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Author Topic: Bitcoin mining and electricity  (Read 11074 times)

Offline Maxtel

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Re: Bitcoin mining and electricity
« Reply #75 on: April 29, 2021, 05:38:51 PM »
Making bitcoin is a very complicated subject. No one can make it if they want to.  Because it is quite expensive and difficult to make.  Making bitcoin requires a lot of uninterrupted electricity.  And requires powerful hardware computer databases.  Bitcoin was created as a result of the efforts of Satoshi Nakamato.

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Re: Bitcoin mining and electricity
« Reply #75 on: April 29, 2021, 05:38:51 PM »

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Re: Bitcoin mining and electricity
« Reply #76 on: April 30, 2021, 07:56:07 AM »
60% of Bitcoin mining is in China?
If this is true and proven, then I believe China will someday give full power to the hodler of Bitcoin and Bitcoin can be manipulated by the Chinese state.
But it is also if the Chinese state government intervenes that individuals might find it very difficult.

Offline gabbie2010

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Re: Bitcoin mining and electricity
« Reply #77 on: May 09, 2021, 11:42:35 PM »
You can try mining, make yourself huge solar panels and buy Asic. Let the sun earn cryptocurrency, and what I think will be profitable. There will only be one problem to find a lot of bitcoin mining equipment.

Last time I read articles about what you say, it took a lot of solar panels for a single Asic, and I think solar panels are still not profitable for any kind of mining. Maybe in the future solar energy will be much more efficient than now and it will be possible to mine, but at the moment I do not think it has a future.
consider this fact that solar energy is still efficient, if the equipment is not too expensive. but one way or another, the cost of solar stations increases in price due to the cost of storage batteries. in the summertime, mining without batteries can be quite buyable and efficient from solar panels.
I believed it will get to a time when inventors Will manufacture ASIC mining equipment with low rate of electricity consumption probably mining equipment that will operate with solar power and consume less power, else the present  high rate at which miners powers their mining equipment wouldn't be profitable except in a country which has a cheaper electricity

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Re: Bitcoin mining and electricity
« Reply #78 on: May 10, 2021, 11:47:56 AM »
60% of Bitcoin mining is in China?
If this is true and proven, then I believe China will someday give full power to the hodler of Bitcoin and Bitcoin can be manipulated by the Chinese state.
But it is also if the Chinese state government intervenes that individuals might find it very difficult.

The data you say is totally true, China has always been the country where Bitcoin has been mined the most, and no matter how authoritarian the Chinese government is, they cannot control everything, although sometimes I think that they do not control mining for political interests. If you want more detailed information you can visit the following link.

https://supchina.com/2021/03/09/bitcoin-mining-is-still-huge-in-china-despite-new-ban-in-inner-mongolia/

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Offline mlawson71

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Re: Bitcoin mining and electricity
« Reply #79 on: May 13, 2021, 03:39:37 PM »
Mining is just too lucrative to stop, regardless of what the CCP thinks about it. Cryptocurrency popularity in the country may be part of the reason why they want to implement a digital yuan, in the hopes it can compete. I doubt it will.

Offline Mayajal

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Re: Bitcoin mining and electricity
« Reply #80 on: May 14, 2021, 07:50:28 PM »
Yes brother you are right because bitcoin is or cryptocurrency is like electric city.  Because it is seen that the price goes down and the price goes up again, the cryptocurrency market is always upside down.  So now the market of cryptocurrency market is very good and the demand for bitcoin is much higher in cryptocurrency.

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Re: Bitcoin mining and electricity
« Reply #81 on: May 15, 2021, 09:11:54 AM »
China is the top 1 with regards to bitcoin mining. In order to mine bitcoin we need high specks computer and gadgets and components for mining efficiency. Internet and brand-new high speed components are required to mine bitcoin effectively. I think China now dominating the mining ability.

