Bitcoin is good for environment

[HorizontalSystems]

Bitcoin promotes renewable energy.
Bitcoin reduces consumption.

Many of renewable energy potential lies far away from consumers and electricity highways. But those potentials can still be realized thanks to bitcoin mining. Bitcoin mining is converting energy into digital data that can be easily transferred via satellite internet, from any part of the world. So, all that unreachable renewable energy can already be monetized without waiting till when electricity highways be built.
For example there was project of building huge solar facility on Sahara desert, where there are no electricity highways, nor consumers around. Bitcoin mining is the easiest way to join global energy market for many underdeveloped nations.

With the rise of human population and economic prosperity, there is an unsustainable rise in general consumption. We are unsustainably consuming resources on Earth, causing enormous pollution of environment, causing human inflicted climate change, which will lead to more and more catastrophic cataclysms. The future on Earth is worrisome. Our economic and particularly monetary system promotes consumption. It is good for economy, bad for environment. What if we don't need to consume that much, what if we can live a modest life and still be happy? What if we can save to consume later when issues with environment are resolved?
Deflationary Bitcoin gives you that, it encourages you to save, the longer you save the more value you get. Inflationary fiat encourages you to spend now, because later it will be worth less. Don't be selfish, it is not only about you, but your children, grandchildren, entire offspring. Bitcoin is about being responsible for future.

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[Naida_BR]

Mining is the feature of bitcoin that it is doubtful.
Of course mining can happen via renewable energy  panels and protect the environment from pollution.
However, electricity is the cheapest raw material in order to mine bitcoin and this is the reason why it is mostly used - opponents are using this fact as an argument in order to declare that it is not good for the environment.

[Assface16678]

We are using the bitcoin on our transactions because it is easier, faster and secured and even we already have a lot of benefits using the bitcoin still it has an impact to the environment first is the miners you already stated because miners use an electricity too because they are mining with the use of their computers and some of them are using those computers for 24/7 just to mine a lot of bitcoin it has a lot of consumption of the electricity and where do resources come from it is from our natural resources. If you are in a country which has a low electricity bill it is good for mining but if you aren't don't attempt to mine because the bills are higher than your earning but still it is on your decisions. Also, we have cloud mining today you can use this to mine too.

[ajochems]

Bitcoin promotes renewable energy.
Bitcoin reduces consumption.

Many of renewable energy potential lies far away from consumers and electricity highways. But those potentials can still be realized thanks to bitcoin mining. Bitcoin mining is converting energy into digital data that can be easily transferred via satellite internet, from any part of the world. So, all that unreachable renewable energy can already be monetized without waiting till when electricity highways be built.
For example there was project of building huge solar facility on Sahara desert, where there are no electricity highways, nor consumers around. Bitcoin mining is the easiest way to join global energy market for many underdeveloped nations.

With the rise of human population and economic prosperity, there is an unsustainable rise in general consumption. We are unsustainably consuming resources on Earth, causing enormous pollution of environment, causing human inflicted climate change, which will lead to more and more catastrophic cataclysms. The future on Earth is worrisome. Our economic and particularly monetary system promotes consumption. It is good for economy, bad for environment. What if we don't need to consume that much, what if we can live a modest life and still be happy? What if we can save to consume later when issues with environment are resolved?
Deflationary Bitcoin gives you that, it encourages you to save, the longer you save the more value you get. Inflationary fiat encourages you to spend now, because later it will be worth less. Don't be selfish, it is not only about you, but your children, grandchildren, entire offspring. Bitcoin is about being responsible for future.

Bitcoin is good for the society development and for the jobless people all around the world.People can earn by mining,they need to spend some for the mining setup and for electricity.In trading,they can earn by a margin investment and holding without the panic sense make the people to earn more and more from it as a profit.So social and economical development occur by the bitcoin and it won"t clean up the Environment.It make use of more electricity and may some how spoil the environment.If you make use of some renewable source of energy,it will not spoil the environment.

[Ucy]

The renewable part is a good one. Hope it's fully renewable.
I think one of the few problems with the mining aspect is energy, resources consumption and centralization problem. Hopefully it becomes very energy efficient in the future, decentralized, does not take too much space and resources

[Cnut237]

Bitcoin promotes renewable energy.
Bitcoin reduces consumption.

