Probably you have heard stories how Bitcoin mining is unsustainable because even now it consumes more energy than some countries. This is classic media spinning, when you take a point at one data and you hide other datas.
Yes, Bitcoin mining is consuming more power than some countries as we can see on this picture.(this is pointed data)
So media took information about Bitcoin mining and point on that like Bitcoin mining is causing environmental disaster without making comparison with similar things. Bitcoin is store of value and money so lets see comparison with Gold mining and Paper money minting.
As we can see on this picture, Bitcoin mining energy usage is a drop in a sea compared to other similar things but you can't hear that in most of media because of media spinning.
Bitcoin is developing and growing and it is threat to regular banking system so we can expect similar spinning in future for sure. Banksters will not surrender without fighting and we gonna hear many trash talking about Bitcoin like Jamie Dimon is doing.
Dough I think that Bitcoin is threat to regular banking system, I don't agree with many people from crypto space that Bitcoin will destroy banks. Banks will always be there and they will just change and adjust to new circumstances. Some Banks have already implemented Bitcoin into their portfolio and more and more Banks will follow that. I am sure that in the future all Banks will support Bitcoin.
If you ask me, why we need banks to support Bitcoin when I can hold my Bitcoin without Bank?
There will always be people who don't want to think about passwords, private keys and other staff and there is huge number of them.
Banks and Bitcoin will coexist together in my opinion but fight between them will always be there.
I would like to hear your opinion about this topic.
Regards,
@cicbar I can not to see how and where are the base of this information. I can not to check the numbers of miners they considered, for this study; how the electricity for consumers, and much more questions.
I could not to find, any reference, of those data.
Here is on of sources https://digiconomist.net/bitcoin-energy-consumption
Hello @cicbar Thanks you. Now I can analyze the information with this data; is a thing that, I enjoy to do; while, I hope to read your next posts.
Why you don't write posts any more? Last was 3 months ago.
@cicbar I do not have one special reason, maybe others situations are taking me time. Thanks you for question me; it is motivating, I am going to post again. Thanks.
Thanks it is actually really interesting to see these electricity numbers for banks compared to crypto mining. I knew banks used somewhat of a lot of electricity but I had no idea it would be this much!
You welcome 😁
It seems to me that the crypto world is moving more towards proof of stake.
True and that will happen for sure but Bitcoin is safest cryptocurrency because of huge POW.
How does the banking system generate so many more tons of CO2 compared to the other systems?
This is some data from Quora and this is number of banks. Each bank have numerous branches so there is 30k Banks times X number of Bank branches. Huge energy consumption :
US has approximately 7K banks and 7K credit unions (Credit unions grow in size and services, shrink in number)
EU has about 9K (Number of European banks decreases rapidly | Business | DW.COM | 21.01.2013)
I would assume that another 3,000 banks from 20 or so countries (Russia (700), Japan (200), China, Canada, UK, Mexico, Indonesia, etc.) with over 100 banks/country.
For the rest of the world I would take Faisal’s estimate - average of 30/country for another 3–4K.
This yields about 30K banks and similar FIs (credit unions, building societies, landesbanken, S&L) globally.
Just imagine how many Banks there is and how much electricity they use.
I totally agree with you regarding banks. They're not stupid. They were meant for making money and they will do that forever. The difference between them and normal people is that they adapt very easy. That utopia with bitcoin destroying banks and giving power back in the hands of the people is just a utopia and nothing more. The ones who ow the banks and almost every company on earth ( they're not many by the way) will never allow such freedom on earth because they will loose the power so in my opinion Banks will stick around long time from now. They will just adjust the way they play the game.
Meant for making money and they will do that forever, so crypto is going to hit banking system?
Or banks will hit crypto...
They will coexist together, I am sure...
That's considerable
So both stand a 50-50 change then :p
Already are, ever heard of FedCoin? Yes, this is real and apparently they're going to destroy crypto forever by having a government version.
Will this work? Honestly, I don't think so but dad told me they're looking to shut down crypto forever just so we don't just get money for free and untax us crypto lovers.
Nobody will shut down crypto, but they will tax it until it becomes an actual currency.
True, but there is claims that it will crash as soon as FedCoin comes into picture. (I don't think it will, but hey that's what they're stating)
When will FedCoin come into the arena?
Really nicely written. I've always known that BTC mining consumes more power than it can afford to from an ecological perspective (which is why I bought Envion (EVN)). That's also one of the main reasons I support PoS (or similar systems) over PoW (which is just one more reason to love NEO! 😀).
But I'd never thought in terms of comparing it to other mining operations. Wow, that suddenly changes your perspective!
I still don't think we can afford to mine crypto using non-renewable energy in the long-term, but as you say, it's a drop in the ocean for now! With coins like ETH planning to become PoS, and projects like Envion (the scandal of their CEO notwithstanding), crypto is moving in the right, socially responsible direction.
Nice one man! This one gets a resteem.
Thanks :-)
Wow, I didn't realize mining Bitcoin is less than 1% of the cost of mining gold. BTC will moon soon!!
