Why Bitcoin mining isn’t a waste of energy?

[RainbowKun]

Bitcoin mining is undoubtedly a massive waste of fuel oil and electricity. Many environmentalists believe that if this continues, bitcoin mining will become a threat to the world to come. So it is possible very quicklyBitcoin mining stop.

Really? Because households, hospitals and other important infrastructures are all consuming electricity so I don't think that saying bitcoin is undoubtedly a waste of electricity is stupid since we're also using electricity and what some of us do are even more frivolous than mining bitcoin so I don't see your point.

Taking into account that a great economic crisis is forming all over the world and that the main cause of such a crisis is going to be fiat currencies then it is fair to wonder what is it going to be one of the most sought items during that time? And the answer is a solid form of money, and bitcoin is incredibly solid, lets see if the people that today are claiming that bitcoin is useless can still claim the very same thing once we are facing those circumstances.

All signs now indicate that in the next few years, a worldwide financial crisis will definitely come. The key is how it will come. All sovereign countries are now using over-printed currencies to delay this economic crisis. However, the Super India currency will only make the crisis bigger, and will not be able to fundamentally solve the crisis. In my opinion, for ordinary people, Bitcoin is our only choice to deal with the world economic crisis. It provides a completely decentralized value store model based on algorithms. It can save our wealth from being exploited. There are still many people slandering Bitcoin, but they don’t know that Bitcoin is the only antidote to everyone’s wealth.

[thirdprize]

The only thing mining is good for is the people who make the miners.  In the arms race to have more mining capacity than everyone else, they are the only winners.

[witcher_sense]

All signs now indicate that in the next few years, a worldwide financial crisis will definitely come. The key is how it will come. All sovereign countries are now using over-printed currencies to delay this economic crisis. However, the Super India currency will only make the crisis bigger, and will not be able to fundamentally solve the crisis. In my opinion, for ordinary people, Bitcoin is our only choice to deal with the world economic crisis. It provides a completely decentralized value store model based on algorithms. It can save our wealth from being exploited. There are still many people slandering Bitcoin, but they don’t know that Bitcoin is the only antidote to everyone’s wealth.

The way I look at it, we don't know precisely in which direction the bitcoin market will move when or if a crisis situation occurs. We haven't yet seen bitcoin in action, we haven't yet witnessed its price fluctuation during serious economic situations. The thing is that we measure the value of bitcoin with an overprinted and unstable currency like the dollar, so in terms of the dollar bitcoin may fall dramatically. From the perspective of bitcoin, nothing will change, even if there is a crisis, you are still going to possess the same percentage of its total supply. If you are open-minded enough to measure things with a truly decentralized reference system, then you are ready to face any crisis.

The only thing mining is good for is the people who make the miners.  In the arms race to have more mining capacity than everyone else, they are the only winners.

If mining weren't profitable, no one would waste resources.

[bryant.coleman]

The only thing mining is good for is the people who make the miners.  In the arms race to have more mining capacity than everyone else, they are the only winners.

Check the post by witcher_sense above. If mining is not profitable, then no one would be doing it. Everyone is benefitting out of mining. The list is endless - governments (tax revenue), mining equipment manufacturers (sales revenue), miners (income), landlords (rental payments), exchanges, mining pool managers, ordinary cryptocurrency users (who get protection in the form of PoW for using cryptocurrency).etc. My logic is pretty simple. If printing of fiat banknotes is profitable, then mining of cryptocurrency is much more profitable compared to it.

[songchunlai]

Many management problems are to solve the problem of trust. Here, our primitive and rough management model wasted a lot of energy, manpower and material resources. Due to distrust, we must add a large number of administrators. But with mining, everything becomes simple and the trust problem is solved. A lot more energy, manpower, and material costs are saved. This will create a streamlined social management system that will serve the improvement of human productivity to the greatest extent.

[blckhawk]

bitcoin mining isn't a waste of energy because, mining bitcoin gives gain and not only losses, although mining bitcoin is very time consuming. the profit you will gain is very high especially if the market on bitcoin is in the upwards trend. but sadly not everyone have the resources to mine bitcoin nowadays and there are several countries that ban the mining on bitcoin. nonetheless mining bitcoin is definitely not a waste of time and energy.