I don't think PoW can ever be considered environmentally friendly.
For the second point, yes, bitcoin's deflationary nature incentivises saving rather than spending - but it's arguable that this will result in bitcoin becoming more of a store-of-value coin rather than one for everyday transaction. I'm not convinced that bitcoin by itself can reduce consumption.,

[salamat700]

Well, I believe that indeed that there are many ways we can look at things. Indeed, with the scenario you painted above, Bitcoin mining using renewable energy which may mostly be inaccessible by ordinary consumers and hereby utilized for economic gains in cryptocurrency can be better. I know that many of environmentally-conscious opponents of Bitcoin are all ready to point to massive energy requirement to run Bitcoin mining but if the majority of mining can be done with renewable energy then maybe we can turn their opposition to appreciation. In addition, we also have to consider that all industries (including banks and financial institutions) are all using power without exemption.

[k@suy]

Energy management is a method of controlling and reducing energy consumption. By decreasing the amount of electricity use, decrease the amount of electricity that needs to be produced. This section explains how Bitcoin is good for the environment.  boat tour amsterdam private

Actually the reduce in our monthly consumption of electric bill is up to us and also on the area we are living like for example here in my country, the mining industry is not in demand anymore because here in my country our monthly consumption is very expensive to pay and in reality when you are a miner here, most of your earning will be alloted for the monthly electrical billing and only a small amount of your payout will remain.

[Gaaara]

Good point but we should assume that some nations has high electricity rate value and mining would be certainly unprofitable, the electricity consumption was the focus question. What I mean is that there are nations with less electricity rate and they would get the advantage of earning more while others would take less from mining. This is the major issue to point out, if the scenario where most of the people started using bitcoin there would be an unbalanced profit from each individual with the same investment.

[Fundamentals Of]

Bitcoin is not good for environment. That is a fact and we can easily accept that fact.

Bitcoin is not good for the environment because for it to run it has to use electricity, much electricity. Transactions are mined so electricity is used. It is an electronic money so every time spending with BTC is done electricity will also be used. It has to be verified online so electricity will be used once again. Moreover, it needs technologies which are mostly made up of plastic materials such as smart phone, mining hardwares, computers, etc.

We don't need to heap praises on Bitcoin for what it is not worth. Bitcoin is not here to address environmental degradation.

[yazher]

Bitcoin also promotes digital payment that can prevent the spread of the New Corona Virus and other contagious diseases. It may sound unrealistic but if we consider what we currently experiencing today, Bitcoin can be one of the major help along with similar digital payments like PayPal and MasterCard that can prevent the passing of this contagious disease to other people. If we have so many choices of digital payment and many people are using it, that can become one of the reasons to slow the number of people who got infected by the New Corona Virus.

[rexxarofmoknathal]

I think only in the long term and then only if crypto including BTC gets mass adoption that the huge amounts of electricity to mine these coins can offset the direct negative effects BTC and blockchain based cryptocurrencies due to less financial infrastructures, handling etc. However, as it is at the moment the effect BTC and others have on the environment are by not any means positive but with time and more adoption this can turn right around.

[turkandjaydee]

The good point that I see from this topic is people or even the government can build Mining Farm in a deserted area with renewable energy and then monetize it.

But after it's no longer profitable, they can divert it to another thing with that existing renewable energy.

[billykannithi]

I think you're wrong because you think Bitcoin is good for the environment. This is completely wrong because Bitcoin's mechanism is POW - which uses the computing power of a computer to confirm a transaction. But a computer needs power - an energy loss. The energy consumed will turn into heat - causing the Earth to heat up - which has a negative impact on the environment. The truth is that the "Bitcoin Mining" process consumes enormous amounts of energy, about the size of an entire large city operating, and the amount of heat emitted from the computers is a huge number.

[sunsilk]

For example there was project of building huge solar facility on Sahara desert, where there are no electricity highways, nor consumers around. Bitcoin mining is the easiest way to join global energy market for many underdeveloped nations.

This is a good example of using the solar energy but starting a bitcoin mining facility there, it isn't going to be ideal. There are factors that you need to consider in starting one and you have forgotten about the temperature. This is just an example though but there's also a bit of reality in it.

Another energy source could be the hydro-electric, I think somewhere in the province of China there's this one big mining facility that uses hydro-electric to sustain their mining farm.

