Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: emmybd on February 10, 2021, 04:53:22 PM
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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 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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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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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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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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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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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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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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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.
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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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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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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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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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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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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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If you can't dig bitcoin you can't get electricity before making anything it has to be dug and then the power connection is required. This is why bitcoin mining will double its value by increasing its demand which will improve the future of bitcoin investors.
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Every hardware connected to the internet will always need electrical power, I don't know how much electricity is needed in each Bitcoin mining device, but to save mining costs, miners need to have solar power plants, this will be more environmentally friendly and can save electricity cost for miners
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Bitcoin mining is very popular nowadays. Everyone is worried about Bitcoin because of the rising price of Bitcoin. Bitcoin mining is required to earn bitcoin.
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You have created a very beautiful and valuable post. I hope you have learned a lot from this valuable post, senior members and junior members and as many new members as you have. I hope you have learned a lot from this valuable post. You have understood a lot about bitcoin mining and electricity.
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The way the price of bitcoin goes up is actually like electricity. The price of this bitcoin is increasing and the price of bitcoin is decreasing. So it is not possible to predict when the price of Bitcoin will rise and fall. So Bitcoin has been compared to ElectricCity.
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As long as there is a halving in Bitcoin, electricity use does not cover the amount of bitcoin obtained. It has been seen that some countries even ban bitcoin mining due to excessive use of electricity. However, because the price of bitcoin is good now, the return of mining may be good, but if bitcoin is withdrawn to 15-20 thousand dollars again, there may be a situation of not meeting the electricity fee.
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What does the halving have to do with it? Can someone explain that to me? I'm not snarking or anything, I genuinely don't get it.
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Bitcoin mining requires a big capital because electricity, hardware and the internet must be in line and in tune, because if neither of them exists, the result will end in sadness or failure.
For example, the cost of electricity in my country is expensive and it allows Bitcoin mining in my country not supported. This is only my opinion . Cheerssss !
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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.
Yes, I think bitcoin mining is very expensive and need high cost. I personally don't agree to mine bitcoin now. You need to buy equipment and pay the electricity cost. I think It is not profitable. Trading is better to do now.
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It seems Bitcoin mining has always been an expensive business and the main problem with mining is electricity because according to the mining formula we cannot make a good profit until we have free electricity.
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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.
Internet systems and ATMs do more than just deal with third parties. But Bitcoin transactions do not involve any third party, it is a peer-to-peer transaction. This saves a lot of cost and time. The tip would be a huge benefit to the world if the steps taken by other countries, including China, to implement the huge amount of electricity required to make Bitcoin were implemented.
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One of the major reasons why mining is always hard to do is because of the use of electricity. Although there are some techniques of mining that require less electricity, the result is also not too much. It is different from those who mine the Bitcoin using the high power.
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Bitcoin mining is the best way to make money in the market and we know that we need electricity to start the mining and if we do that then we can make good money through this easily and just 1 time investment we need ad then we earn good money through mining regularly.
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Bitcoin mining is the best way to make money in the market and we know that we need electricity to start the mining and if we do that then we can make good money through this easily and just 1 time investment we need ad then we earn good money through mining regularly.
Everything sounds very beautiful and cloudless from your lips, dear, but the reality is that in reality mining is a very complex, expensive and dangerous way to make money. With each new day, the complexity of bitcoin mining increases, and the cost of mining costs increases accordingly. I believe that only large mining giants can engage in mining now, and only the rest will only lose!
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The major problems of bitcoin mining is the the losses of energy specially loses if electrical and fuel energizes. Most of the countries are opposited Bitcoin mining so that it already cost it's energy / electric power.
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The major problems of bitcoin mining is the the losses of energy specially loses if electrical and fuel energizes. Most of the countries are opposited Bitcoin mining so that it already cost it's energy / electric power.
The fact is that most of the electricity is spent not only on powering computing systems, but also on cooling them. A friend of mine owns a mining farm at home and needs a strong enough air circulation system to dissipate the heat. Although in winter it is possible to save and this heat can be used to heat living quarters.
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Huge electric power is always needed to do Bitcoin mining, everything will be calculated based on how many units of mining equipment you have.
If the mining equipment requires an overall power supply of 350Kva (this is a lot of power to power at least 10 AC units with 20pk capacity) then miners spend around $4500 usd / month powering all the units.