[DarkDays]

Many people think that mining does not produce social value, so mining is a pure waste of resources. This is a misunderstanding.

Mining is not a waste of energy. I consider something to be a waste when the result of the effort or in this case the energy used leads to noting of value but we already know that BTC is valuable. So by this argument alone, BTC mining is definitely not a waste of energy.

For sure, mining is now becoming more difficult and more and more hardware is required ruling out individual miners but it goes to show how far this process has become - such a complex social aspect that now governments are finding ways to reduce its size.

[coinycoiny]

If you spend $99 dollars and get $100 back then its worth mining.
So generally speaking, the amount of money wasted mining bitcoin is roughly equivalent to the amount of coins generated by mining.
This actually puts a cap on the value of bitcoin which is why its never going to get to a million like some people claim

[Imran232]

............
What do you think?

Well, if you asked me to think about mine, then I would say that what you say is all right. There are two reasons for saying those things. 
 
1: Where is it illegal to use bitcoin then how can I say about bitcoin mining? It is quite impossible to say without any practical experience from my own life. After watching videos on YouTube or reading blogs, I received two types of responses: first, crypto people will claim that there is no problem and will show their proof.And crypto people say it's problematic. So I hope you understand. Without understanding, I can say exactly what I mean.
 
2: After reading your writing, I believe I can agree with your point of view.And that is all my point. Because you elaboret everything clearly. That's why I understand easily. 
 
Thanks for it.

[mystere_miner]

The cost of mining bitcoin is insignificant compared to the cost of producing, managing, processing, transacting, and destroying fiat currency. 

Think about how much energy the federal mint uses to print fiat.  How much do banks use, who's only purpose is to transact in fiat?  Think lights, heating, cooling, construction of buildings, computers, networking... it's staggering.

Think how much energy is used by the credit card industry.  100's of thousands of employees, most requiring electricity for various purposes (computers, lights, heat, construction, etc..)

I'd bet, on market cap basis, fiat uses orders of magnitude more energy overall than bitcoin. 

[Zilon]

Going by the first law of bitcoinminnigdynamics stating that Bitcoin can neither be altered nor destroyed but can be gained using highly sophisticated computers to solve complicated mathematical problems (alogrithim).
How then would it be said this doesn't contribute to the waste of energy. First the fleet of sophisticated matches couple with the amount of energy it would require to keep this device to keep on minning.

If energy is really stored back as Bitcoin which could be a compensation for the minners how about the people within that very area where this energy is been consumed massively what would likely be their benefit

[Oilacris]

Going by the first law of bitcoinminnigdynamics stating that Bitcoin can neither be altered nor destroyed but can be gained using highly sophisticated computers to solve complicated mathematical problems (alogrithim).
How then would it be said this doesn't contribute to the waste of energy. First the fleet of sophisticated matches couple with the amount of energy it would require to keep this device to keep on minning.

If energy is really stored back as Bitcoin which could be a compensation for the minners how about the people within that very area where this energy is been consumed massively what would likely be their benefit

Energy issues is totally a shit thing for them to put focused on and this is something a shit topic that they would really be concern off considering that there are still things which does have energy consumption issues

than with bitcoin mining and thats they should really be focusing on rather than with Bitcoin.I do rather believe that this is just an alibi or excuse for them to sue out something about bitcoin.

This is just not really that serious of an issue if you do really look into the bigger picture.It doesnt really make sense.

[bandungan]

the issue of bitcoin is raised by linking it to the environment, especially energy waste. it is a matter that is not worth discussing, because what we know today is that the use of energy mining is not as big as the use of electricity by factories, buildings, or other public facilities. It's clear there is a party behind playing the issue of bitcoin to get to a secret agenda

[thirdprize]

If you spend $99 dollars and get $100 back then its worth mining.
So generally speaking, the amount of money wasted mining bitcoin is roughly equivalent to the amount of coins generated by mining.
This actually puts a cap on the value of bitcoin which is why its never going to get to a million like some people claim

Yeah, but it more like TEN people spend $99 mining and ONE person gets $100 back. That is $990 spent to make $1. Now times that by a few thousand to get the real figures.

