Bitcoin Mining on Track to Consume All of the World’s Energy by 2020

>The network that underpins the virtual currency bitcoin is projected to require all of the world’s current energy production in order to support itself within three years, according to estimates.

>Analysis of how much energy it currently requires to mine bitcoin suggest that it is greater than the current energy consumption of 159 individual countries, including Ireland, Nigeria and Uruguay. The Bitcoin Energy Consumption Index by cryptocurrency platform Digiconomist puts the usage on a par with Denmark, consuming 33 terawatts of electricity annually.

digiconomist.net/bitcoin-energy-consumption

>The bitcoin network’s energy consumption has increased by 25 percent in the last month alone, according to Digiconomist. If such growth were to continue, this would see the network consume as much energy as the U.S. by 2019, and as much energy as the entire world by the end of 2020.


newsweek.com/bitcoin-mining-track-consume-worlds-energy-2020-744036

Other urls found in this thread:

youtube.com/watch?v=jW55cViXu6s
youtube.com/watch?v=KTf5j9LDObk
goldmansachs.com/our-thinking/pages/blockchain/
steemit.com/bitcoin/@decentro/satoshi-nakamoto-a-comprehensive-translation-of-an-enigma
en.wikipedia.org/wiki/Planned_obsolescence
twitter.com/SFWRedditGifs

I think wars will be fought over bitcoin in the future.

Bitcoin is crashing right now.

Bullshit. How the fuck would you produce that many computers to consume all that electricity in just three years?

ye, we will definitely close one of the biggest energy eating industry, the ammonia production. 'ALL' of the worlds energy is going into bitcoin fosho.
>stop being retarded

Is this the dumbest article ever written?

Finally a reason to build a dyson sphere
youtube.com/watch?v=jW55cViXu6s

Very inefficient computers

this doesn't make any sense, all theses resources used for something that has no quantitative value

>when you burn millions of tons of coal for digital game tokens

that's what (((they))) want you to think

im buying 500$ worth tomorrow

i wonder if the article questions that eventually people will stop mining because it will cost too much money

Jew insider here: They will crash at around 100K bucks. Until then you are pretty safe.

Its just about as immaterial as in-game gold from WoW

Then the difficulty will drop.
Then it becomes easier, and profitable again

Why do people that don't know anything about the subject offer their worthless opinions?

Coiners are deluded if they think the international financers will let Bitcoin live. Can't wait for the bankers to sell their huge supplies if bitcoin, crash the bubble, turn off their mining farms and giggle as coiners freakout unable to sell their coins which are losing their value by the second.

>consuming 33 terawatts of electricity annually
Just ban journalism already.

The point is that it will hit a ceiling when mining becomes to energy expensive.
And when there is no mining anymore there won't be any transactions because that's what mining is for.
Ergo bitcoin is dead in a few years.

>Then the difficulty will drop.
Why would the difficulty drop?

Only hundreds of thousands of times less energy efficient.

Because you need mining in order to make new transactions and if nobody is mining the whole thing is worthless.

Keeping a chink gold farmer alive and motivated costs more.

Exactly. But the difficulty is designed to be always increasing. It's designed to be a geometric series.

>and if nobody is mining the whole thing is worthless.
But that doesn't give you any incentives to mine for yourself. It's in the overall interest that there are mining operations taking place but not in the individual interest.

Your individual interest is that you get part of the cookie.

>bitcoin consumes all world energy
>india becomes superpower

the individual interest is that you get rewarded with new bitcoins for your contribution to mining, but at a point it becomes unprofitable to mine.
The current bubble has made it super profitable to mine but the more transactions it has also generated is making it harder to mine.
Essentially, when the bubble bursts and it becomes unprofitable to mine, bitcoin will be frozen, transactions will take way too long to process and will make the currency useless.

Not only that but Bitcoin is capped at a maximum number of units, so mining earns you less and less BTC until all the coins are mined

There is no fucking way there will be that much bitcoin mining.
That said, I think how bitcoins are earned are stupid. You have your computer running balls to the wall using real energy and resources doing complex problems mining imaginary ore. Something just doesn't seem right here.

this is just fear mongering trying to make bitcoin illegal

If there is it will only be for a brief period until all the BTC are mined

>There is no fucking way there will be that much bitcoin mining.
IT LITERALLY CANT STOP GROWING

It's a nice driving force by itself, along with tensor flow, bitcoin mining is draining a lot of stock off the shelves for graphics cards, which is great because now that they can diversify the market it won't cause price inflation for shader-oriented cards vs node-oriented ones

Honest question, what happens when all bitcoins are mined? Over time some get lost or forgotten orndeleted on accident, so fewer bitcoins are available.

