Will energy consumption be Bitcoins downfall ?

[herurist]

although I don't think so, because from the start bitcoin was POW. even though bitcoin consumes quite a lot of electrical energy, there will still be a lot of interest because the reason is one POW itself, besides that this is a king and king, even though electricity is big and even though it is not environmentally friendly the king will still be king, it's hard to replace bitcoin

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[sapnu]

Considering how Elon Musk mentioned that too much use of fossil fuel is what led him to remove bitcoin as a mode of payment in Tesla, there will be a lot of people who would be thinking the same way he does since he is very influential. If we would look at the bigger picture, there are a lot more things or organizations that uses too much energy but none of them were ever criticized unlike with bitcoin. Maybe if people would try to understand more how the world works in this era, they would know why energy consumption on bitcoin should not be the cause of it being hardly judged.

[androyster]

Energy consumption is much into discussion these days, and the big controversy is now once again getting shattered by Elon Musk. It is also stated that, banks now consume more power than the bitcoin and other cryptocurrencies. With time, efficiency is getting achieved on bitcoin mining equipments. Based on this I don't think energy consumption will set to be a big issue in the future.

Exactly. I don't get what the big deal is about Bitcoin's energy consumption, when existing financial institutions consume more energy than Bitcoin on a daily basis. It's all failed attempt to spread FUD in order to lure people away from Bitcoin and cryptocurrencies in general. Bitcoin can be much greener than what it is right now, if miners rely on alternative energy sources. Imagine how Bitcoin would benefit the environment if most ASIC machines relied on solar or wind energy. With how fast our world is changing, we might see this become a reality sometime in the future. Since PoW is the most secure (and decentralized) consensus algorithm to date, it's hard to believe Bitcoin will switch to PoS anytime soon. On the contrary, Bitcoin will remain as a PoW cryptocurrency while the rest of the altcoins will switch to PoS in order to "tackle" the high energy consumption. Ethereum will switch to PoS, and other PoW-based cryptocurrencies will follow as the PoS hype comes into fruition. I wouldn't worry about Elon Musk abandoning Bitcoin in favor for another altcoin, as long as the pioneer cryptocurrency as some loyal supporters behind it. Just my opinion

I was reading today about an electric automotive company that is building in a mechanism into their electric vehicles that will mine crypto while driving.  The future is now.

[OgNasty]

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

Seems that has already been occurring.  New crypto investors don't care about decentralization or security.  They just want to see their number go up.  We are literally smack in the middle of the Greater Fool Theory.  We've seen 1 rug pull so far, but I think that was just a precursor.  The rug pull we'll see come December will leave people with their jaws on the ground.  On the plus side, a $30K Bitcoin will be viewed as a complete collapse, giving those of us with level heads the opportunity to do this all over again in 2025, if Bitcoin survives it's community that long.

[Gatorelf]

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

Seems that has already been occurring.  New crypto investors don't care about decentralization or security.  They just want to see their number go up.  We are literally smack in the middle of the Greater Fool Theory.  We've seen 1 rug pull so far, but I think that was just a precursor.  The rug pull we'll see come December will leave people with their jaws on the ground.  On the plus side, a $30K Bitcoin will be viewed as a complete collapse, giving those of us with level heads the opportunity to do this all over again in 2025, if Bitcoin survives it's community that long.

I watch the BTC market share pretty close every time there is a big swing, BTC holds in there tough 40 to 43%. I still find it interesting there isn't one (top 100) crypto I know of that can stand alone on its own merit when BTC takes a dive.. It just disrupts the world of crypto

[AmoreJaz]

Considering how Elon Musk mentioned that too much use of fossil fuel is what led him to remove bitcoin as a mode of payment in Tesla, there will be a lot of people who would be thinking the same way he does since he is very influential. If we would look at the bigger picture, there are a lot more things or organizations that uses too much energy but none of them were ever criticized unlike with bitcoin. Maybe if people would try to understand more how the world works in this era, they would know why energy consumption on bitcoin should not be the cause of it being hardly judged.

unfortunately, not many people are willing to dig deeper on this aspect. but i don't think it will be the cause of the downfall of btc because the chance of happening this scenario is low. bitcoin miners can always convert to using renewable-energy sources, so in that case, this energy issue will not be a problem anymore.
and youre very right, there are other human activities and industries that are actually energy intensive and wasting energy, and yet, they are not being criticised.
they are just highlighting the consumption of bitcoin because it is the current technology that a lot are talking about. and they need to find some loopholes on how to discourage people on not to patronise this tech

[CryptoCrookz]

This is all temporary. The price of electricity will in the medium term future trend towards zero as photovoltaic panels become more and more efficient. This will be especially true for countries well exposed to sunlight. While the farms will still consume lots of energy, it will be where it is cheap, abundant and with very low environmental impact.

[mk4]

If we continue to ignore the issue, pretty sure something will replace bitcoin in it's high chair. But I don't think that we will have to worry too much about it since it will be a long time and most minings in bitcoin are slowly moving to renewable energy.

