The ugly side of Bitcoin

[TimeBits]

DO TWO WRONGS MAKE A RIGHT?

Hi!

You know to guess at how much electricity is being consumed, for a produced known hashrate, the data may not accurately reflect the actual reality, as the asics improve, and get cycled in over time throughout the network, the numbers on the issue are not bad at all. The market cap certainly justifies this use of electricity.

"The market cap certainly justifies this use of electricity".........  KILL YOURSELF

I am certainly not going to violate that command because some apparent bozo states to do such on the net.

I didn't look at the video, but if it is something in china, perhaps you can send your complaint to the appropriate govt agency over there.

First of all I am not in the States, I live on Earth. Secondly,
"KILL YOURSELF.... O WAIT YOU ALREADY" don`t take things out of context. It was a joke but I guess it flew over your head. If you think it was serious I suggest contacting https://suicidepreventionlifeline.org/, I regret saying that I am sorry, I don`t want anyone to kill themselves as you can tell by this post....

Brother that is all over the world! not just in China! more power usage than Ireland, we could feed all of Ireland and transport and run everyone equipment anything that uses power it is literally all the power in Ireland and soon to be Canada.  Wake up!

Watch the video if you are going to make a reply to a comment with a video in it. check out this video to while your at it https://www.youtube.com/watch?v=Qnw-hTYOYbk maybe a Lil Dicky can convince you.

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[Genamant]

We all know how beneficial it is for us to have a currency like Bitcoin , something that we can use without any interference and without any middle man, but there is always a problem with things that we usually unsee because of the huge benefits it earns to us and this time it's environmental pollution.
Bitcoin as we know it requires mining to continue it's supply , but the thing is mining consumes Tons of energy and thus makes it harder for us to cope up with the stress it is putting up on the environment.
Pollution, global warming  Bitcoin is causing all this , one might argue that it won't be necessary after a while but what about right now ? It's hurting the environment and we have no stable solution for this.
Shouldn't we focus on this too ? Rather than other things ?

this issue has been widely raised but bitcoin experts explains that benefits from bitcoin outweigh this fact
you can read this article to know others views about your topic

https://coingape.com/is-bitcoin-mining-actually-an-environmental-hazard/

[TimeBits]

We all know how beneficial it is for us to have a currency like Bitcoin , something that we can use without any interference and without any middle man, but there is always a problem with things that we usually unsee because of the huge benefits it earns to us and this time it's environmental pollution.
Bitcoin as we know it requires mining to continue it's supply , but the thing is mining consumes Tons of energy and thus makes it harder for us to cope up with the stress it is putting up on the environment.
Pollution, global warming  Bitcoin is causing all this , one might argue that it won't be necessary after a while but what about right now ? It's hurting the environment and we have no stable solution for this.
Shouldn't we focus on this too ? Rather than other things ?

this issue has been widely raised but bitcoin experts explains that benefits from bitcoin outweigh this fact
you can read this article to know others views about your topic

https://coingape.com/is-bitcoin-mining-actually-an-environmental-hazard/

"In comparison Fiat is far more detrimental!"

yah two wrongs make a right, when your shit stinks blame it on other stinky shit. Grow a pair whoever wrote this article.

[bobsav2121]

According to this article https://cryptotradernews.com/cryptocurrency/how-does-bitcoin-mining-work/ ;

Bitcoin mining is largely restricted to people with access to cheap or renewable energy, as well as enough money to run several mining rigs at once.


So, in essence, since traditional (dirty) energy typically isn't cheap most people tend to use renewable energy anyways. I don't think bitcoin mining is that big of a problem for the environment...

[TimeBits]

According to this article https://cryptotradernews.com/cryptocurrency/how-does-bitcoin-mining-work/ ;

Bitcoin mining is largely restricted to people with access to cheap or renewable energy, as well as enough money to run several mining rigs at once.


So, in essence, since traditional (dirty) energy typically isn't cheap most people tend to use renewable energy anyways. I don't think bitcoin mining is that big of a problem for the environment...

I will go out to some of these industrial farms and make a video on all the waste being produced you can already see it in the video I linked above. "bit government fiat is worse" is the main throw back here, come on, what are you 5? That article is b.s. and I can see it with my own eyes. It uses more power than IRELAND ATM! you can energize all of Canada if we keep going at the rate for free next year!

what is "renewable energy" are we able to reuse that power that has been expended to secure that network? I mean if we put it to food we could.

[Leonardo7]

This is currently what the media is focusing upon and not the previous Pyramid and Ponzi allegation of the bitcoin state. Well, a lot of projects are now focusing on renewable energy which is eco-friendly. Another thing is that the bitcoin miners are paying for this electricity, and thus contributes to the country's IGR.

