[dtube] How to Resolve Bitcoin's Energy Waste Issue?

louisthomas (75) in dtube • 7 years ago (edited)

T Vil asks "What are we going to do about the energy waste issue with btc mining?"

dtube bitcoin cryptocurrency blockchain technology

7 years ago by louisthomas (75)

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safetony (47) · 7 years ago (edited)

It's not true! The article has just calculated the energy used based on the fee. So yes $20 is more than most households use. I calculate the energy used by taking the hash rate dividing it by the hash rate of one ant miner as this probably the most common and then you can derive energy consumption it's not perfect but it's nowhere near the $20 per transaction this is a fallacy as most of that is just profit for miners.

In fact the block reward covers all the cost the transaction fee are just a bonus for the miners as I calculate that $148677.31 get's used per block with the reward being 12.5 BTC. So clearly the block reward is what is driving all the hash consumption not the transaction themselves.

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louisthomas (75) · 7 years ago

Ahhhh so that's how they tried calculating it. Interesting. Cheers for providing clarity around that Tony.

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safetony (47) · 7 years ago (edited)

No problem :) I think it's important to remember that miners are primarily chasing the block reward. Sending always use to be free or nearly free as all your doing is sending a transaction over to the mempool and hoping that the person who mines the block includes it. Will be interesting to see what the hash rate is when the block reward halves.

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benmnawalid (37) · 7 years ago

never trade they will kill you at tax time keep hodling for atleast one year

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billmega (53) · 7 years ago

build more efficient environmentally friendly mines? Better equipment?move to POS? Ditch Bitcoin and use other Coins? The money Revolution is quickly evolving.

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reddutopia (42) · 7 years ago

I'm an avid RaiBlocks believer. The Tangled system (or however it's called) really enables an exponential system using only basic computing power to process transactions. Technology is going so fast Blockchain already faces huge innovation in its competitions. The abundance of new projects and ICOs comes with its lows (scams and useless projects being pumped by whales) and its highs. XRB is one of those.

Great content, keep it up

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samuel-swinton (61) · 7 years ago

I have a friend who is developing products that utilize the heat so you kill two birds with one stone!

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crypto3em3 (45) · 7 years ago

i like that ETH is moving to a PoS network, but how could bitcoin do this?

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briandenver (53) · 7 years ago

Techno researchers will have to create technology that uses less electricity to mine for bitcoin. They may have to move to locations that have cheaper electricity! ⚡️⚡️⚡️🌈

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cbeep (44) · 7 years ago

If BTC done with their huge energy consumption & huge transcation fee than nothing will be like btc

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teenovision (52) · 7 years ago

If energy is being wasted it should be stopped immediately

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