Bitcoin Forum
November 26, 2020, 06:47:31 PM *
News: Latest Bitcoin Core release: 0.20.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 2 [3]  All
  Print  
Author Topic: Is bitcoin mining a problem of wasting energy? No  (Read 396 times)
tbterryboy
Sr. Member
****
Online Online

Activity: 1092
Merit: 285



View Profile
March 13, 2020, 04:57:14 PM
 #41

Basically, I was on the opinion that no matter even if energy is wasted still proof-of-work was better than proof-of-stake but after the quantum supremacy was proved by google and I read somewhere that they can mine all the bitcoins in a few minutes actually blew my mind and the is is actually where I believe proof of stake is better because there is no way someone with quantum supremacy can just mine p-o-s coins at all.

I mean we are already wasting so much electricity and resources and now there is a giant in the market who can just mine all the coins in some minutes so I start to feel like p-o-s is much better and while it gives more power to whales but it still is impeccable and there is nothing that can ever alter the mining speed unlike p-o-w coins.

Betnomi300%█████████████████████   ████   ██
DEPOSIT
BONUS

████   ████
.
UP
TO
20%█████████████████████   ████   ██
WEEKLY
CASHBACK

████   ████
100%█████████████████████   ████   ██
.
RAKEBACK
.

████   ████
█▀▀▀▀▀











█▄▄▄▄▄
.
Play now!
▀▀▀▀▀█











▄▄▄▄▄█
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1606416451
Hero Member
*
Offline Offline

Posts: 1606416451

View Profile Personal Message (Offline)

Ignore
1606416451
Reply with quote  #2

1606416451
Report to moderator
Ozero
Full Member
***
Offline Offline

Activity: 1106
Merit: 110



View Profile
March 14, 2020, 08:00:12 AM
 #42

I see almost no problems with electricity for the extraction of bitcoins. In my opinion, this topic ceases to be relevant in our time, when technologies for the use of alternative sources of electricity production are rapidly developing and improving. Solar panels are now relatively cheap and their production is improving and growing. The sun is an almost eternal source of energy, we just need to learn how to properly use what nature gives us.

INTERFINEX        Bill    ▬▬    DeFi | The future of decentralised finance
   ▰ JOIN   NOW ▰ 
[ SWAP TRADE ] fee of 0.1%    ▐ [ LIQUIDITY POOL ]▐   ◥ telegram     ◥ twitter
add1ct3dd
Sr. Member
****
Offline Offline

Activity: 441
Merit: 253


View Profile
March 19, 2020, 04:27:35 PM
 #43

Bitcoin mining is not a waste of energy because of this bitcoin mining we will be able to mine bitcoin and make a supply of for all the world and this is a way of earning money so I can say that it is not a way of wasting energy, perhaps those people who are saying that it is just a way of wasting energy is just like nothing happens but in bitcoin mining people are earning by doing this.
You don't get the actual topic man, the thing is how POS is better than POW and since POS is already a good algorithm why do need need to waste energy to mine POW coins since POS is a simple solution and I do agree that POS has upper hand because no matter what but energy and resources are being wasted in POW indeed.

it could end up making Bitcoin centralized. Think about it. Imagine being a huge exchange with a lot of PoS coins in custody? Solely from being a whale, you automatically have a significant influence over the network. In contrast to PoW whereas you'd actually have to dedicate money to buy hardware.
But, to buy those hardware you need to invest money and like you said if someone grabs a big number of coins they can control the network similarly if someone has a lot of coins they can sell off buy miners and actually be a whale too.
squatter
Legendary
*
Offline Offline

Activity: 1610
Merit: 1161


STOP SNITCHIN'


View Profile
March 19, 2020, 10:21:51 PM
 #44

You don't get the actual topic man, the thing is how POS is better than POW and since POS is already a good algorithm why do need need to waste energy to mine POW coins since POS is a simple solution and I do agree that POS has upper hand because no matter what but energy and resources are being wasted in POW indeed.

