The Hard Math Behind Bitcoin's Global Warming Problem | Forex Factory

  • The Hard Math Behind Bitcoin's Global Warming Problem

    From wired.com

    Let me freak you out for a second. You know what bitcoin is, right? I mean, no, but quickly, it’s a “cryptocurrency” that’s basically secret computer money. One bitcoin, which doesn’t actually have a real, physical form, is worth at this moment upwards of $16,000. But to get one, you either have to buy them from online exchanges or use specialized computing hardware to “mine” it. That last bit is where the freak-out comes in. In a report last week, the cryptocurrency website Digiconomics said that worldwide bitcoin mining was using more electricity than Serbia. The country. Writing for Grist, Eric ... (full story)

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clemmo17
Dec 15, 2017 3:50pm
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"by November of 2020, it’d use more electricity than the entire world does today".

I'm not saying that's true, but if it's even close to true it's not sustainable. Governments and utilities will interfere. Some parts of the world actually have carbon limits and agreements to reduce emissions.

And that's just Bitcoin, what about the power needed for all the other crypto?
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Iro
Dec 15, 2017 4:14pm — Edited
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I think these guys are just pulling power numbers out of their ass to get these absurd figures. There's no way to measure the exact amount of power used by bitcoin mining as there's no way to tell if someone is mining or engaging in some other power consumption activity. Bitcoin miners are also spread all over the world in different countries with wildly different power efficiencies.

I bet they just took some random large number, applied this years bitcoin explosive several thousand % growth numbers to it and projected it to happen every year until 2020 or whatever. Which, as anyone with any mathematical knowledge will tell you, it's not how it works in the real world.
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Not-KPMG
Dec 15, 2017 3:13pm
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What a sh!te article!! Can't these paid losers think of something else thancrying over bitcoin???

So....?? electricity..... Serbia???😭😭😭
WTF???

I know that all cars produced by Mercedes brand used more diesel than country of Andora, New Zealand and Vatican city....
Soooo??😭😭😭

Ban Mercedes!!!!!
Mercedes is evil!!!!!😜😯😯😂😂 Global warming .... Seat heaters are evil !!!!😈😈😂😂
Give money to poor Vatican people!!!!!

What a dumbo article.
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Not-KPMG
Dec 16, 2017 12:35am
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Quoting clemmo17
"by November of 2020, it’d use more electricity than the entire world does today". I'm not saying that's true, but if it's even close to true it's not sustainable...... what about the power needed for all the other crypto?
Tons of morons out there, writing and 😢 😭😭😭😭.
Ignore them 😂😂😂

Plus invest in PoS coins.
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Soros
Dec 15, 2017 10:58am
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another Rockeffela report to crash bitcoin... paper money is worthless just like bitcoin, we put the value on both, same thing
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Bd888
Dec 16, 2017 1:47pm — Edited
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nonsense article. Read this one which make sense
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Wyfx
Dec 16, 2017 4:03pm
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Quoting Bd888
nonsense article. Read this one which make sense
The article talks specifically about the electricity consumption of BTC mining and its exponential increase

... So you decide to spam about 'bitcoin investing 101'
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rohitcs
Sep 14, 2018 3:43am
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The cost of electricity is concerning but there are other algorithms like "Proof of stake" where the crypto industry can evolve without worrying about such issues.
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