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Re: Bitcoin mining and electricity
« Reply #81 on: May 15, 2021, 09:11:54 AM »


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Re: Bitcoin mining and electricity
« Reply #82 on: May 23, 2021, 01:59:00 PM »
-
China really dominates the adoption of crytpocrurency, including in Exchange, Mining and the development of cryptocurrency.
It is true, but now China has banned cryptocurrency mining activities so that all cryptocurrency prices are falling and it is very scary to see with your own eyes.
The main Bitcoin market also experienced a huge collapse and the market turned red, I am worried about those who have entered cryptocurrency but the market is now turning red.
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Re: Bitcoin mining and electricity
« Reply #83 on: May 23, 2021, 02:40:46 PM »
China really dominates the adoption of crytpocrurency, including in Exchange, Mining and the development of cryptocurrency.
It is true, but now China has banned cryptocurrency mining activities so that all cryptocurrency prices are falling and it is very scary to see with your own eyes.
The main Bitcoin market also experienced a huge collapse and the market turned red, I am worried about those who have entered cryptocurrency but the market is now turning red.

Mining makes a lot, a lot of money. The Chinese government may make it difficult for the miners to work, but the miners are not going to stop mining. They will move their mining farms to other more distant places, they will obtain their electricity supply from other sources, but they will not stop mining. I doubt that the Chinese government can constantly control the entire geography of its country.
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Offline H2O

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Re: Bitcoin mining and electricity
« Reply #84 on: May 26, 2021, 03:23:04 AM »
Bitcoin mining requires a lot of electricity and fuel consumption.  The richest countries in the world can afford it, but the poorest countries in the world cannot afford it.  Moreover, environmentalists have imposed restrictions on Bitcoin due to excessive use of energy and potential for resource depletion.  The Chinese government has already imposed strict restrictions on Bitcoin.

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Re: Bitcoin mining and electricity
« Reply #85 on: May 26, 2021, 05:26:01 AM »
Several companies tried Bitcoin Mining. But the amount of electricity it takes to make bitcoin money does not increase the cost.So all those who did bitcoin mining have stopped doing bitcoin mining. There are a few machines for bitcoin mining in India but the machines in India are relatively small compared to other machines.
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Offline Zezari

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Re: Bitcoin mining and electricity
« Reply #86 on: May 26, 2021, 05:07:34 PM »
Now a very large number of people are engaged in bitcoin mining, but there are such organizations that are engaged in this in industrial moshtabs and earn good money on this. You should understand that now Asic equipment costs a lot of money and not everyone is now available.
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Re: Bitcoin mining and electricity
« Reply #87 on: May 27, 2021, 11:14:36 AM »
Bitcoin is a currency in the world of cryptocurrency that is increasing transactions in every business. Cryptocurrencies are spreading all over the world. The value of bitcoin is much less than the amount of electricity it costs to mine the bitcoin currency. So I think bitcoin mining through electricity is very expensive and unprofitable. So Bitcoin mining is heard during Harmony. If the cost of bitcoin mining is too high, then it is desirable to refrain from such mining.

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Re: Bitcoin mining and electricity
« Reply #88 on: May 27, 2021, 07:33:41 PM »
Bitcoin mining consumes a lot of fuel, especially electricity and gas.  Governments and environmentalists from different countries have discussed that electricity and fuel oil are being misused.  The Chinese government has already banned Bitcoin and enacted laws to stop all transactions.

Online Freemind

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Re: Bitcoin mining and electricity
« Reply #89 on: May 28, 2021, 05:00:49 PM »
Bitcoin mining consumes a lot of fuel, especially electricity and gas.  Governments and environmentalists from different countries have discussed that electricity and fuel oil are being misused.  The Chinese government has already banned Bitcoin and enacted laws to stop all transactions.

That's what the Chinese government is trying to do, but... China has almost 10,000,000 square kilometers, the areas with the highest mining capacity are in unpopulated or very sparsely populated areas, trying to control such a large territory is going to be very difficult even for the Chinese government. I wouldn't be surprised if the miners moved from time to time, even if they had higher expenses.
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