Bitcoin is good for environment

[verita1]

"Eco-Friendly Crypto mining" In an article in Cointelegraph. Upstream Data, a company in Texas is building equipment for the oil and gas mining company to use excess gas to mine cryptocurrencies. This is an efficient use of resources as potential as oil and gas.

https://cointelegraph.com/news/eco-friendly-crypto-mining-is-the-future-as-green-solutions-gain-steam

https://www.upstreamdata.ca/

[Jessieboy]

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.

Really believe that it's better for the nature and people.

[Nathanz]

There are certain points in which we can say that bitcoin is good for the environment. One of it is that Bitcoin uses Digital transaction which promotes paperless transaction that obviously could lessen the amount of trees that are being cut down. On the other hand, Mining bitcoin uses electricity and we all know all the transactions will not be made without electricity.

[k@suy]

There are certain points in which we can say that bitcoin is good for the environment. One of it is that Bitcoin uses Digital transaction which promotes paperless transaction that obviously could lessen the amount of trees that are being cut down. On the other hand, Mining bitcoin uses electricity and we all know all the transactions will not be made without electricity.

There are a lot of advantages and disadvantage s if you use bitcoin. What you have said are some of those examples. Bitcoin is indeed good for environment as long as the users can gain profits from it. One of the biggest advantage of using bitcoin is it will help the economy of one country because the higher its demand, the higher the value rises and the people can earn a great and large amount of money.

[fiulpro]

See Bitcoins is itself good for the environment but when it comes to Mining it does depend on the user who is doing the job , how he is doing it ?
If he is using some renewable sources of energy then that's perfect for everyone , for the environment and for the man itself.

The benefits of renewable sources of energy is two fold:
It cuts the cost one has to pay for the electricity and such , which is actually a lot when it come to Mining . ( Maintaining it is another task but good investment strategy makes sure it does stay for years to come). Secondly it helps the environment A LOT!

I have read some posts made by miners who are thinking of using natural gas or solar energy for the operation.

How good it is .

With just a little bit of investment you will be able to enjoy long term returns and at the same time a lot of respect from the community.

Therefore I do think the idea is real but one needs to consider the renewable sources of energy for the Mining.

[pixie85]

There are certain points in which we can say that bitcoin is good for the environment. One of it is that Bitcoin uses Digital transaction which promotes paperless transaction that obviously could lessen the amount of trees that are being cut down. On the other hand, Mining bitcoin uses electricity and we all know all the transactions will not be made without electricity.

I hope you are joking about those trees. Paper money isn't produced directly from trees but rather from cotton mixed with cellulose obtained from sawdust.

Trees aren't being cut down to produce paper money. They're cut down to build houses and make furniture and the byproduct of this process is converted to wooden pellet you can find in rabbit's cage, cat's litter box and other things including paper bills.

[bitbunnny]

I'm not so sure this is completely true.
Bitcoin is not so nature friendly as it might look at first glance. For mining a lot of electricity is spent which is bad for environment, unless it isn't from renewable sources.
Also, transactions are not so eco friendly and as well.as mobiles and computers that also produce CO2 emition.
I'm not saying that Bitcoin is harming environment as some other things but it's not completely environment friendly.

[finaleshot2016]

The fact that GPU/CPU has a wattage of 600-1200 watts that consumes a lot of electricity, then what more in an ASIC mining rig?

Based on what I read, ASIC mining rigs have a power consumption of 1000-6000 watts so obviously, it's not an eco-friendly thing. Some countries that use combustion byproducts are not really good for the environment and especially for the health of the people. Most of the source of electricity has an environmental impact on our air, water, and land, which greatly affect many things.

[Rengga Jati]

First, we should know what kind of Bitcoin activities are considered. So, we should break up it one by one to know the impact of Bitcoin on the environment, whether it is good or bad.

1. Mining impact
if it is about mining Bitcoin, I think that it will relate to the electrical energy to spend around the world. The issues that are always raised related to Mining Bitcoin (or even other cryptos) is the use of electricity. As known, Bitcoin mining needs high supply of energy/electricity. It becomes the main issue that will be always faced. However, we can count the countries that spend on mining. Again, this may not give a big impact moreover the miners are reducing by days.

2. Environment activity
Bitcoin allows us to do something online. In this case, we can buy something online, earning money, making transaction, and also creating good environment using Bitcoin. it will decrease the use of energy and decrease the pollution. However, of course, it will depend on each personality in order to spend the energy activity.

[Nellayar]

The fact that GPU/CPU has a wattage of 600-1200 watts that consumes a lot of electricity, then what more in an ASIC mining rig?

Based on what I read, ASIC mining rigs have a power consumption of 1000-6000 watts so obviously, it's not an eco-friendly thing. Some countries that use combustion byproducts are not really good for the environment and especially for the health of the people. Most of the source of electricity has an environmental impact on our air, water, and land, which greatly affect many things.

I am quitely unfamiliar with bitcoin mining, though I know the basics of it and I am thinking that alternative energy is good in electric consumption of miners. In addition, it is really a eco-friendly because renewable energy can sustain bitcoin mining consumption as well as our electric energy will not be depleted.

But upon your comment, I think it depends upon the rigs that we will use in mining bitcoin. And if they are really high consumable rigs then it consumes a lot of electricity which in the end, our nature as well as humanity will harm.