In my opinion, this number is still small compared to several large manufacturers that have large-scale machines to operate production machines
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Electricity becomes the main reason why mining is always hard to do. However, for those who are very common in mining and gt many profits, the electricity is no longer matters. In this case, we can see how strong Bitcoin with its all advantage.
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This always becomes two things that cannot be separated. As we know, Bitcoin mining always needs electricity in order to run their mining and also getting the mining n this case, higher the power, mining will be better. That is why mining and electricity are ways related and we may feel difficult to get the power for mining.
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The cost of mining bitcoin is generalized to the energy used for mining. The form of mining is completely based on power source, and to really get some substantial amount, more energy will be utilized on daily basis. This completely means, without power supply, no mining, with no mining, transactions can't be completed or successful, no successful transactions no fun in crypto space. The use of renewable energy will stand to be the rescue of this energy issue, as to help reduce the pollution of our atmosphere and health hazards.
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I agree - renewable energy is the future, even when is not mining cryptocurrencies. :D
When it comes to cryptos, however, renewable energy becomes indispensable, I think.
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The way the current bitcoin price is rising is almost like electricity. Because the price of Bitcoin is suddenly rising and suddenly falling. Therefore, it is never possible to tell by looking at the speed of the market that the speed of the market is up or down. Due to which it has been compared with electricity.
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Electricity becomes the main reason why mining is always hard to do. However, for those who are very common in mining and gt many profits, the electricity is no longer matters. In this case, we can see how strong Bitcoin with its all advantage.
Yes, I agree electricity is always be problem for miner. It is high cost and You also need equipment.. But I see many people still do mining and get the profit. I prefer invest and do daily trading. That's my choice
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Bitcoin mining is very popular nowadays. The main reason for this is the price of Bitcoin. Bitcoin mining is very popular because of the huge increase in the price of Bitcoin. Bitcoin mining cannot be compared to the speed of electricity.
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Now Bitcoin Mining is Huge costly i think. Foe Mining Huge High costly Mining pool have to set up and huge electricity need for Bitcoin Mining. Although I Have no Idea about Mining. But i known it by Online Source. And Many Many thanks to you for Discussion about it.
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Now Bitcoin Mining is Huge costly i think. Foe Mining Huge High costly Mining pool have to set up and huge electricity need for Bitcoin Mining. Although I Have no Idea about Mining. But i known it by Online Source. And Many Many thanks to you for Discussion about it.
the fact that Bitcoin mining is very expensive is understandable, but in my opinion this is most of all connected not with electricity, but with the price of equipment, which had to be changed last year. recently, video cards have become very expensive, but you must agree that mining pays off completely, given the current bitcoin rate.
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The current bitcoin market is fluctuating massively. If the price of bitcoin fluctuates like this for a while and this makes you think that the price of bitcoin is going down again. In this way, Bitcoin has been compared to electricity to fluctuate the price of Bitcoin.
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appropriate if bitcoin has a high enough selling value, because maybe the cost to mine is currently 50% of the current price, where the price of electricity continues to rise, in my country, for example, during the pandemic, some electricity users experienced a significant increase, about 50% from before However, for the miners it is not a risk if they have benefited from mining
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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.
Thank you so much for sharing the important
informationn with us. In fact plenty of BTC Excavation requires a huge power supply. I have read many articles about it. The current Bitcoin market is fluctuating massively. If the price of Bitcoin fluctuate like this for while and this makes you think. Ok then the price of Bitcoin is going down again. Bitcoin mining cannot be compared to the speed of electricity.
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Bitcoin mining depends on electricity, fuel and power energies . But an economic development depends on power plan, energies and fuel . So I think Bitcoin mining is a expensive process and hence governments of all countries dislike cryptocurrencies for wasting power energies.
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Bitcoin mining depends on electricity, fuel and power energies . But an economic development depends on power plan, energies and fuel . So I think Bitcoin mining is a expensive process and hence governments of all countries dislike cryptocurrencies for wasting power energies.
The fact is that governments are raising the issue of Environmental pollution, because a lot of electricity is spent on Bitcoin mining and, accordingly, emissions of harmful substances occur during the production of energy. But nevertheless, no one takes into account the fact that in any case, electricity is produced and sold as a commodity, and what difference does it make who consumes it.