If someone is actually smart enough to find a way to create an actual decentralized currency with fair initial distribution and that doesn't use PoW, then sure, maybe there's a chance. But seriously, nah.

[electronicash]

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

Seems that has already been occurring.  New crypto investors don't care about decentralization or security.  They just want to see their number go up.  We are literally smack in the middle of the Greater Fool Theory.  We've seen 1 rug pull so far, but I think that was just a precursor.  The rug pull we'll see come December will leave people with their jaws on the ground.  On the plus side, a $30K Bitcoin will be viewed as a complete collapse, giving those of us with level heads the opportunity to do this all over again in 2025, if Bitcoin survives it's community that long.

I watch the BTC market share pretty close every time there is a big swing, BTC holds in there tough 40 to 43%. I still find it interesting there isn't one (top 100) crypto I know of that can stand alone on its own merit when BTC takes a dive.. It just disrupts the world of crypto

40-43% still is a big chunk of money loss. everybody will just sell and run when the price plummets it's been going on for over 10 years already, those who hold are the ones hopeful that bulls will quickly resume but it has yet not happened in history because it always takes time to see the bottom. if the price goes $28k, a lot of us will still be selling. the wisest wins because they are going to buy back stacking sats.

i was thinking we have been fighting global warming since 90s nothing has changed still. now shifting to electric. US has no source of gasoline anymore so they all want to shift when the middle east has tons.

[Bitcoin-Eco]

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

Bitcoin will eventually destroy itself. In a world taking extreme measures to limit carbon footprints.
How could Bitcoin ever survive such an obvious infrastructure built on wasting energy?

[Argoo]

Please name such "green" alternatives? What coin is mined out of thin air? In my opinion, this is the opinion that the mining of cryptocurrency can become "environmentally" clean, just a gimmick like the whole topic of "green energy". Since in the global energy generation "green technologies" occupy a negligible percentage - so it is the same with the mining of bitcoins and alternative coins. This is a utopia which in the near future is not destined to come true in reality.

The problem of using the quantity and quality of energy by bitcoin has already risen and now, when this problem has become very urgent in connection with a sharp climate change, regardless of whether this problem is contrived or not, true or not, states will seize the opportunity to denigrate cryptocurrency and take action to restrict her walking. Therefore, cryptocurrency will have to change and prove that it consumes a small amount of clean energy. This is especially true for bitcoin, because it is he who has now gained great popularity among the cryptocurrency. If bitcoin does not change in this regard, it will lose its significance, whether we want it or not.

[anotherdayyyy]

it's inevitable for Bitcoin to consume electricity, but this is never why Bitcoin got prohibited in some area. We know that some country banned Bitcoin mining due to its shortage in electricity supply in that mining hindered people's basic need. but that banning is temporary. We saw China banned bitcoin mining, too. but I do not think it has much to do with electricity usage, just an excuse to adapt itself to the development of cryptocurrencies...or to find a way to avoid the harnessness of USD and find something to defeat USD. so, energy is just a veil to hide the true attempt of opposing crypto coins. Energy can be saved and used efficiently in many other ways, bitcoin is totally negligible.

[Gatorelf]

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

Seems that has already been occurring.  New crypto investors don't care about decentralization or security.  They just want to see their number go up.  We are literally smack in the middle of the Greater Fool Theory.  We've seen 1 rug pull so far, but I think that was just a precursor.  The rug pull we'll see come December will leave people with their jaws on the ground.  On the plus side, a $30K Bitcoin will be viewed as a complete collapse, giving those of us with level heads the opportunity to do this all over again in 2025, if Bitcoin survives it's community that long.

I watch the BTC market share pretty close every time there is a big swing, BTC holds in there tough 40 to 43%. I still find it interesting there isn't one (top 100) crypto I know of that can stand alone on its own merit when BTC takes a dive.. It just disrupts the world of crypto

40-43% still is a big chunk of money loss. everybody will just sell and run when the price plummets it's been going on for over 10 years already, those who hold are the ones hopeful that bulls will quickly resume but it has yet not happened in history because it always takes time to see the bottom. if the price goes $28k, a lot of us will still be selling. the wisest wins because they are going to buy back stacking sats.

i was thinking we have been fighting global warming since 90s nothing has changed still. now shifting to electric. US has no source of gasoline anymore so they all want to shift when the middle east has tons.

no not a loss that is Market Share, BTC's overall capture of the $1.7T crypto market or whatever it happens to be at the time. That's actually pretty good for BTC in a show of strength.

Here is some more good news on the Energy front as Gates and Warren put their money into Nuclear power

https://www.theguardian.com/us-news/2021/jun/03/bill-gates-warren-buffett-new-nuclear-reactor-wyoming-natrium

[Cvetik56]

I guess miners will go green someday. They have to adapt. It's just an issue we need to solve.

[Bitcoin-Eco]

I guess miners will go green someday. They have to adapt. It's just an issue we need to solve.

