Will energy consumption be Bitcoins downfall ?

[Alert31]

I don't think Bitcoin mining energy consumption will be an issue anymore or the downfall of Bitcoin since there are already alternatives energy created to reduce the level of electricity energy consumption of Bitcoin though alternative has not circulated. However, we have some countries which energy consumption is not an issue there.

That's right! There are some alternative to be use it terms of electric energy so that energy consumption of bitcoin will not be a problem and it will not cause for bitcoins downfall. More than 10 years of existence and no issue about energy consumption of bitcoin, especially now that the development of technologies continues.

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[gribalenfeksiyon]

bitcoin is one of the leading coins in this market. this is one of the strongest coins in the market. and the number of investors is much higher than other altcoins. and people want to pay more attention to bitcoin than other altcoins. Therefore, I do not see the energy consumption of bitcoin as a reason to deter people. It may be possible that bitcoin's energy consumption is seen as a deterrent by bitcoin miners.

[Abiky]

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

I don't think high energy consumption will lead to Bitcoin's downfall sometime in the future. After all, the energy spent is being put to good use (by ensuring Bitcoin remains secure against external attacks). The same way gasoline-powered cars are still relevant even with electric cars in play, the same will happen with Bitcoin and altcoins. The problem is not Bitcoin's consensus algorithm, but rather ASIC hardware itself. It's up to mining companies to develop new ASICs with improved energy-efficiency. I wouldn't worry about energy consumption as long as the Blockchain remains decentralized and censorship-resistant. Just my opinion

[Gatorelf]

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

I don't think high energy consumption will lead to Bitcoin's downfall sometime in the future. After all, the energy spent is being put to good use (by ensuring Bitcoin remains secure against external attacks). The same way gasoline-powered cars are still relevant even with electric cars in play, the same will happen with Bitcoin and altcoins. The problem is not Bitcoin's consensus algorithm, but rather ASIC hardware itself. It's up to mining companies to develop new ASICs with improved energy-efficiency. I wouldn't worry about energy consumption as long as the Blockchain remains decentralized and censorship-resistant. Just my opinion

I believe you are spot on with that, the computations can still be difficult while the energy demand decreases 80% or so from improved miners.   

[Lanatsa]

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

Can you show some stats or numbers about such transition of people from gasoline cars to electric ones?

These vehicles represent the 250 million cars, S.U.V.s, vans and pickup trucks on America’s roads today. The vast majority run on gasoline. Fewer than 1 percent are electric.
https://www.nytimes.com/interactive/2021/03/10/climate/electric-vehicle-fleet-turnover.html

This is just a reasoning and just trying out to get bitcoins price to the floor. Energy consumptions issues? They should look on a bigger picture on which one
is consuming even more.

[Gatorelf]

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

Can you show some stats or numbers about such transition of people from gasoline cars to electric ones?

These vehicles represent the 250 million cars, S.U.V.s, vans and pickup trucks on America’s roads today. The vast majority run on gasoline. Fewer than 1 percent are electric.
https://www.nytimes.com/interactive/2021/03/10/climate/electric-vehicle-fleet-turnover.html

This is just a reasoning and just trying out to get bitcoins price to the floor. Energy consumptions issues? They should look on a bigger picture on which one
is consuming even more.

right but where did the money go?  This conversation is more about what the consumer can do when they form a movement, rather than crunching electricity numbers. All you have to do is look as TSLA stock price. $24 to $2,900 ( split adjusted) in 10 years and larger than Ford, GM and any other one you want to pick combined.

however here is a good read on electric vehicles and their future.

The latest report by Bloomberg New Energy Finance shows that by 2040, 58% of global passenger vehicle sales will come from electric vehicles. At the same time, they will make up less than 33% of all the cars on the road.

https://policyadvice.net/insurance/insights/electric-car-statistics/

[suzanne5223]

I don't think Bitcoin mining energy consumption will be an issue anymore or the downfall of Bitcoin since there are already alternatives energy created to reduce the level of electricity energy consumption of Bitcoin though alternative has not circulated. However, we have some countries which energy consumption is not an issue there.

That's right! There are some alternative to be use it terms of electric energy so that energy consumption of bitcoin will not be a problem and it will not cause for bitcoins downfall. More than 10 years of existence and no issue about energy consumption of bitcoin, especially now that the development of technologies continues.

If you observe the issue about Bitcoin mining energy consumption, you'll understand that there was already some issue raised before these days when the development of technologies continues but those energy usage issues are primarily hyped just to cause misunderstanding about Bitcoin.

[Sanugarid]

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

Absolutely not, based on what Elon Musk claims about climate concerns on BTC mining could be a factor for dips but not the end for BTC. The reason why BTC undergo massive dips for previous days is also caused by the Chinese government's crackdown on banks’ use of cryptocurrencies which results in accelerated long-predicted sell-off.