[DoublerHunter]

^ As a bitcoiner I understand that OP is only thinking of the positive things that a bitcoin can do to the environment that instead of the solar energy that can be converted in Sahara dessert could only go to waste them as well use it in mining bitcoin. In reality, we have a low percentage of electricity that is being used for consumption that came from renewable energy nowadays and that is the sad part of it because no one dares to make Sahara dessert as an energy farm but if this will be a push in the future miners will really gain profit. I am irresolute on the idea of bitcoins reduces consumption for if there will be a global adoption happens and BTC replace fiat currency it will be the same people will use BTC to spend on the things they need and want it only that bitcoins are always kept in the bitcoin holders acct and cannot be misplaced at any time.

[coinfinger]

I don't really know about Bitcoin mining and electricity and the level of impact mining can have on our environment. There have been a lot of people claiming that the impact is too much and very bad for our environment. But another study was released to debunk the first, and it claims that the impact of Bitcoin mining on our environment is not as much as the first study claims.

This is not something I really look into and I am not a miner, but if mining is having any negative impact, then it's time we consider something different, maybe a different form of energy so that we don't end up causing a serious harm to our world. People do always come up with some cross perspective to puzzle us all of sudden; this topic must be that kind of one. I must google to clear many things regarding this now.

[kryptqnick]

The renewable part is a good one. Hope it's fully renewable.
I think one of the few problems with the mining aspect is energy, resources consumption and centralization problem. Hopefully it becomes very energy efficient in the future, decentralized, does not take too much space and resources

There's controversial data on the ratio of renewable to not ecologically friendly energy for mining, but nobody suggests that it's fully eco-friendly. So taking this into account, I'd say that Bitcoin is not good for environment per se, but it's sort of neutral. Mining requires electricity, but it's the sources of electricity that make it eco-friendly or not, Bitcoin itself doesn't have much to do with it. I was actually hoping the op would offer some non-standard arguments about how the production of 'paper money' is not environmentally friendly and compare it with what's needed for BTC, but unfortunately that's not it, so I'm a bit disappointed.

[Artemis3]

Bitcoin promotes renewable energy.
Bitcoin reduces consumption.

I don't think PoW can ever be considered environmentally friendly.
For the second point, yes, bitcoin's deflationary nature incentivises saving rather than spending - but it's arguable that this will result in bitcoin becoming more of a store-of-value coin rather than one for everyday transaction. I'm not convinced that bitcoin by itself can reduce consumption.,

Interestingly this is a built in feature of "money that does not lose value over time" such as gold coins or bitcoin. You can see it for example in virtual currency used in games, you keep to that "gold" saving it until you can afford to buy what you really want. Its more of a savings based economy, rather than getting in debt to get it quicker but then become a slave.

Also banks become redundant for the most part. Fiat money loses value, and you have to put it in bank so that it doesn't lose as much, but then the bank can bankrupt, thanks to the legalized ponzi scheme known as fractional reserve banking. Another side effect of "money that does not lose value over time" is that the remaining banks have to switch to full reserve practices, unless the client specifically want to loan his money, in which case the money becomes unavailable until paid back or returns when it gets in the danger zone of non-fulfillment.

Now consider if the entire world stops using cash. Think of the many banknotes and coins that don't need to me printed or minted again and again and again. Isn't this important? Of course there will be less banks, you should count that as well.

As i said many times, mining becoming unprofitable means it shrinks, and the problem is solving itself. This also opens the doors for the renewable miners, those using clean energy, as the new (easier) difficulty accommodates better for them. There will be more smaller farms than the giant Chinese monsters. Those who prepared and invested in renewable energy, are ahead than the rest. If you depend in paying an utility bill, you were doing it wrong, and thus went into red.

Shrink and diversify, the free market is at work.

* And yes, i don't call it deflationary because its a bit of a misnomer, in reality the fiats and altcoins lose value overtime, because they are designed intentionally to do so (and those pegged to them). Its actually not bitcoin's fault that they do so. An economy under deflation works according to the Austrian school of economy. Throw away whatever the Chicago school says, and learn how it works. There is nothing to fear, embrace it and leave the inflation coins and their debt induced expansion cycles behind.

Never again should any politician have the power to make money out of thin air, thus impoverishing everyone's wealth. If the USD falls, you WILL remember this...

[gentlemand]

I don't think PoW can ever be considered environmentally friendly.

That's down to miners and the energy industry. It's possible that sometime relatively soon clean energy will be cheaper than any dirty alternative, if only because they've died out rather than being priced out but that's likely too.

A whiter than white Bitcoin would certainly add to its aroma. And the trend of power producers mining themselves is likely to accelerate as well. That added incentive is a whole new market that could drive more innovation and lower prices for infrastructure.