Power consumption propaganda?

[hulla]

The energy consumption published by most statistics about Bitcoin mining are false and more of an attack against Bitcoin from the Bitcoin critics not footing by Bill Gate comment for it something thatt crypto enthusiasts and critics have debate about but we all honestly consume energy in some many ways but the record provided by World Energy Outlook 2020 Analysis IEA shows that global energy demand drop by 5% last year meaning we consume the 5% plus during our outdoor daily activities mind you miners and some companies are open during the period of lockdown if we do the survey and calculation we will see that the energy consumption said about Bitcoin mining is total incorrect.

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[dothebeats]

People who bring up the energy consumption issue don't dare touch the topic on where most of the energy being consumed comes from. I am yet to read an article that is against bitcoin being power-hungry that also tackles the use of hydroelectric power on some of the world's largest mining facilities. Big numbers do attract a lot of people, so I guess that's why they all have these analogies and comparisons to the power consumption of other small countries to paint the narrative that bitcoin is an agent of speeding up global warming and all that stuff.

[uneng]

It's totally environmental propaganda.

Soon these people will say bitcoin contributes to global warming, melting of polar ice caps, prolonged drought periods, burning forests, extinction of faun and flora... The goal is to instill fear into masses' heads and drive the popular opinion against bitcoin.

[Expecto]

It's totally environmental propaganda.

Soon these people will say bitcoin contributes to global warming, melting of polar ice caps, prolonged drought periods, burning forests, extinction of faun and flora... The goal is to instill fear into masses' heads and drive the popular opinion against bitcoin.

Absolutely it is just a propaganda. Bill Gates made a similar statement some time ago that Bitcoin is consuming a great deal of energy blah blah blah. I also think the main goal of this kind of statements is taking down Bitcoin. But it won't help of course.

[TedMosby]

Would be interested to hear what the point of view is on a recent increase in press statements as follows: ‘Bitcoin may soon consume more power than Australia’— almost 10 times more than Google, Microsoft and Facebook combined.
Is there anything behind this or is it just another angle of attack against bitcoin prompted by remarks by Bill Gates?.....is it even possible to calculate consumption in this way?

Then it will push renewable energy adoption if those statements is true.
Also, how about social media and youtube. You can now check your screen time, battery consumption to run those apps. Multiply it to the average number of daily active users   

Phase 1, declare it as a problem.
Phase 2, offers a solution.

Familiar with this? Covid 

[MiningBattalion]

Actually power consumption is different one. It's essential one to make a use of power for the mining process. Eventhough we used power for the mining, it will created more and more return from it. Only thing is, you need to inverse certain part as a capital for mining setup.

[prehisto]

This topic is recirculated often , people like to hear about BTCs negative side, because most of them have missed the train.

It is hard to evaluate if the power consumption of BTC has real impact to enviroment. We would have to get data on how much miners uses energy generated from fossil fuels and how much uses clean energy.

[Lanatsa]

This topic is recirculated often , people like to hear about BTCs negative side, because most of them have missed the train.

It is hard to evaluate if the power consumption of BTC has real impact to enviroment. We would have to get data on how much miners uses energy generated from fossil fuels and how much uses clean energy.

I totally agree with this when it comes to continuing to elaborate the negative side but without even thinking back about how it would be harming out when it comes to power consumption
if the supply is just really that right or ample to support it? as long it doesn't really harm or risk out everything then it should be completely fine.

These are indeed propaganda to make Bitcoin to be on the negative side of things again but well, I don't really mind that much because people aren't really that dumb to make
out direct conclusions without any reconsideration on checking out everything.

So its better not to put that much of attention into those calls.

[Kakmakr]

I think it is more misinformation and a lack of understanding and also a lack of basic research on the subject matter. If you do a little bit of proper research... you will notice that most of the mining in China are done with renewable/clean surplus energy resources. (Hydro electricity and Wind farms etc..)

Also, if you look at the energy needed for the alternative currencies... you might notice that it is using a lot more energy. (Banks use enormous amounts of energy for CCTV / Cooling / Office equipment etc.)   

[Bilgent]

I think it is more misinformation and a lack of understanding and also a lack of basic research on the subject matter. If you do a little bit of proper research... you will notice that most of the mining in China are done with renewable/clean surplus energy resources. (Hydro electricity and Wind farms etc..)

Also, if you look at the energy needed for the alternative currencies... you might notice that it is using a lot more energy. (Banks use enormous amounts of energy for CCTV / Cooling / Office equipment etc.)   

You really made a point. There are many institutions etc. that have much more power consumption than Bitcoin miners. And we are having much bigger environmental problems than this but it looks like some people don't want to put them to the first place in the list. And we also have global warming which is very important and caused by various things. If this kind of people really care about the world, they should especially indicate them.

[blackened515]

What usually draw the power consumption enough is the actual efficiency of power from the bitcoin mining farm, usually, there needs a cool and steady standby electricity in performing mining activities, therefore, such process drains out the more power from electrical source of power.

Considering this above process gives rise to renewable energy in the society, at least mining Bitcoin with power supply is not a waste of energy but it transforms into a source of country revenue, China government already uses it to backup her economy failure.

