Bitcoin is not likely to ruin our planet within the next 20 years.
A recent scientific report came out saying that bitcoin was going to ruin our climate and therefore our planet, within the next couple decades due to its energy consumption.
The report pointed out the large amount of energy the bitcoin network consumes, specifically through its proof of work mining algorithm.
Based on the current mining environment, researchers were able to extrapolate and came up with a very disturbing conclusion.
Their conclusion was that if the current energy consumption continues and bitcoin catches on in a major way like may investors believe it will, the energy consumption could result in something like a 2 degree C rise in global temperatures.
Which, according to scientists, is just above the threshold that would cause devastating effects globally to our climate.
More about it can be seen here:
Interesting, but not so fast...
The thing the researchers seem to have ignored and only briefly mentioned is the current fuel types that are used to generate this electricity.
Currently much of the mining is being done in China where the carbon foot print is very large.
However, there has been a much stronger push lately for more renewable and greener sources of electricity.
Hydroelectric dams have become very popular as well as large solar mining operations.
Which means the numbers that they used in their report are likely meaningless because mining will likely continue to go the renewable and greener route in the future.
Which means...
Their entire thesis gets thrown out the window.
(Source: https://greenyflat.com.au/dec-8-2017-bitcoin-climate-disruption/)
Conclusion:
The current source of electricity for much of the bitcoin mining is leaving a large carbon foot print.
However, that is already changing and likely to keep changing in the near future.
It is already moving to more renewable sources.
Which means, no bitcoin is not going to ruin the planet in the next couple of years.
It makes for a good headline though doesn't it?!
Stay informed my friends.
Image Source:
https://www.cointelligence.com/content/bitcoin-mining-contributes-to-climate-change/
Follow me: @jrcornel
There are already superior alternatives to Bitcoin.
Computationally, economically, environmentally, fundamentally.
Why stick to past technology?
Why not take the good attributes that Bitcoin has and that are also available in a few of its alternatives, and leave Bitcoin and its community with the bad attributes which they are hell bent on retaining?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Bitcoin is basically just software. It can be upgraded and improved upon. 1st mover and name recognition apparently have been monumental in this industry. Either way though, whatever bitcoin doesn't do currently, it could in theory do at some point later on.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This comment has received a 71.43 % upvote from @steemdiffuser thanks to: @atempt.
Bids above 0.05 SBD may get additional upvotes from our trail members.
Get Upvotes, Join Our Trail, or Delegate Some SP
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You got a 100.00% upvote from @sleeplesswhale courtesy of @atempt!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Crypto currency would be good in every run , long short and medium term I am with you
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Not sure exactly what you are saying here, but it sounds like it is good so I am with you!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Bitcoin is actually going to do the opposite. It allows anyone in the world to farm renewable energy and not have to worry about selling that energy to anyone.
People are finding more and more creative ways to get around the cost of Bitcoin. One such way is putting the heat lost to good use.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes they didn't factor in efficiencies increasing, like they always do with new technologies.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's a common misconception that 'more transactions' == 'more energy'
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That is good news @jcornel 👍
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I don't expect to see too many headlines mentioning this though. Facts don't sell as well as fear.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You gives a good information. I am do this. Thanks
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think the researchers are not well informed or should I say they need to do a lot of research about their topic before they do any write up. They seem to not even have a clue of where the whole Bitcoin mining industry is going. Just another naysayers trying to paint Bitcoin Black to world.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Fear sells and the media runs with it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Bitcoin will save our planet from outdated and corrupt banking, not ruin it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Bitcoin is a different mechanism of corrupt banking.
You should thank its alternatives for the reduction in its fees.
I believe that the last reduction is only temporary.
[See my comment for more:]
(https://steemit.com/bitcoin/@atempt/re-jrcornel-no-bitcoin-is-not-going-to-ruin-our-planet-within-the-next-couple-decades-20181031t164133759z)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
flagged for bid bot abuse @steemflagrewards
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Follow on flag for bid bot abuse @steemflagrewards
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Steem Flag Rewards mention comment has been approved! Thank you for reporting this abuse, @themarkymark.
You bought votes to increase the rewards of your post above the value of its content.
This post was submitted via our Discord Community channel. Check us out on the following link!
SFR Discord
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Follow on flag for bid bot abuse @steemflagrewards
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
To be honest I can't be bothered to flag all your comments with purchased votes. It looks like you are powering down. Good luck earning anywhere else.
