Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: coinhunter on October 19, 2017, 11:43:04 PM
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I heard john Mccafee saying that mining 1 bitcoin costs 1000 USD. Isn't that a bit too high ?
I don't think consuming 1000 $ of electricity per bitcoin is very environmental friendly.
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Yes it is, and really what kind of progress is this, if we are still harming the environment?
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nice
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Yes, it's possible that Bitcoin is not environmentally friendly, but at the moment it has no alternative. The technological process does not stand on one place and is constantly developing. I believe that Bitcoin will be improved in the future and become more environmentally friendly.
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that was why many people made a discussion about turning it into POS or something like that.
but it got denied by many people because it could bring the price down to the bottom.
until now,we do not have nothing to change it and make it even better.
even though it cost a lot and unfriendly to our environment,nobody can stop it.
at least for now it's too precious,or i should say that it's comparable to any precious metal.
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Regular banking transactions also consume electricity, and they likely require way more than bitcoin does. Banks have to have employees, servers, lots of things that require electricity. Employees need to drive to work. Employees and Servers need air conditioning. There's tons of opportunity costs there as well. If it takes electricity only to verify transactions through bitcoin, the entire process can be done with clean energy as well, you can't say the same with banking. Banks require employees, and each human being has a carbon emission cost. Bitcoin may use lots of energy, but so does regular banking transactions. It's kind of backwards to bitch about bitcoin and how much energy it costs if you don't also compare it to how much power banking already costs.
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I also heard in that nominal. However, that is the mining fee and later, it will rise again and again regarding to the numbers of the Bitcoin to be mined approximately. In my opinion, mining precisely needs the high capitals to make it. However, higher your capital, higher your mining earnings. SO, if you want to mine more BTC, just take that risk to pay more fees.
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the most powerful and the most expensive currency.
Mother of all coins should be so.
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The production of 1 BTC is really expensive and in some countries the cost can be even greater. The fact is that mining equipment ensures the stability and security of the entire Bitcoin network. I think that for example the banking sector, Visa/Mastercard service costs more than Bitcoin's network service and involves more people than Bitcoin.
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I heard john Mccafee saying that mining 1 bitcoin costs 1000 USD. Isn't that a bit too high ?
I don't think consuming 1000 $ of electricity per bitcoin is very environmental friendly.
Yes, I think It is very expensive. I prefer participate in bounty program and airdrop. It is more profitable.
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if I can compare then we will see a comparison with FIAT Bank.
Bank FIAT: requires servers, computers in every office, internet, ATM electricity, print paper for savings books, employee salaries, electric air conditioners etc.
Bitcoin: computer, electricity and internet
the result?
(please answer yourself) LOL
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if I can compare then we will see a comparison with FIAT Bank.
Bank FIAT: requires servers, computers in every office, internet, ATM electricity, print paper for savings books, employee salaries, electric air conditioners etc.
Bitcoin: computer, electricity and internet
the result?
(please answer yourself) LOL
Did you see how many jobs created by the bank industry? Can you imagine how many peoples affected if that industry collapse?
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Did you see how many jobs created by the bank industry? Can you imagine how many peoples affected if that industry collapse?
yes, there are certainly lots of countries destroyed if Bank Collapse.
because all banks in the world play an important role in their respective state finances.
if Bitcoin is held by the owner only.
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Mining generally is expensive and not profitable except if you are mining from a pool . Investing Bitcoin gives a better profit.
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Did you see how many jobs created by the bank industry? Can you imagine how many peoples affected if that industry collapse?
I can't imagine when it all happened.
there may be riots everywhere when the Bank collapses.
my hopes don't happen like that, let Bitcoin and Bank run side by side.
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Regular banking transactions also consume electricity, and they likely require way more than bitcoin does. Banks have to have employees, servers, lots of things that require electricity. Employees need to drive to work. Employees and Servers need air conditioning. There's tons of opportunity costs there as well. If it takes electricity only to verify transactions through bitcoin, the entire process can be done with clean energy as well, you can't say the same with banking. Banks require employees, and each human being has a carbon emission cost. Bitcoin may use lots of energy, but so does regular banking transactions. It's kind of backwards to bitch about bitcoin and how much energy it costs if you don't also compare it to how much power banking already costs.
Definitely true, there's really no process on earth that doesn't leave some sort of imprint. I think the cost of mining atleast in Bitcoin's case is worth the extra levels of security and decentralization that it brings... and where that energy comes from is still possible with renewable resources.
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Did you see how many jobs created by the bank industry? Can you imagine how many peoples affected if that industry collapse?
I can't imagine when it all happened.
there may be riots everywhere when the Bank collapses.
my hopes don't happen like that, let Bitcoin and Bank run side by side.
I also think if bitcoin and banks will go hand in hand, and not drop each other ...
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I heard john Mccafee saying that mining 1 bitcoin costs 1000 USD. Isn't that a bit too high ?
I don't think consuming 1000 $ of electricity per bitcoin is very environmental friendly.
Yes I think It is very expensive, If you do mining. I personally prefer in bounty program, It is more profitable.