Does bitcoin waste electricity?

[Soaib khan 1035]

I don't know the exact answer of this question but as I think that it waste electricity because some days ago I read that to mine whole bitcoin we need electricity of more than 3000kwh 

[Hatred 1388]

I will say no. Bitcoin is not consuming so much electricity. Instead, it is just consuming a little amount of it. The one that is consuming electricity is when you mine it. It is because when you mine bitcoin or any type of cryptocurrency, you need a high end equipment and it means you also requires to consume so much electricity to mine. But it is not literally btc is the one that consume much electricity, it is only the equipment that you use on mining.

[Saj555 2250]

Bitcoin mining is an amazing job and also much profitable. It takes electricity for the miners to mine bitcoins. And in that mining process it takes electricity. And also the blocks that consume transactions will also need electricity. But i also don't  understand how it works. I learned about it in a previous post. But i want to clarify this and also want to know about this matter more precisely. 

[Whited35 15285]

Mining needs electricity. In the same way, miners get rewards for mining each verified block.If the reward is extremely lower to cover mining costs including electricity charge, I think no one keep involving in mining activities. 

[Calvinpriva 17296]

It may be true but this depends with the type of investment that you have in bitcoin. If you will start bitcoin mining at your own maybe in the office or home, that will need a lot of electricity. But you will not need lot of electricity if you will trade bitcoins.

[BitcryptoHan 2557]

Miners earning by using huge electricity but if they are not profiting, they will leave bitcoin mining, so far there ate many miners mining bitcoin, it mean it is profitable and the electricity used is not wasted. 

[lharost 1526]

I don't know why that matters so much, most of the new technologies are relying on electricity and my question is why bitcoin and crypto is any different, how much of the electricity is right now being used by mining exactly ? it's probably less than 0.1% even in china that has biggest mining farms, that being said bitcoin full maximum supply in 10-20 years will be reached and from then there will be no btc mining anyway, over all I think it's just an excuse for some organizations to make up a reason to be against crypto and nothing real to be concerned about.

[SergePhobia 94]

On 20.01.2020 at 14:00, Darkelf11 said:

That is true. That's why I am also thinking if humanity is just wasting energy just to mine decentralized currencies. Maybe in the near future, people may develop a technology that will allow us to mine without using a lot of power, but same speed, same hash power.

One machine that maybe a waste of electricity for me is the mining hardware, because nowadays you cannot get enough coins from mining.

[fmtutun 1]

until more powerfull processors arrive, btc mining is a waste of energy.

[ghasem13 12]

It takes a lot of energy to get Bitcoin, the cost of electricity varies from country to country, and this makes it uneconomical in expensive countries.

[Moaz 7239]

Of course, my friend, mining Bitcoin requires large electrical energy and expensive devices such as graphics cards and others, so I don't advise anyone to mine now because it is very expensive.

[JGUMoney Official 48]

This is something very complicated to be able to answer certainly, what's more, I don't think this answer will give you a definitive one but I will try, for my bitcoin it does not waste electricity because the miners and processes to carry out the transactions are complicated, and the computing power must strive to achieve it, this goes more in the manufacturers of the miners than in bitcoin itself, an example can be the pc processors, previous generations consumed a lot of electricity and current generations consume less electricity and are more effective, in that Based on my part, as new generation miners come out, the changes will be seen, less electricity and more computing power.

[heraldlavro 1358]

Bitcoin has been condemned for high electricity consumption since its inception. Most critics are in no hurry to share their reasoning, sources and calculations, which is why it is quite difficult to confirm or deny their position.

[kenzi 509]

One of the most breakthrough and innovative ideas can't just be a waste of electricity, it's the key to a real breakthrough in the future

[Townshend 16]

On 11/10/2019 at 5:49 PM, niroblm said:

i don't think so bro. when you watch movie listening song you use electricity. but by crypto there's chance to earn but watching movie you can't earn thanks

 

If you are earning something, you are contributing with some kind of a resource. When you are running for example ASICs or other miners you need more resource.

[Covent 1122]

Many people view Bitcoin as a strictly technical innovation based on code, but the reality is the game-theoretical attributes of the system are what hold everything together.

[Covent 1122]

Our guide to bitcoin mining covers everything from the basics of where bitcoin come from and why this process is called “mining” to bitcoin mining centralization and energy use.

[Xavier93 3]

Indeed, if we are talking about cryptocurrency mining, then there is a rather large expenditure of electrical energy for the operation of computing equipment, which has a certain value. But one cannot ignore the fact that this process (mining), if properly configured and optimized, not only covers the costs of electricity and Internet bills, but also, with skillful play on the stock exchange, allows you to increase your financial condition and succeed in studying modern technologies.

 

Good luck and have a good day.

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[ramsar 195]

A good topic for discussion is appreciated for that, but Bitcoin needs energy in order to solve its algorithms and this energy must be consumed by electricity and some used means such as mining cards or processors. It needs great energy to solve the accounts that exist in order to be mined

[Alpinist 19]

Bitcoin is nwasting electricity. All miners in the world waste a huge of energy. But  its worth it. After all Bitcoin has more pulses. Now I am getting all my profit from BTC. 

[moeletaly 148]

On 11/10/2019 at 3:25 PM, Rashel said:

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

Computing power includes internet. Electricity... 

Wasting electricity when you are mining coins only like Bitcoin or Ethereum except this if you trading or earning from clicks I don't think that this is wasting electricity

[awwad 74]

Yes, of course bitcoin mining consumes energy and electricity, any way I don't mind to pay big bill for mining because I take profits from mining unlike pay bill for wasting my time watching TV. 

[esoj 52]

that spend electricity if it does, but it is relative due to its current benefit and the simple fact of surfing the internet for leisure consumes electricity

Edited October 5, 2020 by esoj

[ArtoriasTAW 64]

The large bitcoin mining farms can consume large amounts of electricity due to the large number of mining equipment used in the process, but an alternative that has been implemented is the use of renewable energy for these facilities such as solar which in addition to helping reduce costs brings benefits for the environment.

[hatem70 20]

Certainly, Bitcoin mining causes a large waste of electrical energy and needs computers with high capabilities