Mining Bitcoin Doesn't Need To Worry About Spending Electricity

[ReLieD]

Digital money such as Bitcoin is known to have serious problems, where they rely on electrical energy with considerable power requirements or proof of work to mine it. However, there are now other options or choices.

Honest Mining's Chief Executive Officer, Lawrence Samantha, said that around 20 percent of companies that are in this business have moved to an option called proof of stake.
At present he is supporting these companies to use proof of stake. Lawrence explained that this scheme makes electricity far more economical.

The adoption of this technology, called Lawrence, will not affect business. However, he stressed that proof of stake is far more environmentally friendly and power efficient.
He said, if previously focused on the 'work' side, now the new technology is more concerned with the 'stake' or ownership of digital coins.
The use of proof of stake Lawrence claims is superior when viewed from various sides. This is evident because several companies that run the new project have adopted it. And, more than 20 percent of the digital coin business in the world already uses this technology.
"The new project has entirely used proof of stake. If the old one is in the process of being considered. It may still be the stage of sight-seeing. The Ethereum company which is in fact the second largest in the world will also move soon. The process is long because the network is extensive," said Lawrence .

Seems good but i dont think that people who mine bitcoin would care about the environmet and actually change their method to protect the nature as you mentioned above. Also about the cost , i agree to that , it reduces cost but increases human effort. So people usually pay more to reduce human effort. These things like actually cancel the things to told.
Well as far nature is concerned , people might try to implement these methods in the coming future as we also have to consider the nature. We already know what happens when we ignore nature and still act against it..

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[kokobaba880]

Now a days electricity problem is solved many techniques are available through which you can save money and electricity is high consumption in many countries so it is not the problem now that electricity is disturbing the mining of crypto solar light is available which can provide us free electricity and we don;t need the traditional line of electricity now a days so mining can be more profitable than before.

[Rory Kylo]

we  can use alternative energy sources so it can save electricity and we can also protect the environment against global warming risks.

[Wind_FURY]

This socialist drama of giving the small guy a chance won't work even if we design an algorithm that can run only on a certain brand of gpu , x ram and z hdd space. Somebody with enough money will start assembling exactly this kind of miner with components bought in bulk from the manufacturer, at half the price the usual customer can do it and set up warehouses where he is earning x3 times more than the kid doing so in his bedroom.

exactly
the only reason you have not seen this really happen is that the coins that do PoC(proof of capacity/cpu/components) are coins that are worth very little and have no real merchant real life utility. so its not worth the bother.. however if a coin should become popular then you would see pooling/farming begin.

as said before some of the popular PoS coins are already seeing people pool funds together or use exchanges as their pooled/syndicated stake, leaving the little guys with alittle dust amounts (hobbyists) with no chance

also coins that have no 'acquisition cost' to get fresh coins, EG PoS(requirements is just a signature) also dont have good bottomline 'value' price support. literally if it costs nothing to get the coin people will literally sell it all the way down to a penny and still consider it profitable. so its not just a security of the data that PoW helps. but also the security of the bottomline price supportline as it costs something to make fresh coin people wont just sell it at any price. they will look to sell only above what they paid to get it.

I have been saying that many times in the technical and development subforum, but not one of you was debating Ali-someone about it. He proposed ProgPow as a replacement for SHA256, which he "claims" is ASIC-resistant.

[killat]

If you have cheap electricity mining definitely worth it, if there was no profit, POW currencies wouldn't work any more. It's harder for small investors, so i would recommend trading rather than mining. But if you have cheap electricity, yes you can make some money. In my country, electricity is cheap, with around 4-5k investment, you would get your money back maybe in a 10-12 months plus if you have warranty on your GPUs, it's great for you.
If you combine mining and trading... well you know

Also if you have some second source of money to cover the electricity, you can hold those coins and wait for later grow and there you go.

[andriw]

if bitcoin is changed from Proof of Work to Proof of Stake, the capitalization value may decrease because the process of getting or mining bitcoin does not require a large fee.

[agatha90]

Can the power saver system be used in all countries? Because in my country electricity is very expensive, if we start for minning there will be a lot of electricity.

[cryptokingdom]

I have some coin that are proof of stake consensus base and I have being receiving more coin. I want to ask a question the is disturbing me, If we keep on getting more coin just for keeping would it make the coin to be too much in circulation thereby causing dropping in price?

[stompix]

I have been saying that many times in the technical and development subforum, but not one of you was debating Ali-someone about it. He proposed ProgPow as a replacement for SHA256, which he "claims" is ASIC-resistant.

When there are 12 millions $ for grab each day, and maybe soon growing to 24 or 36 like in December. there is no such thing as ASIC resistant.

if bitcoin is changed from Proof of Work to Proof of Stake, the capitalization value may decrease because the process of getting or mining bitcoin does not require a large fee.

Fees have nothing to do with the algorithm of the coin, all that is matter are the capacity and the number of the transaction being made by day.

Can the power saver system be used in all countries? Because in my country electricity is very expensive, if we start for minning there will be a lot of electricity.

Do you really think that if miners top mining bitcoin you will get cheaper power in your country?
Out of curiosity, what country are w talking about?

[Zin-Zang]

I have some coin that are proof of stake consensus base and I have being receiving more coin. I want to ask a question the is disturbing me, If we keep on getting more coin just for keeping would it make the coin to be too much in circulation thereby causing dropping in price?

Depends,
if you choose a high inflation PoS coin, then excessive supply will cause a price drop over time as the markets become saturated.

If you choose a low inflation PoS coin, then price per coin will grow over time as its utility as a payment system grows.  

[imstillthebest]

we  can use alternative energy sources so it can save electricity and we can also protect the environment against global warming risks.

using alternative energy isnt really effecient when mining because mining requires alot of power to be able to mine a coin succesfully .  using alternative energy isnt also helpful to the environment because your mining hardware will still blow polution or excess waste whenever you run it .

Can the power saver system be used in all countries? Because in my country electricity is very expensive, if we start for minning there will be a lot of electricity.

I dont know if some mining hardware do have this feature but if your using a pc/laptop sure you can enabled it and you can now save electricity but your mining power will be affected    . best solution to your problem is stop mining at all because you cannot earn sufficient income when your bills are too high .

[Wind_FURY]

I have some coin that are proof of stake consensus base and I have being receiving more coin. I want to ask a question the is disturbing me, If we keep on getting more coin just for keeping would it make the coin to be too much in circulation thereby causing dropping in price?

Depends,
if you choose a high inflation PoS coin, then excessive supply will cause a price drop over time as the markets become saturated.

If you choose a low inflation PoS coin, then price per coin will grow over time as its utility as a payment system grows.  

But what do POS proponents have to say to the question of why the originators of a POS system must be granted the rights to hold the power on the network forever.

[jseverson]

using alternative energy isnt really effecient when mining because mining requires alot of power to be able to mine a coin succesfully .  using alternative energy isnt also helpful to the environment because your mining hardware will still blow polution or excess waste whenever you run it .

Clean energy actually is efficient enough to power miners. Plenty of them are looking into renewable sources. Technology in this sector is bound to improve and become cheaper in the coming years, too, so things are only going to get better from here.

Mining hardware only really generate heat, which isn't a pollutant. It could even be harnessed for other purposes.

[virtfund]

Some people loved this electricity consumption idea and they emphasize it in various versions. I don't think that used electricity by miners is a serious problem. When it comes to bitcoin, some people suddenly become a nature defender. This is a popular strategy which is used for a while to blame bitcoin. There are many systems which are used in financial system. For example; every bank uses a huge amount of electricity for providing 7/24 services to its customers. But I have never read such a news about it.