[posi]

I do not really agree to the thread starter statement about pollution from Bitcoin mining. What amount of pollution it produces? I think only the pollution he can talk about is global warming because of high end equipments used in BTC mining. It is not wasting any energy rather Bitcoin mining is utilizing it. More pollution is caused by vehicles we drive or the large manufacturing industries, we need to focus on such areas rather than talking about pollution by BTC mining which is in no way justified.

you are right. because this is only a matter of energy released from electricity. I think the actual pollution comes from vehicles, or greenhouses. maybe bitcoin minning can have that effect, however, I think it only gives a small effect.

Yes, we shouldn't ignore problem affecting Bitcoin network and if we check it closely the problem which Bitcoin is facing will definitely pollute crypto sphere sooner or later when Bitcoin hit the mainstream of payment if we don't focus on it. But if we talking about environment pollution I also don't see Bitcoin mining polluting the environment than cars etc. Infact, the electricity consume in Bitcoin mining is still low than the electricity consume by the fiat money printing company.

[figmentofmyass]

Not to mention the energy consumption itself is a trivial amount in comparison to how much electricity is used by the world annually.

that's true, although we shouldn't assume that will remain true forever. if bitcoin continues on a path of exponential adoption and price increase, the energy expended to mine it will likely increase drastically as well. an ever-increasing price (as we've seen for the past decade) creates incentive for an ever-increasing hash rate.

hopefully market forces will drive miners towards cheap renewable energy. that's the ideal, especially as solar panels and other renewable tech becomes cheaper to produce. unfortunately other external forces can undermine this market activity: for example, chinese capital controls provide increased incentive for miners to produce at any cost (and regardless of carbon footprint) in order to aid capital flight outside the country.

[arpon11]

We all know how beneficial it is for us to have a currency like Bitcoin , something that we can use without any interference and without any middle man, but there is always a problem with things that we usually unsee because of the huge benefits it earns to us and this time it's environmental pollution.
Bitcoin as we know it requires mining to continue it's supply , but the thing is mining consumes Tons of energy and thus makes it harder for us to cope up with the stress it is putting up on the environment.
Pollution, global warming  Bitcoin is causing all this , one might argue that it won't be necessary after a while but what about right now ? It's hurting the environment and we have no stable solution for this.
Shouldn't we focus on this too ? Rather than other things ?

If we began to list some of the things that pollute our investments we as a human beings may not be on this earth and most of the things we see do pollute our environment.  I think the disadvantage of bitcoin in polluting our environment is insignificant and I don't think it can match bitcoin benefits of being a decentralized way of transactions were third party are not needed in whatever we do financially.  The transparency bitcoin bring into transactions and trusts.  I think we need bitcoin to resolve most of the financial issues we are having all over the world.

[mensahkkofie]

There are always bad things associated with the good things in life. This is not only limited to the mining of bitcoin but many activities that are essential in life. With little improvement in modern technology, there  would be greener source of energy for the mining of bitcoin and other activities that contributes to global warming.

[crzy]

As for me, anything that is beneficial requires energy even if its a digital currency or physical money.  Bitcoin consumes and bitcoin produces so there is a thermal balance which we must not bother about. Bitcoin is not certainly consuming a huge percentage of electric supply. There are lots of businesses which consumes more energy than mining.

That’s right, this is just a small consumptions compare to those corrupt big companies who are really ruining the nature, just like the real mining industry where they killed many trees for their own sake. Bitcoin is harmless, it can give you good things just treat it right.

[sammyp]

How successful have we been able to address other sources of pollution? Our climate keeps changing now and then. I think bitcoin mining is posing a little threat compared to the other pollution sources such as the kind of vehicles we use especially in the developing and underdeveloped countries.

[BADecker]

One of the ugliest sides to Bitcoin is hidden. The world is being saved from the communications chaos that would come about from an uncontrolled Bitcoin-as-an-investment. But 5G communications are already online in a few places, and when they come online in a big way, Bitcoin communications chaos will be eliminated... because 5G will be able to handle it all.

So, what's the hidden ugly? It's that 5G radiation will essentially nuke all life on earth, similar to the way a cat is nuked when you place him in the microwave oven.

At best our brains will be partially fried, and Hitler-like people will be able to control us through 5G signals, direct to brain. It's being set up with all the aluminum and barium being sprayed into the air in the form of chemtrails. We absorb this stuff into our systems and brains. It will make us succeptible to 5G radiation controls, mentally, directly.

[drumamat]

We all know how beneficial it is for us to have a currency like Bitcoin , something that we can use without any interference and without any middle man, but there is always a problem with things that we usually unsee because of the huge benefits it earns to us and this time it's environmental pollution.
Bitcoin as we know it requires mining to continue it's supply , but the thing is mining consumes Tons of energy and thus makes it harder for us to cope up with the stress it is putting up on the environment.
Pollution, global warming  Bitcoin is causing all this , one might argue that it won't be necessary after a while but what about right now ? It's hurting the environment and we have no stable solution for this.
Shouldn't we focus on this too ? Rather than other things ?