Bitcoin is THE cryptocurrency

We will have to see what the demand is when the supply begins to dwindle

a sack of rice and a doorknob in a sock respectively.

>greater than the current energy consumption of 159 individual countries, including Ireland, Nigeria and Uruguay.

My fucking toaster uses more energy than all of Nigeria. How is this a relevant metric?

I don't know there's probably some guys with like five Vega's in his basement running.

bitcoin per-block reward halves every 210k mined blocks. after a while, it'll converge to 0, after which when a block is mined, the miner only gets the transaction fees

>Honest question, what happens when all bitcoins are mined?

You 'mine' a transaction by solving crypto puzzles - essentially the process is about verifying a transaction. If nobody is mining, transactions aren't being declared kosher, market becomes uncertain. I think the difficulty of the puzzles is suppposed to be able to come down to incentivize mining, given how important it is to maintaining the market.

BTC is capped at 21M coins as well. At some point people are going to dump a stockpile, and I think a lot of the 'panic' news is designed to make more flighty, and less knowledgeable, investors panic dump their stock at around $20K to knock it down a bit (investor panic).

Most industries turn electricity into wealth, but they also need other elements such as invention, other energies such as manpower, and raw materials.
Bitcoin turns electricity into wealth, but it also needs processing power.
If turning energy into bitcoin is more profitable than producing something else, business will turn into it, but this value can't rise indefinitely because people can't eat bitcoin, dress it or live in it, so it will eventually balance itself among other needed commodities.

And people said that we don't need to build the site C dam. Who's laughing now envirotards?

if tons of miners (China) stopped mining within 2 weeks the difficulty would tank and it would require less power to compute transactions. good luck convincing them to stop

Build more nuclear plants

Can't make power without White man.

Doesn't that mean it will be abandoned?

Like it was crashing two weeks ago. And two weeks before that.

Bill Priestap

youtube.com/watch?v=KTf5j9LDObk

>power demands go up
>power costs go up
>less miners
>less coins
>price of coins go up

I'm good.

we should see if we could build hydroelectric dams with mining rigs built into them

Make a shit ton

yup

>Implying that wasn't the plan all along

No crypto, no energy for you. Of course there will be successful although coins, but it'll be the same whichever crypto is boss.

>Your individual interest is that you get part of the cookie.
But that part of the cookie must be worth more than the energy I paid for the mining process.
And at some point it won't. See:

>Essentially, when the bubble bursts and it becomes unprofitable to mine, bitcoin will be frozen, transactions will take way too long to process and will make the currency useless.
That's exactly what will happen. I've no idea how bitcoin exchanges wil work then. Are they just going broke?

>newsweek

stop posting this fakenews website

buoys connected to lever that cranks turbine in choppy water.

water wheel generators on sides of rivers

>consuming 33 terawatts of electricity annually
uwotm8
That's not how watts work.

bitcoin will be dead soon enough

That's not how it works idiot

Woops. We didn't think that through eh?

Pump and dump scam using the Bitfinex exchange and Tether. This shit is going to crash like you have never seen before.. MtGox x 1000.

Newsweek is just communist propaganda, of course they hate seeing proles get ahead with crypto.

Why would they do that? Makes no sense.

Congrats you have figured out the point of the propaganda.

>on track
The statisticians they got for this should be fired. Just like the ones who said we'd have 15B people on the planet by 2010 or that the whole USA would have worse air pollution than Shanghai by 2020.

Notice a trend? Fear mongering.

It's all just setting the stage for digital fiat one world currency

>itt a large number of people who don't realize that mining does not scale with btc use or adoption
current mining is sufficient processing for all of btc's lifetime. the reason mining is growing is be cause of the profitability of it, not the necessity.

YASS QUEEN

SATOSHIS WORLD NOW

Says increasingly nervous man for the millionth time this year.

They will address the transaction issue with a hard fork sooner than later

No way man globalization is just a conspiracy theory.