Steemit is intended to pay those who earn it. You didn't and your flags do nothing to deter me from flagging crap that does it harm.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This comment has received a 41.67 % upvote from @steemdiffuser thanks to: @atempt.
Bids above 0.05 SBD may get additional upvotes from our trail members.
Get Upvotes, Join Our Trail, or Delegate Some SP
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You got a 100.00% upvote from @sleeplesswhale courtesy of @atempt!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ha, that is a very good point. Where are those headlines?!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
True.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very funny...
Unfortunately nobody talking about the energy consumption of regular financial institutes, ATMs, microseconds-trading and so on...
But BTC ruins the planet... for sure :-)
But in fact, for other reasons it is time to change from BTC.
BTC was a nice "proof of concept". we have much better coins nowadays!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I remember reading that the world's global ATMs use far more electricity than the bitcoin network does currently.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
True the energy consumption of the financial institutes is exstreme compaired to the bloclchain use.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That doesn't fit their kill bitcoin agenda though does it?!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's possible that eventually most mining will be done on solar powered satellites, saving us from the power burden and the risk of a distopian internet shutdown. Either way, btc is likely to Save our planet not ruin it.
Cheers
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Solar powered satellites? How will that work?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Like magic!
lol, idk... but there are numerous icos and projects in the 'Space'.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I see what you did there, very clever. :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Lol, Bitcoin and Blockchain may actually save it
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Depends on who you ask, right?! :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I hope we all start using reneweable energies.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It doesn't really matter how the electricity is generated as there is always heat generated as by-product. What people forget about carbon dioxide as side-effect of burning fossil fuel is that it is essential requirement for circle of life as trees can't grow without carbon dioxide.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
True, though I believe they are referring to the green house gas emissions mostly. Using renewable energy sources such has hydroelectric would pour cold water all over their thesis. Pun intended.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm a big supporter of wind, solar and hydroelectric power... I also know that any green house gases in excess amount are a bad thing, but that doesn't change the fact that same people who say those are bad are cutting down the trees that are supposed to convert them to safe chemical elements. My first real work place was actually agricultural research center.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Since the concerns of peak oil and global warming in the past decade have been so high globally, the technology to search for clean and alternative energy which is also cheaper has benign development with billions of dollars in research backed by government tax incentives. This will ultimate lead to efficient energy which will include mining.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Agreed 100%. New technology often starts like this anyways, then it becomes more efficient and cheaper over time. It finds a way.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
hard to say ... cryptocurrency what is new and it is difficult to predict what the future will be in 20 years
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Correct. A lot can change between now and then, especially when technology seems to be advancing exponentially.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
it's ridiculous that half of the world still uses coal and oil when it comes to energy consumption when renewable energy is a much easier and greener solution.
If bitcoins energy consumption goes green then hypothetical bitcoin mining will never die (unless the planet dies).Global warming is a real threat let's not make bitcoin the cause of that.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Not sure if it is easier, but once the infrastructure is there fossil fuel usage will drop off significantly. Lot of money at play here though.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I was under the impression that the implementation of renewable energy into our system would be easier, but then again I’m don’t know the technicals.
If you think about if people get into renewable energy at this stage, it’s much more profitable in the future given that this market is the future of energy. Kinda like getting into bitcoin early and becoming a millionaire.
Posted using Partiko iOS
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
indeed!
I believe that big batteries can be a game chasnger...imagine what Tesla type batteries that moves trucks can do to bitcoin
Having said that will lower the cost of energy of creating 1 bitcoin thus lowring the price of bitcoin itself in what I believe will be the bitcoin bubble...
Already small miners are turning it off and I believe when enough miners turn of their machine we will see a 3500 bitcoin soon...
the less energy cost the lower the price...
plus the miners mine because of the rewards and the rewards gets halved every 4 years making mining unsustainable in the long run unless the energy method is changed by hydro, solar, lithium or the combo of all of them
A tech innovation is needed and I mean a new energy generator product is needed where it must be self propellant, recyclable and cheap
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The thought is that either prices will have to go up significantly over time to make it worthwhile to keep mining it or it will simply go away because mining costs became too expensive. Talk about the ultimate lotto ticket of an investment!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I believe innovation will step in before that happens and we might even see all 21 millions mined by this century
They say the necessity is the mother of all innovations ;)
it is gonna be ok in my opinion
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit