Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here




How Much Pollution Does Bitcoin Mining Really Produce?
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5

#1
[Image: bic_china_mining_ban.jpg]
The National Development and Reform Commission has included “cryptocurrency mining” on its list of activities that it is looking to restrict or prohibit. The purported reason is to “clean up the environment” — but the evidence does not back this up.

One of the most common criticisms levied at cryptocurrency mining is that it uses too much energy. Many of taken this to mean that mining Bitcoin (BTC) is, effectively, killing the environment. This is the same rationale used for potentially banning cryptocurrency mining in China — a country with a long history of hostility towards cryptocurrencies — so this argument definitely deserves further scrutiny.

[Image: shutterstock_1274509660-1024x683.jpg]

Do You Drive to Work?

Firstly, cryptocurrency mining does not create any real pollution as automobiles do. One valid criticism is, however, that Bitcoin uses far too much energy. Yet, this should be taken as a separate discussion from the claims of Bitcoin mining being “environmentally damaging.” One user (@khannib) found that 10 years of Bitcoin mining has produced the equivalent energy consumption as all American cars in three or four days.

Quote:[Image: zO-yun1B_bigger.jpeg]
Antoine Le Calvez@khannib

 · Apr 11, 2019


Bitcoin mining, in its 10 years of existence, consumed as much energy as US cars do in 3 days.

Quote:[Image: zO-yun1B_bigger.jpeg]
Antoine Le Calvez@khannib


1790635332537685941996748800 hashes computed by S9 miners ~= 1.75 e17 joules ~= 4.2M tons of oil.

US cars consume ~1.3M tons of oil per day.

178
9:49 PM - Apr 11, 2019
Twitter Ads info and privacy

This is compounded by the fact that, when compared to the electricity used by the global banking sector, Bitcoin’s energy usage is actually quite good. For just private banks, analyst Carlos Domingo estimates that they use some 100TW a year by conservative estimates — excluding central banks, which use multitudes more. Given that Bitcoin now uses around 40 to 50TW annually, the energy expenditures of the global banking system is many multitudes greater.

It should also be noted that, unlike most of the banking sector, the majority of Bitcoin’s energy consumption is energy renewable.

Quote:[Image: -0v6Qw17_bigger.jpg]
Willy Woo@woonomic




And coincidentally, the 1.75x10^17 joules used in the 10 years of mining bitcoin (hypothetically with S9 miners as a baseline) equals ONE SECOND of solar energy hitting the earth right now. (1.74x10^17 Watts)
Antoine Le Calvez@khannib

Bitcoin mining, in its 10 years of existence, consumed as much energy as US cars do in 3 days.



284
2:33 AM - Apr 12, 2019
Twitter Ads info and privacy

It should be kept in mind that Bitcoin’s proof-of-work (PoW) consensus model is only getting less costly, as algorithm-cracking becomes most energy-efficient due to technological innovation. Bitcoin’s energy consumption will only improve over time.

[Image: shutterstock_1098819557-1024x684.jpg]

The Problem Is Not Energy Usage, But How We Create Energy

The potential bans by China and calls for similar efforts by Bitcoin skeptics are fundamentally short-sighted. It really does not matter how much electricity Bitcoin mining uses. Of course, it is always good to lower energy consumption when possible — but that is more of cost issue rather than an environmental one.

In the last 10 years, Bitcoin mining has used as much electricity as 3 to 4 days of all American cars. Over 75% of Bitcoin's energy consumption comes from renewable resources. Environmentalists, Bitcoin is not the enemy.CLICK TO TWEET

What we really should be asking is: ‘how does our energy get produced?’ Bitcoin is just using the energy that is available. You can’t blame infrastructure running on electricity for pollution when, for example, coal is being used to create energy. You should instead blame the coal producers.

We need more renewable means of creating electricity, but it seems that some would prefer to blame Bitcoin. This is because, if they were honest about assessing where the energy was coming from, it would implicate the entire energy consumption model of the world.


by Anton Cebalo
Reply
#2
Let them prohibit using plastic all over the world - that's a more disastrous thing which is equal to the factories pollution. Mining is harmless but it's just a different scale
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
  Will Belarus Be the First Country With Nuclear-Powered Bitcoin Mining? crytocure 0 15 22-04-2019, 03:25 PM
Last Post: crytocure
  INFOGRAPHIC: Crypto transactions and mining made easy crytocure 0 27 21-04-2019, 12:46 PM
Last Post: crytocure
  Latest Bitcoin Price Rally Made Mining Profitable: Analyst crytocure 0 15 21-04-2019, 12:40 PM
Last Post: crytocure
  HTC Exec: Facebook Coin is like the Intranet, Bitcoin is like the Internet crytocure 0 28 15-04-2019, 01:55 PM
Last Post: crytocure
  One Bitcoin Could Exceed $1 Million in 7 -10 Years: PayPal Director crytocure 0 28 14-04-2019, 04:02 PM
Last Post: crytocure
  Not Enough Companies Accepting Bitcoin Payments: What Needs to Change? crytocure 1 46 14-04-2019, 10:34 AM
Last Post: Mockingbird
  Major Chinese Commission Angles to Ban Cryptocurrency Mining crytocure 0 37 10-04-2019, 03:53 PM
Last Post: crytocure
  Infographic: A Map of Bitcoin Forks crytocure 0 38 09-04-2019, 01:43 PM
Last Post: crytocure
  Why Bitcoin Rallied: Three Factors That No One Is Talking About crytocure 0 39 09-04-2019, 01:38 PM
Last Post: crytocure
  Cryptocurrency Adoption Grows Beyond ‘Bitcoin City’ in Slovenia and Croatia crytocure 0 55 07-04-2019, 11:36 AM
Last Post: crytocure



Users browsing this thread: 1 Guest(s)