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Author Topic: Elon Musk calls crypto “quite energy intensive”  (Read 468 times)
Inosend
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February 23, 2019, 09:08:29 PM
 #61

You can't stop people from comparing this coins since they are all cryptocurrencies and people believe someday some how another coin may over take bitcoin

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February 23, 2019, 11:32:21 PM
 #62

it has been reported that Bitmain controls over 51%.

got a reliable source for that? cuz the SV/ABC war sort of showed how impotent bitmain is.

not only do they not control half the network, but much of what they do control is probably hosted on behalf of clients. similar to the case of mining pools above, bitmain has much less control than people think. prove otherwise. Wink

Smiley
https://bitcoinmagazine.com/articles/bitmain-nears-51-network-hash-rate-why-matters-and-why-it-doesnt/
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Piecing all this together, it’s easy to see Bitmain’s influence on the network hash rate.
Through the different mining pools it exerts influence over in one way or another, it may have already stepped beyond the 50 percent mark some time ago.
Quote
Bitmain does, in fact, control well over half of all hash power on the network directly.

Wear Blinders if you prefer, but the reality is apparent to all that look.
Bitmain has over 51% control, they just smart enough to hide it.

right, so it's just as i thought.

fyi, that article is from over a year ago. the cited pools control ~ 1/3 of the network hash rate: https://www.blockchain.com/en/pools?timespan=4days

so, much less than 51% for starters.

next, bitmain does not control nearly that much hashrate themselves. they just operate the pools. miners will definitely point their hash rate away from antpool, btc.com and viabtc if they start 51% attacking the network:
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the number of mining pools doesn't matter nearly as much as the actual distribution of hashpower. miners can point their hashpower away from a malicious pool at a moment's notice. pool operators who endanger the network will quickly fall from favor. remember ghash.io? hardly anyone else does either.....

finally, bitmain runs a business hosting miners for clients. so that's even less hash power they can use to attack the network (because clients will immediately pull the plug)

bitmain had an incredible fall from grace over the last year. their business is imploding with hundreds of millions $$ in losses. even if they had the hash rate (which they don't) they're in no financial position to risk attacking bitcoin lol.

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February 24, 2019, 03:58:18 AM
 #63

it has been reported that Bitmain controls over 51%.

got a reliable source for that? cuz the SV/ABC war sort of showed how impotent bitmain is.

not only do they not control half the network, but much of what they do control is probably hosted on behalf of clients. similar to the case of mining pools above, bitmain has much less control than people think. prove otherwise. Wink

 Smiley
https://bitcoinmagazine.com/articles/bitmain-nears-51-network-hash-rate-why-matters-and-why-it-doesnt/
Quote
Piecing all this together, it’s easy to see Bitmain’s influence on the network hash rate.
Through the different mining pools it exerts influence over in one way or another, it may have already stepped beyond the 50 percent mark some time ago.
Quote
Bitmain does, in fact, control well over half of all hash power on the network directly.

Wear Blinders if you prefer, but the reality is apparent to all that look.
Bitmain has over 51% control, they just smart enough to hide it.

That's just a conspiracy. We cannot really know who controls what hashrate wise. What do we know is that Jihan Wu has left the building, he knows Bitmain is in deep trouble. He took the wrong side of the fork, thus ending up in massive losses as he holds heavy bags of BCash. There's talks of the IPO and whatnot, last time I checked it really looks ugly for that company.

This is fantastic news because the way you can view it is just Bitcoin's incentives working as intended: those trying to fork away thinking their hashrate dictates where Bitcoin goes ends up holding some shitcoin and losing real money (that's real Bitcoin).
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February 24, 2019, 12:01:01 PM
 #64

Elon Musk Statement on cryptocurrencies is a positive sign for crypto investors even we can say this pump happened because of Elon musk statement
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February 24, 2019, 12:28:53 PM
 #65

I would just say that everything good comes at a cost. Bitcoin is definitely a huge thing h\that has happened to us. It changed the life of many including me.
This  has to go on and if energy is the thing that keeps it running then may be we should not mind giving up some for something so good to keep running.
As Antonopolous said, one PoW system is enough in the market and bitcoin should be the one using it.



