future when the companies can produce the loc consumptions ASICs,And lot of people uses renewable sources like wind and water to produce electricity which is good thing right.