Does bitcoin waste electricity?

[SyntaxEr. 709]

58 minutes ago, Fancycoin said:

for me it's a no, because through this you can earn its not a waste of electicity, there are a lot of things that we do in our home like watching tv etc. but we cant earn money there so. For me the electricity that consumes this is not a waste but a profit.

Nope its a waste of electricity thats why staking is invented it is more ecofriendly compare to bitcoin mining.

[cryptosix 1643]

They are wasting the electricity and the developers should take care to reduce electricity in mining. What is the necessary of using large GPU or CPU as we have to save energy and water for future use. The Bitcoin team should also rethink and have to reduce the electricity energy, but i don't thin they can do these things.

Every country has limited energy and the Govt is advising to use Solar Power, but that is not essential for Bitcoin mining.

[Congli18 154]

in my opinion bitcoin does not consume electricity, because we can use bitcoin via mobile. so using bitcoin doesn't consume electricity either.

[myaccount1 584]

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. 

[SagingHilaw15 35]

For me, it's a yes. Especially whn you are mining bitcoins. Mining is another way of earning bitcoins, wherein you uses a lot of electricity to gain bitcoins. It takes a lot of electricity because you are mining to the inner most of a system to find bitcoins. And it takes a lot of time.

[bestprofi 372]

⁠ Electricity is 90 percent of the cost to mine bitcoin. As such, bitcoin mining uses an exorbitant amount of power. But according to some research, banks consume three times more energy.

[kyoukage01 3181]

22 hours ago, Rashel said:

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

Computing power includes internet. Electricity... 

I assume this is about Bitcoin mining? Because if it is, it does waste electricity. But as long as the miners pay the bills for the electricity (not stealing electricity), there won't be any problems.

Things might get sticky though when the halving comes, if not this coming 2020, then the next one. As far as I know, mining becomes harder and harder whenever halving comes, computing power for mining increases, and so are the electricity costs. Too high electricity bills does cost money, which can be of detrimental effect to profits.

Then let's see if there are measures prepared for energy efficiency at these coming years. There might be hardware that are developed by then that are effective at mining and save a lot more electricity than its predecessors. Think of it as the evolution between your computer monitor from CRT (electricity guzzler) to LED (more energy efficient).

[bliznec 22267]

Yes, of course, bitcoin consumes electricity and this is becoming a problem for the whole world in the energy reserve parts of the industry. You need to use methods to solve the problem of electricity bitcoin. 

[Emma 611]

23 hours ago, Rashel said:

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

Computing power includes internet. Electricity... 

It costs a lot of electrical powers in mining. for this reason, people from all countries can't mine bitcoin. in their country, there is a high price of electricity.

[Sumayya 493]

Bitcoin uses electricity but it does not waste it at all, those electricity that is been used, is use for ming purpose to secure the blockchain frok harm

[Corrado25 9442]

23 hours ago, 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 recently looked at the latest bitcoin mining research. So, the profit there is very small. But it is good that the miners still remain. Because without the miners it would be difficult to keep the net in working order. I think those who are mining now don't sell their bitcoins

[IrinaLavrinova 365]

34 minutes ago, corrao25 said:

I recently looked at the latest bitcoin mining research. So, the profit there is very small. But it is good that the miners still remain. Because without the miners it would be difficult to keep the net in working order. I think those who are mining now don't sell their bitcoins

As I hear now from many, for those who do not want to buy noisy equipment home, cloud mining is the optimal, easy and profitable mining method. This method has a lower entry threshold and allows you to mine bitcoin and other cryptocurrencies without much effort. Perhaps in the future, we will see a discovery that will simplify the work of miners even more.

[nasipadang 399]

On 11/10/2019 at 8:25 PM, Rashel said:

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

Computing power includes internet. Electricity... 

What do you mean by bitcoin mining? for mining it depends on your daily electricity costs, but for China mining bitcoin is very feasible. the use of bitcoin is the same as eltronics in your home, it makes no difference

[raj 19]

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.

[Neneng B 74]

Unfortunately it uses too much electricity because this is part of technology. But I think Bitcoin can help to reduce its uses by using its own money or value or any alternative way of absorbing energy like solar cell may help.

[Brushless4500KV 4214]

Is it useful to refer to some numbers to have a better point of view.

 

The average annual electricity consumption for a US resident in 2018 was around 11 kilowatt hours (kWh).

The amount of electricity that is used per year to mine bitcoin is almost 20K gigawatt hours and it will cost between $600 to $1800 to mine one BTC coin. (depending on electricity prices in different regions)

So, as long as the rewards for mining bitcoin surpass the costs of mining, it is not considered a waste of energy but it would be better if miners could use other sources to generate electricity such as solar energy, wind and water flow. In that way, the profit of mining bitcoin will be higher when the cost of electricity is lower.

Edited November 15, 2019 by Brushless4500KV

[Migo 7946]

Bitcoin can't waste electricity but we can waste it if we don't use with wizard or we don't have any idea about how to use from the beginning, as a general idea bitcoin will give you as much as you give him 

[Tokyo 66]

I think so, especially if you are going to mine bitcoin. It requires an electricity likewise doing things online is just the same thing. Its just like a cycle, invest for you to have what you want. 

[myaccount1 584]

On 11/14/2019 at 7:17 AM, Wish107.5 said:

Bitcoin is not waste of internet,  it's depends how you use bitcoin for example mining,, or if you use bitcoin in trading you can consume less electricity 

Yes in mining of crypto currencies require the high electricity but it is not a waste of our electricity because mining is also nowadays profitable if you choose the right hardware and talking about the trading it is not waste our electricity and in trading require very less electricity which is comparable to zero.

[Agios 1763]

Maybe your intention is to mine Bitcoin, actually there is no waste of any costs if there is a result. In trade science the results minus costs are profit, so the term waste electricity is only for pleasure without results.

[PiroSense 2681]

On 11/10/2019 at 9:29 PM, aksagor said:

I dont think so. when you watch a movie your computer use electricity. when you play game your computer use also electric power. you getting entertainment and also losing power.

Not so good analogy. Bitcoin mining runs for a whole day, 24/7 with little to no downtime. And imagine an array of those system units consuming power continuously, which js much greater than when you watch a movie and other stuff.

[Sahbana 212]

If you mine bitcoin and do not calculate the cost of electricity needed with bitcoin revenue, then you will experience a loss from the electricity costs that supply a set rig to mine bitcoin. But if you already have bitcoin, bitcoin itself does not use up electricity while in your wallet.

[TimopheyKa 3900]

All can be, but for some reason it seems otherwise. After all, we use different equipment, spending electricity and money on it. But when for example bitcoin just stands, it does not work. If we mine, we consume energy accordingly

[ASDFGHJKL17 267]

Hmm.. Yes, mining bitcoin really waste electricity, because mining needs a lot of power and electricity to work, and its operates for like 24/7,  but for me cryptotalk. Org is better than mining   in terms of electricity usage. Because in cryptotalk you don't need to use more electricity. 

[Akbor 1042]

I dont think so. bitcoin is an asset which you can use to make profit. bitcoin is your need and it has a good value. when anyone do a thing which has no physical value. to remove dark we use electric bulb so to earn coin we need some electricity but it is not waste of the power . in mining it may use electricity more and it also not waste of power.