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Bitcoin mining depends on electricity, fuel and power energies . But an economic development depends on power plan, energies and fuel . So I think Bitcoin mining is a expensive process and hence governments of all countries dislike cryptocurrencies for wasting power energies.
Yes, that's true, bitcoin mining is expensive..We have to buy equipment and pay the electricity cost. I have read many government dislike this. Because wasting power energies, As you said.
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I would gladly see Bitcoin switching to another less power hungry way of securing the network unfortunately it is a huge business right now and many have big stakes on this field , on the other hand such huge electricity bill reinforces the sense of security
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Bitcoin mining depends on electricity, fuel and power energies . But an economic development depends on power plan, energies and fuel . So I think Bitcoin mining is a expensive process and hence governments of all countries dislike cryptocurrencies for wasting power energies.
The fact is that governments are raising the issue of Environmental pollution, because a lot of electricity is spent on Bitcoin mining and, accordingly, emissions of harmful substances occur during the production of energy. But nevertheless, no one takes into account the fact that in any case, electricity is produced and sold as a commodity, and what difference does it make who consumes it.
In principle, everything is correct to say, what difference does it make who consumes electricity if the government gets good money for it. It seems to me that the government, on the contrary, is beneficial for them to have such a client, here the harmfulness depends on the location of bitcoin mining mines. Now huge corporations with billions of dollars of capital are engaged in mining, this is all said and no defenders of nature and ecology, unfortunately, will not be able to influence their decision.
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Bitcoin mining and electricity is so much hard to stabilized in the cryptocurrency because bitcoin mining is very slow of getting a token with a cashless of electricity upon using this by in my plan I dont like bitcoin mining perhaps it will be goes to a long time of mining and the days come is so easy.
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Bitcoin is like electricity now because Bitcoin is now the best coin in cryptocurrency. Bitcoin is the king of all coins. Many countries have moved towards further development using Bitcoin, so Bitcoin has been given the highest priority.
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One of the biggest issues related to mining is always the high electricity. Many miners stope their mining because of the electricity. although the result is very legit. but sometimes, it becomes a big problem is we only have smaller amount to mine
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Thanks for this information, I'd learn a few things about the bitcoin mining part, it's so nice seeing bitcoin take over the whole financial system, using or transferring money through banks are really hectic, you will to stand in a queue for over 30mins+ just to be able to meet the cashier, but with the creation of bitcoin all that are in the past, now we can do an easy and hassle free transaction to anywhere in the world.
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Many of us probably know that bitcoin mining requires a lot of electricity . Basically bitcoin mining requires a strong network and Electric power. You made a very nice topic about mining. I think if anyone has any doubts about mining then you can clearly understand from your topic how bitcoin mining happens. I hope you will post more information later and we will benefit from it. Thank you.
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One of the biggest issues related to mining is always the high electricity. Many miners stope their mining because of the electricity. although the result is very legit. but sometimes, it becomes a big problem is we only have smaller amount to mine
Mining is high cost, I think If you want to invest , it is better than you do mining. I don't agree with mining, high electricity cost and not good for environment. It is really noisy. Many friends stoped their mining, and do daily trading.
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Don't some jurisdictions have lower cost of electricity? Wouldn't mining be actually profitable in such jurisdictions?
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Now the price of Bitcoin has passed 50,000 USD and it is certain that Bitcoin has a very large value of funds, aka 1 Bitcoin by buying pretty good mining equipment.
So now Bitcoin mining and electricity can be enjoyed because it refers to the Bitcon price, this is inversely proportional to the price of Bitcoin in 2018 and 2019 which is very cheap from All Time High 2017.
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Now the price of Bitcoin has passed 50,000 USD and it is certain that Bitcoin has a very large value of funds, aka 1 Bitcoin by buying pretty good mining equipment.
So now Bitcoin mining and electricity can be enjoyed because it refers to the Bitcon price, this is inversely proportional to the price of Bitcoin in 2018 and 2019 which is very cheap from All Time High 2017.
You re right mate, when bitcoin price is so high, I think bitcoin mining and electricity can be enjoyed. Because electricity cost is so high, equipments for mining are expensive too.
