Crypto and energy consumption

[Lantind]

There is much more to crypto than mining. Mining is proof of work, but there are other options types like stacking, proof of coverage etc. Mining was the foundation of crypto space but with time space will evolve and grow.

It is true, mining is a basic thing that anyone who can afford can do, so those who are still less able to choose other options to do their work in the crypto space, because to earn is not only through mining alone.

[FloridaKid]

Elon musk is just trying to make name for himself in crypto space since many are following him but the thing is a wisest man can do stupid things too, we have many different PoW algorithm in crypto space and people are left to make their own decisions, we also have PoS for those that don't like anything mining, the answers are already present in crypto space

[Ucy]

Energy consumption is ok when used for the right things and to solve important problems. Energy consumed has to come from good sources that have little to no risk to society. The energy consumed need to be in proportion (or is used more efficiently) to the problem solved, and the morality of the system/network that is using the energy need to be checked also.

It actually would cost more energy to properly Decentralized a Network/System. And it's actually worth spending more on energy to properly decentralize. One or few centralized nodes cost less energy than thousands/millions of nodes scattered around the world to secure a shared/decentralized Network.

Hopefully, we should get the thousands/millions of decentralized equipments to use energy efficiently even if the energy consumption rate keeps increasing due to more decentralized equipments and activities . That's what is more important to us than worrying about well decentralized network using more clean/renewable energy.

[carlisle1]

Energy consumption becomes an issue to create FUD but seriously, the consumption is huge but I can’t imagine how much energy and raw materials do you need to print fiat money? I guess this should not be the real issue here. I don’t panic on that kind of news, i just focus buying a cheaper good coins because I know they’ll rise again.

Better doing that than stressing yourself following those fuds, inside this sphere there are lots of opportunities, if you want a lesser stress then follow your own understanding and keep yourself away from those news which only focused with shaking the market and moving those weak holders to release their holdings and lose their investment eventually.

Take your time and make your own statement during bear and bull seasons, it's you who can decide which path to take and not those fuds and fomos that keeps bothering the market.

[el kaka22]

Elon created a whole new deal out of this (pun intended) but the reality is that finance world is killing the world so much that bitcoin using up some electricity is not even remotely similar. I mean wall street is the one that keeps making oil companies rich while they spill it everywhere, wall street is the one financing fracking companies to hurt the world, basically the fiat world has been screwing the world way before crypto was even a thing. 20 years before crypto was even started, TWENTY YEARS AGO, al gore became a candidate on saving the world.

Hence I do not think that we can blame miners on current situation, plus if we block all the bad ways of generating electricity and go with just renewable ones, then the miners would have to get that instead of the current one, so I do not think why people do not focus on getting more renewable energy instead of shutting down things that uses energy.

[justdimin]

It’s just an FUD tool used by tree huggers, gov shills & banking peeps. The fiat banking system uses way more energy than bitcoin/crypto mining. It’s a weak arguments spewed out by idiots.

That is so true, I mean banking sector uses a massive amount of energy and they just ignore it when it comes to them by saying "we are expanding" and then the argument is given that growth will come at the expense of some energy resources. But when it comes to bitcoin or crypto then suddenly everyone becomes a monk and suggests that we should not waste energy.

In my theory, banks and governments have realized they cannot suppress the growth of crypto at all and the best way to detach people from using it is to moan about it in whatever ways they can.

Energy consumption becomes an issue to creat FUD but seriously, the consumption is huge but I can’t imagine how much energy and raw materials do you need to print fiat money? I guess this should not be the real issue here.

There are big brains behind this FUD and they are paid by the government in some way because crypto is seen as a serious threat to the banking sector now.

[dimox]

Shouldn't we concentrate our efforts on using clean renewable energy, rather than restrict our use of it?

Miners already use renewable resources: hydro, wind and solar, from big to small mining farms. I agree that this environmental friendly mining is not popular and big enough but why so serious?

If coal supply is here, on this planet, people will use it for many use cases, from mining to other activities in society. The same source of coal will be used, burnt without Bitcoin mining.