Yes, mining is relatively harmful, but besides it, our Earth is polluted by a lot of chemical plants.There are a lot of fires per day with the release of a much larger amount of harmful substances.How many cars pollute the atmosphere with exhaust gases.I think if you take it together,the mining looks like a little prank.

[DreamStage]

Pollution is being caused by Bitcoin?

Actually no, you could still use Solar Panels for Bitcoin production which already exists as for example:
https://bitcoinist.com/bitcoin-miner-says-solar-energy-cuts-mining-costs-by-75/

Sure as in general all those cons exist but sooner or later more adoptations (at least better ones) will be applied so save us from the negative side effects.

[Artemis3]

We all know how beneficial it is for us to have a currency like Bitcoin , something that we can use without any interference and without any middle man, but there is always a problem with things that we usually unsee because of the huge benefits it earns to us and this time it's environmental pollution.
Bitcoin as we know it requires mining to continue it's supply , but the thing is mining consumes Tons of energy and thus makes it harder for us to cope up with the stress it is putting up on the environment.
Pollution, global warming  Bitcoin is causing all this , one might argue that it won't be necessary after a while but what about right now ? It's hurting the environment and we have no stable solution for this.
Shouldn't we focus on this too ? Rather than other things ?

No because this "problem" does not exist and will correct itself by free market forces...

Sooner than later it will be too expensive to mine using energy from the grid in ANY country, even mine. Then the last miners will be those who invested in renewable energy and therefore have free electricity from nature.

For that reason the best thing you can do, is do nothing.

[TheKeyLongThumbI]

As for me, anything that is beneficial requires energy even if its a digital currency or physical money.  Bitcoin consumes and bitcoin produces so there is a thermal balance which we must not bother about. Bitcoin is not certainly consuming a huge percentage of electric supply. There are lots of businesses which consumes more energy than mining.

That’s right, this is just a small consumptions compare to those corrupt big companies who are really ruining the nature, just like the real mining industry where they killed many trees for their own sake. Bitcoin is harmless, it can give you good things just treat it right.

That's very true. How can they point us out when they can't put fingers on those multi-millionaire who own those mining companies. There have been numerous time where flashfloods and landslides killed thousands of my people in my country because of rampant mining activities in those forest and mountains. I know that btc mining can be solved by renewable energy but not the real mining.

[pinggoki]

As for me, anything that is beneficial requires energy even if its a digital currency or physical money.  Bitcoin consumes and bitcoin produces so there is a thermal balance which we must not bother about. Bitcoin is not certainly consuming a huge percentage of electric supply. There are lots of businesses which consumes more energy than mining.

That’s right, this is just a small consumptions compare to those corrupt big companies who are really ruining the nature, just like the real mining industry where they killed many trees for their own sake. Bitcoin is harmless, it can give you good things just treat it right.

That's very true. How can they point us out when they can't put fingers on those multi-millionaire who own those mining companies. There have been numerous time where flashfloods and landslides killed thousands of my people in my country because of rampant mining activities in those forest and mountains. I know that btc mining can be solved by renewable energy but not the real mining.

Indeed, as a matter of fact, bitcoin mining is far batter than real mining or gold mining because first, the electricity consumption of bitcoin mining could be rely on eco-friendly of getting energy such as solar panels unlike the fuel used by vehicle in real mining is non-renewable at could absolutely harm our environment. Generally, all of these have cons but by further finding more efficient solution this negative effects will be clear up.

[Wildwest]

that is not the ugly side of "bitcoin", i would go as far as saying it has nothing to do with bitcoin. it is all about the ugly side of the electric producing companies that have been producing it inefficiently and with lots of pollutions. bitcoin is just using what is offered to it by them. we can't change everything. we have revolutionized the concept of currency from being centralized to being decentralized, you can't expect us to also revolutionize the electricity production too!

I agree with you that it is not the bad side of bitcoin because bitcoin has nothing to do with environmental pollution. When energy use begins to be inefficient we cannot blame what other people do, because more and more energy technology is increasingly needed.
The rest is the task of the energy company to be smarter in developing strategies.

[BigBos]

The Good
Bitcoin is incredibly secure. Most of the time, people talking about “hacking” when it comes to cryptocurrencies have no idea what they’re talking about. At this point, barring an (extremely unlikely) exploit to the underlying cryptographic algorithm, it would take nation-state level budgets to be able to perform attacks on the network

maybe the worst thing is, crypto is always the target of hackers, or other things like scammers. well, this is difficult to avoid if we are not careful. even I myself have felt the bitterness of believing in a scammer, or a hacker who took my bitcoin in my wallet.