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Bitcoin mining always has its won problem that is about the electricity. IN this case, we can see how mining needs high power of electricity so far. However, if the rate of Bitcoin is high enough, the miners can really enjoy the result from mining itself.
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Bitcoin mining now is very promising because Bitcoin is truly extraordinary to own.
Just look at the price of Bitcoin, it is really very expensive and very extraordinary if in a country for mining Bitcoin electricity is free.
I am sure there must be countries that make electricity free especially for Bitcoin mining because Bitcoin mining is very profitable.
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Now the price of Bitcoin has passed 50,000 USD and it is certain that Bitcoin has a very large value of funds, aka 1 Bitcoin by buying pretty good mining equipment.
So now Bitcoin mining and electricity can be enjoyed because it refers to the Bitcon price, this is inversely proportional to the price of Bitcoin in 2018 and 2019 which is very cheap from All Time High 2017.
You re right mate, when bitcoin price is so high, I think bitcoin mining and electricity can be enjoyed. Because electricity cost is so high, equipments for mining are expensive too.
For me even bitcoin price dump the cost of electricity never change. I do view miners both enjoy the benefits in times of dump and pump. I also think it is more advantage to mine bitcoin at the decline time. Because the higher bitcoin to earn although lower the usdt value.
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For me even bitcoin price dump the cost of electricity never change. I do view miners both enjoy the benefits in times of dump and pump. I also think it is more advantage to mine bitcoin at the decline time. Because the higher bitcoin to earn although lower the usdt value.
Of course, I agree with you. I think buy when low and sell when is better than mining and electricity. I think trading and holding are more profitable than mining now. I see many investors already do trading , not as miner again..That's my analyzing mate, maybe other member has own opinion.
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All the work in the world now needs electricity. In fact, BTC requires a large supply of electricity to excavate. Many people comment on the use of electricity in Bangladesh. Because after the winter season comes too hot. In this heat, Bangladesh shows a little more load shedding. There are many types of problems.
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I myself would start mining bitcoins, but only for this you need good equipment, as you do not watch TV, the underground bitcoin mining workshops are closed by the FSB. Occupy huge territories and it brings a huge income until they catch and take away all the equipment.
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Bitcoin mining is very profitable even though the electricity payment costs are very high, but everything can be paid off and still get a profit.
But in my opinion is the biggest bitcoin miner really in china? isn't Russia also the biggest bitcoin miner?
Anyone please explain my question
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Currently, if we want to mine Bitcoin, it will cost a lot of money, electricity is one of them that we have to pay a high price for. Why do we have to have sophisticated and expensive equipment if we want to mine Bitcoin, this is because out there the competition in producing Bitcoin by mining is very high and if our tools are not sophisticated then we will lose to them. High cost, large electric power will cost a lot.
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I believe that under the current conditions for those people who consider almost every dollar of their income, not only buying, but also mining Bitcoin is practically unattainable due to a sufficiently large investment. I suppose this should have been addressed early when many of us had doubts about bullshore in early 2021.
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Does anyone have any information in which country it is most profitable to mine Bitcoin due to electricity prices?
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Does anyone have any information in which country it is most profitable to mine Bitcoin due to electricity prices?
According to the latest study conducted in 2020, the country with the cheapest electricity is Iran, priced at $0.01 kilowatt hour. But it's so cheap because they tend to suffer a lot of supply outages, so I don't think it's worth mining Bitcoin in that country. You can find more updated prices on the internet, but I don't think they have changed much in a single year.
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Why Bitcoins can't be mined legally if it makes a profit. Why not take the equipment on credit to rent a room and pay for the light, I just wonder if the profit will come out or you will still pay for one light.
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Our country electricity price huge.So I never think mining cryptocurrency. becuase hwen the month end and electricity bill is coming then see i am mad.☹️
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Bitcoins went up only because of Tesla.
Other than the fact that this is not the topic that is being discussed in this thread, I suggest that you improve your posts so that no moderator sends you a poor quality warning. I also recommend that you read the rules that you can find in the upper right corner for more information on how the forum works, thank you.
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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.
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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.
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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.
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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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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.
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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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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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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.
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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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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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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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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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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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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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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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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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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.