When the supply of coal is less and the technology for renewable resources become more popular, feasible, people exclusively miners will use it more. Mining farms if possible can set up mix energy supply from coal and renewable resources for day and night time.

agree with this one. so many people know about renewable resources, and they already use it. not only in big town, sometime, you will see as many as you can in a small town because lack of development. and volunteer will do it with no any cost.
 its true if people use coal or same thing for their energy since long time ago, and it will be happen until we run out stock.

[Ekyfitri]

There is much more to crypto than mining. Mining is proof of work, but there are other options types like stacking, proof of coverage etc. Mining was the foundation of crypto space but with time space will evolve and grow.

It is true, mining is a basic thing that anyone who can afford can do, so those who are still less able to choose other options to do their work in the crypto space, because to earn is not only through mining alone.

in a down market condition like now, I think buying an asset and then depositing it for a stake for a long time will grow the assets we have. the safest I think is stake and trade.

[slashz9]

I don't know why this has suddenly been an issue to burn the whole market down so drastically, crypto mining and energy has always been this way since from day 1, anytime you read about how btc is mined you read about the energy and the way it affects the environment and all, why coming from Elon Musk becomes something new when it is not! We are still very immature in this space.

I agree, why people always talk about nonsense like this, at first they should already know that the use of energy for mining is very large, oddly, no one sues when the price goes up, and when it goes down they say that this is one of the reasons.

[KimmyF]

Just want to put this out there. What is the problem with crypto mining and energy consumption? Yes, I know you'll raise environment concerns, I get it.

However, consider this: a civilisation is measured by its energy consumption. Before we discovered fire and used any stone tools, the only energy we had was whatever our bodies produced. Then we discovered fire, made tools, invented the wheel, etc. Until now, when we use computers, robots and other machines to help us live. Our life expectancy and quality of life has increased dramatically.

Shouldn't we concentrate our efforts on using clean renewable energy, rather than restrict our use of it?

Frankly, if there is a problem with too much energy consumption, we should go back and live in caves, and hunt in groups.

From my experience, I like renewable energy. Crypto mining isn't a major problem, so why should we avoid it? We can avoid Elon Musk and his tweets. So many places are left in our world where we can build renewable energy resources. OP are right! We need more renewable energy but we can't avoid technology.

[Coroline]

Elon musk is just trying to make name for himself in crypto space since many are following him but the thing is a wisest man can do stupid things too, we have many different PoW algorithm in crypto space and people are left to make their own decisions, we also have PoS for those that don't like anything mining, the answers are already present in crypto space

It's ridiculous, isn't it? Buy first, then shout about mining that is not environmentally friendly. Elon is not a fool, he uses his popularity as the richest man to take advantage of the trade. There has been a long time discussion about mining in this community, so what needs to be debated again.

[motun01]

People are always quick to point fingers to cryptos  for high energy consumption but almost everything we benefit from in this technology age consumes energy and has resultant effects on the environment. Even the so called electric cars consume as much energy in there production as the carbon emission cars.
Cryptocurrencies consumes energy due to mining, but it is not as serious as it is made to seem.

[tippytoes]

People are always quick to point fingers to cryptos  for high energy consumption but almost everything we benefit from in this technology age consumes energy and has resultant effects on the environment. Even the so called electric cars consume as much energy in there production as the carbon emission cars.
Cryptocurrencies consumes energy due to mining, but it is not as serious as it is made to seem.

Media and other die-hard environmentalists are making it a big deal, that they forgot to see other industries that are consuming much more energy. Maybe, crypto is in the hot seat because it is gaining massive interest from the community, so some people want to scrutinize the potential points that will make it negative to the eyes of the public. In mining, we can always use the renewable sources of energy. So right now, those entities pointing out about high energy usage, I believe, are those that don't like the existence of crypto. There are other human activities that are wasting energy. But with crypto, at least, it is giving something useful to the community.

[Flowzer]

Yep true, the concern is about to use only environtmental friendly energy.
But i prefer a dPOS consensus mechanism as a future cryptocurrency, its because the scalability and the cheaper cost transaction than a POW one.