Bitcoin remains the dominant cryptocurrency for good reason -- POS is widely viewed as insecure. Ethereum has delayed their transition to POS by several years and backtracked to a hybrid POW-POS proposal because of the threats.

But, to buy those hardware you need to invest money and like you said if someone grabs a big number of coins they can control the network similarly if someone has a lot of coins they can sell off buy miners and actually be a whale too.

Aside from cases of pre-mining or insta-mining large stakes, exchanges remain the biggest threat to any sort of POS system:

No need to imagine, it's already been done -- at least with Delegated POS. https://twitter.com/VitalikButerin/status/1234522463129800709

Poloniex, Binance and Huobi were caught staking customer STEEM and using it to attack the existing DPOS consensus. They've done a pretty good job of brushing the attack under the rug, but the evidence is rather damning.

POS hasn't been solved yet. It may never be. POW is the best we have, for now and the foreseeable future.

These risks don't exist in Bitcoin.

Khaos77
Member
**
Offline Offline

Activity: 672
Merit: 73

Flag Day ☺


View Profile
March 20, 2020, 04:01:32 AM
Last edit: March 20, 2020, 05:17:54 AM by Khaos77
 #45

You don't get the actual topic man, the thing is how POS is better than POW and since POS is already a good algorithm why do need need to waste energy to mine POW coins since POS is a simple solution and I do agree that POS has upper hand because no matter what but energy and resources are being wasted in POW indeed.

Bitcoin remains the dominant cryptocurrency for good reason -- POS is widely viewed as insecure. Ethereum has delayed their transition to POS by several years and backtracked to a hybrid POW-POS proposal because of the threats.

But, to buy those hardware you need to invest money and like you said if someone grabs a big number of coins they can control the network similarly if someone has a lot of coins they can sell off buy miners and actually be a whale too.

Aside from cases of pre-mining or insta-mining large stakes, exchanges remain the biggest threat to any sort of POS system:

No need to imagine, it's already been done -- at least with Delegated POS. https://twitter.com/VitalikButerin/status/1234522463129800709

Poloniex, Binance and Huobi were caught staking customer STEEM and using it to attack the existing DPOS consensus. They've done a pretty good job of brushing the attack under the rug, but the evidence is rather damning.

POS hasn't been solved yet. It may never be. POW is the best we have, for now and the foreseeable future.

These risks don't exist in Bitcoin.

The risks don't exist in most PoS coins, since PoW supporters seem unable to read anything not written by Greg Maxwell.
Greg Maxwell promote a Nothing at Stake Myth saying all PoS coin would suffer from multistakers staking on multiple forks ,
and the entire reason they would do this is an attempt to steal the majority of transaction fees.

Here are three major reasons that is bullshit.
1.  So far no one has bothered to even write a multi-staking client.  (Been over 6 years since PoS was introduced.)
2.  All stakers have to use it for it to weaken a coin's security. (One Large Staker not multi-staking would outstake the multi-staking dummies.)

3.  Any PoS coin using a design based on Sunny King original design , Destroys all of the fucking transaction fees.

*Their is literally nothing a multi-staking client can do but waste your personal time, write one and see how useless it is for you.*  Cheesy

Making sure the N@S myth is just a nonsense story to mislead the people that don't actually explore the PoS technology.

Proof of Stake is Superior to Proof of Waste at any day and at any time.

Proof of Waste Miners go bankrupt all of the time due to excessive waste,

Never Once have you heard of a Proof of Stake Staker going bankrupt due to the cost of staking.

