Does bitcoin waste electricity?

[Rickso 768]

On 11/10/2019 at 2:25 PM, Rashel said:

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

Computing power includes internet. Electricity... 

this is a common question, since bitcoin to work need the power of machines but the bitcoin mining consumption is almost nothing compared on energy that big companies waste every day.

so if we talk about environmental impact or about wasting energy then this is very low for crypto mining

[BTC Future 3946]

The Bitcoin network is consuming more electricity than the country of Austria. It is probably the most demanding network concerning electricity and it looks that it will grow more in the near future. The second cryptocurrency, Ethereum, is trying to escape the mining logic and turn into Proof of Stake model for the verification of transaction. This model does not count on the vast amount of hashpower, but it is based on owning and staking coins to verify transactions. I don't know for certain if it will succeed, yet I find it interesting that it will be environment friendly and I think that at least we should be considering PoS for the future.

[Nezar 7169]

Yes, electricity is lost if you want to work in the field of mining because the mining devices need a lot of electrical energy, so I advise people who want to work in the field of mining to buy back energy to generate electricity

[Sapdrx 469]

51 minutes ago, wrayaner said:

I suppose mining does waste electricity, but you would need to take into account all the ways Bitcoin improves the world to properly determine if the carbon footprint is larger than a world without crypto.

I think it's wasting if it competes with social services or if it wastes the environment. I would therefore be happy when mining is only done with sustainable surplus energy.

[Honny143 13612]

I don't think bitcoin mining waste electricity, because so many industries use to much electricity, why not peoples argue with this industries only haters spread this type rumours, now so many miners use solar energy to mine bitcoin, and this solar energy is eco friendly and don't worry about electricity wastage.

[Dr Zubair 38]

No i think this is not a big issue it does not waste any electricity because we are already using PCs for social media and other things so we can also use yobit and other forum for bitcoins so i don't think so it is wasting electricity....

[Dianisah 19]

On 3/4/2020 at 9:07 PM, Crypto555 said:

why would Bitcoin use electricity or waste electricity? Bitcoin only uses internet connection.as you are using internet that means you are using it with the device so the device needs to be charged and the charging need electricity but if you even don't use bitcoins or any cryptocurrency still I am sure you would definitely use your device.won't you? so I don't think it wastes any electricity

Thanks for sharing your thoughts with us. I think we've got a lot of ideas out of it. Which I can put to good use. 

[MrGeany 297]

no right now bitcoin is not wasting electricity because btc price covers elect bills. hardware cost and lot sof other thing. i think when it will just waste resources it s price will be like 0.001c back so untill now it is profitable.

[magd 5231]

I do not think that Bitcoin causes a loss of electricity except when using processors for mining, which requires a lot of electrical energy, but I do not think that waste is done through working in the forum, this matter is greatly exaggerated.

[jamesvince 2389]

Many people think that crypto mining operation is waste of time and electricity but i don't think so because if btc used power of electricity then it mined btc and one btc has price is 7800$.

[khan188 536]

Yes, When BTC reached to 20K. That time I was thinking to buy a Miner. But When I calculate the expenses for mining the BTC. the Eletricity cost was higher than the mined BTC. 

[Saboor 511]

Bitcoin does waste electricity and this is not wastage but in a useful ways that will benefit the miners and the bitcoin users, this also make the blockchain more efficient

[BitcryptoHan 2557]

On 3/25/2020 at 7:42 AM, Rita_Italy said:

No bitcoin don't need any electricity but who are using bitcoin with WiFi they need electricity. Otherwise bitcoin always transferring from blockchain which need internet

Bitcoin needs electricity so far we make use of it digitally. Digital devices makes use of electricity. Also without mining, no bitcoin and mining consume electricity. 

[Brand1 1336]

This is true that bitcoin coin mining equipment wastes a lot of electricity because it needs a very strong electricity source and is not interrupted, therefore most people who work in the mining field buy solar panels that generate electricity and this method is considered a renewable energy source

[SuperCrypto 7193]

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... 

Bitcoin mining consumes very large electrical energy due to heavy calculations that require large amounts of electricity. Bitcoin accounts for about 0.25% of the total electricity consumption in the world.

[Sedy 670]

On 11/10/2019 at 6:55 PM, Rashel said:

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

Computing power includes internet. Electricity... 

Mining Bitcoin can take up a lot of electricity bills, for regular miners,  mining Bitcoin is not cheap as you need the latest and powerful hardwares to mine Bitcoins which costs a lot of money ,plus the electricity bills are massive.. the better the hardwares are,the more Bitcoins it can mine.

[SuperCrypto 7193]

22 hours ago, DoboniAyuuii said:

Especially if they miners are located in a hot area, there will be the need to buy cooling equipments too. This also make use of electricity. 

Refrigeration equipment also needs a large amount of electricity and therefore mining in hot regions is never recommended if it costs too much and profit cannot be gained from bitcoin mining in those areas.

[iloveyobit 6599]

On 4/5/2020 at 9:50 AM, BitcryptoHan said:

Bitcoin needs electricity so far we make use of it digitally. Digital devices makes use of electricity. Also without mining, no bitcoin and mining consume electricity. 

Bitcoin is produced through mining, which in turn needs electricity. This is a very natural thing, but directly, bitcoin has no direct relationship with electricity.

[BitcryptoHan 2557]

11 minutes ago, Rita_Italy said:

Bitcoin is the best crypto currency which can transfer and store to our online wallet.and Bitcoin don't need any electricity for transferring or receiving we only need internet

You need electricity to transfer bitcoin because you will need internet for it. Internet makes use of electricity. Also bitcoin mining consumes electricity so much. 

[pacific 2268]

Mining a bitcoin or any mineable cryptocurrency consumes a high power or electricity, for mining purpose you need some open source, basic software such as GUI miner. As for hardware, you need a motherboard, some graphics processing chips, and fan to cool down your rig. This framework or rig would ultilize the electricity for crypto mining or simply bitcoin mining.

[Saboor 511]

8 hours ago, Rita_Italy said:

As I know Bitcoin doesn't waste any electricity because Bitcoin run with internet and every transection completing with internet also. So don't need any electricity

But the miners need electricity for the usage of the bitcoin, without the miners, I don't think transaction will have a smooth confirmation, definitely bitcoin consume electricity in a useful ways not waste it

[BitcryptoHan 2557]

1 hour ago, Saboor said:

But the miners need electricity for the usage of the bitcoin, without the miners, I don't think transaction will have a smooth confirmation, definitely bitcoin consume electricity in a useful ways not waste it

Without miners, there will be more transaction at all. Miners are very important in cryptocurrencies blockchain updating. 

[Saboor 511]

18 hours ago, DoboniAyuuii said:

Without miners no bitcoin. They generate new bitcoin and they also update the register, I mean the blockchain. 

That true and that what I am trying to pass out, miners play an important roles in bitcoin blockchain, and this is the best they can do for bitcoin

[kadayakito 765]

It's undeniable what bitcoin brings to the user, but bitcoin is really power-hungry, for countries with expensive electricity costs it will be a big problem and unprofitable mining. But the solution is to be able to use solar energy to harness it yourself. Bitcoin deserves to be mined and held. Should calculate carefully.

[betelihem 4766]

On 11/10/2019 at 4:25 PM, Rashel said:

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

Computing power includes internet. Electricity... 

If you are talking about bitcoin mining then yes it wastes electricity and it needs high power for minings, but if you are talking about faucets and other ways of earning no it don't need any energy for that, and the internet fee is the same, if you are using unlimited internets.