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Bitcoin ruining the environment - alexander - Tue, 26 Dec 2017 13:48:10 +0000

http://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-environment-green-energy-power-global-warming-climate-change-a8094661.html

«The sheer amount of computing power and energy required to run the bitcoin economy means that the surging prices could literally be damaging our planet, experts have warned. And as the price of the cryptocurrency surges, that problem is likely to get worse.»

Oh? Really? So what they're saying, is that a currency specifically designed for computers and The Internet, requires… electricity? Who'd thunk it?!

And we're not talking a tiny bit either.

«Already, the power used to mine bitcoin around the world takes up more energy than 159 individual countries. And each bitcoin transaction uses the same amount of energy required to power a US household for nine days, according to Digiconomist.

[…]

«One mine in China was using as much energy as a Boeing 747 to try and generate more of the increasingly valuable cryptocurrency.»

But that's nothing compared to future use,

«"In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants," wrote climate expert Eric Holthaus. "And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies.

«"By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today."»

Crypto-anarchists are "fighting capitalism from the inside"! …by accelerating our collective demise, I guess.


RE: Bitcoin ruining the environment - Odin - Fri, 29 Dec 2017 08:18:17 +0000

I confess I don't know much about bitcoin.

How does it use up more electricity? What is bitcoin 'mining'?


RE: Bitcoin ruining the environment - Odin - Mon, 15 Jan 2018 00:50:53 +0000

(Fri, 29 Dec 2017 09:50:03 +0000, 09:50 AM)Zhachev Wrote:
(Fri, 29 Dec 2017 08:18:17 +0000, 08:18 AM)Odin Wrote: I confess I don't know much about bitcoin.

How does it use up more electricity? What is bitcoin 'mining'?

Bitcoin is the leading cryptocurrency, a new type of digital currency. Cryptocurrency "mining" involves solving cryptographic equations with computers which in turn creates new units, verifies transfer of funds, and secures transactions. Most cryptos need relatively "fast" hardware devices which require 400 watts+ minimum. So more computing power = capital = more raw computing power, and so on.


Thanks.

I came across this today: "Everyone Is getting Hilariously Rich And You're Not"

https://www.nytimes.com/2018/01/13/style/bitcoin-millionaires.html


RE: Bitcoin ruining the environment - strider1 - Sat, 20 Jan 2018 21:46:12 +0000

Hmmm, I wonder if this would incentive mining nations (China/Russia) to seek cleaner sources of energy. Might end up as a net benefit to the environment in the long run.


RE: Bitcoin ruining the environment - |0|__|0| - Sun, 21 Jan 2018 21:45:34 +0000

LOLOLOLOLOLOL
The pigs are squeaking.
Brb, gona buy some BTC.


RE: Bitcoin ruining the environment - alexander - Fri, 02 Feb 2018 13:34:31 +0000

As far as I understand it, via a friend the future for bitcoin mining will be more effective. Transaction expenses (in terms of resources, not money) will be lower. Computer hardware isn't getting better as quickly as it used to, so hardware will have longer longevity (less resources spent in terms of people buying the newest and greatest hardware, and less junk/waste from people chucking out old stuff).

They seem to be assuming that bitcoin (and other cryptocurrencies) will not continue to grow at this pace. That seems like a rather unfounded assumption to me.