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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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One of the negative sides of mining is how it spends electricity. Although there are so many things in the world that use electricity, mining really spend a big amount of electric power. that is why in some countries, mining is forbidden in order to avoid losing electric power so suddenly in the country.
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Yesterday a user of a news aggregator from my country, tired of everyone complaining about the electricity consumption of Bitcoin, did a very good data collection:
Bitcoin consumption: 134 TWh
Annual consumption of Smartphones: 5.5 kwh
Units sold in 2020 = 1.3 billion
Total annual consumption: 71.5 TWh
Annual consumption PS4: 120 kwh
Units sold: 115 million
Total consumption: 138 TWh
Annual consumption Xbox 360: 150 kwh
Units sold: 84 million
Total consumption: 96 TWh
The user did not include the consumption of PC gamers for example, nor the consumption of banks worldwide, but I think these data make things very clear. Bitcoin may not consume as much energy after all.
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Ever since Elon has said that bitcoin uses a lot of electricity, everyone has been talking about mining but earlier it was not an issue. I also appreciate more green energy should be used to mine even many countries have set the target to use green energy. Elon is a big influencer and he should avoid diplomatic statements about BTC. If I plan to mine it is very costly in my country with current charges of the electricity. Mining is profitable only for those who have cheaper electricity otherwise buy a bitcoin is quite cheap rather than mining.
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Many countries around the world have opted for bitcoin mining to increase the total supply of bitcoin. But so far no country has been able to continue mining bitcoin. Because the amount of electrical energy required to mine a bitcoin can be used to purchase two bitcoins with that amount of resources. A few days ago, I saw that Iran has completely stopped mining bitcoin in their country.
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Many countries around the world have opted for bitcoin mining to increase the total supply of bitcoin. But so far no country has been able to continue mining bitcoin. Because the amount of electrical energy required to mine a bitcoin can be used to purchase two bitcoins with that amount of resources. A few days ago, I saw that Iran has completely stopped mining bitcoin in their country.
In part you are right, but not in everything you say. It is true that sometimes it is cheaper to buy Bitcoin than to mine it, but it depends on the country. For example, in Venezuela, the electricity needed to mine a Bitcoin costs $531, and in Iceland it is also very cheap, although I do not have the exact data at the moment. In several countries in South America it is much cheaper to mine than to buy.
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Yesterday a user of a news aggregator from my country, tired of everyone complaining about the electricity consumption of Bitcoin, did a very good data collection:
Bitcoin consumption: 134 TWh
Annual consumption of Smartphones: 5.5 kwh
Units sold in 2020 = 1.3 billion
Total annual consumption: 71.5 TWh
Annual consumption PS4: 120 kwh
Units sold: 115 million
Total consumption: 138 TWh
Annual consumption Xbox 360: 150 kwh
Units sold: 84 million
Total consumption: 96 TWh
The user did not include the consumption of PC gamers for example, nor the consumption of banks worldwide, but I think these data make things very clear. Bitcoin may not consume as much energy after all.
I agree with this data, my friend works in a banking telecommunication company and they spend 532kWh per month, I can't send you a screenshot of this data, because this data is company secret, if we compare it with the electricity consumption of the miners, obviously the calculation is far beyond existing news, it looks like news makers and influecers are trying to bite the miners so that they stop mining.
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Ever since Elon has said that bitcoin uses a lot of electricity, everyone has been talking about mining but earlier it was not an issue. I also appreciate more green energy should be used to mine even many countries have set the target to use green energy. Elon is a big influencer and he should avoid diplomatic statements about BTC. If I plan to mine it is very costly in my country with current charges of the electricity. Mining is profitable only for those who have cheaper electricity otherwise buy a bitcoin is quite cheap rather than mining.
The thing is, Bitcoin mining having a big environmental impact has always been an issue. The world just somehow didn't notice until Musk tweeted about it. Which kind of makes me question his credibility since he hadn't seemed to care about the issue when he initially started pumping Bitcoin and Doge.
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I agree with this data, my friend works in a banking telecommunication company and they spend 532kWh per month, I can't send you a screenshot of this data, because this data is company secret, if we compare it with the electricity consumption of the miners, obviously the calculation is far beyond existing news, it looks like news makers and influecers are trying to bite the miners so that they stop mining.