Energy Efficiently counts,
do you run a 120 watt light bulb in your lights or 12 watt LED bulbs that give off just as much light,
without wasting all of that energy on wasted heat.
So why would your want your PoW coin network to waste the energy required by entire counties,
when a PoS coin network could offer higher performance at lower costs and use so little power, no one would notice.   Wink

FYI:
As far as exchanges go, anyone giving their coins to an exchange is giving control of those coins to an exchange.
Exchanges could profit more by stealing the coins and reselling somewhere else and closing up shop, instead of trying to control a network.
More profit in stealing coins , no matter PoW or PoS coins .  Smiley
coinfinger
Sr. Member
****
Offline Offline

Activity: 1456
Merit: 271



View Profile
March 26, 2020, 05:03:54 PM
 #46

Was thinking of this the other day: What happens to these miners when all 21 bitcoins have been mined? Will they just stop mining because they will no longer be paid from receiving those block rewards?
The answer is no.
They will still be paid by the miners fee namely the transactions fees which still remain quite high. I watched one video showing how one btc pool receives $500k per block on those fees alone.
And respectively the coins price will go up too because the miners are the ones who will actually mine when they get enough value for their miners and hence the overall value of bitcoins will go up indeed. But, I don't think there is a possible way to mine all bitcoins because each halving the reward is cut to half and this will make even harder each time to mine.

Crypto mining requires a lot of energy and if Pos can solve the problem then I believe there is no need to waste resources with Pow coins, I agree BTC is the boss and Pow is fine for it but other new coins should focus on Pos moving forward.

████
██
██
██
██
██
██
██
██
██
██
██
██
████
█████████████████████████████████████████████████████████████████████████████████
██████████████████▀▀██▀▀███████▀▀██████████████████ ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ ██
█████    █████████  ██  ███████▄▄██████████████████ ██▀▀▀▀▀▀███▀▀▀▀▀██▀▀▀▀▀▀██ ██
████▌ ▐▌ ▐████▀  ▀  ██  ██▀  ██  ██  ▀   ▀██▀   ▀██ ██  ▄▄   ██  ▄▄▄██▄▄  ▄▄██ ██
████  ▀▀  ███  ▄█▄  ██  ▀  ▄███  ██  ▄██  ██  ▀█▄██ ██      ███     ████  ████ ██
███  ▄▄▄▄  ██  ▀█▀  ██  ▄▄  ▀██  ██  ███  ██▀█▄  ██ ██  ▀▀   ██  ▀▀▀████  ████ ██
██▌ ▄████▄ ▐██▄  ▄  ██  ███▄ ██  ██  ███  ██▄   ▄██ ██▄▄▄▄▄▄███▄▄▄▄▄████▄▄████ ██
███████████████████████████████████████████████████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ ██
█████████████████████████████████████████████████████████████████████████████████
AdkinsBET.com
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
RACEBOOK
████████████████████████████████
████████████████▀▀▀▀  ▀▀████████
███████████████▀     ▄████▀█████
████████████▀▀██▄  ▄ ▀█▀    ▀███
████████▀                 ▄   ██
██▀██▀  ▄                ▄██████
██▄  ▄▄███▄   ▄         ████████
█████████████ ▀▀███▄  ▄▄ ▀██████
██████████████▄  ▀▀███ ██ ██████
████████████████▄ ▀█▄▄██▄███████
████████████████████████████████
ESPORTS
████████████████████████████
████████████████████████████
████▀▀▄▄▄▄▄▀▀▀▀▀▀▄▄▄▄▄▀▀████
██▀▄████████████████████▄▀██
██ ████  ██████████  ████ ██
██ ██      ██████  ██  ██ ██
██ ████  ████▄▄████  ████ ██
██ ████████▀▀▀▀▀▀████████ ██
███▄▀▀▀▀▀▀▄██████▄▀▀▀▀▀▀▄███
████████████████████████████
████████████████████████████
VIRTUAL
████████████████████████████
█████                  █████
███  ██████████████████  ███
███  ██████████████████  ███
███  ██████████████████  ███
███  ██████████████████  ███
███  ██████████████████  ███
█████                  █████
█████████████  █████████████
████████            ████████
████████████████████████████
██
██
██
██
██
██
██
██
██
██
██
██
██
██
████
██
██
██
██
██
██
██
██
██
██
██
██
████
Pages: « 1 2 [3]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!