Could bitcoin really destroy the planet?
I read the following article regarding how much electricity is used presently for mining bitcoin and how much electricity will be used in the future just for mining.
http://grist.org/article/bitcoin-could-cost-us-our-clean-energy-future/
Summary paragraph if you don't want to read whole article:
In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.
As bitcoin currently passed $13,500 and climbing it is hard to stop those miners from not mining the coin. Hey if you can I would personally start burning more electricity and mine the coin myself :p Personally I think this is going to benefit the general public rather than hurt us. Mining bitcoin will result in more efficient ways of building and operating computers. It will force us to figure out all types of power sources that can create electricity. Pushing us to the limits will very well bring new innovations. I think all in all there will be a silver lining to this.
We have a choice now to mine or not mine something that is currently more valuable than gold :p There will bound to be more miners as crypto prices rises. whether it be you or not there will be someone. Rather than hold back what limits us let us push forward and hey maybe mining crypto will teach us better ways of creating massive amount of clean energy once everything is pushed to the limits.
Not always best to play it safe, sometimes solutions are found in great chaos.
More consumption of electricity means more work for me. Job security for all those in the business of electricity.
Their going to have to keep mining no matter what. Thats the only way the networks can stay secure otherwise the miners are going to have to take hefty network fees to keep it safe.
Its hit or miss I think as no clear math has been provided either way to accurately state how much electricity is being consumed. At this point I think most of it is just assumption. It' s crazy though. What I do know is that the cost in terms of electricity is more than the miners are making in fees. So without, appreciation in price their business model sucks. That said once all the coins are mined, all that will be left is transaction fees so power consumption should go down at that point.
https://steemit.com/steemit/@pawsdog/steemit-quest-for-one-million-time-required-to-build-a-usd1-000-000-00-steemit-account
but do not forget altcoins. bitcoin cash, bitcoin gold, dash, litecoin and so on...
A lot of other POW coins.
Very true, it will either collapse or force technology to advance accordingly.
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