Изванредан текст, @cicbar! Већ неко време сам намеравао да напишем нешто слично, али нисам могао да нађем ваљане податке. Ослободио си ме даљег размишљања.
Планираш ли да објављујеш исти текст на српском, или да га ја преводим?
Hvala :-) Slobodno prevodi i ovaj i svaki budući moj tekst. Pozdrav :-)
Биће надам се за који дан, @cicbar. Него, видим да си повукао највећи део улога у Steem Power. Прелазиш на нешто друго? ЕОС?
Nisam, samo sam delegirao veći deo SP pa dobijam dnevno dividende. Za 12000SP dobijam oko 10SBD dnevno plus još nešto malo STEEM. Po trenutnoj ceni SBD od 1.7$ imam mesečno otprilike jednu Vučićevu obećanu prosečnu platu :-) Lepo :-)
Па то делује суперфеноменално, @cicbar. Имаш ли намеру да опишеш то у неком тексту? Ето прилике да привучеш нове кориснике у гомилама 😄
Naravno. Gledam da vikendom objavim neki sadržajniji tekst a tokom nedelje kraće informativne postove. Znaš čime se bavim i da za više od toga vremena nema. Planiram da napravim post o tome posle mesec dana korišćenja. Biće zanimljivo videti rezultate delegiranja SP.
Bitcoin will not replace the banks it rather will be a major treat to banksters mode of operation most especially in business transactions. Because Bitcoin transaction fees for money transfer is lower than that of the banks and obtaining loans for business will be more easier with decentralize peer 2 peer networks with a lower interest rates than the banks.
So for me Bitcoin will makes those banks to reforms so that they can be able to compete favourably with decentralize networks that transacts with Bitcoin @cicbar
This makes sense ... not sure about the future of the sense :D
I think similar. Banks will reform for sure.
It always depends how data is represented and correlated other data.
Media needs to attract our attention, so design news in a way, that you get interested. If crypto currencies will succeed, they will just use a title like "Paper money produces 6,7 t of CO2 a year, resulting in thawing gletchers".
Agree :-)
Hey @cicbar. Thank you for this thought provoking post. I agree that we should always think of the motivation behind anything spun in the media, before we internalize it. It is very rare these days that the info we receive in the media is not enforced by an agenda - usually related to loss of profit for big corporations or the banks, or a political agenda. That is what makes steemit so valuable, because here we can share raw uncensored data and information. Thank you for your insights, I'm looking forward to reading more from you.
People who own and run a bank are not stupid, want to own and support Bitcoin.
No doubt bitcoin is consuming more power in some of the countries which means it is a threat to the regular banks in varios ways like people will withdraw from banks and invest in bitcoin...
So it good for the banks to get implented into the cryptocurrency..
Upvoted ($0.17) and resteemed by @investorsclub
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#cicbar the chart details get the excellent work from us thank you for told us
In simplified phrases, bitcoin mining is a contest to waste probably the most electricity viable through doing pointless arithmetic quintillions of instances a second.
We can find many new mining projects at the ICO and post ICO phase that are trying to go green and save energy... the consumption of energy per token will definitely get lower.
I believe that majority of Cryptos will be POS, only Bitcoin and few other coins will be POW.
On the paper that looks right, but IMO we will have to wait some time to see that happened.
Thank you for sharing this news, I like this post. Everyone will wish you the best for bitcoin.
You welcome!
informative post
Wow, this is interesting, I love it,it motivate me.
This is important data. There is always an interest behind the media spinning. Thanks for sharing
You welcome.
Very informative, have always wondered how bitcoin - a more recent player in the financial industry has managed to consume so much data according to the media
Interesante información, @cicbar.
This is the king @bitcoin
Without banks there is no way, because all rich corporations and people have their own banks, I think the same will happen to Bitcoin and all the other crypto money. For now it is better to be together and to help both sides win.And the energy consumption is like any other thing that is powered by electricity, and the media is a bit less predisposed to the race.
I hear this argument all the time and that really puts it in perspective.
Bitcoin mining is used by many people in the world but Bitcoin Mining is a hard process and can be called straightforward process and thanks to the information about Bitcoin Mining.
If they work off the grid for mining they'd make 10x's more profit. Because in order to make money, you have to find ways to cut the expenses out of the equation.
Also, what about cooling? Why not Hyrdogen cooling? I know, I know. That doesn't sound like a good or safe idea but do you realize how Cold that stuff is? NASA already came up with ingenuous idea of putting the hydrogen into the engines while it's fired up into their rocket engines before it even gets burnt. And it works flawlessly!
OR, you could also go the expensive route and buy Liquid Nitrogen but then you'd have to be careful of burns or over freezing parts and other things.
Mining is 1 thing, but affording the equipment and then up sizing things tend to get in the way. As the Blockchain increases so does the expenses. I think being off the grid helps the most, by having yourself on lets say a major solar panel farm you'll save THOUSANDS in energy costs, let alone you can burn as much as you want or need!
Of course, I could be just talking out my butt too but hey, whatever works out!