With the price of the Bitcoin rising, fears are mounting that the mining centers are consuming too much electricity (to the extent that some call it an environmental disaster).
Smari McCarthy of Iceland's Pirate Party says"We are spending tens or maybe hundreds of megawatts on producing something that has no tangible existence and no real use for humans outside the realm of financial speculation"[1]
Although the main use of Bitcoin is not speculation, [for example, in some countries, bitcoin used to request medicine and food from outside of the country because of local currency problems] however, the consumption of this amount of electricity is not justified.
If electricity consumption is the problem, why miners do not focus on renewables?[for example, In Iceland, electricity supplies from renewable sources are so abundant that they can be distributed free of charge][2].But if the use of bitcoin mining from renewable sources increases, does that threaten the future of energy? "We will not have enough energy for future generations"
Source:
#1 https://arstechnica.com/tech-policy/2018/02/in-iceland-bitcoin-mining-will-soon-use-more-energy-than-its-residents/
#2 https://www.ecowatch.com/iceland-worlds-largest-clean-energy-producer-per-capita-1882105880.html
Smari McCarthy of Iceland's Pirate Party says"We are spending tens or maybe hundreds of megawatts on producing something that has no tangible existence and no real use for humans outside the realm of financial speculation"[1]
Although the main use of Bitcoin is not speculation, [for example, in some countries, bitcoin used to request medicine and food from outside of the country because of local currency problems] however, the consumption of this amount of electricity is not justified.
If electricity consumption is the problem, why miners do not focus on renewables?[for example, In Iceland, electricity supplies from renewable sources are so abundant that they can be distributed free of charge][2].But if the use of bitcoin mining from renewable sources increases, does that threaten the future of energy? "We will not have enough energy for future generations"
Source:
#1 https://arstechnica.com/tech-policy/2018/02/in-iceland-bitcoin-mining-will-soon-use-more-energy-than-its-residents/
#2 https://www.ecowatch.com/iceland-worlds-largest-clean-energy-producer-per-capita-1882105880.html
Bitcoin consumes a lot of electricity today, but I think that any large bank consumes electricity many times more. In banks, a lot of buildings, computers, ATMs, servers and all this consumes electricity around the clock. If the crypto currencies in the future will be widely used, then many banks will close and the electricity deficit will end.
Bitcoin consumes a lot of electricity, but not so much to have the power to destroy the planet. In the future, it will not consume more electricity than now, as Bitcoin will never be used as a currency and we all understand it. The reason is that Bitcoin has a problem with the speed of transactions. I think that this problem will not be solved in the future. Bitcoin is a means of saving money, for example, like gold. Exaggerations that bitcoin consumes a lot of electricity comes only from those people who hate bitcoin. If we take all the computers of the world, we will understand that they consume too much electricity. Let's all throw out all our gadgets, stop using electricity, we'll cook at the stake, we'll dress skins, live in caves, so that there will be no electricity deficit. It's all nonsense. If there is not enough electricity in the future, people will start using alternative sources of electricity, and if no one uses them today, it means that everyone has enough electricity.