Quote from: wintermeasures on June 08, 2016, 02:34:16 AM

I think in the future you will no bitcoin mining tools are more sophisticated and power-saving course. Because of the growing popularity of bitcoin there will be more innovations to develop mining hardware, and of course in 2020 you will use less electricity to mining

hehe
Just my opinion, Thank you

NOPE. By design the Bitcoin network will use as much power as it can afford. More efficient mining equipment does not change the amount of energy consumed.

Quote from: groll on June 08, 2016, 08:07:40 AM

Yeah that would happen cause the hardware mining are continuing its production, Many will try to mine bitcoins by hardware miners, The energy will decrease because many miners are using hardware

Wrong again. Power consumption is driven by only one thing: price. The energy used will go up if the price goes up. The only thing that will reduce the amount of energy consumed is a decrease in price.

Quote from: Rubberduckie on June 08, 2016, 10:04:26 AM

Im hoping by 2020 the machines (asics) are using very little power so
everyone can mine coins

being in california I had to stop because power was so expensive I was
losing money.

Wrong again. You will never be able to make a profit mining no matter how efficient the mining equipment becomes unless you are the only one with access to the more efficient equipment. If everyone has access to the more efficient equipment then those with the cheaper power will make a profit and those, like yourself, with more expensive power will always lose money.

Sorry.

Quote from: Cashew on June 08, 2016, 10:09:50 AM

Denmark is a very small country, so not very alarming. Freedom as a cost. And can you remember how many electricity banks are consuming just with all the ATMs by the World ? That's just another anti-Bitcoin argument without any base.

Kind of. Since the power consumption is driven by price there is a price at which the power consumption would become excessive.

https://bitcointalk.org/index.php?topic=694401.0

For example if BTC were to go to $500,000 in this era it would cause a catastrophic mining bubble:

$500,000 x 25 = $12,500,000 per block = $75,000,000 per hour

$75 million per hour would drive the mining to attempt to use 675 GW. This is about 30% of all the power generated on the planet.