I have seen an article before, it talked about what happens if we convert in solar energy. Though it is good in bitcoin mining because it is free and renewable, it may affect also the plants since the sunlight that may absorb by plants will be absorbed also by solar panels. Therefore, solar panels can seize the energy that plants may absorb.

[shoreno]

May it conserve energy and couldn't add pollution to the environment as we don't need a lot of resources to run the system. A paperless transaction is contributed some to saving our land but wondering how much it contributed to the environment. It probably there is no huge impact on the situation but at least we deducted some and it means a lot to us not today but in the future and next generation.

your wondering if how much it contribute and then you said it contriubtes not much ?  but you said it was paperless .   paperless already means alot because we dont need to cut trees to create money just like we did on fiat   . so many process required to create a fiat money not just cutting trees alone but in btc we only need a small amount of electricity to obtain it or produce it   .  but your right when you say next generation will benefit the most of it because right now only few people are using btc but in the future i know this will climb up

[MCobian]

In my opinion bitcoin is not entirely good for the environment, because it involves a large electricity consumption for bitcoin mining.
But when compared to paper money which is bad for the environment, bitcoin is indeed much better. Just imagine paper money
requires a lot of plastic to make credit cards is really bad for the environment. If we talk the goodness of bitcoin for the environment,
the most visible is the use of bitcoin at least air pollution can reduced. Because bitcoin transactions that are fully digital make no need
for vehicle activity.

[juvo_3]

Maybe looking at mining as a business process would be helpful here? I am not a miner, so ill probably miss something. But here it goes... Please correct me if there is errors in here.

Like any other process, we can state that miners take some set of inputs and produce an output. Conversion of input to output produces entropy (i.e. disorder. For this post, we'll call it environmental footprint). The inputs are:

• Mining hardware
• Electricity

And the output is: Hashing power for the bitcoin network (i.e. fuel of the bitcoin protocol)

Anything else required to run the Bitcoin network (bandwidth for full nodes, etc.) is being ignored for the sake of simplicity. I would imagine it would be negligible comparative to mining too.

Hardware contribution to Environmental Footprint:
Currently, PoW in the Bitcoin protocol is just work for the sake of work. It has no other use besides deciding who publishes the next block (in a decentralized way, that anyone can can contribute to, etc.). Furthermore, miners are currently enjoying the efficiency of ASIC mining rigs which are specifically built for the block reward puzzle. Based on this, we can say that the mining rigs are not used for other industry applications and the environmental footprint for manufacturing ASICs contribute solely to bitcoin's environmental footprint. In times when there are advances in chip technology and mining rig architecture, the effective lifespan of a mining rig reduces. As a result, when tech changes, the environmental footprint of bitcoin increases.

This also means, that these ASIC rigs have to be disposed of. Where do they go? are they recycled? this also contributes to the environmental footbprint

Electricity contribution to Environmental Footprint:
Electricity usage is complicated. Each miner has different locations and therefore have different electricity usage profiles (e.g. being in a hot location requires more electricity to discharge heat to the environment compared to being in a cold location). Also, different locations have  difference in accessibility energy conversion methods (e.g. HydroElectricity, Geothermal, Burning coal, etc.) which come in at different prices based on the miner's location. Also the Bitcoin protocol will, based on game theory, consume more electricity when the block profit increases.

(block profit = (BTCvol_txFees + BTCvol_block reward)*BTCprice).

Block profit indicates how much a miner can spend on their business process inputs.

So understanding the environmental footprint would, i think, require an analysis of these two parent industries. Also, we need to think about the miner and their focus. Some miners who are big, have the capacity focus on environmental factors. Others are purely thinking about minimizing electricity cost and maximizing efficiency of conversion from Electricity to Hashing Power to survive and expand.

Does Bitcoin increase the environmental footprint?
Bitcoin adds to the global environmental footprint. Unless we can utilize the "Work" in Proof of Work to some other useful application (e.g. instead of hashes, run a simulation for economic policy or something), then bitcoin is producing entropy solely to run the Bitcoin Network. Which is akin to using corn and sugarcane to make bio-fuel instead of food. Right? I mean that electricity could be used elsewhere (in homes, in some other industry) or we could be just producing less electricity which is absolutely the best for our environment. With Bitcoin around, we have another exclusive process electricity must be used on.

Is Bitcoin it friendly to the environment?
If bitcoin is effectively catalyzing the conversion of electricity production to renewable forms, then even if it is an extra source of entropy for now, its better for the future. Although effectively is the key word in that sentence.

[mboizcunk]

We can increase the volume of mining if we use alternative energy sources. The World's population is growing exponentially and every day we consume more and more energy, especially for cryptocurrency mining, because there are more and more miners.

[CarnagexD]

In such other aspects, bitcoin is really essential and can help other sector in times of need. There are people who are donating their cryptocurrency for our environment, to restore those forests, to take care of the animals and wildlife, and for those zoos who are left behind during this pandemic.

Our crypto can do more if we are willing to give, even a small amount will do. Let's help the promotion of bitcoin and other cryptocurrency by donating it to those things that we should take care of, we need to sustain the lives of our natural resources because we are the number one who benefits their value.

This is where we can say that bitcoin is really good for our environment, let's help each other promote bitcoin in this simple way of giving.