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Author Topic: Elon Musk calls crypto “quite energy intensive”  (Read 667 times)
SiDtHeBeSt
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February 24, 2019, 06:00:46 PM
 #61

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
 #62

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
 #63

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
 #64

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
 #65

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
 #66

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
 #67

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
 #68

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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