Is mining bitcoins not a waste of energy?

[starwill 456]

Spending energy on securing and operating a payment system is no waste of time. Like any other payment system, the use of Bitcoin entails processing costs. Services necessary for the proper functioning of the world's most widespread currencies such as banks, credit cards and armored vehicles also need a lot of energy. Unlike Bitcoin, that energy consumption is not transparent and cannot be measured.

Bitcoin mining was designed to become more optimized over time due to specialized hardware that consumes less energy, and thus the mining's operating costs should continue to be proportional to demand. When Bitcoin mining becomes too competitive and less profitable, some miners decide to stop their activities. In addition, all the energy spent on mining is eventually transformed into heat, and the miners with the greatest benefits will be those who take advantage of that heat. An efficient mining network is one that is not consuming extra energy. Although this is ideal, mining expenses are such that miners strive to achieve it.

[NuttyProf 26]

4 minutes ago, starwill said:

Spending energy on securing and operating a payment system is no waste of time. Like any other payment system, the use of Bitcoin entails processing costs. Services necessary for the proper functioning of the world's most widespread currencies such as banks, credit cards and armored vehicles also need a lot of energy. Unlike Bitcoin, that energy consumption is not transparent and cannot be measured.

Bitcoin mining was designed to become more optimized over time due to specialized hardware that consumes less energy, and thus the mining's operating costs should continue to be proportional to demand. When Bitcoin mining becomes too competitive and less profitable, some miners decide to stop their activities. In addition, all the energy spent on mining is eventually transformed into heat, and the miners with the greatest benefits will be those who take advantage of that heat. An efficient mining network is one that is not consuming extra energy. Although this is ideal, mining expenses are such that miners strive to achieve it.

But the truth is that most hardware miner for mining bitcoin in the market still consume lost of electricity, until we have hardware that are optimized to not consume electricity, Bitcoin mining is not for newbies and the little guys.

Instead buying expensive ASIC hardware, you can buy cheap GPU miners that are cost effective, and consume little electricity (unlike ASIC miners) and can be use to mine some less network difficult coin that you can sell for Bitcoin.
 

That is how the little guys are currently getting Bitcoin from mining activities.

[Stoffy 51]

I depends. I have a couple of low-power mining programs running on my computer where I earn around 1000-1500 sats. a day. One of them have a referral program so the amount of crypto mined will increase over time 🙂

[Cryptohash 702]

 

Mining is not totally waste of time and energy but we need to find the right coin . 

If we get good source of  profitable coin we will be able to gain more,

Only bitcoin mining is hard in few place because electricity charge his higher so we get loss in it .

On 10/12/2019 at 6:58 PM, james said:

if you lack of knowledge about crypto then yes. you need to understand algorithms like sha256, squihash, cryptonight so you can identify profitable coins

 

Do you have any coin suggestion it will be useful to us 🙂 

Kindly recommend your suggestion it will be helpful to newbie.

Thank you

[bobjoemega 1088]

On 10/8/2019 at 5:44 PM, NuttyProf said:

But the truth is that most hardware miner for mining bitcoin in the market still consume lost of electricity, until we have hardware that are optimized to not consume electricity, Bitcoin mining is not for newbies and the little guys.

Instead buying expensive ASIC hardware, you can buy cheap GPU miners that are cost effective, and consume little electricity (unlike ASIC miners) and can be use to mine some less network difficult coin that you can sell for Bitcoin.
 

That is how the little guys are currently getting Bitcoin from mining activities.

   Please brother, be cool, i see you are a little bit offensive against this guy, and you didn't take care about his level of knowledge in Electricity and Renewable Energy, so for you two i will ask you to visit some of my topic and you can find how to mine with 100% profits or maybe more, i tell you some exemple go look for Steam Power,
I think in mining what it matter is where you live.

[bobjoemega 1088]

   Yeah brother that's what i'm trying to tell them all the day, but for the last time, i will give the importants keys to make profits from mining CryptoCoin:

1- The most important is where do you live, and if you are in impartment and you don't have surface in the up side of your house, then its time for you to find a friend that do have this condition.

2- If you are ignorant of the basic rules in electricity, you should start to review your lessons.

3- Investing in instruments is much better than buying a currency and waiting for its rise in the market,

4- Mining with home electricity remains only successful, if the currency you make is rocketing up like what happened to me with RVN.

[Stoffy 51]

22 minutes ago, omaryhonrm said:

I try to mining by my computer but i dont have a lot it's to low 

witch mining programs do you use in your computer?

You can find them in my about section in my profile 🙂 I have Honey Miner running on my PC and CryptoTab. On my laptop I have CryptoTab and Bitcoin Miner from the Microsoft Store.

[Devh 564]

On 10/8/2019 at 9:34 PM, starwill said:

Spending energy on securing and operating a payment system is no waste of time. Like any other payment system, the use of Bitcoin entails processing costs. Services necessary for the proper functioning of the world's most widespread currencies such as banks, credit cards and armored vehicles also need a lot of energy. Unlike Bitcoin, that energy consumption is not transparent and cannot be measured.