Thanks for that information. I have been looking for verified data on the electricity consumption of the banks for several days, but as you say that information is not public, or at least it is not public of all banks. But if we take the average monthly consumption that you have said, I think it is very clear that Bitcoin consumes little electricity compared to other things. It seems that the "problem" of the electricity consumption of Bitcoin is only FUD.
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The cost of mining bitcoin less than a year is comparable to the consumption of one small country, someone can say that this is a lot, and someone considers it a little, I believe everything is known in comparison, depending on what to compare, and of course we need to protect our nature and make the right choice.
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Crypto hasn't changed recently... however the degree of power consumption in proof of work blockchains has been put under a microscope by the media recently. It's a bit unfair as there are many other industries that have the same problem but have not been put in the same negative light by the media... for example gold mining requires more energy that bitcoin mining world-wide and most of that gold is used as a store of value (rather than functional parts of electronic circuits let's say). Ultimately cryptocurrency is one of the best things that have happened to the world in forever, so the solution is ultimately to generate the needed power in a more environmentally friendly way and we will get there.
Some folks are upset at Elon Musk for unleashing the power-consumption FUD on the bitcoin / crypto community... but really in time regardless of what it is that takes a lot of energy, as humanity we need to move towards generating that energy in a more environmentally friendly way. The solution is obviously not to stop mining but to make it more eco-friendly... and this is something that we need to deal with, perhaps the recent attention in media to the power consumption will help us get there faster than otherwise.
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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.
I believe that a lot of argument has been made for this issue regarding Bitcoin mining and energy consumption.
From this Reddit article Energy consumption: Bitcoin mining vs Financial banking system] (https://www.reddit.com/r/CryptoCurrency/comments/lvwjis/energy_consumption_bitcoin_mining_vs_financial/)
(https://i.imgur.com/kt7LTjC.jpg)
And Bitcoin's energy use is less than half of banking, gold sectors: report] (https://ca.finance.yahoo.com/news/bitcoins-energy-use-is-less-than-half-of-banking-gold-sectors-report-175813423.html)
(https://i.imgur.com/91HrfqV.jpg)
As you mentioned, they're a lot of argument here that some of the miners are also using renewable energy and why don't they complain about these other sectors that actually consume more energy than Bitcoin mining? The only thing I see here is FUD.
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Bitcoin mining is a complex process. That's why no one can mine it if they want to. The idea is that bitcoin is currently being mined in China. A few days ago, news came out that there was a shortage of electricity in Iceland due to bitcoin mining. Because bitcoin mining consumes a lot of electricity and requires a lot of powerful computer databases later.
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I am a new member of the forum. Forgive me for saying anything wrong. Bitcoin mining and electricity work for each other. One is useless without the other
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Today, Kazakhstan is the most important migration point for Chinese miners. The data show that from 2020, Kazakhstan will produce 106 billion kWh of electricity and consume about 105 billion. There is a small surplus of electricity. Which they want to use for mining.
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Bitcoin mining and electricity are each other's lives. One does not work without the other. It takes such electricity to make bitcoin. You need internet to do that mining.
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One of the negative sides of mining is how it spends electricity. Although there are so many things in the world that use electricity, mining really spend a big amount of electric power. that is why in some countries, mining is forbidden in order to avoid losing electric power so suddenly in the country.
This is what they want people to believe, It has been proven by different researchers on this topic that there are many other aspects of the economy that consumes more electricity than Bitcoin mining.
(https://i.imgur.com/eE2GB9v.jpg) from Yahoo Finance Canada Estimated Annual Energy Consumption (https://ca.finance.yahoo.com/news/bitcoins-energy-use-is-less-than-half-of-banking-gold-sectors-report-175813423.html)
you can see from the image that Banking and Gold consume more energy than Bitcoin mining and I have also read in an article that even Christmas lightings consume more energy than bitcoin mining.
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One of the negative sides of mining is how it spends electricity. Although there are so many things in the world that use electricity, mining really spend a big amount of electric power. that is why in some countries, mining is forbidden in order to avoid losing electric power so suddenly in the country.
This is what they want people to believe, It has been proven by different researchers on this topic that there are many other aspects of the economy that consumes more electricity than Bitcoin mining.