[Shasha80]

I think Bitcoin is being blamed for consuming a lot of electricity is not very wise. Because there are other things whose electricity consumption is
greater than Bitcoin is not in question, this is just an attempt to bring down Bitcoin. It doesn't matter to me that Bitcoin consumes a lot of electricity,
as long as it provides benefits for many people. The problem is that many Bitcoin haters only see Bitcoin from the negative side, they cannot accept
the positive side of Bitcoin. In the end this matter became a long debate, which in my opinion should not have happened.

[Saint-loup]

I think Bitcoin is being blamed for consuming a lot of electricity is not very wise. Because there are other things whose electricity consumption is
greater than Bitcoin is not in question, this is just an attempt to bring down Bitcoin. It doesn't matter to me that Bitcoin consumes a lot of electricity,
as long as it provides benefits for many people. The problem is that many Bitcoin haters only see Bitcoin from the negative side, they cannot accept
the positive side of Bitcoin. In the end this matter became a long debate, which in my opinion should not have happened.

Is Bitcoin currently consuming large amounts of electricity? Yes or no? I don't think denying this state of fact will convince anyone, its energy consumption is a matter, whether you like it or not.

Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year - and is unlikely to fall unless the value of the currency slumps.
[...]
The online tool has ranked Bitcoin’s electricity consumption above Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh) - and it is gradually creeping up on Norway (122.20 TWh).

The energy it uses could power all kettles used in the UK for 27 years, it said.

https://www.bbc.com/news/technology-56012952

The Cambridge Bitcoin Electricity Consumption Index : https://cbeci.org

[orions.belt19]

Obviously, the ones saying that Bitcoin consumes too much electricity don't even know what they're saying. I don't understand why they're so quick to point their fingers when there's literally so much other industries that kills the environment. Why not shift their focus to that, huh? You would think that they have turned out to be environmentalists all of a sudden. You can't deny the fact the Bitcoin really does consume a lot of energy but the propaganda exaggerates it too much to show a negative side of Bitcoin. 

[Theb]

It's just how people are trying hard to find a reason on banning something or at least make other people concerned about it. If they are concerned about the electrical consumption of Bitcoin then they must be more concerned on other industries that consume more electricity but we don't see them do that kind of action, to keep it short they just want people to worry about it. It's the same approach as what other people are doing when they say "Bitcoin is dark web money" or "Bitcoin is a money for criminals" its the same motive but on a different approach and all they want is to mislead you.

[masterzino]

Would be interested to hear what the point of view is on a recent increase in press statements as follows: ‘Bitcoin may soon consume more power than Australia’— almost 10 times more than Google, Microsoft and Facebook combined.
Is there anything behind this or is it just another angle of attack against bitcoin prompted by remarks by Bill Gates?.....is it even possible to calculate consumption in this way?

Half-truths are the most dangerous.

Yes, this is partially true as PoW is a very energy consumption algorithm. At the same time, only the plugged standby chargers are using way more energy globally. [1]
Banks are eating even more, but nobody is demonizing the bank about their carbon footprint.

[1] Vampire Energy: Essential Answer
https://stanfordmag.org/contents/vampire-energy-essential-answer

[zeuner]

Would be interested to hear what the point of view is on a recent increase in press statements as follows: ‘Bitcoin may soon consume more power than Australia’— almost 10 times more than Google, Microsoft and Facebook combined.
Is there anything behind this or is it just another angle of attack against bitcoin prompted by remarks by Bill Gates?.....is it even possible to calculate consumption in this way?

Bitcoin's energy consumption is rather easy to model. It will always tend towards an equilibrium defined by:

bitcoins generated TIMES price per bitcoin EQUALS energy units consumed by bitcoin TIMES price per energy unit

As long as the left side in lower than the right side, mining becomes unprofitable and will be reduced. As long as the left side is higher than the right side, it's profitable to use even more energy for mining.

Do that with Australia, Google, Microsoft or Facebook. It's not as transparent and to some extent, you have to trust the numbers they publish.

[pixie85]

I'd call it a socialist propaganda.

In my opinion more consumption means more money for the businesses that produce power. It means more demand and demand creates workplaces. It pays people and allows them to have a family and not worry abut finances.

Makes you think what those who want mining to disappear would say to people who work in that sector and are feeding their families because they have a booming business.

[best123]

When you don't like a thing, almost everything about that thing is always ugly. Most of these people saying all these things have not been in support of Bitcoin and cryptocurrency. Bitcoin and altcoins are not the only thing consume power. There is always solution to every problem. Let's increase power generation.

[GeorgeJohn]

When you don't like a thing, almost everything about that thing is always ugly. Most of these people saying all these things have not been in support of Bitcoin and cryptocurrency. Bitcoin and altcoins are not the only thing consume power. There is always solution to every problem. Let's increase power generation.

You're right because at time develop hatred just like that in order degrade who ever them feel like intermediate the list with a force information that will look ugly as you said here mate, it's obvious that many people dislike cryptocurrency, and is not even today, so those that is against Bitcoin will keep on castigating the use of Bitcoin till the end of it, so it's not the end, the result currently is massive turn up in Bitcoin and alternative coins everyday and every hours.