Quote from: Vaskiy on June 05, 2021, 10:32:25 PM

Quote from: Gatorelf on June 05, 2021, 09:51:51 PM

Quote from: bounceback on June 05, 2021, 09:43:27 AM

After Elon Musk's tweet about energy consumption, why do many people think that only bitcoin consumes a lot of energy, but if we compare it to industrial factories around the world, bitcoin consumes very little energy because bitcoin mining factories exist in only a few countries, whereas factories industry already exists throughout the country.

People are aware there are more than one mined cryptocurrency just as there is more than one bank competing for consumer business. Now that there are crypto's competition for market share cryptos such as Nano may start capturing a little more of the market. BTC will continue to get the Lions share for many more years as it was the first, is well weathered and has the name.

Quote from: perfect999 on June 05, 2021, 03:09:11 PM

Quote from: Gatorelf on May 17, 2021, 04:37:16 PM

Just as people moved from gasoline powered cars to electric will investors also move from bitcoin to ecofriendly alts?

I don’t really think so. But yes a lot of people don’t like that bitcoin consumes a lot of energy, and for sure there are going to be people who are going to leave Bitcoin to go for all those greener altcoins, but that is not the end for Bitcoin. If you have been reading the news or doing research about bitcoin mining, you’re going to know that a lot of mining companies now are starting to move to mining Bitcoin with renewable energy source. I know of a company that 95% of their mining is with renewable energy, and then 5% is from nuclear.

I think at the very least we will start seeing some diversification into established coins using POS as regardless of the sources of energy its vastly less than POW

By the time it is a must to think of the scenario without POW. Such a scenario isn't possible, because majority of the POS coins gets tied to the POW in some form and there is massive dependence. The better solution is the production of energy efficient hardware equipments.

But I am a bit overwhelmed by the implications from a game theoretical perspective: mining is nothing but a competition for the next block reward/transaction fees. If we have more efficient hardware available for anyone, which it should be for the sake of decentralization and to avoid monopolistic mining, how then would that lead to a greener Bitcoin? Everyone could just buy the same mining hardware. Either more efficient mining hardware, which is probably more expensive, or less efficient hardware but more of it. Isn't in the end always the price of Bitcoin which dictates the carbon footprint in quite a direct way?