(https://i.imgur.com/eE2GB9v.jpg) from Yahoo Finance Canada Estimated Annual Energy Consumption (https://ca.finance.yahoo.com/news/bitcoins-energy-use-is-less-than-half-of-banking-gold-sectors-report-175813423.html)
you can see from the image that Banking and Gold consume more energy than Bitcoin mining and I have also read in an article that even Christmas lightings consume more energy than bitcoin mining.
For states and their governments, it is absolutely unimportant that there are spheres and areas that consume much more energy than Bitcoin mining. It's just that they don't actually need cryptocurrency, including bitcoin, so the consumption of a significant amount of energy by bitcoin will serve as an excuse for possible measures to restrict its circulation in the future.
Even if bitcoin consumed much less energy, governments would still find another reason to have claims against a decentralized cryptocurrency.
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Bitcoin mining is a complex process. That's why no one can mine it if they want to. The idea is that bitcoin is currently being mined in China. A few days ago, news came out that there was a shortage of electricity in Iceland due to bitcoin mining. Because bitcoin mining consumes a lot of electricity and requires a lot of powerful computer databases later.
Bitcoin mining and electricity which means computers are needed to do bitcoin mining. This computer amal increases on electricity. So what is meant here is not working without a method. Bitcoin mining requires a computer as well as electricity to run the computer.
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Ever since Elon has said that bitcoin uses a lot of electricity, everyone has been talking about mining but earlier it was not an issue. I also appreciate more green energy should be used to mine even many countries have set the target to use green energy. Elon is a big influencer and he should avoid diplomatic statements about BTC. If I plan to mine it is very costly in my country with current charges of the electricity. Mining is profitable only for those who have cheaper electricity otherwise buy a bitcoin is quite cheap rather than mining.
It was not only Elon Musk who spoke about the energy consumption of bitcoin mining. Society has long been raising the topic of global climate change and large volumes of greenhouse gas emissions. If not for this circumstance, then perhaps the consumption of a large amount of energy by the cryptocurrency would not have been paid attention. At the last summit of the G20 countries, it was decided to fight the causes of dramatic climate change on our planet. Of course, states will not infringe on their industries, which are vital for maintaining the state's economy. It is easier for them to pay attention to a cryptocurrency in which they are not interested in principle, even if it does not consume a relatively large amount of energy.
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Gas emissions generated by car users with fossil fuels pose a greater risk to global warming than the use of electricity by Bitcoin miners, some miners use alternative technologies such as wind and sunlight with a battery storage system, although some devices require electricity. stable with fossil fuels but Bitcoin transactions are faster than bank transactions using clearing.
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Gas emissions generated by car users with fossil fuels pose a greater risk to global warming than the use of electricity by Bitcoin miners, some miners use alternative technologies such as wind and sunlight with a battery storage system, although some devices require electricity. stable with fossil fuels but Bitcoin transactions are faster than bank transactions using clearing.
Yeah, I agree bitcoi transaction is faster than bank.
But talking mining, I personally don't agree with this.
I just buy and good and do trading. Not a minner.
Because I think bitcoin mining is high cost.
It's not good for me.
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Talking about bitcoin mining, I personally didn't think about this because very expensive cost.
we must buy equipment mining, and pay electricity cost.
It's not profitable for me, better do trading. Yeah day trading we can gain profit every day.
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Just as Internet banking is required for Internet banking, in the same way electricity is required for Bitcoin mining, without electricity Bitcoin mining is not possible.
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Just as Internet banking is required for Internet banking, in the same way electricity is required for Bitcoin mining, without electricity Bitcoin mining is not possible.
Yeah, electricity always be needed at mining and other.
I agree with you, Without electricity we cannot do online transaction and mining.
It's really important.
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Just as Internet banking is required for Internet banking, in the same way electricity is required for Bitcoin mining, without electricity Bitcoin mining is not possible.
Yeah, electricity always be needed at mining and other.
I agree with you, Without electricity we cannot do online transaction and mining.
It's really important.
Maybe it will happen until for several years again, we always need electricity to do online transaction.
As you said.
But talking electricity in bitcoin mining we must pay high cost
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Bitcoin mining is always depending on electricity, We must pay more.
I think It's not profitable or not suitable for me.
Because I didn't have .pre money to do that.
