Bitcoin Consumes An Astonishing Amount of Energy

AllWrappedUp · 10-10-2018, 01:24 AM

Interesting article, thanks for sharing

mothered · 10-10-2018, 02:34 AM

(10-09-2018, 09:26 PM)arduinomeat Wrote: Very interesting article. Half a percent is a crazy share, knowing that the datacenters of the world represent 3% of the total electricity.

Half a percent doesn't seem like much, but when It's based on the entire globe's electric energy, It Is quite significant.

Cr3aTor · 10-10-2018, 10:47 AM

Mining in general have became a big problem in the blockhains. It takes a lot of power and to gather that power you need money, thus people will create mining centers. This way regular users have no chance to compete with these big boys. Besides that, it's also the problem of 51% attack in which you could control the ledger, thus the blockchain.

The bitcoin blockchain currently is in big trouble from my point of view, because there are already big centers of mining that have over 20-30% control over the blockchain. So they could easily associate with other big center and do the 51% attack. However this is pretty unlikely to happen.

As a solution, to this problem the most blockchains now want to rely on Proof Of Stacke(POS) rather than Proof Of Work(POC).

Cr3aTor · 10-10-2018, 10:52 AM

(05-18-2018, 04:19 AM)MimiE Wrote: I was considering purchasing a bitcoin miner but, what's really the point when it generates BTC when the bill will be higher then the BTC itself and especially when the market is going up and down all the time.

You could consider to mine other cryptocurrencies like Ether or Monero. I think Ether will have a lot of impact in the future and since they are going to move from POC to POS you could easily "mine"(validate) without consuming big amounts of energy.

The_New_Madara · 06-09-2019, 05:00 PM

(10-10-2018, 10:47 AM)Cr3aTor Wrote: Mining in general have became a big problem in the blockhains. It takes a lot of power and to gather that power you need money, thus people will create mining centers. This way regular users have no chance to compete with these big boys. Besides that, it's also the problem of 51% attack in which you could control the ledger, thus the blockchain.

The bitcoin blockchain currently is in big trouble from my point of view, because there are already big centers of mining that have over 20-30% control over the blockchain. So they could easily associate with other big center and do the 51% attack. However this is pretty unlikely to happen.

As a solution, to this problem the most blockchains now want to rely on Proof Of Stacke(POS) rather than Proof Of Work(POC).

yeah i agree especially those big mining centers making it hard for the little guys
i think if you started round 2011 it was more sensible atleast if you got 0.005 then and saved it now it now it would of been 50 dollars
and 50 dollars a day off of an old machine aint that bad but now you wont get that from mining.
wait a minute now saying that it seems like an investmeant scheme. as in it was exactly the same then
0.005 wasnt 50 dollars then so ppl complained but what if it goes up to 98,000 in 5 years then it would be worth it.
but its no gaurantee that it will go up

Dismas · 06-10-2019, 08:20 AM

Always knew it consumed a large amount of energy, but not to this extent. Wow!

Hutsom · 06-10-2019, 11:05 AM

Bitcoin is slowly getting obsolete for this reason, proof of work is highly outdated, however I saw a lot of documentaries about bitcoin mining and 9/10 bitcoin ''farms'' were using solar or other types of renewable energy.

If you do choose to mine bitcoin, nicehash is the best overall platform, as you do not mine bitcoin, you mine eth/zcash and other coins but you get paid in bitcoin. As it's way more efficient to mine other coins.
You can also calculate how much you will earn, as it will show an estimate of how much energy costs you will pay vs how much bitcoin you earn by mining.

mothered · 06-10-2019, 12:13 PM

(06-10-2019, 08:20 AM)Oni Wrote: Always knew it consumed a large amount of energy, but not to this extent. Wow!

Same.

It's just Incredible as to the magnitude of energy It consumes. I never would've thought It'd be anything close to It.

Drako · 06-10-2019, 05:25 PM

That amount of energey doesn't surprise me too much. Crypto currency takes up a lot of resources, hardware and energy wise.

mothered · 06-11-2019, 04:02 AM

(06-10-2019, 05:25 PM)Drako Wrote: That amount of energey doesn't surprise me too much. Crypto currency takes up a lot of resources, hardware and energy wise.

I certainly agree, I just didn't think It'd be to that extent.