Bitcoin mining was designed to become more optimized over time due to specialized hardware that consumes less energy, and thus the mining's operating costs should continue to be proportional to demand. When Bitcoin mining becomes too competitive and less profitable, some miners decide to stop their activities. In addition, all the energy spent on mining is eventually transformed into heat, and the miners with the greatest benefits will be those who take advantage of that heat. An efficient mining network is one that is not consuming extra energy. Although this is ideal, mining expenses are such that miners strive to achieve it.

In some time the bitcoin mining was profitable but later on the bitcoin mining is so hard so it considered very tough and we need alot of energy for its mining. Mining need electricity, electricity comes from grids, grids connects from dams and other resources, resources run from coal and fuel may be in some countries. So think own way as we need to put dioamond and gold for print some paper currency the same way is with btc. So its only profitable in long term holding.

[Stoffy 51]

17 minutes ago, omaryhonrm said:

Thanks i see a lot of mining way cloud and hard i wull try crypyotab i hear a bout it,you think i can earn with

If you get some referrals they also make referrals for you. Like for example if you use my link to download CryptoTab I get you plus all the referrals you get to my mining network and you get the referrals that they pick up over time. So it can become very profitable in the end 🙂

[Stoffy 51]

9 minutes ago, omaryhonrm said:

Yes i know with referral you earn more and fast,in your opinion what's the minimum number of referral we need to have a good earning 

You need a high amount. But when your referrals start to refer others it becomes easy to get a lot of them. It is the start of the project that can seem a bit hard in my experience.

[Stoffy 51]

13 minutes ago, omaryhonrm said:

Yes the begging is the hard think but i have to star with it. everything have the begging.

That is a great positive thing. Good luck. Hope you use my referral link 😛

[Stoffy 51]

Just now, omaryhonrm said:

Thanks, of course i will use it don't care i love to support people who work hard like you😀

Good luck to you to

Thanks man. Just go to my about section in my profile and click on the link then. All the best. Hope you get a lot of sats. out of it 😄

[Stoffy 51]

8 minutes ago, omaryhonrm said:

I see in your about profile some good exchange one of theme called bitrue,is it a good exchange in your experience and if i can makes some coins in it

 

Sure I use it to get interests on my TRX and VET. Really a great site in my objective 🙂

[Stoffy 51]

10 minutes ago, omaryhonrm said:

I will try it with your referral link of course

thanks

No problem. Good luck and earnings mate 🙂

[aqua 773]

Actually, I don't know if that is a waste of time or not because I don't mine bitcoin by myself. Maybe that will be not a waste of time if you have a large hashrate to mining, so your reward will be bigger. I heard that to make a nice profit, and you need to have more than 30THS so that you can get the profit after reducing the fee.
And to have 30THS, that is a lot of money to invest. You need to have high-end hardware of S17, and that is not cheap. Besides that, you need to calculate how much electricity fee you should pay monthly.

[bitcoin-shark 1928]

i think it's not a loss of energy if you don't aim too high and mine small / easy altcoins you can get decent results...

[Migo 7946]

I think that mining with good equipments is not wasting energy, you can make good income if you kept an eye on your work, yes it costs but you will earn if you have experience 

[dentolas 551]

If mining BTC was really a waste of energy, do you think that BTC hashrate would e at ATH ? and constantly rising?

It really depends on how you mine. BTC has become a coin that is only able to be mined by large farms with associated green energy insvestments or ultra cheap power... but it can be profitable, the proof is on the network size

[giash crypto 258]

no i dont think so. because iam in much profitable with zcash mining. iam using asics to mine zcash from long time.

[Lubruselu 2803]

Bitcoin mining is profitable but the only things make bitcoin to be non profitable is mining cost the bitcointalk mining cost took something like 75% of your mining a day example you mine 1 btc it means 0.75 btc is go to cover elecric cost and 0.25 is your profit and you use for year to mine that.

[Zentoly 419]

22 hours ago, cryptoalik said:

Bitcoin mining is not so profitable I think.It is very expressive and Hardy too.Do trade on Yobit it will help to grow up of your assets.

Yeah right to say mining is not more profitable as compare to trading and yeah yobit exchange is also good for trading.

[dmnqe07 365]

First of all global warming is certainly of the humanity's greatest challenges.

Bitcoin mining relies on proof on work to maintain its legder. and this network is made up of computer which obviously use electricity.

So i guess yes mining causing a waste of energy.

[Crypto123 0]

All technology in the current era depends on energy and this is normal, but the high energy consumption due to mining bitcoin causes concern of many quarters, of course this is not impossible to resolve and there can be solutions to this problem in the future. Indeed, many interested parties have begun to look for appropriate solutions.

[dhemasm 219]

Sign me up is the same as a traditional system that uses more energy and human resources for the process right? Some bitcoin miners now have started to be environmentally friendly by using Solar Cells such as the OGNasty mining farm on the bitcointalk forum.

[yifnt 666]

Mining does have pros and cons in the community, but now there are mining tools that save more electricity, after all they also use electricity by paying so this is legitimate. And if mining is stopped there might be difficult things to crypto