[ven7net]

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

Of course, in the future, all economies will switch and use clean energy sources and certainly energy consumption for mining BTC and other cryptocurrencies will grow. However, this will not have much of an impact on the BTC price. If you think that the last drop in the price of BTC is related precisely to the amount of energy consumed, then you are mistaken, this is just one of the reasons to bring down the prices of cryptocurrency and buy it at a low price.

[Gatorelf]

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

Of course, in the future, all economies will switch and use clean energy sources and certainly energy consumption for mining BTC and other cryptocurrencies will grow. However, this will not have much of an impact on the BTC price. If you think that the last drop in the price of BTC is related precisely to the amount of energy consumed, then you are mistaken, this is just one of the reasons to bring down the prices of cryptocurrency and buy it at a low price.

nope Its about what the consumer will invest in or not. We could solve all the worlds energy needs now and 100 years from now with Nuclear but the consumer is afraid of Nuclear.  They protest what they fear.

[datguyian]

Apart from the fact that Bitcoin is already powered by renewable energy to a considerable degree, that is most likely only going to improve over time even further. Bitcoin might even be the reason for mining hardware manufacturers to invest in better and more environmental friendly hardware.

[Gatorelf]

Needs to hold this 34K overnight + or - 1k swings

Bitcoin
BTC/USD
$ 34,104   -4.42 %

[2double0]

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

Who makes you believe that Bitcoin is consuming too much energy? Musk? You should not listen to him, but to the miners who are mining it. If they commit that btc is really becoming dangerous globally because of its energy consumption, then they can come to a solution and make btc more eco friendly on their own. I like Musk's initiative of reaching out to and approaching miners to turn to more green mining. But will you accept it if some day, that same guy starts reaching out to people and ask them to stop using electricity completely and go solar forcefully? Aren't we consuming too much electricity even without mining already?

[Gatorelf]

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

Who makes you believe that Bitcoin is consuming too much energy? Musk? You should not listen to him, but to the miners who are mining it. If they commit that btc is really becoming dangerous globally because of its energy consumption, then they can come to a solution and make btc more eco friendly on their own. I like Musk's initiative of reaching out to and approaching miners to turn to more green mining. But will you accept it if some day, that same guy starts reaching out to people and ask them to stop using electricity completely and go solar forcefully? Aren't we consuming too much electricity even without mining already?

you need to go back and read the conversation so you know what we are talking about. 

In a nut shell, I could care less about what an individual says but more in how people react.  If the consumer can use XYZ coin ( a very low power consuming POS) and achieve the same function, security and even better speed than High energy consuming POW BTC, then why not use XYZ

 

[teosanru]

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

Not really. If the crypto market has to exist, BTC has to stay tight and upright all the time. Talking about the energy consumption patterns, we already have solutions in the form of renewable sources of energy. I think the market would more or less rectify itself, if there is a lot of buzz around dirty energy being used by miners. Miners would shift themselves to countries providing subsidies for using renewable sources of energy. Most of the countries around the world are already providing subsidy for renewable sources and new miners would base themselves in these countries. I think this is more like a self rectifying equilibrium, it will rectify itself. But yes greeners alts would prosper alot, basically the one's working of Proof of Stake Model.

[ILuckyGuyI]

I don't think that it will cause such thing for Bitcoin. Besides, I'm pretty sure that renewable energy will start being used fully on Bitcoin mining in the near future. Especially Elon Musk's statements can have a big impact on it.

[reelstuff]

Energy?  usage?  Billions are spent on useless energy projects every month in the world.   Think about the local automobile dealership, they run lights all night long, parking lot lights, lights inside, they have computers that stay on 24 hours a day.   No one every worries about how much energy they use.   Consider this, Large companies that melt aluminum and other large industries expend huge amounts of energy to produce something as novel as aluminum foil.  Anyone worried about that?  No this is not about energy at all.   Musk is an idiot, if you want to know what this is all about, just think about the bigger picture.   Why are they suddenly so concerned with energy?  No its about banking and finance, they do not like the idea that anyone can access banking and finance with sophisticated crypto financial products.   It is a power they have controlled for centuries.   No one is really concerned with energy use, because Visa and Mastercard, process billions of transactions which are no different than the transactions processed by mining bitcoin.   In fact visa and mastercard consume 30 times more energy than bitcoin and other crypto currency combined.   Just understand that the idea that bitcoin is causing global warming is BULL...   These are the same people that want to save the whales, but never really do save them, they want to they just can't do it because it was never under their control in the first place.   This is emotion over intellect, which is why I say that if Musk really believes that global warming is caused by bitcoin then he is truly stupid.

