Does bitcoin waste electricity?

[fatima123 320]

when people mine bitcoin then some power needed for mining purpose but consumption of power cost is less then earning from that mining so mining not waste of power. 

[Brushless4500KV 4214]

On 11/25/2019 at 8:39 PM, CryptoBoy20 said:

Yes in the time of bitcoin mining bitcoin take too much electricity that's why in my country no one try to mining bitcoin because in my country electricity bill is too high.

Mining is a complex process that requires lots of calculations and examinations. You can't start mining without predicting your profit to some extent. Those who use proper mining tools and have the knowledge to work with the tools and maintain them, can earn enough money to pay for electricity bills and still make profit. If you earn more than your bills and expenses, you have not wasted your electricity because you have turned it into more profit. Mining some altcoins consumes much less electricity and they can be mined in regions with high electricity costs.

[jacker 1095]

for me bitcoin is not a waste of electricity, electricity in my country is not so high and bitcoin is not causing problems. With good money like bitcoin I don't see the problem

[babaji 1228]

This is probably one of the drawbacks of Btc, that it requires enormous amount of power. And as such a lot of countries, are providing free power to bitcoin mining firms. I also read somewhere, that the amount electricity required worldwide is equivalent to powering a country.

[Sabba092 115]

On 11/10/2019 at 6:52 PM, IrinaLavrinova said:

Judging by the information from the forums, people continue to engage in mining, and they would not do this if they lost money. This study of electricity costs on Bitcoin can hardly be called scientific, but the panic about the energy costs associated with Bitcoin is mostly based on a poor understanding and incorrect calculations.

I do not think that  bitcoin needs any kind of electricity. But if someone wants to mine the bitcoin than it will need the electricity. And that is a great thing guys.

[Goody28 259]

Bitcoin itself does not need electricity there are no charges attached to it unless you are referring to mining which attracts high charge or electricity

[el-Muhammady 718]

On 11/20/2019 at 9:28 AM, bean said:

No Bitcoin doesn't waste electricity, things are only waste when they are not used for good, all electricity consume by bitcoin for mining or transaction are for a good and beneficial purpose so it is not wasted.

As seen in the history the whole idea was prone considered by the ancient cypher punks and it seems insane that we are impartial solving an ever increasingly awkward puzzle to liberate imaginary coins. 

[Jami95 38]

Bitcoin doesn't waste electricity but mining of bitcoin does. Earning from here doesn't need much time. so the wastage is negligible. But mining requires a lot of time continuously which results in wastage of electricity

[el-Muhammady 718]

On 11/11/2019 at 12:47 PM, myaccount1 said:

I think bitcoin is giving us the source of earning the good amount of money and to me in this world no business are available which we can start without electricity. 

Mining will be the on the whole costly followed by faucets and uninterrupted cloud mining may possibly factually remaining every denomination if you can't really afford to buy the electricity power.
 

[Muskan7816 175]

Mining requires a lot of time continuously, resulting in power outages. Power wasted but Bitcoin was mined. It doesn't take too much time to earn from here

[Grandmaster 245]

On 11/10/2019 at 9:25 PM, Rashel said:

There are many arguments against wasting not only electricity,but also computing power.. 

Computing power includes internet. Electricity... 

In some way it is but if you looked at it closely every technology is using electricity or resources to power it's system, it wasting electricity but on the positive side it introduces us to a new technology where everyone can transact peer to peer, even banks are wasting electricity.

[Zaino34 0]

In order for the mining process, you need a lot of electric energy, so the mining farms rely on solar panels to provide electrical energy, so that the mining process is profitable.

[miskyming 1588]

mining bitcoin well yes it is really consume electricity, I don't think bitcoin mining is waste electricity because they really can earn money here. The miners will pay the electricity that they consume. 

[Ionescu 115]

On 2/7/2020 at 10:31 PM, Crypto555 said:

This whole thing with bitcoin and cryptocurrency mining wasting energy is just a reason to blame bitcoin and try to make it look bad for the world by the governments and banks 

Yeah I think that is right because governments want to create as much FUD as possible on the media so that people that have not discovered cryptocurrencies don't use them 

[Grease Lightning 169]

Mining will consume electricity but instead, you will receive coins as payment. This is a long-term investment and is not suitable for people with weak hands.

[KURTAULI 1297]

Who doesn't have a bank account? What do you think banks are using to transfer money? Banks use servers that need electricity. To charge your phone with a favorite TESLA machine to play a favorite game you need electricity. Computer games do not consume electricity? The average power gaming computer consumes 700-800 watts per hour and more

[Huma khan 0]

It don't think so that it waste electricity.cyrptotalk is awesome platform to earn extra money. 

[aymandr 206]

Currently, the tool estimates that Bitcoin is using around seven gigawatts of electricity, equal to 0.21% of the world's supply. That is as much power as would be generated by seven Dungeness nuclear power plants at once

[moratta230 0]

I think that the consumption of electricity caused by bitcoin mining is constantly increasing due to the expansion of the number of computers and huge servers that require operation around the clock, and there is information saying that the rapid increase in electricity consumption due to mining will see a consumption of approximately 7.7 gigawatts, which is consumed by a country like Austria

Edited February 15, 2020 by moratta230

[iloveyobit 6599]

If you mean bitcoin mining affects the electricity and resources of the device, it is a valid threat, so you find the miners have special mining devices, and this is true.

[wijont 101]

I think the whole lot that works with electricity consumes a lot of electricity. Air conditioners, factories and lighting gadgets are why I don't assume this is a hassle.

[amara123123 76]

Although bitcoin consumed electricity for mining purpose but it gave us much more profit then our expenses on mining cost for electricity. So don't worry about electricity cost for mining. 

[MysteriousIdentity 150]

On 11/10/2019 at 9:25 PM, Rashel said:

There are many arguments against wasting not only electricity,but also computing power.. 

Computing power includes internet. Electricity... 

Yeah we cannot deny it that bitcoin are also wasting Electricity but not that much. Without Electricity, bitcoin can't survive and as you can see mining bitcoin is very difficult to the countries where the electricity is very costly as they cannot profit in this scenario. 

[Shaza Ahmad 1682]

On 11/10/2019 at 1:25 PM, Rashel said:

There are many arguments against wasting not only electricity,but also computing power.. 

Computing power includes internet. Electricity... 

I do not agree with you, the electricity and the computing power that is spent on bitcoin and cryptocurrencies, we take for it safe financial transactions away from fraud and forgery in addition to the security and privacy features, the cost paid for these features is not considered anything.

[Rogerz 4]

Are you talking about a big mining industry?

We can't deny that mining consume much power, but remember it's nothing compared to the other industries out there, the percentage of mining industry is really small if we're talking about how industry use electricity. On the other hand there's alternative energy that I hope people has role in big industry are starting to implemented it.