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Author Topic: Bitcoin mining and electricity  (Read 8815 times)

Anonylz

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Re: Bitcoin mining and electricity
« Reply #105 on: August 01, 2021, 01:24:39 PM »
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.
from Yahoo Finance Canada Estimated Annual Energy Consumption
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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Re: Bitcoin mining and electricity
« Reply #105 on: August 01, 2021, 01:24:39 PM »


Astra

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Re: Bitcoin mining and electricity
« Reply #106 on: August 01, 2021, 06:13:43 PM »
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.
from Yahoo Finance Canada Estimated Annual Energy Consumption
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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Re: Bitcoin mining and electricity
« Reply #106 on: August 01, 2021, 06:13:43 PM »
:)

Phython

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Re: Bitcoin mining and electricity
« Reply #107 on: August 01, 2021, 06:14:34 PM »
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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Re: Bitcoin mining and electricity
« Reply #108 on: April 23, 2022, 07:04:33 PM »
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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Re: Bitcoin mining and electricity
« Reply #109 on: April 23, 2022, 07:55:38 PM »
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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Anak Mantu

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Re: Bitcoin mining and electricity
« Reply #110 on: April 25, 2022, 01:33:14 PM »
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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Anshor

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Re: Bitcoin mining and electricity
« Reply #111 on: April 26, 2022, 04:59:40 PM »
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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Re: Bitcoin mining and electricity
« Reply #112 on: April 27, 2022, 02:13:18 PM »
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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Re: Bitcoin mining and electricity
« Reply #113 on: September 16, 2022, 03:09:09 PM »
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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Re: Bitcoin mining and electricity
« Reply #114 on: September 16, 2022, 05:37:40 PM »
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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Re: Bitcoin mining and electricity
« Reply #115 on: September 18, 2022, 03:39:15 PM »
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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Re: Bitcoin mining and electricity
« Reply #116 on: September 19, 2022, 07:45:48 PM »
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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Re: Bitcoin mining and electricity
« Reply #117 on: September 20, 2022, 09:43:20 PM »
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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Re: Bitcoin mining and electricity
« Reply #118 on: September 22, 2022, 08:57:38 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.

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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Re: Bitcoin mining and electricity
« Reply #119 on: September 23, 2022, 03:18:48 AM »
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 .
                   
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