[Shasha80]

Elon musk is just trying to make name for himself in crypto space since many are following him but the thing is a wisest man can do stupid things too, we have many different PoW algorithm in crypto space and people are left to make their own decisions, we also have PoS for those that don't like anything mining, the answers are already present in crypto space

It's ridiculous, isn't it? Buy first, then shout about mining that is not environmentally friendly. Elon is not a fool, he uses his popularity as the richest man to take advantage of the trade. There has been a long time discussion about mining in this community, so what needs to be debated again.

It's true that Elon Musk became rich because he was smart, so he used his popularity to manipulate the crypto market. I'm sure Elon Musk has done
his research before investing in Bitcoin, so he knew from the start about mining that is not environmentally friendly. But why is Elon Musk just saying
it now, after he has already made a large profit. Because Elon Musk wants crypto prices to fall, so he and some of his closest people can buy Bitcoin
at a very cheap price. After all, there have been many discussions related to mining, this is nothing new. Elon Musk is just looking for ways to manipulate
the market.

[Lantind]

in a down market condition like now, I think buying an asset and then depositing it for a stake for a long time will grow the assets we have. the safest I think is stake and trade.

Yes, that is obvious but everyone also has to make sure the purchases they make are really at the lowest point, because that will also further support their profits when the market returns to normal or recovers.

[wxa7115]

Energy consumption becomes an issue to creat FUD but seriously, the consumption is huge but I can’t imagine how much energy and raw materials do you need to print fiat money? I guess this should not be the real issue here. I don’t panic on that kind of news, i just focus buying a cheaper good coins because I know they’ll rise again.

That is just what it is, they are realizing that they cannot FUD people with bitcoin being a scam or a bubble anymore, they cannot use the argument that it is only used by criminals when we have one hundred million people using it and helping them in countries where inflation is out of control.

So what else can they use? The energy consumption of course, now most people on first world countries are environmental conscious so this is an easy card for them to play that will slow down adoption once again, but if this is the best they have then bitcoin will keep being adopted at an alarming rate and there will be nothing they can do about it.

[Argoo]

Just want to put this out there. What is the problem with crypto mining and energy consumption? Yes, I know you'll raise environment concerns, I get it.

However, consider this: a civilisation is measured by its energy consumption. Before we discovered fire and used any stone tools, the only energy we had was whatever our bodies produced. Then we discovered fire, made tools, invented the wheel, etc. Until now, when we use computers, robots and other machines to help us live. Our life expectancy and quality of life has increased dramatically.

Shouldn't we concentrate our efforts on using clean renewable energy, rather than restrict our use of it?

Frankly, if there is a problem with too much energy consumption, we should go back and live in caves, and hunt in groups.

Nobody says that we need to give up the benefits of civilization. However, along with technical development, we need to be very careful about the environment, and with this, humanity has recently had big problems and therefore the climate began to change dramatically. Here you really need to choose: either mindlessly continue to consume the energy of coal, gas and oil, or switch to other sources of it, especially since the technology of extracting energy from the sun, wind and water has made great progress in recent years. In my opinion, solar panels and wind generators are exactly what we need now.
Cryptocurrency for mining now also needs to switch to the use of renewable energy sources, otherwise states may even try to ban it because of this. There is no need to give states an extra reason for this. It is important here that bitcoin shows an example in this.

[Luffygroove]

I kinda agree with you, however, human is popular with the destructive trait. Many greedy people don't care about earth conservation. The right behavior should be like this: wisely using, actively nurture. If we can't avoid energy consumption, then we need to find an alternative way, and if still can't then do the maintenance, at least to minimize the damage. The earth is already old, and as a human, we need to keep developing without abandoning our place to live in. We need to balance the technology used, in this case, bitcoin and cryptocurrencies, and earth conservation by using renewable energy instead of charcoal as the solution. I think this is possible.

[poodle63]

energy consumption used for mining could use renewable source if people intend to, meanwhile real world precious metal mining destroy the environment like directly.
This is just pure fud trying to frame crypto as a bad thing that wastes energy meanwhile so many unnecessary things out there also wastes energy and destroy environment.
see diamond mining, this thing isn't even that scarce but get mined like crazy despite able to be created artificially and thats just for gimmick by these big companies who hungry of money
but no one bats an eye, saying crypto wasting energy is so dumb.