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Author Topic: Bitcoin's huge carbon footprint - deal breaker  (Read 263 times)
kryptqnick
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June 25, 2019, 12:40:12 PM
 #21

I am all for eco-friendly life and reducing the carbon footprint, but I believe it's not realistic to think that people can do that by reducing their electricity consumption. The reason for that is that civilization's success in even sometimes measured by the amount of energy it operates. What we should be thinking about is reducing meat consumption, traveling more by public transport, and, most importantly, working on developing better ways of obtaining energy, without burning coal.
On a different note, I am surprised by this article, because I remember reading quite the opposite about Bitcoin being mined mainly using eco-friendly energy sources. Here's that bitcointalk thread: https://bitcointalk.org/index.php?topic=5153397.

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jhongzjhong
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June 25, 2019, 10:57:31 PM
 #22

If you have read the article from its last sentence, you can understand that the study finds that bitcoin mining has a high demand for electricity. However, if people can find alternative renewable resources then it would be nice. But yes, it is not that much friendly in our ecosystem. As the carbon footprint would affect the climate changes bigtime. There's nothing wrong to discuss more it and the people must find an alternative and most efficient way to mine bitcoin.

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June 25, 2019, 11:45:30 PM
 #23

Well, in this world where people actually care about the planet - you can't say this is any good...
https://edition.cnn.com/2019/06/14/tech/bitcoin-carbon-footprint-trnd/index.html

Bitcoin is definitely spewing out WAY TOO much carbon dioxide and is going to kill us all.  Can't fix it either because the entire notion of blockchain requires competitive mining.  It is only going to get much worse as Bitcoin value increases.  Total ruin. 

I really think this is the death knell for Bitcoin.

Nope  Grin Here you go ... Try and educate yourself.

https://www.youtube.com/watch?v=uvFqEofdAZ0&t=41s

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June 28, 2019, 07:26:54 PM
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 #24

To reasonably evaluate bitcoin's power hunger we must also consider the alternative.

So how much energy is consumed by traditional money? Well that system involves consuming energy to print money. Then large amounts of fossil fuel to put the money on trucks and drive it to banks running the AC or electronic kiosks (ATMs) that burn energy 24/7 365 days a year. Each time the money moves a settlement must take place days or weeks later.  So the money is shipped again and again using huge amounts of power over time. additionally these banks have to have people to do the work. People consume very large amounts of energy to just stay alive. All this energy dwarfs the tiny fraction required by bitcoin.

So does bitcoin consume a lot of energy? Yes. Do fiat systems consume vastly more energy? yes.

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June 29, 2019, 06:09:28 AM
 #25

Each time the money moves a settlement must take place days or weeks later.  So the money is shipped again and again using huge amounts of power over time.
Worth just clarifying this point. Only around 8% of fiat is actually available as cash, the rest just being numbers on a screen somewhere. Any time banks or institutions move large amounts of money - including issuing loans - no money actually moves anywhere other than electronically.

What does use a lot of resources is moving small amounts of fiat. There are 3 million ATMs in the world that need constant topping up. There are billions of services which need to regularly move fiat to a bank - everything from the obvious like shops, restaurants and vending machines, to the ones you don't think about like taxi companies and gyms. More or less every service which exists needs to physically move fiat to a bank. Given that transport is the number one polluter, this cannot be overstated. This entire sector simply does not exist with bitcoin.

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June 29, 2019, 07:14:25 AM
 #26

Well, in this world where people actually care about the planet - you can't say this is any good...
/2019/06/14/tech/bitcoin-carbon-footprint-trnd/index.html]https://editi[Suspicious link removed]/2019/06/14/tech/bitcoin-carbon-footprint-trnd/index.html

Bitcoin is definitely spewing out WAY TOO much carbon dioxide and is going to kill us all.  Can't fix it either because the entire notion of blockchain requires competitive mining.  It is only going to get much worse as Bitcoin value increases.  Total ruin. 

I really think this is the death knell for Bitcoin.

Hah...Bitcoin is going to kill us all.

Not the 100 of years of car emissions that have caused global warming.   Ok there RawDog.
Once alternatives becomes cheap enough you will see massive solar farms, wind farms and hydro power the bitcoin network.

Stop with the FUD dude.

RawDog has been the local forum Troll for years now, so do not expect him to stop now.  Roll Eyes  Bitcoin is actually going to "kill" the biggest contributor to the Carbon dioxide, namely Banks.  Wink  <We already seeing many Banks closing lots of their smaller branches in many countries.>  Grin

Just think about it for one moment.... how many armoured cars are needed to transport fiat cash to and from merchants and ATMs daily on a global basis and how much is that adding to their Carbon footprint.  Roll Eyes  <We are not talking about your average small car here>  Roll Eyes

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June 29, 2019, 07:51:51 AM
 #27

If you have read the article from its last sentence, you can understand that the study finds that bitcoin mining has a high demand for electricity. However, if people can find alternative renewable resources then it would be nice. But yes, it is not that much friendly in our ecosystem. As the carbon footprint would affect the climate changes bigtime. There's nothing wrong to discuss more it and the people must find an alternative and most efficient way to mine bitcoin.

You do not have to read the article from the last sentence I think,,, we all know how these articles always start out and we all know how they all end, the media also does not help because they only repeat what is always said. All of these articles want to tell us the same things, that Bitcoin is bad and everything to do with Bitcoin is bad. Terrorists, mining wasting, etc.

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