Bitcoin could be used as a subsidy for green electricity, you can't turn off a wind farm and if there is no current demand then that energy is just going to waste. Andreas makes some very good points.
Great points, honestly I'm excited to see how PoS will be implemented though, just personally like the whole concept better than all these mining farms selling cloud mining contracts etc. Even if they are using renewable energy sources. Just seems like a healthier solution for now. Sadly, most of the world is f***ed up in general though when it comes to energy consumption right?
How to solve the BTC energy waste problem? Hyperbitcoinization > USD collapse > No funding / need for useless wars everywhere in the word to protect the petrodollar and corrupt central banking system > Overall use less energy (you know how much oil get burned to fuel the wars?) and still have BTC
"Waste" might not be the best way to name it. Mining is what secures the blockchain immutability. If we replace it we will need something just as secure. I am very excited to see how well PoS will do in the future on a blockchain as big/invested as Ethereum!
Energy consumption of Bitcoin sounds a lot at first glance, but then again if you compare it to the energy consumption of the Eurodollar banking system (data centers in banks, atm network, cost to print money, cash transportation, etc) it is actually not that much for a global digital currency. Also Google and Facebook need huge amounts of energy to run a global network of data centers. Energy is not wasted but this is what makes Bitcoin the most secure cryptocurrency on the planet.
It could be that bitcoin mining is the saviour of the planet in that it might make the financial case for renewables even greater to mitigate global warming . Or it could be as Trump said "the East Coast "could use a little bit of that good old Global Warming" as bitter cold temperatures froze large swaths of the country this holiday weekend.
That energy issue is actually a lie that has been making its rounds on the internet. The truth is that most bitcoin mining uses renewable energy sources and most mining companies are doing just that.
Really interesting and short video, straight to the point and informed take on the issue. Keep the great work coming!
I personally think XRB (or alikes) are the future, as they take away the "miner" in the Chain, using the Tangled technology. The coin slowed down in speed recently, but went so high around Christmas, when other coins were crashing.
I do believe XRB is one of the closest looks on the future of Crypto-Currencies and day-to-day spendings, where blockchain wouldn't work due to transaction time and cost.
Thanks for talking about this topic Louis. Ultimately, the energy consumption is going to be what causes Bitcoins fall. There are better technologies out there and this becomes glaringly obvious in light of this massive waste of energy.
One solution that you didn't mention was somehow putting the miners to work on something more useful than just verifying the ledger. I am pretty ignorant about the technical side of things but maybe someone smart than me can make that happen.
Bitcoin could be used as a subsidy for green electricity, you can't turn off a wind farm and if there is no current demand then that energy is just going to waste. Andreas makes some very good points.
That's China' problem :P
Great points, honestly I'm excited to see how PoS will be implemented though, just personally like the whole concept better than all these mining farms selling cloud mining contracts etc. Even if they are using renewable energy sources. Just seems like a healthier solution for now. Sadly, most of the world is f***ed up in general though when it comes to energy consumption right?
How to solve the BTC energy waste problem? Hyperbitcoinization > USD collapse > No funding / need for useless wars everywhere in the word to protect the petrodollar and corrupt central banking system > Overall use less energy (you know how much oil get burned to fuel the wars?) and still have BTC
"Waste" might not be the best way to name it. Mining is what secures the blockchain immutability. If we replace it we will need something just as secure. I am very excited to see how well PoS will do in the future on a blockchain as big/invested as Ethereum!
The bitesize videos are a great idea, please keep up the great work mate. Could you send a link to that article you mentioned please?
Energy consumption of Bitcoin sounds a lot at first glance, but then again if you compare it to the energy consumption of the Eurodollar banking system (data centers in banks, atm network, cost to print money, cash transportation, etc) it is actually not that much for a global digital currency. Also Google and Facebook need huge amounts of energy to run a global network of data centers. Energy is not wasted but this is what makes Bitcoin the most secure cryptocurrency on the planet.
It could be that bitcoin mining is the saviour of the planet in that it might make the financial case for renewables even greater to mitigate global warming . Or it could be as Trump said "the East Coast "could use a little bit of that good old Global Warming" as bitter cold temperatures froze large swaths of the country this holiday weekend.
That energy issue is actually a lie that has been making its rounds on the internet. The truth is that most bitcoin mining uses renewable energy sources and most mining companies are doing just that.
Really interesting and short video, straight to the point and informed take on the issue. Keep the great work coming!
I personally think XRB (or alikes) are the future, as they take away the "miner" in the Chain, using the Tangled technology. The coin slowed down in speed recently, but went so high around Christmas, when other coins were crashing.
I do believe XRB is one of the closest looks on the future of Crypto-Currencies and day-to-day spendings, where blockchain wouldn't work due to transaction time and cost.
Thank you, always been a subscriber since your earliest videos :)
Thanks for talking about this topic Louis. Ultimately, the energy consumption is going to be what causes Bitcoins fall. There are better technologies out there and this becomes glaringly obvious in light of this massive waste of energy.
One solution that you didn't mention was somehow putting the miners to work on something more useful than just verifying the ledger. I am pretty ignorant about the technical side of things but maybe someone smart than me can make that happen.