The fact it is all happening right now it just a huge coincidence goy.

I'm a electrical engineer and this shit made my head hurt worse than the solar roadways bullshit.

Eh, economics dont work this way.

>Uses more electricity than 159 different cunts
>lists countries which use less power a year than i do when i microwave a hotpocket
Lol

Was newsweek always so slanted?

I mean I recall that used to hand out copies of it in school for fuck sake.

They probably won't "let bitcoin live". But they are already trying to take over blockchain technology:

goldmansachs.com/our-thinking/pages/blockchain/

>the future machine world uses bitcoins for transactions
>needs tons of energy to mine
>farms humans for energy
>the matrix is born

>doesn't realize that bitcoin has been under cyber attack since inception
>doesn't understand that blockchain is a technology not a brand name so it can't be taken over

It's only inefficient because it has limited tx capacity. Bitcoin Cash is the true Bitcoin.

>implying btc could never be hacked

you realize that miners are the ones that make bitcoin transactions possible? what's more likely, that bitcoin crashes or that bitcoin mining is using as much energy as the entire USA in a few years?

>If such growth were to continue
Does the article have a graph that just increases at 45 degrees on into infinity?

lol i sent bitcoin out yesterday, and still only have 16 peers reviewed.

reminder that (((they))) are literally trying to kill us and use up the globes resources right before they escape to mars and leave us behind unable to follow.

litecoins are better than both, but bitcoin has precedence and will be the most relevant

No, it means bitcoin is close to its limit and subsequent death. Other cryptos will remain.

>You have your computer running balls to the wall using real energy and resources doing complex problems mining imaginary ore. Something just doesn't seem right here.
that's not how it works, dipshit. each block has a hash, the computers crunch numbers trying to find the hash that fits and when they do, it solves the block which means the transactions on the block are processed. the group or individual that completed the transactions through solving the block are rewarded with bitcoins.

>implying bitcoin hasn't been attacked thousands of times because it has a literal 100 billion USD security bounty

>Bullshit. How the fuck would you produce that many computers to consume all that electricity in just three years?

Very efficiently. All you really need is a very very large resistor plus a fan.

"Satoshi Nakamoto" is a clever pun. It's a construct created by banking & intelligence. Not a real person.

steemit.com/bitcoin/@decentro/satoshi-nakamoto-a-comprehensive-translation-of-an-enigma

Bitcoin was a test to see what people and markets would do with this new thing called cryptocurrency. The technology (bitcoin) is designed to fail, however.

en.wikipedia.org/wiki/Planned_obsolescence

It's designed to waste too much energy, be too expensive to move around when the price rises, be too slow to ever be used as a real medium of exchange, and since it isn't administered by a central authority, it will fork itself to death as people can't agree on technical updates. We got our first taste of this in August, and we'll see more forks soon.

Crypto isn't going anywhere, but BTC was not created to last.

If you want to know where you should be investing when it comes to crypto, find out which ones the banks and financial institutions are investing in...

> inb4 being called a jew and told to 'fuck off shill'
> inb4 you post the above ironically

What the fuck does that even mean?

That's pure bullshit

>bitcoin was created to get the site C dam approved

Keep in mind money at this point is just some digits in a computer file, and we kill people to get our hand on that.

Is there a regular ticker that I can invest in that will be like investing in buttcoin?

Which means that bitcoin is going to cause a revolution in energy technologies. Get ready for limitless free power

>The year is 2020
>People realize bitcoins worth is only what faith other people have in it like all other fiat trash.
>Other people make knock off coins with just as much "muh scarcity" which garner a lot of attention
>They then realize those other coins are also based on useless faith.
>People who have gold can still buy things while merchants refuse to accept a currency backed by literally nothing except scarcity and a hope they can redeem it for a legitimate currency.
RIP bit fags.

>B-but what about the infinite growth goy? How does my family get money to survive without charging interest?

maybe b8 but ill take it:
that works for normal shit like gold you idiot, not bitcoin. its the complete opposite

>this doesn't make any sense, all theses resources used for something that has no quantitative value
Now you know how I feel about the entire capitalist system

>dollars are backed by things more quantifiable
they are not m8. They are not.

>thinks the laws of supply and demand suddenly don't apply to crypto