Does bitcoin waste electricity?

[chinox2020 11]

I think that everything that works with electricity consumes a lot of energy, and I agree that Yes, mining equipment uses electricity, but other plants consume more electricity, such as hydrocarbon factories and electronics factories.

[haydaryahsi 44]

Since miners have to do these operations with a large number of advanced computers, it causes intense electricity consumption.

[SergePhobia 94]

On 25.11.2019 at 12:50, doriahailee said:

Logically it is true because the electricity consumption of some hardware miners can reach 1000 Watts + but this is still small compared to the payment hardware system currently in use. Currently there are alternatives such as miners that use solar cells such as OgNasty and there may be others.

Bitcoins really consume electricity, money, effort, and time. But with diligence and proper management of your Bitcoin account, the consumption of these can really compensate the money you earn from it. If a user's Bitcoin account become successful, the electricity consumed will be ignorable. Another thing, there is no profitable job that has no risks. A user should be willing to sacrifice things for the name of business and financial success. 

[estmerbol 257]

Waste? not if you are paying for the service. Now what I can tell you is that there is a high consumption of electricity due to the mining activity. That's why in many countries such activity is totally unprofitable because the excessive electricity costs exceed the profits made by the miners.

[pacific 2268]

No, bitcoins doesn't actually need electricity. It's a mineable cryptocurrency that is virtual, meaning it can be mined by preparing mining rig(framework), and the hardware resources used in bitcoin mining needs electricity to generate hash. Hash rate is the number of calculations that your hardware can perform every second. The more powerful your hardware is, the more electricity it is going to require.

[musik555 35]

Check new token on yobit.net right now 

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[faiyajmaner 23]

Not agree this argument waste electricity very rong to computer usage because computer and internet use very important work to use for users depend work very little user use waste

[solciretcrypto 5]

The price of Bitcoin depends a lot on the mining part, the electricity that is spent is not garbage because it solves many transactions and its operating expense is worth, the fact that a transaction lasts minutes to hours can occur due to the price that the owner decides to pay.

[cheliksmarsa 68]

 

Strange statements, all the more so that it is just a waste of nowhere, the Internet and electricity are safe resources that do not harm the environment.

[Mirandum 77]

The answer is no. It doesn't matter what you are mining, it does not consumes electricity what it work with I think is  ram.

It works with the hashpower. It all depends on the number of hashpower you are using, your electricity is always constant.

[LocusW 38]

If you are mining if the energy expenditure is high, due to the high consumption of your pc to be able to perform this mining action, which leads to a considerable expenditure of electrical energy. Those who are dedicated to mining have to keep clear accounts, because at the end of the month the electricity bill comes and that is when you have to see if the profitability gives to continue mining or stop the process, if you are in cold countries you have a plus extra. On the other hand, with each halving, mining is less profitable for small miners. Apart from that, bitcoin does not consume anything, it is like using the normal internet, or using the pc for games, work or other activity.

[DEIBIS 13]

Bitcoin mining is energy intensive, but there are other options. Proof of Stake comes in many forms, it does not harm the environment.

The invention of Bitcoin marks a turning point in the history of finance. Through its decentralized issuance mechanism, mining, Bitcoin was able to return financial freedom to users, ensuring that no transaction can be censored or reversed by third parties. Furthermore, Bitcoin has put the currency in the hands of the people, rather than a centralized entity. This has allowed Bitcoin to prosper as a global, apolitical currency and store of value, impervious to external factors that would otherwise undermine its value and efficiency.

[escmys 15]

I heard that there is data that Btc consumes more electricity than 176 countries in the world.

Edited October 7, 2020 by escmys

[Ecoloco2020 55]

Hello, electricity is another resource and is used for many things, some nonsense and there it is wasted, mining bitcoin or other crypto I think it makes sense since they are the currency of the future, therefore it is not a waste of electricity, Perhaps we should see how they consume less.

[luthfi_2a 110]

Waste Ellectricity ? Assuming energy cost of 4 cent$/kwh you will reach the cost of 1440$/day for your energy consumption to produce 1 btc per day!

[Joli72 18]

Yes, I believe that cryptocurrency mining equipment consume and spend a lot of electricity, since the creation of cryptocurrencies requires devices that perform encryption online, consuming a lot of electricity.

[VH555 23]

I don't think so. Of course, every work requires labor. Dealing bitcoin as well. For example, bitcoin mining on a computer consumes electricity and power. But it is possible to turn it into money.

[Billalkhan6712 82]

Yes sales certainly waste electricity. Because Bitcoin is the source of income through outsourcing income network. However, there are many benefits to using Bitcoin. Many unemployed have got job opportunities through Bitcoin .

[solciretcrypto 5]

I believe that bitcoin mining is one of the best established businesses in crypto, especially Bitcoin, other cryptocurrencies mining is easier, but they are called shitcoin.

[Mouhadheb 196]

You mean mining! I suspect that you cannot use your personal computer to mine Bitcoin. You need special appliances, which consume crazy electricity, and you need cooling devices with them.

[Humberto Alvarez 11]

Yup. Banks and the financial markets will no longer be able to counterfeit money. Too bad, so sad. Not.
BTW, stay away from blockchains controlled by a bank. Blockchains are distributed ledgers. If a blockchain does not have a lot of miners, it is not distributed. And the ones who control the blockchain controls the transactions. In other words, they can create a transaction that gives them a lot of money whenever they want. So don't fall for their hype.

[ghasem13 12]

At the moment, bitcoin is a little economical due to the difficulty of extraction, but extracting eth is much better and more profitable.

[shervin77 361]

In today's world, electricity is a vital energy that is needed for all devices and systems.
Encrypted bitcoin currencies use a significant amount of electricity when extracted by powerful miners, and some electricity is consumed for each bitcoin transaction.

[muffix123 2]

I think it wasted as much as anything else.

[sofiaqq 25]

hi! i don't call that "waste" because it does not, but yes, we used electricity. You can use solar energy for buy bitcoin too.