No bitcoin is not going to ruin our planet within the next couple decades
Bitcoin is not likely to ruin our planet within the next 20 years.
A recent scientific report came out saying that bitcoin was going to ruin our climate and therefore our planet, within the next couple decades due to its energy consumption.
The report pointed out the large amount of energy the bitcoin network consumes, specifically through its proof of work mining algorithm.
Based on the current mining environment, researchers were able to extrapolate and came up with a very disturbing conclusion.
Their conclusion was that if the current energy consumption continues and bitcoin catches on in a major way like may investors believe it will, the energy consumption could result in something like a 2 degree C rise in global temperatures.
Which, according to scientists, is just above the threshold that would cause devastating effects globally to our climate.
More about it can be seen here:
Interesting, but not so fast...
The thing the researchers seem to have ignored and only briefly mentioned is the current fuel types that are used to generate this electricity.
Currently much of the mining is being done in China where the carbon foot print is very large.
However, there has been a much stronger push lately for more renewable and greener sources of electricity.
Hydroelectric dams have become very popular as well as large solar mining operations.
Which means the numbers that they used in their report are likely meaningless because mining will likely continue to go the renewable and greener route in the future.
Which means...
Their entire thesis gets thrown out the window.
(Source: https://greenyflat.com.au/dec-8-2017-bitcoin-climate-disruption/)
Conclusion:
The current source of electricity for much of the bitcoin mining is leaving a large carbon foot print.
However, that is already changing and likely to keep changing in the near future.
It is already moving to more renewable sources.
Which means, no bitcoin is not going to ruin the planet in the next couple of years.
It makes for a good headline though doesn't it?!
Stay informed my friends.
Image Source:
https://www.cointelligence.com/content/bitcoin-mining-contributes-to-climate-change/
Follow me: @jrcornel
There are already superior alternatives to Bitcoin.
Computationally, economically, environmentally, fundamentally.
Why stick to past technology?
Why not take the good attributes that Bitcoin has and that are also available in a few of its alternatives, and leave Bitcoin and its community with the bad attributes which they are hell bent on retaining?
Bitcoin is basically just software. It can be upgraded and improved upon. 1st mover and name recognition apparently have been monumental in this industry. Either way though, whatever bitcoin doesn't do currently, it could in theory do at some point later on.
This comment has received a 71.43 % upvote from @steemdiffuser thanks to: @atempt.
Bids above 0.05 SBD may get additional upvotes from our trail members.
Get Upvotes, Join Our Trail, or Delegate Some SP
You got a 100.00% upvote from @sleeplesswhale courtesy of @atempt!
Crypto currency would be good in every run , long short and medium term I am with you
Not sure exactly what you are saying here, but it sounds like it is good so I am with you!
Bitcoin is actually going to do the opposite. It allows anyone in the world to farm renewable energy and not have to worry about selling that energy to anyone.
People are finding more and more creative ways to get around the cost of Bitcoin. One such way is putting the heat lost to good use.
Yes they didn't factor in efficiencies increasing, like they always do with new technologies.
It's a common misconception that 'more transactions' == 'more energy'
That is good news @jcornel 👍
I don't expect to see too many headlines mentioning this though. Facts don't sell as well as fear.
You gives a good information. I am do this. Thanks
I think the researchers are not well informed or should I say they need to do a lot of research about their topic before they do any write up. They seem to not even have a clue of where the whole Bitcoin mining industry is going. Just another naysayers trying to paint Bitcoin Black to world.
Fear sells and the media runs with it.
Bitcoin will save our planet from outdated and corrupt banking, not ruin it.
Bitcoin is a different mechanism of corrupt banking.
You should thank its alternatives for the reduction in its fees.
I believe that the last reduction is only temporary.
[See my comment for more:]
(https://steemit.com/bitcoin/@atempt/re-jrcornel-no-bitcoin-is-not-going-to-ruin-our-planet-within-the-next-couple-decades-20181031t164133759z)
This comment has received a 41.67 % upvote from @steemdiffuser thanks to: @atempt.
Bids above 0.05 SBD may get additional upvotes from our trail members.
Get Upvotes, Join Our Trail, or Delegate Some SP
You got a 100.00% upvote from @sleeplesswhale courtesy of @atempt!
Ha, that is a very good point. Where are those headlines?!
True.
Very funny...
Unfortunately nobody talking about the energy consumption of regular financial institutes, ATMs, microseconds-trading and so on...
But BTC ruins the planet... for sure :-)
But in fact, for other reasons it is time to change from BTC.
BTC was a nice "proof of concept". we have much better coins nowadays!
I remember reading that the world's global ATMs use far more electricity than the bitcoin network does currently.
True the energy consumption of the financial institutes is exstreme compaired to the bloclchain use.
That doesn't fit their kill bitcoin agenda though does it?!
It's possible that eventually most mining will be done on solar powered satellites, saving us from the power burden and the risk of a distopian internet shutdown. Either way, btc is likely to Save our planet not ruin it.
Cheers
Solar powered satellites? How will that work?
Like magic!
lol, idk... but there are numerous icos and projects in the 'Space'.
I see what you did there, very clever. :)