Mining will eventually move to space with solar power. There's some speculation that's what alien species are doing at KIC 8462852 on Dyson Spheres. Just imagine, crypto currency mining that consumes the power of a star! That'd be an advanced civilization indeed.
I don't think that it is sustainable at this current stage as most of our energy generated is from fossil fuels. I think when we start using 100% renewable energy sources (hopefully that day will come soon) then the only problem will be the cost of electricity and if bitcoin is going to grow enough to cover your expenses @janusface
I guess people will mine it since it is profitable. But, it is millions of dollars waste of money imo. A lot of the electricity used is probably also from non-sustainable and polluting energy resources. The responsible approach is the have a consensus to mine something that is much more energy efficient, Steem for example:)
As there are already other ways of solving the Byzantine problem, which do consume much less power, I think that their will be a respective change sooner or later.
I wonder what will happen once (nearly) all Bitcoin will have be mined. What will happen then in order to provide sufficient incentives for mining?
Well very difficult question, i think yes it is sustainable bcoz the rate is stable at 4k so it means that bitcoin is growing and the No. of Btc wallets also increasing day by day so that's is a good news for btc more peoples are willing to buy and hold it for long term. thanks for sharing
It seems to me this is about the mining of bit-coin. In that regards, even if everyone stopped mining it this instance it would not devalue the currency. It would actually have the effect of pushing the value up because there would not be more coins being made. This is taking into account bit-coin continues to be used as much as it is right now. It's simply a supply and demand thing. Basic trade.
Mining will eventually move to space with solar power. There's some speculation that's what alien species are doing at KIC 8462852 on Dyson Spheres. Just imagine, crypto currency mining that consumes the power of a star! That'd be an advanced civilization indeed.
Perhaps, if we can utilise the sun energy directly the problems is solved! Good comment, upvoted:)
I don't think that it is sustainable at this current stage as most of our energy generated is from fossil fuels. I think when we start using 100% renewable energy sources (hopefully that day will come soon) then the only problem will be the cost of electricity and if bitcoin is going to grow enough to cover your expenses @janusface
Thanks as always @arckrai. My focus is one the cost of mining, i.e. electricity consumption. Fossil fuel or not is of course an interesting topic:)
that's a very interesting graph, although I don't have an answer to your question.. :)
I guess people will mine it since it is profitable. But, it is millions of dollars waste of money imo. A lot of the electricity used is probably also from non-sustainable and polluting energy resources. The responsible approach is the have a consensus to mine something that is much more energy efficient, Steem for example:)
or if I was to shill my favorite crypto, gridcoin, something that helps the research for cancer, aids, SETI etc :p
Still, keeping a stash of my precious BTC cause who knows how much they will be worth in a couple of years!
yes I believe its sustainable :)
As there are already other ways of solving the Byzantine problem, which do consume much less power, I think that their will be a respective change sooner or later.
I wonder what will happen once (nearly) all Bitcoin will have be mined. What will happen then in order to provide sufficient incentives for mining?
I guess there will just be less miners, taking blocks with transaction fees only, nobody wants to mine at a loss...
amigo #resteemia at your service
'Is Bitcoin Sustainable?' yes, definitely sustainable. nice sharing @janusface
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Good post
Glad you liked it!
Well very difficult question, i think yes it is sustainable bcoz the rate is stable at 4k so it means that bitcoin is growing and the No. of Btc wallets also increasing day by day so that's is a good news for btc more peoples are willing to buy and hold it for long term. thanks for sharing
It seems to me this is about the mining of bit-coin. In that regards, even if everyone stopped mining it this instance it would not devalue the currency. It would actually have the effect of pushing the value up because there would not be more coins being made. This is taking into account bit-coin continues to be used as much as it is right now. It's simply a supply and demand thing. Basic trade.
@janusface - Sire, yes bitcoin is sustainable. Love your post Sire. Therefore, I wish to ReSteem your post Sire.
+W+ [ReSteemed & UpVoted]