Elon Musk calls crypto “quite energy intensive”

[BestCoinInvestments]

Recently Elon Musk had an interview with ARK invest podcast. They mostly spoke about his company Tesla and key features of its success, but at the end of the 30-minute show, they touched cryptocurrencies as well.

At the start of this crypto segment, he laughed and told the story about how he got blocked on Twitter by making fun on the phrase “wanna buy some bitcoin”. Later he continued by saying “I've got some friends of mine that are really involved in crypto”.

And then came his legendary phrase, which all the major news sites picked up: ”I think Bitcoin's structure is quite brilliant.” Elon continued by elaborating on what he thinks are the downsides of crypto. He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.

We elaborated on the crypto energy consumption issue in our latest article: https://bestcoininvestments.com/elon-musk-calls-crypto-quite-energy-intensive/

Have a read, and tell us what is your perspective on this subject! 

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[fudster]

He isn't sure whether its something to be concerned of which I think its fair to say. But its true that Bitcoin spend so much energy upon mining blocks. There is no changing these settings any more though unless we'd have to reboot over again which is highly unlikely.

So is Bitcoin a threat to global warming?
I'm not sure too. I can't believe the media today, maybe they lied about global warming, they may even be lying about the earth being round.

[bitmover]

Bitcoin is energy intensive because for now it's the only way to secure the network.

Other coins, which have different proposals, such as ethereum, will soon move to less energy intensive methods

As I only heard antonopoulos saying, maybe the world can't handle more than one big PoW cryptocurrency . Not all cryptocurrencies need to be using pow. But bitcoin needs now.

[avikz]

Mining is not limited to bitcoin only so I would rather say, crypto mining can be seen as energy intensive. However, it sounds true when you don't have benchmark to compare with. But if you compare the energy consumption of minting presses with cryptos, it would look so tiny that you would not think much about it in the future.

I would encourage you to read the below article which provides a very good overview of this matter and it shows that global money printing presses consume energy worth 28 billion usd annually whereas bitcoin consumes 0.79 billion usd. It's 2.8% of global money printing consumption. Does it look so big now??

[TimeHacker]

It is energy intensive, but not so much if you compare it e.g. to energy consumption of gold mining. However, eventually also Bitcoin will probably have to switch to some other way of securing the network, such POS like Ethereum plans to do.

[Phinnaeus Gage]

"Elon Musk calls crypto quite “energy intensive”"

Says the man building electric cars. 

[xWolfx]

At the start of this crypto segment, he laughed and told the story about how he got blocked on Twitter by making fun on the phrase “wanna buy some bitcoin”. Later he continued by saying “I've got some friends of mine that are really involved in crypto”.

And then came his legendary phrase, which all the major news sites picked up: ”I think Bitcoin's structure is quite brilliant.” Elon continued by elaborating on what he thinks are the downsides of crypto. He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.
Have a read, and tell us what is your perspective on this subject! 

It's like the only thing the people picked up from that is that he called Crypto energy intensive.

He saying that Bitcoin's structure is quite brilliant means a lot for those of us who are called crazy for pointing out the same thing. In his case he got blocked in twitter but yeah it happens. If we take into account the fate free thinkers had in the middle ages this is nothing.

I don't believe that he is wrong. Even when the architecture of Bitcoin's inner technology is brilliant it is obviously not perfect. But i don't think that it was meant to, it was meant to be a starting point for people to develop and find out amazing possibilities that could definitely make human kind advance a lot faster in the future.

[pixie85]

Is that bad? I think that him calling it energy intensive is less important than him calling it brilliant. Energy intensive isn't negative. It's simply stating the fact!
I laugh when tree huggers attack Bitcoin and at the same time they're driving cars and cooking food. Electric energy doesn't come only from sources that produce CO2. Maybe they should look for resolutions elsewhere like in the millions of cars in the streets and coal powered power plants still used by some countries.

[squatter]

He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.

Not all crypto is necessarily energy intensive like Bitcoin. There are proof-of-stake, hybrid proof-of-stake and other designs that are much less so, but it comes at a cost. If you want payment settlement so reliable that you can call it "irreversible" then you need to use proof-of-work.

Proof-of-work may be energy intensive, but what's the context? The legacy banking and gold production industries are very energy intensive, too. Nobody seems to mention that in these analyses. Why is everyone so hung up on Bitcoin? Like Musk says, Bitcoin's structure is quite brilliant. The whole design hinges on the fact that mining carries costs.

[mrdeposit]

Recently Elon Musk had an interview with ARK invest podcast. They mostly spoke about his company Tesla and key features of its success, but at the end of the 30-minute show, they touched cryptocurrencies as well.

At the start of this crypto segment, he laughed and told the story about how he got blocked on Twitter by making fun on the phrase “wanna buy some bitcoin”. Later he continued by saying “I've got some friends of mine that are really involved in crypto”.

And then came his legendary phrase, which all the major news sites picked up: ”I think Bitcoin's structure is quite brilliant.” Elon continued by elaborating on what he thinks are the downsides of crypto. He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.