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February 24, 2019, 05:51:48 PM
 #66

Yes, unfortunately cryptocurrency mining is a quite energy-intensive process, but I think that with time everything will change and you can even get cryptocurrency using a phone.
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February 24, 2019, 06:00:46 PM
 #67

I agree with Elon musk that the blockchain structure is amazing and also that Bitcoin mining cosmumes a lot of energy as of now. But maybe with time the energy to consumption might reduce quite a lot compared to that of now.

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February 25, 2019, 10:59:05 PM
 #68

I agree with Elon musk that the blockchain structure is amazing and also that Bitcoin mining cosmumes a lot of energy as of now. But maybe with time the energy to consumption might reduce quite a lot compared to that of now.
I don't really agree with Elon Musk speech about the energy consumption of Bitcoin because i also find out that Bitcoin mining don't consume much energy than money print press but Bitcoin does consume 3x energy which the Visa and MasterCard consume. However, people are overreacting about Bitcoin energy consumption.

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February 26, 2019, 06:51:08 AM
 #69

Elon Musk positive comment towards bitcoin will definitely put crypto industry in limelight and more positivity spread towards the market for price pump
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February 27, 2019, 07:51:48 AM
 #70

He is very right, after all, he quite acknowledged the fact that bitcoin is a brilliant structure but the point he made which is not far from truth is that bitcoin is energy consuming as bitcoin gets more popular and more investor, mining becomes harder and requires sophisticated machines to mine it and these mining engine quite consumes energy but the energy consumption cannot be compare to the benefit of the bitcoin to the economy monetarily.

Moreover, a miner pays for the energy, not as if the energy used is free, it is left for the energy producing company to step up if it’s affecting them which it is not.
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February 27, 2019, 08:33:02 AM
 #71

Not crypto but BTC there is a big difference because now we have hybrid coins with both pow and pos like DeepOnion and with time we will have mostly pos coins and this problem would be solved, BTC was something experimental which succeed but most of alts now have much more good features and others would be created will be better.


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February 27, 2019, 10:56:42 AM
 #72

I don't really agree with Elon Musk speech about the energy consumption of Bitcoin because i also find out that Bitcoin mining don't consume much energy than money print press but Bitcoin does consume 3x energy which the Visa and MasterCard consume. However, people are overreacting about Bitcoin energy consumption.
Well, Paper Money Was Used By ~7 Billion People
While Bitcoin Only Used By ~10 Million People[1]
The Money Print Press Only Use ~150%[2] Of Bitcoin Energy, But It Serve ~6900% More People.

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February 27, 2019, 11:15:32 AM
 #73

It's true that bitcoin is energy intensive, so I hope there will be a shift to miners using renewable energy such as solar, wind, and hydroelectric power to secure the bitcoin network. I don't think bitcoin should be prohibited simply because it is energy intensive, but again I think we can use energy more intelligently for it.
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February 27, 2019, 09:49:54 PM
 #74

Moreover, a miner pays for the energy, not as if the energy used is free, it is left for the energy producing company to step up if it’s affecting them

That's definitely an issue. Ideally, miners would buy excess energy at a discount where it's abundant, rather than adding load to a high-demand or low-supply grid. There already exists some natural incentive to promote this: Where electricity is more abundant, prices are cheaper. I think as we see more businesses of scale enter the mining sector, we'll see an ever increasing share of operations moving towards more sustainable situations where they won't threaten power grids or drive prices up.

There's also the likelihood that green energy sources like wind and solar generation will become increasingly efficient and accessible to the market. That will lower the footprint of what miners consume beyond excess supply.

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