This graph gives you an idea of oil consumption for Bitcoin vs. GOLD. Commentary: I believe blockchain is the future of conducting pier to pier contracts/transactions but this BTC and its energy consumption issue is a real humanity "negative" . I mean if it served but one other purpose besides mining and verifying the blockchain, I could see a guaranteed future, but it doesn't so therefore eventually I see it either self-doomed to fail or local governments will cut the power off to whoever they think is mining BTC.
To argue on the side of BTC: Perhaps maybe the other possible benefit is our computing power capability is growing (maybe) at a faster pace due to the constantly new tech needed to crunch more faster and with less power. A big ?? for that one.
Some could argue gold has no benefit - if you are that person just look up "Gold use in Technology"
Source:
SRSRocco
Marc Bevand Blog
I agree that it is ridiculous how much energy is being used to mine BTC. That is why I believe in the future other currencies like ETH are going to take over.
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👍
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img credz: pixabay.com
Nice, you got a 44.0% @davidding upgoat, thanks to @tzcap
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The @OriginalWorks bot has determined this post by @tzcap to be original material and upvoted(2%) it!
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Fortunately enough POS coins are getting more popular.
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Yes, thats why blockchain is the future and yes there will be technologies that come out to make mining more efficient but with the constant difficulty of BTC growing the questions comes as to who will out grow who first ...
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True
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Nice post
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TY
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There are places where bitcoin mining is used as a heat source.
Assuming a continuing demand for heat sources, I imagine the mining will accumulate there.
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Yes, you are right. We can add that to BTC's side. Although there are more ways of heating more economically - like gas, thermal heat pumps, etc
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Yeah, heating up with miners is not efficient at all.
I remember seeing this miner produced in Russia that also worked as a heater, haha. We need to figure out better ways.
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Maybe in the future all appliances that need to produce heat of somesorts like: stove, washing machine, dishwasher, etc will have ram/chips that turn on to crunch some numbers whilst at the same time putting out the heat needed to run the appliances task. 2 for 1 i see here
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Crazy to see how quickly this esculated.
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