Bitcoin and Climate Change

[jacafbiz]

There was a time when this topic of how Bitcoin contribute to climate change was hot, but I just feel it is a shilly argument because climate change is an inevitable even we can only try to delay it. We have seen how the cloud suddenly become clear because of Corona virus. Where are all the Climate change activist in this period

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[Tiews223]

I was reading a great article today on coindesk by Ian Allison that talked about Bitcoin's sustainability in this new era of climate change activism. It proposed an interesting question that because Bitcoin uses so much computing power to mine blocks, and therefore consumes vast amounts of energy, will it be sustainable in the long term? I would add a follow question to this of: Will or how greatly will this affect mainstream adoption going forward? I think this is a good time to reignite this discussion as climate change and activism has never been more prevalent.

My thoughts are that although Bitcoin uses a considerable amount of energy, when related to climate change and its impact on the environment it pales in comparison to other industries burning of fossil fuels, as well as deforestation and farming. Furthermore, because Bitcoin is reshaping global finance, I feel that it will be around for the long term.

That's not to say Greta Thunberg will ever approve of Bitcoin's mining rigs, but most people, business, and governments will understand Bitcoin offers a valuable technology, even in the face of tightening climate change practices and policies.

But what do you think?

If anything, as I’ve read in the previous discussions above, people are connecting climate change to the amount of energy that we use when trading, buying, selling etc. etc. using these bitcoins. However, using bitcoins does not as well lessen the emissions that would cause climate change. Mining of bitcoins use renewable energy, like solar energy which basically means that they use the energy of the sun to mine these.

[camito]

I was reading a great article today on coindesk by Ian Allison that talked about Bitcoin's sustainability in this new era of climate change activism. It proposed an interesting question that because Bitcoin uses so much computing power to mine blocks, and therefore consumes vast amounts of energy, will it be sustainable in the long term? I would add a follow question to this of: Will or how greatly will this affect mainstream adoption going forward? I think this is a good time to reignite this discussion as climate change and activism has never been more prevalent.

My thoughts are that although Bitcoin uses a considerable amount of energy, when related to climate change and its impact on the environment it pales in comparison to other industries burning of fossil fuels, as well as deforestation and farming. Furthermore, because Bitcoin is reshaping global finance, I feel that it will be around for the long term.

That's not to say Greta Thunberg will ever approve of Bitcoin's mining rigs, but most people, business, and governments will understand Bitcoin offers a valuable technology, even in the face of tightening climate change practices and policies.

But what do you think?

There are many reasons for climate change such as gas emissions from cars, burning of plastics or non biodegradable wastes, wrong segregation of wastes, oil disposal in oceans, and many many more. Considering that Bitcoin is a digital mode for transaction in the crypto world, it uses energy - it uses electricity. And this energy is a renewable one. So, even though we see Bitcoin's role in this. The margin or percentage for the uses of energy by large countries is far more than the use of Bitcoin. What the Bitcoin industry could do as countermeasure or payment in the world is maybe to help in the rehabilitation of natural resources by means of investments on projects that would help in this.

[verita1]

I also had a mistaken thought that BTCitcoin miners could be abusing the use of electric power and causing effects on climate change. Thanks for such clear explanations.
I am also aware that we are moving forward creating useful tools to manage Bitcoin and faster and low latency digital assets and that it would be a great contribution to energy savings.

[xen1oph]

One specific industry (in this case, mining) cannot influence global things such as climate on its own. Only a combination of factors can influence this. It is useless to stop mining to reduce supposedly harm to the environment, if not to reduce other aspects that can also be harmful.

[madhavsinghrajput]

This is a topic to discuss after 10-15 years.Right now i don't think bitcoin is causing any damage to climate.Yes the use of electricity has increased but that is not a matter of concern right now.We are thinking only one side of coin as there can be lot of advantages with bitcoin on climate example we can save hell lot of paper and trees if bitcoin becomes the mainstream currency to be use globally.Machines and spaces can be save.

[FanatMonet]

I think it is important to acknowledge this up front: Electricity usage does not cause climate change.

I think your phrase should be supplemented, and wroten like this: "Electricity usage does not cause climate change, if this electricity is obtained from sources of green electricity and is not related to the use of hydrocarbons." Because the electricity received from oil has a great impact on the environment.

[eaLiTy]

I think it is important to acknowledge this up front: Electricity usage does not cause climate change.

I think your phrase should be supplemented, and wroten like this: "Electricity usage does not cause climate change, if this electricity is obtained from sources of green electricity and is not related to the use of hydrocarbons." Because the electricity received from oil has a great impact on the environment.

