Quote from: datguyian on June 03, 2021, 03:51:39 PM

Quote from: Abiky on June 02, 2021, 05:24:47 PM

Quote from: romero121 on May 31, 2021, 05:21:50 AM

Energy consumption is much into discussion these days, and the big controversy is now once again getting shattered by Elon Musk. It is also stated that, banks now consume more power than the bitcoin and other cryptocurrencies. With time, efficiency is getting achieved on bitcoin mining equipments. Based on this I don't think energy consumption will set to be a big issue in the future.

Exactly. I don't get what the big deal is about Bitcoin's energy consumption, when existing financial institutions consume more energy than Bitcoin on a daily basis. It's all failed attempt to spread FUD in order to lure people away from Bitcoin and cryptocurrencies in general. Bitcoin can be much greener than what it is right now, if miners rely on alternative energy sources. Imagine how Bitcoin would benefit the environment if most ASIC machines relied on solar or wind energy. With how fast our world is changing, we might see this become a reality sometime in the future. Since PoW is the most secure (and decentralized) consensus algorithm to date, it's hard to believe Bitcoin will switch to PoS anytime soon. On the contrary, Bitcoin will remain as a PoW cryptocurrency while the rest of the altcoins will switch to PoS in order to "tackle" the high energy consumption. Ethereum will switch to PoS, and other PoW-based cryptocurrencies will follow as the PoS hype comes into fruition. I wouldn't worry about Elon Musk abandoning Bitcoin in favor for another altcoin, as long as the pioneer cryptocurrency as some loyal supporters behind it. Just my opinion

There are reports saying that 76% come from renewable energy for Bitcoin, but only 39% for other coins that are PoW. If others switch to POS anyway and Bitcoin increases its renewable energy mining even further, I don't see the energy consumption turn into a problem.

the problem they point out is that the energy that the miners consume boils the ocean because it causes global warming. but we all know this is just a fud.

they thought the higher the energy cost for mining BTC the higher its value. if you think about it, miners not selling their coins in loss because of their bills, then it's how things work. the rate of electricity is regulated by the government. but whatever argument will be, BTC will be valuable. either mined by renewable energy or not because BTC has demand for it can't be confiscated.