Why Bitcoin mining isn’t a waste of energy?

[haasanjui]

To mine Bitcoin is full of profit. People invest and trade in Bitcoin there is price risk. But mine Bitcoin is full of profit because there is no any Investment needed and if you mined Bitcoin you have observed that it is not wadte of energy.

[Arvin01]

Your logic is really good. Read your other posts. Each article has something worth learning. But for some people who like simplicity, they will choose to skip when they see your article.

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

The essence of mining is that global miners use algorithms and computing power to maintain a (relative) absolutely safe and decentralized currency system. Essentially, all electricity costs, graphics card costs, ASIC R&D and manufacturing costs are maintained. ,Are maintaining this system.

Compared with other industries, Bitcoin mining does not consume a high proportion of electricity. Secondly, most of the mining farms are located in places with abundant renewable resources.

[RainbowKun]

Your logic is really good. Read your other posts. Each article has something worth learning. But for some people who like simplicity, they will choose to skip when they see your article.

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

The essence of mining is that global miners use algorithms and computing power to maintain a (relative) absolutely safe and decentralized currency system. Essentially, all electricity costs, graphics card costs, ASIC R&D and manufacturing costs are maintained. ,Are maintaining this system.

Compared with other industries, Bitcoin mining does not consume a high proportion of electricity. Secondly, most of the mining farms are located in places with abundant renewable resources.

Thank you very much for your recognition of these articles, and I will try my best to improve my writing skills. I know that there is a common problem with text walls in my articles, and many people will simply ignore them. But anyway, I think they are still very valuable. I express an opinion as completely as possible through each article, and record the thought process that I obtained this opinion. These views are certainly not correct, but I hope they can inspire more people to think together.

[Kittygalore]

To mine Bitcoin is full of profit. People invest and trade in Bitcoin there is price risk. But mine Bitcoin is full of profit because there is no any Investment needed and if you mined Bitcoin you have observed that it is not wadte of energy.

Depends on where you mine because there are countries out there that have an expensive electricity so if you are on one, I don't think that it's profitable as you may say, another factor is the climate, if you're near the equator like me, I don't think that you're going to like mining here because the rigs might overheat because the climate is mostly hot and it's an additional expenses in cooling so additional expenses to electricity.

[Desyationer]

Is 5870 a waste? I have such a video card.

[iTradeChips]

Here is what I believe in that I think should make sense. Energy is converted to heat in the GPU's mining the Bitcoin or doing the calculations, but that heat also creates work that in turn mines the Bitcoin and is stored digitally and has value. That alone is not really what I already define as something of value, not really a waste. The bitcoin that was created is then converted to fiat currency and that money can be used to buy stuff. So for me, mining is not a waste of energy.

[Shenzou]

I mean if you are looking at it from a consumption versus production, there are a million other things in the world that are using more energy than bitcoin mining that serve no productive purpose, bitcoin not only it is changing the way we view economy and the how we interact with each other, but with bitcoin it has created a lot of jobs and opportunities for a lot of people including me, so mining bitcoin even though it seems a wasted of energy it has a lot of positive effect.

[Freezingel]

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.

True, in fact if we're talking about waste of energy, there are a lot more cases out there instead of bitcoin. But people will always find fault and criticize, not surprised of course. They might be thinking those kind of things because they think that bitcoin is not tangible, it has no shape so it's just a waste of energy to mine for something untouchable, and those who don't understand think that bitcoin surely has no real value. Although it might be bad for the environment, although not really if we think about it, but i don't think bitcoin mining is a waste of energy.

[BITCOIN4X]

Although it might be bad for the environment, although not really if we think about it, but i don't think bitcoin mining is a waste of energy.

Bitcoin mining is even much better for the environment when compared to mining other natural resources such as gold, natural gas and etc. Bitcoin miners can get around the use of renewable energy for mining, but how can these natural resource miners prevent a direct impact on the environment in which the mine is founded?

For whatever purpose, some critics call bitcoin mining a waste of energy, but rest assured that some of them may be quite a believer in myths and they are nothing more than anti-bitcoin circles.

[Silberman]

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.

The hypocrisy behind the opinions of those people is very obvious to anyone that takes the time to actually think about it, they say that bitcoin is wasting energy as it is unnecessary, however it is fair to wonder if civilization can exist without a sound form of money and there is not any form of money that is better than bitcoin, while a great deal of the energy that we use could in fact be said to be using completely unnecessary stuff, after all entertainment can be gotten without the use of electronic devices.

[Luxemburg81]

Hey from little Luxemburg,

for myself I am also very interested in investing in alternatives (Bitcoins…)   But until now everything was new and everybody  (colleagues…) told me something else.

But before I invested in bitcoins, I wanted to know what are they, what are they for and advantages and disadvantages. In addition that I searched for somebody who really knows about such a sensible theme with money.

So that’s why  I went online and made some research & I found some really nice detailled descriptions (ways) to  know more about (from the beginning, trustfull platforms…)    Many thanks to those persons.