The source of energy production is important, if green resources are used then there is nothing much to worry and if the major mining farms takes a decision that they will use renewable energy then the entire blame game will end. The fools who cry that BTCitcoin is wasting too much energy and causing pollution, they need to focus on companies that produces the majority of the pollution which is the oil companies around the world with some are government owned and some are private and they produce these climate changing chaos. Right now we are in a lock down and i am seeing reports that the pollution is considerably low because there are no vehicles on the road nor any factories functioning and in a short period of time the skies are clear and the pollution is reduced considerably and during this period i have not heard about any mining farms shutting down .

[alizarosa3123]

Despite the very fact that this example will just occur over the end of the day , this need to be addressed and need to be concentrated well to organize when those occasions come. they ought to consider different choices to utilize aside from expending a big measure of electrical vitality. I'm certain afterward they're going to discover something reasonable to utilize within the event that they're going to move and store some exploration for this. Blockchain advances are improving individually, engineers are making something new consistently, to possess an innovations which will make bitcoin an eco-accommodating thing, that might be something worth being thankful for to believe this moment.

[cosmicrays]

I don't think it's worth linking bitcoin and climate change. These are completely unrelated things.

[de_ingenious]

I think it is important to acknowledge this up front: Electricity usage does not cause climate change.

Focusing on electricity usage is not an effective way to minimize or mitigate climate change. Climate change is primarily caused by the release of CO₂ and methane into the atmosphere. Certain types of electricity generation are major producers of CO₂, so the effort should focus on these types of generation. Reducing or eliminating them will have a direct effect on climate change, regardless of how the electricity is used.

That's quite a comprehensive answer. Reminds me of Australian energetic problem that's been solved in months by Elon. No CO2, loads of basically free energy

[crustycrab666]

Of course, pollutants produced by bitcoin mining are not comparable to pollutants produced from motorized vehicles in big cities, factories, and other industries. Energy consumption for bitcoin mining is quite large, and it continues to increase every year. This creates a new competition where mining equipment manufacturers will compete fiercely in making energy-efficient products, although there are several aspects that must be derived.

[MCobian]

It is true that bitcoin requires so much electricity consumption, especially for mining. But it is alleged as the main cause of climate change
still need an investigation related to this matter. And also can't really blame bitcoin, because of the electronic equipment industry such as
televisions, game consoles, air conditioners, and so on. I think that all electricity consumption is more than bitcoin.

[tv1967]

There is a great lack of a more organic way of mining cryptocurrency. As long as we use electricity, we don't worry about it. But it is better to think about the alternative now

[grimico33]

Cryptocurrency investment products and research firm CoinShares estimates that 74.1% of bitcoin (BTC) mining is powered by renewable energy.

[pjcaruci]

Does anyone really connect the crypto industry and climate change?

[romero121]

Right now it is time to talk about the reduction in pollution around the globe due to the lockdown. Even now mining is taking place all around, which means the pollution isn't due to the electricity consumption. The pollution is the cause for climate change, and slowly this has got recovered over the past few weeks. Today its been found, a big hole in ozone layer has got closed as there is not much of pollutants and gases from industries, vehicles and other chemical reactions.

[cryptomite]

nature is totally cured now for a few more years

[Assface16678]

I think it is important to acknowledge this up front: Electricity usage does not cause climate change.

Focusing on electricity usage is not an effective way to minimize or mitigate climate change. Climate change is primarily caused by the release of CO₂ and methane into the atmosphere. Certain types of electricity generation are major producers of CO₂, so the effort should focus on these types of generation. Reducing or eliminating them will have a direct effect on climate change, regardless of how the electricity is used.

In terms of getting more bitcoin one of the methods we used is the mining this kind of work is good because the half of the block is for the miners and one of the block is to the community to make it more balance and the miner does not abuse this kind of earnings but how do the miners get their coins it is with the use of the graphic cards and cpus with the help of high specs mining PC they can earn faster but this time it affects too much electricity if you are leaving in a country that has a high bill of electricity mining is not good for you because it is more or less all of your earnings will just go into paying your bills. What are the connect of the climate changes into bitcoin?
Just simple most of us are using the natural resources to make electricity, using the wind, air, and water as use to make electricity if that will going to lack of natural resources it affects the bitcoin hardly we cannot make a good and fast creation of the bitcoin if we are lack of electricity. That's why we need to take care of our natural resources so we have a lot of electricity to consumers to mine more bitcoins.

[rexxarofmoknathal]

I thin that Bitcoin will eventually shift to a more economic model, rather than using power hungry miners to maintain its integrity.

I wouldn't be surprised if it switched to Proof of stake, or some sort of hybrid consensus model.

Either way, there will need to be a change to the proof of work algo when quantum computers hit the prime time, since SHA256 wont be able to resist a quantum attack forever.