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I read a news a long time ago that bitcoin mining requires a lot of debt. Because Bitcoin mining requires a lot of electricity which affects a country. When doing Bitcoin mining, it can be seen that additional electricity is consumed so that there is no profit in Bitcoin mining.Rather, the country has to be in a loss, so most of the countries are in a lot of trouble with electricity for Bitcoin mining.
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Huge electric power is always needed to do Bitcoin mining, everything will be calculated based on how many units of mining equipment you have.
If the mining equipment requires an overall power supply of 350Kva (this is a lot of power to power at least 10 AC units with 20pk capacity) then miners spend around $4500 usd / month powering all the units.
In my opinion, this number is still small compared to several large manufacturers that have large-scale machines to operate production machines
You're right, high electricity power is always needed to do bitcoin mining.
We must pay more cost nd we all see at several country bitcoin mining has been blocked.
The government didn't allow this and said It's not good for environmental
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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.
If you talk about free electricity, I think It's impossible.
Because electricity is always being needed at mining and also online transaction.
For mining , we must pay very expensive, also must buy equipment to do that.
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Mining bitcoin need special ASIC ( application specific integrated circuit ) is used and it use a lot of electricity , i knows that mining with ASICs is not every one work and not even works on homes because only one ASIC takes 3000 watts of electricity which way higher than anything on home , Therefore these machines is not suitable for home if you want to mine other coins then there are so many low power miners .
Thanks
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Now it is quite difficult to find free electricity for bitcoin mining and it is problematic to mine it now, of course large companies can engage in bitcoin mining.
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Due to the current economic crisis caused by the coronavirus pandemic, further dramatic climate change and the consequences of Russia's war of conquest in Ukraine, the attitude of states towards the mining of cryptocurrencies using the PoW algorithm may change. The high energy consumption during the mining of such cryptocurrencies, and above all bitcoin, has long been pointed out by some high officials of states and organizations for the protection of the environment. A winter is approaching, which will be very difficult for European countries due to their reorientation from Russian energy resources to alternative ones. After all, their long-established supply chains have been disrupted, and their change causes certain difficulties. Therefore, bitcoin can quite realistically fall out of favor with states.
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Due to my economic I won't consider the price of electricity to be a problem. The electricity fee in my country is quite cheaper than most and that's why I still earn pretty well from mining.
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Bitcoin mining is a very great decision but the mining needs the electricity if you are interested to start the mining then you need to install the solar panels and through that you need to start the mining but if you start the mining through electricity then you pay a huge amount of electricity bills and this time the solar panels are the best for the mining because its a one time investment and best for us because through this we can save our electricity.
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Bitcoin mining is a very great decision but the mining needs the electricity if you are interested to start the mining then you need to install the solar panels and through that you need to start the mining but if you start the mining through electricity then you pay a huge amount of electricity bills and this time the solar panels are the best for the mining because its a one time investment and best for us because through this we can save our electricity.
You're right, we must pay Hugh amount of electricity bill.
It's very expensive to do mining.
As a Little investor and trader, I just do trading and investing in top coins.
But didn't mining
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Bitcoin mining is good way to gain profit, but it's very expensive to do.
We should buy equipment and pay electricity cost.
I personally prefer in holding and trading
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Now it is quite difficult to find free electricity for bitcoin mining and it is problematic to mine it now, of course large companies can engage in bitcoin mining.
I don't know if there was ever free electricity for bitcoin mining :) even those using solar power need the first capital for that installation and subsequent maintenance. So mining is something that is needed for the Network but is quite expensive and only people and organizations with medium to deep pockets can engage in mining.
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Now it is quite difficult to find free electricity for bitcoin mining and it is problematic to mine it now, of course large companies can engage in bitcoin mining.
I don't know if there was ever free electricity for bitcoin mining :) even those using solar power need the first capital for that installation and subsequent maintenance. So mining is something that is needed for the Network but is quite expensive and only people and organizations with medium to deep pockets can engage in mining.
nothing is free to start Bitcoin mining it's just that there might be electricity at a very cheap price and it happens that several countries that are polar are also often used as places to mine bitcoin because with cold temperatures there is no need to buy high amounts of coolers, electricity that is need in the country of El Salvador is also cheap to do Bitcoin mining.