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Author Topic: Bitcoin mining and electricity  (Read 11064 times)

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Bitcoin mining and electricity
« on: February 10, 2021, 04:53:22 PM »
Internet banking systems or ATMs usually transfer money with the help of an intermediary, which causes expenses twice as much trouble, that’s how bitcoin chooses to save the day with simple and fast transactions. To make bitcoin this much fast and convenient, a huge amount of electric power is being employed. The efficiency depends on hashes, which the mining hardware uses.
Bitcoin, according to bitcoin’s power usage tracker by Digiconomist, mines at a rate of 77.78 terawatt-hours per year, at the moment which is equal to the entire electricity usage in the Netherlands and the Czech Republic. CoinShares has reported from their research that most of their energy comes from wind, hydroelectric and photovoltaic sources; these are all sustainable and renewable sources.
Many might be concerned with bitcoin’s mining substantiate in China. However, only 60% of it is being mined in China, while the 40% remaining take place in varying areas across Washington, New York, British Columbia, Iran, Sweden, Newfoundland, and a few more places.

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Bitcoin mining and electricity
« on: February 10, 2021, 04:53:22 PM »

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Re: Bitcoin mining and electricity
« Reply #1 on: February 10, 2021, 05:52:25 PM »
Bitcoin mining is always a costly business and the main issue for mining is the electricity because as per the mining formula you can't earn a good profit until you have a free electricity.
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Re: Bitcoin mining and electricity
« Reply #2 on: February 10, 2021, 06:01:42 PM »
indeed! a huge supply of electricity is needed in order to mine a substantial amount of BTC. I read so many articles about it and miners tend to place their mining rig in a remote area to avoid any inconvenience to any nearby residential or any building that uses electricity because they know that their rig will consume much electricity than others.
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Re: Bitcoin mining and electricity
« Reply #3 on: February 11, 2021, 06:47:19 AM »
Bitcoin mining is always a costly business and the main issue for mining is the electricity because as per the mining formula you can't earn a good profit until you have a free electricity.
I agree. Electricity in our country has already become very expensive. And therefore, it is completely unprofitable to mine BITCOIN. If you connect illegally to some station and mine bitcoin, you may still be able to make a profit. But if you get smacked, then you face a long prison term (
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Re: Bitcoin mining and electricity
« Reply #4 on: February 11, 2021, 09:50:47 AM »
I heard before IICR last 2017 when bitcoin reach $20k when a town/country banned mining due to more electricity was being consumed more than that current town I cant recall it but somewhere in Europe region or I dont know if in Iceland somewhere. 
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Re: Bitcoin mining and electricity
« Reply #5 on: February 11, 2021, 11:52:48 AM »
Thank you for the information. With the ease of simple and inexpensive transaction patterns, it will certainly greatly support the rate of development of bitcoin in the future. Because people tend to choose something that is simple, easy, cheap and fast ...
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Re: Bitcoin mining and electricity
« Reply #6 on: February 11, 2021, 02:06:21 PM »
Bitcoin mining is not for all of us.Because we usually know that a bitcoin mining has to spend a lot of money And has to consume a lot of electricity .Which is why we can't mining bitcoin very easily.Mining a bitcoin requires a lot of hard computer buildup.A few days ago, I saw the news that Iceland was experiencing a shortage of electricity due to bitcoin mining.So I think bitcoin mining is not such an easy way.Currently most mining is in China.Where bitcoin is mined like 60 percent.And the remaining 40% of bitcoin mining is worldwide.

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Re: Bitcoin mining and electricity
« Reply #6 on: February 11, 2021, 02:06:21 PM »


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Re: Bitcoin mining and electricity
« Reply #7 on: February 11, 2021, 03:07:35 PM »
on YouTube very often there is information on how you can minimize losses from mining, by using the heat received from a mining farm to heat a living space in your house. and also in the summer, you can use solar panels to obtain alternative, practically free electricity. If all of these possibilities are correctly modeled, the profit will be higher than the cost.


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Re: Bitcoin mining and electricity
« Reply #9 on: February 11, 2021, 09:14:45 PM »
Bitcoin's use of POW makes it the most secure Blockchain in the world, at least it has never suffered from attacks, the only way we can influence Bitcoin is carrying out a hardfork to have a different Bitcoin version.
However POW is also consuming too much energy, and thousands of machines are just solving nonsense calculations, maybe just counting sheeps to an extremely large number :) I really hope in the future Bitcoin community will have a general agreement to change the consensus protocol, POS or another version will be a more reasonable choice.
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Re: Bitcoin mining and electricity
« Reply #10 on: February 11, 2021, 09:36:59 PM »
Bitcoin mining in my area won't be profitable due to the slow internet connection and frequent power interruptions. Also power cost here is high compared to other countries that is why Bitcoin mining is not advisable.
Mining Bitcoin does require considerable electricity, sophisticated tools and a strong signal.  All of that support each other.  And of course, the bigger the tools used, the greater the electrical power we need.  And all of that costs a lot, and only the rich will do that.

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Re: Bitcoin mining and electricity
« Reply #11 on: February 12, 2021, 08:12:39 AM »
on YouTube very often there is information on how you can minimize losses from mining, by using the heat received from a mining farm to heat a living space in your house. and also in the summer, you can use solar panels to obtain alternative, practically free electricity. If all of these possibilities are correctly modeled, the profit will be higher than the cost.
Therefore, I do not see any particular problems with the consumption of electricity for mining bitcoins and other cryptocurrencies. The use of solar panels, the production of which is constantly improving and becoming cheaper, may well solve this problem. It is only necessary to correctly ensure the accounting and control of this process. Problems can only arise where miners abuse the consumption of public electricity. In general, this problem is contrived.

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Re: Bitcoin mining and electricity
« Reply #12 on: February 12, 2021, 09:06:20 AM »
indeed! a huge supply of electricity is needed in order to mine a substantial amount of BTC. I read so many articles about it and miners tend to place their mining rig in a remote area to avoid any inconvenience to any nearby residential or any building that uses electricity because they know that their rig will consume much electricity than others.
Since electricity must be used continuously in large quantities, bitcoin must have the right application standards. And one way to do this is by placing it in the outskirt area to avoid potential interference or crowd access.

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Re: Bitcoin mining and electricity
« Reply #13 on: February 13, 2021, 10:56:53 AM »
Bitcoin mining is an expensive one.  This is because Bitcoin requires electricity to dig or generate.  And you won't benefit from your bitcoin until you get electricity for free.  Bitcoin requires a lot of electricity to generate.  So it can be said that digging bitcoin is an expensive one.

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Re: Bitcoin mining and electricity
« Reply #14 on: March 14, 2021, 05:20:06 AM »
I am sure that the electricity or energy needed by the Bitcoin ecosystem can be the big reason why soon we can see attacks coming from people who declared themselves to be the savior of the global climate change happening right now. And many of them are already right now in the Biden administration led by the current VP. personally, I am also concerned of the energy needed to run Bitcoin though we have to understand that all industries are using power hence Bitcoin should not be crucified just because of this. Now, we already have alternative sources of power that are sustainable and Bitcoin miners are already using this to the large extent...but I would be happy if there can be a way to lessen the power demand by Bitcoin perhaps by an improved mining technology maybe.

 

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