[Gatorelf]

Energy?  usage?  Billions are spent on useless energy projects every month in the world.   Think about the local automobile dealership, they run lights all night long, parking lot lights, lights inside, they have computers that stay on 24 hours a day.   No one every worries about how much energy they use.   Consider this, Large companies that melt aluminum and other large industries expend huge amounts of energy to produce something as novel as aluminum foil.  Anyone worried about that?  No this is not about energy at all.   Musk is an idiot, if you want to know what this is all about, just think about the bigger picture.   Why are they suddenly so concerned with energy?  No its about banking and finance, they do not like the idea that anyone can access banking and finance with sophisticated crypto financial products.   It is a power they have controlled for centuries.   No one is really concerned with energy use, because Visa and Mastercard, process billions of transactions which are no different than the transactions processed by mining bitcoin.   In fact visa and mastercard consume 30 times more energy than bitcoin and other crypto currency combined.   Just understand that the idea that bitcoin is causing global warming is BULL...   These are the same people that want to save the whales, but never really do save them, they want to they just can't do it because it was never under their control in the first place.   This is emotion over intellect, which is why I say that if Musk really believes that global warming is caused by bitcoin then he is truly stupid.

you agree with me then, the masses are going to do what they want to do regardless of the engineering and endless debates.  An Electrical Engineer argued with me for 10 years as to why Tesla would never make it. He had all the numbers and figures and never invested a dime at $24 a share. He is still eating crow today because no matter what he thought, the masses started a movement into electric vehicles verses Gasoline.  So if the consumer wants to use NANO for example instead of BTC because it uses very little power there is nothing to stop them.   

[2double0]

you need to go back and read the conversation so you know what we are talking about.  

In a nut shell, I could care less about what an individual says but more in how people react.  If the consumer can use XYZ coin ( a very low power consuming POS) and achieve the same function, security and even better speed than High energy consuming POW BTC, then why not use XYZ

 

Every trader wants profits and their best bet is btc because they know how hard it has become for miners to mine it. They are keeping its price high because of the resources being used to mine it, making a direct correlation between consumption of resources to mine a btc and its present value.

Now, when talking about security, none of the PoS coins in my views can beat the security of btc, please draw me to one which can and I will think of changing my portfolio from btc to that xyz coin. If such a thing would exist, it would have taken over btc already. Every node validates a transaction making it more difficult for a hacker to break the chain and move that transaction his way. I agree that the speed of btc may be less if compared to so many altcoins there, but we still use it because we know the value it has given to crypto and is still adding it with its mining. And when all the alts (your PoS coins included) are created to provide the nearly same functions that btc gives, I would twist and turn your question and ask you: why not to use btc over them when they are only copying what btc did years ago? In the end, it is all about choosing the right coin and if btc is my right coin, I will go for it and you may go for your PoS coin.

[Gatorelf]

you need to go back and read the conversation so you know what we are talking about.  

In a nut shell, I could care less about what an individual says but more in how people react.  If the consumer can use XYZ coin ( a very low power consuming POS) and achieve the same function, security and even better speed than High energy consuming POW BTC, then why not use XYZ

 

Every trader wants profits and their best bet is btc because they know how hard it has become for miners to mine it. They are keeping its price high because of the resources being used to mine it, making a direct correlation between consumption of resources to mine a btc and its present value.

Now, when talking about security, none of the PoS coins in my views can beat the security of btc, please draw me to one which can and I will think of changing my portfolio from btc to that xyz coin. If such a thing would exist, it would have taken over btc already. Every node validates a transaction making it more difficult for a hacker to break the chain and move that transaction his way. I agree that the speed of btc may be less if compared to so many altcoins there, but we still use it because we know the value it has given to crypto and is still adding it with its mining. And when all the alts (your PoS coins included) are created to provide the nearly same functions that btc gives, I would twist and turn your question and ask you: why not to use btc over them when they are only copying what btc did years ago? In the end, it is all about choosing the right coin and if btc is my right coin, I will go for it and you may go for your PoS coin.

great points exactly what I was looking for in these conversations. What had me worried about BTC was what price does it have to hold to be profitable currently and after the next halving.  At what point would a miner say my electric cost are to high to sustain a profit.  If you supplement with solar you have increased your cost. 

right now it looks like 40% of revenue goes toward electricity cost. https://www.coinwarz.com/mining/bitcoin/calculator?h=110.00&p=3250.00&pc=0.17&pf=0.00&d=21434395961349.00000000&r=6.25000000&er=1&btcer=47197.18580000&ha=TH&hc=2407.00&hs=0&hq=1

Monero seems to be pretty secure also with a $625k reward to break its code but I don't see it as a better option than BTC either. 
https://currency.com/the-most-secure-cryptocurrency

so strictly as an investment I think Harmony, Nano, Helium and ALGO will have a higher percentage gain than BTC in the next six months,  BTC defiantly has proven endurance on its side.