We elaborated on the crypto energy consumption issue in our latest article: https://bestcoininvestments.com/elon-musk-calls-crypto-quite-energy-intensive/

Have a read, and tell us what is your perspective on this subject! 

Bitcoin mining consumes energy but this is nothing if we take into consideration the downsides of alternative payment systems. Structure of bitcoin is base on mathematical calculations and that's why it is unbeatable. Elon Musk is active on twitter and i follow his tweets but this guy sometimes accept horrible decision without thinking about future of his companies.

[Crypdon]

If he thinks it is too energy intensive he should develop a renewable fuel based battery so we can all mine for free. Anyway, it's good that he has something positive to say about bitcoin in general, better than warren buffet's opinion

[KingScorpio]

He isn't sure whether its something to be concerned of which I think its fair to say. But its true that Bitcoin spend so much energy upon mining blocks. There is no changing these settings any more though unless we'd have to reboot over again which is highly unlikely.

So is Bitcoin a threat to global warming?
I'm not sure too. I can't believe the media today, maybe they lied about global warming, they may even be lying about the earth being round.

the problem is that bitcoin is adressing a quite big issue in humanitarian and egalitarian societies,

the power is being given to those, that had the most equity (installed income sources) and the most manpower working for him calculating his fundraisings.

bitcoin standardises and distributes this kind of power thinking and makes the installation of computation power the way to directly get money.

thats the way how in the "humanist" west the rich are being created, those that can argue the most the best, the most expensive and the most detailed with the banks, are able to loan the most, build most equity and be the richest.

it systematically enriches the richest and it also wastes a lot of ressources.

Bitcoin simplifies this behavior. and thats why its so difficult to get rid of, because its simply adressing a big issue.

regards

[crzy]

So he will invent a bitcoin mining rig that can be more energy efficient, hopefully yes.
Well, this is still a great thought from a great man, now bitcoin is being hype my bang big businesses and its time now to see a bull run. Let’s see who’s next in line to say good thoughts about bitcoin.

[BurgerCash]

I mean, he is one of the Paypal mafia, and the initial goal of Paypal was to replace the dollar, not to become an overpriced transaction service. So he knows why we need bitcoin and he knows how its goal can be silently changed by people who feel threatened by its power.

[MakeMoneyBtc]

People consider energy consumption of bitcoin a problem right now because it doesn't offer much advantages to people in comparison with the resources it is using. There are a lot of other things that consume a lot of energy like hospitals(of course you cannot really compare it to bitcoin but this is what first came to my mind) but in exchange they offer something back to the population. In the future bitcoin will consume probably the same amount of energy but the difference is then more people will use it for payments and transactions so people will not care that much about the energy it consumes.

[vennali]

Really loved the infographic which gives great insights about the energy consumption of miners. I wasnt expecting it to be so high as the miners have already suprassed the energy a few nations like Denmark, Serbia, Greece, Belgium, Argentina and Pakistan. On the whole the consumption is larger than 159 countries.  The amount of electricity used by over 25 million people. Do something about it Elon! Make energy efficient miners and save the world!
I dont think we have come to an alarming rate as of yet, but theres a constant rise in the consumption.

[Twinkledoe]

I mean, he is one of the Paypal mafia, and the initial goal of Paypal was to replace the dollar, not to become an overpriced transaction service. So he knows why we need bitcoin and he knows how its goal can be silently changed by people who feel threatened by its power.

He might have a lot of bitcoin stash for all we know. Not only bitcoin, but eth, xrp and many more. Those guys in the advanced technology know there is future in blockchain and crypto. Even if he's saying energy intensive and that is true anyway, but crypto has already gone a lot and prove the benefits that we can derive from utilizing it.

[franky1]

id prefer to have energy intensive (concentrated on one task) rather than extensive(diluted and spread to 1000 sharded crapcoins)

if you had a baby. would you want it looked after in
an intensive care unit with lots of nurses checking it
an extensive care unit with fewer nurses checking lots of babies

plus, its digital not a flower so yea use of electric energy will be involved.
its not a flower after all, otherwise the claim would be water intensive

id rather have something that has lots of cost of creation to give it underlying value. than something cheap to create such as POS coins which there is less underlying value. thus meaning it needs more speculative crap to bring the price up to be nearer to something with underlying value.
 

[n0ne]

A clear picture on the electricity consumption of bitcoin to maintain the network is provided in the article. Elon musk being a legendary person who has shifted from fueled engines to electric car production to reduce pollution and increase the efficiency has got known better about the value of electricity. When his thinks an alternate to fuel to ignite the car, same is possible with bitcoin as well. Continued search for it will give way for decreasing power consumption on running the network. If electricity consumption and the pollution generated through bitcoin network is to cause global warming, tesla products too isn't exceptional. Because higher percentage of pollution happens while making a lithium ion battery. Maybe it's a one time process, but this too is contributing.

[leonair]

He have a good point there though because in able for Bitcoin to function it needs computing that is requiring miners to do the job and makes a ton of electricity power but I believe that the time will come that the cost of electricity in mining will cut down.

Logically thinking, almost everything in the world that has a very good use to the people needs an electricity to work and Bitcoin is one of it, can I say Internet itself has a power intensive technology?