[Betwrong]

I mean, it's safe to assume that most of the "Bitcoin is a waste of energy" people probably didn't even spend enough time thinking to grasp the concept of "store of energy". That, along with the dozens and dozens of nonsense criticisms against Bitcoin.

As far as I know though, the argument against Bitcoin's energy usage is mostly in the environmental perspective. That Bitcoin is unnecessary hence is causing unnecessary damage to the environment. Funnily enough, people criticize Bitcoin's energy usage with them turning a blind eye on other "unnecessary"(not necessarily bad, but not necessarily needed for humanity to survive) energy hogs such as Christmas lights and gaming consoles.

Or look how much energy is wasted on mostly unnecessary grass lawns. Here's a good article on this matter.

Overall, Bitcooin contribution to the CO2 emissions is around 0.05%. So, there are many other industries worth bringing to the attention in this regard.

If you spend $99 dollars and get $100 back then its worth mining.
So generally speaking, the amount of money wasted mining bitcoin is roughly equivalent to the amount of coins generated by mining.
This actually puts a cap on the value of bitcoin which is why its never going to get to a million like some people claim

I'd like you to elaborate your point because I think I'm not the only one who can't get it.

Where is the constant changing of the BTC/USD rate in your calculations? And do you know that there are times when people keep mining at a loss for months in hopes of the future price increase?

[AicecreaME]

Mining bitcoin isn't really a waste of energy because the miners of it are technically are being rewarded with every amount of bitcoin they mine using their supercomputers and mining rigs. It isn't as if they are just wasting energy over something that has no value and use at all. Bitcoin has a corresponding value in fiat depending on the market trend. Every mined bitcoin has a value no matter how small or big it may be. Miners can sell their bitcoin or they can opt to hold it. And if they will hold it for some time, the value may increase or decrease depending on the market season and movement.

Right now, they are eyeing using renewable resources to be their source of energy that could power their mining system. If they would be able to pull the eco-friendly and cost-friendly energy source in mining, it will be really great because the non-renewable energy source won't be affected as much, which I think is the issue of most people in mining bitcoin.

[cotton ball]

mining bitcoin does require a lot of electrical power, but every mining that is done is not in vain, meaning that the electricity that runs out is not in vain, so it's natural, but if electricity is wasted it becomes a problem, like playing games that don't produce nothing.. just waste energy and consume electricity only..

[Assface16678]

I don't think its a waste because  you will earn from mining and eventually it will circulate as you use it to buy goods/ pay bills. There is no difference from playing games and mining, it depends on who will perceive those two. Both are beneficial for those who can afford/ do it.

[qwertyup23]

In the end, the energy of nature is stored in the form of Bitcoin, that is, the value is stored. Bitcoin mining is not free, it has cost, it needs to consume physical mining machines, it needs to consume energy. The energy consumption process is the process of energy transmission, being converted into stored Bitcoin, which happens to be the value support of Bitcoin. Based on this, no other cryptocurrency can replace Bitcoin.

What do you think?

Those are interesting points that you raised. I always have this notion that mining costs too much energy and power due to the amount of electricity needed to power and charge those CPUs for computing. That is why, most miners placed their equipment strategically in a place where air and breeze are continuous in order to prevent releasing too much heat.

Though the process of mining (like you explained) costs energy, the output of such is valuable than what it is compared before. Miners will always be relevant as long as there are cryptocurrencies to transact with. Without these miners, no one would be able to send one BTC to another wallet.

[ziyaaa]

When fossil fuels were being used, it was really a huge waste of energy to mine Bitcoin. Elon Musk also indicated this big problem to the environment and he was right about it also. But for some time, I see that renewable energy sources are being used for Bitcoin mining mostly. And this means that we don't need to call it as "waste of energy" anymore. It is getting better considering the environment.