Wasting solar energy that could go to power homes, schools and infrastructure is NOT the
answer to a simple avoidable problem. The problem is people think wasting energy gives Bitcoin its value. This thinking must change. People give Bitcoin its power NOT power consumption. Bitcoin Mining is an arms race and no one wins except the power companies.

[Bilgent]

Bitcoin may be using a lot of electric energy and fossil fuels now. But this will change sooner or later. There are already miners who use renewable energy in mining. In the future, Bitcoin miners will start using only renewable energy. So I don't think the current situation could be its downfall.

[Gatorelf]

I guess miners will go green someday. They have to adapt. It's just an issue we need to solve.

Wasting solar energy that could go to power homes, schools and infrastructure is NOT the
answer to a simple avoidable problem. The problem is people think wasting energy gives Bitcoin its value. This thinking must change. People give Bitcoin its power NOT power consumption. Bitcoin Mining is an arms race and no one wins except the power companies.

you get it

[ropyu1978]

the fall of bitcoin is not an energy problem, but there are other problems that are more serious than that, I think the decline in the price of bitcoin is caused by greedy people, the decline in bitcoin in my opinion cannot be separated from three big numbers, such as the CEO of Tesla, Elon Musk, and the Minister of Finance The United States (US), which has expressed skepticism about digital currency, bitcoin...

[datguyian]

Energy consumption is much into discussion these days, and the big controversy is now once again getting shattered by Elon Musk. It is also stated that, banks now consume more power than the bitcoin and other cryptocurrencies. With time, efficiency is getting achieved on bitcoin mining equipments. Based on this I don't think energy consumption will set to be a big issue in the future.

Exactly. I don't get what the big deal is about Bitcoin's energy consumption, when existing financial institutions consume more energy than Bitcoin on a daily basis. It's all failed attempt to spread FUD in order to lure people away from Bitcoin and cryptocurrencies in general. Bitcoin can be much greener than what it is right now, if miners rely on alternative energy sources. Imagine how Bitcoin would benefit the environment if most ASIC machines relied on solar or wind energy. With how fast our world is changing, we might see this become a reality sometime in the future. Since PoW is the most secure (and decentralized) consensus algorithm to date, it's hard to believe Bitcoin will switch to PoS anytime soon. On the contrary, Bitcoin will remain as a PoW cryptocurrency while the rest of the altcoins will switch to PoS in order to "tackle" the high energy consumption. Ethereum will switch to PoS, and other PoW-based cryptocurrencies will follow as the PoS hype comes into fruition. I wouldn't worry about Elon Musk abandoning Bitcoin in favor for another altcoin, as long as the pioneer cryptocurrency as some loyal supporters behind it. Just my opinion

There are reports saying that 76% come from renewable energy for Bitcoin, but only 39% for other coins that are PoW. If others switch to POS anyway and Bitcoin increases its renewable energy mining even further, I don't see the energy consumption turn into a problem.

[electronicash]

Energy consumption is much into discussion these days, and the big controversy is now once again getting shattered by Elon Musk. It is also stated that, banks now consume more power than the bitcoin and other cryptocurrencies. With time, efficiency is getting achieved on bitcoin mining equipments. Based on this I don't think energy consumption will set to be a big issue in the future.

Exactly. I don't get what the big deal is about Bitcoin's energy consumption, when existing financial institutions consume more energy than Bitcoin on a daily basis. It's all failed attempt to spread FUD in order to lure people away from Bitcoin and cryptocurrencies in general. Bitcoin can be much greener than what it is right now, if miners rely on alternative energy sources. Imagine how Bitcoin would benefit the environment if most ASIC machines relied on solar or wind energy. With how fast our world is changing, we might see this become a reality sometime in the future. Since PoW is the most secure (and decentralized) consensus algorithm to date, it's hard to believe Bitcoin will switch to PoS anytime soon. On the contrary, Bitcoin will remain as a PoW cryptocurrency while the rest of the altcoins will switch to PoS in order to "tackle" the high energy consumption. Ethereum will switch to PoS, and other PoW-based cryptocurrencies will follow as the PoS hype comes into fruition. I wouldn't worry about Elon Musk abandoning Bitcoin in favor for another altcoin, as long as the pioneer cryptocurrency as some loyal supporters behind it. Just my opinion

There are reports saying that 76% come from renewable energy for Bitcoin, but only 39% for other coins that are PoW. If others switch to POS anyway and Bitcoin increases its renewable energy mining even further, I don't see the energy consumption turn into a problem.

the problem they point out is that the energy that the miners consume boils the ocean because it causes global warming. but we all know this is just a fud.

they thought the higher the energy cost for mining BTC the higher its value. if you think about it, miners not selling their coins in loss because of their bills, then it's how things work. the rate of electricity is regulated by the government. but whatever argument will be, BTC will be valuable. either mined by renewable energy or not because BTC has demand for it can't be confiscated.