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[aryan4]

According to Digiconomist's Bitcoin energy consumption audience, mining currently consumes 77.78 terawatt hours per year. This is on par with the total energy consumption of countries such as the Netherlands and the Czech Republic.
What are your views on the energy consumed? Do you think it's too high?

 

[SCAMEXPOSER]

The cost of Mining is basically the issue with cryptocurrency after the energy consumption issue because Mining consume electricity very well

I think the manufacturers of those mining rigs needs to upgrade their system such that it consumes less electricity that is the essence of research and development.

 

[Josemendez]

I think the manufacturers of those mining rigs needs to upgrade their system such that it consumes less electricity that is the essence of research and development.

Consider it this way . The rechargeable torch light and the one used with battery.they both provide light but with different energy source

 

[SCAMEXPOSER]

Consider it this way . The rechargeable torch light and the one used with battery.they both provide light but with different energy source

If we are to go by this your analogy then mining of cryptocurrencies using the normal hydroelectricity will be much more effective compared to other renewable source of energy.

 

[Josemendez]

If we are to go by this your analogy then mining of cryptocurrencies using the normal hydroelectricity will be much more effective compared to other renewable source of energy.

The hydro electricity is already in use and it is also part of the complaint that the Mining activities consumes huge amount of energy

 

[SCAMEXPOSER]

The hydro electricity is already in use and it is also part of the complaint that the Mining activities consumes huge amount of energy

The other renewable source of energy only reduce the use of hydroelectricity otherwise I think hydroelectricity is more effective than other source of energy

 

[Josemendez]

My point is that all the available energy is being structured in such a way that it will not have effect on the environment and the citizens power supply

 

[Niftyicon]

I think the manufacturers of those mining rigs needs to upgrade their system such that it consumes less electricity that is the essence of research and development.

More alternative sources of energy need to be considered. I am certain that other power sources would do well like electricity, they just have to be found first.

 

[osavise]

The energy consumption of bitcoin mining is all speculations. We have heard news of different versions around it and I tend not to believe any of it. Conventional banks does consumes energy than bitcoin mining.

 

[SCAMEXPOSER]

More alternative sources of energy need to be considered. I am certain that other power sources would do well like electricity, they just have to be found first.

Use of fossil or coal fuel would have generates stronger electricity for mining cryptocurrencies but I think the challenge is about the environmental effect.

 

[Niftyicon]

Use of fossil or coal fuel would have generates stronger electricity for mining cryptocurrencies but I think the challenge is about the environmental effect.

That is right and the environmental effects superceeds all. I came across the news of the possibility of mining with the residual gas from oil production. I think that should go a long way also.

 

[SCAMEXPOSER]

That is right and the environmental effects superceeds all. I came across the news of the possibility of mining with the residual gas from oil production. I think that should go a long way also.

Yeah , that was a company in the US that has been wasting their gases into air so they are conserving it now for mining, which is a good move

 

[AudraMiller]

According to Digiconomist's Bitcoin energy consumption audience, mining currently consumes 77.78 terawatt hours per year. This is on par with the total energy consumption of countries such as the Netherlands and the Czech Republic.
What are your views on the energy consumed? Do you think it's too high?

Mining cryptocurrency and bitcoin is very difficult and that is why the energy usage is so high. I think that if we are able to move all mining rigs to a renewable energy source then it will be a much better scenario.

 

[SCAMEXPOSER]

Mining cryptocurrency and bitcoin is very difficult and that is why the energy usage is so high. I think that if we are able to move all mining rigs to a renewable energy source then it will be a much better scenario.

This will be the best and it is achievable but it will take time because right now miners and other researchers are currently working on how to optimise renewable source of energy.

 

[Aryanprince]

The energy consumption when mining is quite high, its use must be watched carefully by everyone since every day more people join the mining.

 

[Husnakhan]

Mining cryptocurrency and bitcoin is very difficult and that is why the energy usage is so high. I think that if we are able to move all mining rigs to a renewable energy source then it will be a much better scenario.

 

[SCAMEXPOSER]

Mining cryptocurrency and bitcoin is very difficult and that is why the energy usage is so high. I think that if we are able to move all mining rigs to a renewable energy source then it will be a much better scenario.

I don't think it is difficult if you have the right equipment that are used for mining of cryptocurrencies though I can't dispute the fact that is causing huge amount of energy.

 

[kaycee001]

Bitcoin mining consumes large amount of electricity and this is one of the major discouraging factor for developing countries because of their epileptic power supply many people cant go into bitcoin mining .i think the electricity consumption is not really an issues for countries that generate high megawatts from time to time

 

[SCAMEXPOSER]

Bitcoin mining consumes large amount of electricity and this is one of the major discouraging factor for developing countries because of their epileptic power supply many people cant go into bitcoin mining .i think the electricity consumption is not really an issues for countries that generate high megawatts from time to time

I think if they are a better alternative for energy sources in mining cryptocurrencies miners won't be looking for countries with cheap electricity because they also tax them and are concerned about environmental effect of mining.

 

[Flower]

I don't mine crypto, but I believe that mining crypto consumed a lot energy and is not recommended to mine crypto were the availability of energy is low.

That's absolutely correct. I discovered that my phone would generate lots of heat whenever I mined with it. But I don't believe the figure of power consumption that gbejy claimed that mining used.

 

[SCAMEXPOSER]

Miners and electricity distribution companies will the ones to give us accurate data as regards consumption of electricity in cryptocurrency mining.