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Author Topic: Bitcoin Energy Consumption Myths  (Read 311 times)
pixie85
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November 04, 2020, 10:02:32 PM
 #21

Methane gas is not infinite and do you know what rising demand comes with?

It is infinite if we assume that human and animal waste is infinite. As long as you have shit, you'll have methane and hydrogen sulfide. Both flammable and combustible.


Quote
Higher prices! And once something in a chain costs more guess what will happen to the end product. Energy is free if you find a way to capture transport and store it for free, and as you can see that's not possible.
What I mean is that it can be produced without any byproducts like CO2 and nuclear waste. Once you make dam on a river it can keep working with minimum maintenance for 100 years or more.



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November 04, 2020, 10:26:32 PM
 #22

When saying that bitcoin is energy you are not mistaking from you perspective but I don't really understand what the concept is all about, I want to comprehend these text, because its complicated for my understanding, if you are emphasising on bitcoin or bitcoin valid on society, I need clarification.



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stompix
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November 05, 2020, 08:04:02 PM
 #23

~
It is infinite if we assume that human and animal waste is infinite. As long as you have shit, you'll have methane and hydrogen sulfide. Both flammable and combustible.

Sulfides are usually taken out before the burning process, they are flammable but sulfur is also highly corrosive.
Second, human and animal shit is not infinite, it would be infinite if you would have infinite humans and infinite food to feed them all, and we don't have the second one for the current population. Besides that, when people usually refer to cattle waste they compare it to release from human activity forgetting that in whose cases it's a small percentage that is being released while a huge chunk is used, all the 1 billion cattle in the world, even if they would release pure methane into the atmosphere which is not the case wouldn't make a dent in Russia's market share let alone worldwide.

Once you make dam on a river it can keep working with minimum maintenance for 100 years or more.

Yeah, the problem is that dam also would need an infinite resource, which is not water, it's places to put them and the one reason why Netherlands produces only 0.1% of it's total energy from dams, and the reason why 4 countries in the world produce 50% of the global hydropower.

No, bottom line! electric energy is not an infinite resource and will never be free, just as tap water isn't!
With the current spike in BTC price it will be pretty interesting to look at the mining consumption, bitcoin price doubles, so does the amount miners get.
When it goes 10x....things will go interesting, we won't be talking about Switzerland but Germany. Wink

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notblox1 (OP)
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November 11, 2020, 06:25:41 PM
 #24

I looked for more information about BitcoinEnergy Consumption and I found website called digiconomist.
There are many critics who say this calculations are wrong, and should be researched more.

According to this website, single Bitcoin transaction footprint is:

Carbon Footprint: 360.38 kgCO2 (equal to 798,733 VISA transactions or 60,064 hours of watching Youtube)
Electrical Energy: 758.70 kWh  (power consumption of an average US household over 26 days.)
Electronic Waste: 100.70 grams (weight of 1.55 C-size batteries or 2.19 golf balls.)

Annualized Total Footprints:

Carbon Footprint: 36.95 Mt CO2 (equal to carbon footprint of New Zealand.)
Electrical Energy: 77.78 TWh  (power consumption of Chile.)
Electronic Waste: 10.32 kt ( e-waste of Luxembourg.)


https://digiconomist.net/bitcoin-energy-consumption


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stompix
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November 11, 2020, 10:02:59 PM
 #25

There are many critics who say this calculations are wrong, and should be researched more.
According to this website, single Bitcoin transaction footprint is:

Their overall power calculations are indeed pretty accurate.
In fact, anyone could approximate the electricity consumption simply by taking the hashrate, dividing by the most efficient gear that exists, and multiplying the number of gears required by their consumption, then you have the minimum, there is no way to go below those unless we go into conspiracy theories about entities using far more efficient gear or manipulating the algorithm.

But the consumption per transaction is wrong because there is no real accurate model to calculate this.
The simple way is to grab the power consumption and split it into the number of transactions but what happens when we have variables like the last week as onn the 3rd we had only  220k, on the 6th 330k, but the power consumption didn't go 50% up.
The second problem is the transaction itself, you can have one transaction with 60 outputs, which means 60 people received their payments, you can have one transaction in which you only pay for yourself, and you can have a transaction with 100 inputs, larger than both in which you just consolidate your dust.

And it doesn't stop here, there is the empty block problem and there is of course the LN network which is never taken into consideration.



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