After those  I more understand  the sensible theme  « invest your money in Bitcoins»
 
Here are 4 different videos which you can watch  for FREE that will support and help you to understand   Bitcoins  (detailled from the beginning, not only for bankers but also for people who never got in contact with that

 
1.   https://oke.io/bJKXBe
2.   https://oke.io/Ygo9C
3.   https://oke.io/CnElt6YL
4.   https://oke.io/htfWklDR

 
Greetings from Luxemburg

[perfect999]

As far as I'm concerned, the POW model in Bitcoin mining is definitely not a waste of energy, but instead a storage of energy and value. That is the basis of the value of Bitcoin and the existence of Bitcoin.

For something that has so much value such as Bitcoin, being hard to mine should be one of the features of it. If it was so easy to mine, then that would have not made much sense, and a lot of people would have criticized it the more. Moreover there are a lot more other things that consumes energy more than BTC, even the banking system consumes a lot more energy than Bitcoin does. There are so many things that consumes energy but nobody seems to be talking about them, they only criticize Bitcoin because they don’t understand it and they don’t like it.

[Semar Mesem]

have we ever heard that bitcoin is a waste of energy of course we have never seen such a thing, because bitcoin is a business without using materials such as gasoline or electricity which we say wastes a lot of energy but not what happens with bitcoin, because bitcoin only uses the internet network for its needs for a long time

If someone says bitcoin mining is a waste of energy, of course he doesn't understand bitcoin mining or hates bitcoin, I'm sure this issue was created to make bitcoin fall so everything can be done. It is our collective duty to campaign positively about bitcoin mining that does not require excessive energy.

Many people use Bitcoin to waste energy to attack Bitcoin. They don't understand the overall operating mode of Bitcoin at all, and they don't know that  mining is more a store of value. Bitcoin mining maintains the normal operation of the entire Bitcoin network and records huge economic behavior.

Most people don't know bitcoin so they think that mining bitcoin is the same as mining for oil, coal and so on, they don't care about the real facts because they are ruled by envy and fear that their business will be rivaled by the presence of bitcoin.

[Qirtov]

There are so many pros and cons on this matter. Coupled with Elon Musk's tweets from time to time about his concern if the use of fossil fuels increases for the development of crypto currencies. From one source, it is said that Bitcoin is mined by computers in large data centers that consume energy, this opinion is then supported by various analyzes of Bitcoin mining that are not environmentally friendly. But keep in mind that this is just an opinion. And until now, there are still many people mining Bitcoin and even updating their devices as a means of support, definitely not without reason. So try to think more openly, look for deeper information.

[Sihab76]

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.

[Silberman]

As far as I'm concerned, the POW model in Bitcoin mining is definitely not a waste of energy, but instead a storage of energy and value. That is the basis of the value of Bitcoin and the existence of Bitcoin.

For something that has so much value such as Bitcoin, being hard to mine should be one of the features of it. If it was so easy to mine, then that would have not made much sense, and a lot of people would have criticized it the more. Moreover there are a lot more other things that consumes energy more than BTC, even the banking system consumes a lot more energy than Bitcoin does. There are so many things that consumes energy but nobody seems to be talking about them, they only criticize Bitcoin because they don’t understand it and they don’t like it.

They criticize bitcoin because they think it is useless, but give them time and let them see the huge inflation that is coming due to all the money that is being printed and they will sing a different tune very soon and they will realize why bitcoin is necessary and how despite its important energy consumption it is many times more efficient than the current banking system, however we must understand that there is also paid opposition that is paid to tell all kind of lies about bitcoin and will never say anything good about it.

[zanezane]

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.

[agg2702]

back again to everyone's understanding, especially to people who do not like bitcoin itself.
a simple example is that those who like bitcoin will of course prepare an allocation of electricity supply for mining so that bitcoin mining is not hampered with a definite hope that they will get bitcoin as a result of mining and this they will consider worth it even if the electricity taken is quite large but it it can be done and its profit can be patched with bitcoin.
in contrast to those who don't like bitcoin even though for example bitcoin mining requires a small or large power supply they will not care and will hate it and now the electricity supply for mining is in question but they are not aware that there are more things that have the potential to consume electricity supply for example such as electronic devices that are not very useful and even electric car chargers that are said to be environmentally friendly have to consume a minimum of 2000-3000 volt amperes per each charger and this is certainly something that is not taken into account.

[HaleyOccam]

why bitcoin mining doesn't waste energy,?? bitcoin requires energy in mining, actually every energy released by bitcoin is not wasted in vain, not the same as people who play games, who spend energy in vain, because we know everyone those who want to do mining will definitely spend a large amount of capital,

I don't think Bitcoin mining is a waste of resources.In fact, it is very light.For example, the US dollar.It is undeniable that the US dollar is valuable.No one would say that printing US dollars is a waste of resources of cotton and linen.

It is the electricity bill that guarantees the value of btc.

It is military spending that guarantees the value of the dollar.

Some things cannot be escaped. I fully believe that military expenditures are greater than electricity expenditures.

[Silberman]

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.