In its currents incarnation it's not green, neither are most other proof of work (POW) coins.
As wonderful as proof of work is as a concept, for securing blockchain networks, it comes with an unintended consequence.
Greed has led to the development of dedicated hardware to mine POW coins (ASIC's) and these get faster and faster all the time. This has resulted in a mining hardware and capacity arms race that is spiraling out of control. The result is greater and greater amounts of electricity are being wasted in this ever escalating race to mine the next block and secure the block rewards.
This is unsustainable, no matter how high the price of bitcoin goes there will soon not be enough electricity generated on this planet to power all the bitcoin mining equipment that is being thrown into the mix at an ever increasing rate.
Already the hashrate can be used to estimate that more power is being consumed by the bitcoin network than is utilized in entire countries.
Solar and other renewable energy is coming online faster than older power generation technologies. This will however never be sufficient if bitcoin electricity consumption continues to increase at the current exponential rate.
Surely it's time for a better solution? It is after all a simple maths equation that is being solved, but the solution derives no real world value other than determining who gets the block rewards.
i think you are right. Soon there will be downfall in bitcoin price.
I think this better explains the truly scary issue of power consumption and puts into scale the power used by the BTC network and the potential consequences.
https://steemit.com/bitcoin/@pawsdog/is-bitcoin-really-decentralized-or-are-we-being-led-like-lambs-to-the-slaughter
Yes, bitcoin rising fast another solution may not be fast enough. Yes as previous guy mention ethereum is the other solution working to solve the btc work.
Agreed, it seems ridiculous
You know that ethereum and some other currencies' dev teams are working on an answer for this, right?
Bitcoin is consolidating in 10.000, and that is only the beginning.
Whe masses come to Bitcoin it will moon.
As Moore Law says, computers duplicate their processing power every two years.
Will this be enough to reduce the power consuming of mining Bitcoin? Let's see.. if not we should do Bitcoin more power-efficient
With Bitcoin fluctuating so much Iam surprised Litecoin hasn't boomed
I never really thought of it like that... Brand new to crypto, I do not understand a LOT of it but your point is quite clear.
I also agreed that it seems ridiculous @sme 👍👍
There are a lot of coins that dont't use PoW. Ther are even some that you could argue have a net savings effect on electricity.
For example Gridcoin: The chain moves by PoS mechanism, but the coin also rewards work. Not the meaningless hashing work like Bitcoin, but actual research.
A lot of researches are in dire need of more computing resources and funding. some put up their work to the volunteer network BOINC.
Gridcoin now pays the crunchers by distributing the cryptocurrency based on the amount of work done.
Depending how you use it and on which hardware, this is extremely effective (e.g. on smartphones or on your desktops only when they are running anyway), more effective then on a scientist's lab supercomputer.
If you let your computer run just for Gridcoin it may be less effective, but if people crunch Gridcoin (Science) instead of POW coins then it again is either saved POW energy or additional science done.
Either way better then Bitcoin. Now someone just needs to pump the price so that the PoW workers change their coin ^^
I don't think so, we just have to improve the work of asics, more intelegent machine will do the work and consume less energy.
Yes, we do. I don't think we will ever find a better solution.
Maybe we should go green with steemit!
Steem is already green, it doesn't use prove of work.
Yes, I know. Sorry I did not make that clear. I new my lady would never let me waste energy mining pow coins so when I would steem, I was in for sure!
i think you are right.
Soon there will be downfall in bitcoin price.....
True words my friend
Since the price is hiking definitely it will fall..
It's a very risky investment to be made.
Very informative.
Waiting eagerly for your next post..
It will not go up forever, there is going to be a correction even if its going to move up again. Mine is that this is not right time to buy if you want to invest in bitcoin.
You raised a great point I've often thought about . In turn whats the next step in change ? What ever it is put my down for being on board.
Bitcoin remains close to $ 10,000 this Thursday, a day after touching $ 11,000, after retreating to $ 9,000.
On Bitfinex stock exchange based in the United States, Bitcoin is at $ 10,067.00 at 4:40 AM ET (09:40 AM GMT), after earning $ 10,540 earlier.
On Wednesday, bitcoin climbed to a new high of $ 11,427.17, gaining up to 15% before tumbling down to 21% to a low of $ 9,001 in a lightning crash, before bouncing back.
Bitcoin, which is known for its strong fluctuations, and has a tendency to quickly bounce back.
The price of Bitcoin increased significantly in 2017. Although it took almost four months to go from $ 1,000 to a closing price of more than $ 2,000, it went from $ 9,000 to about $ 10,000. in three days.
Its meteoric rise has warned against an increasingly volatile bubble amid signs that it is moving from the periphery of finance to the general public.
{{0 | JPMorgan Chase}} CEO Jamie Dimon recently called Bitcoin a "scam" that would eventually explode, and UBS described Bitcoin as a "speculative bubble" in a recent investor note.
Prices were also boosted after the CME (NASDAQ: CME) group, the world's largest derivatives exchange operator, announced this month its intention to launch bitcoin futures later in the year. year, pending regulatory approvals.
On Wednesday, the Wall Street Journal reported that Nasdaq and Cantor Fitzgerald are also considering launching bitcoin derivatives.
A recent proliferation of the initial supply of coins, in which start-ups create a new virtual coin or token and offer it for public sale, has also fueled purchases.
Elsewhere, Bitcoin Cash is at $ 1.339.90 while Bitcoin Gold is at $ 287.74.
Elsewhere, Ethereum, the second-largest market-ready cryptocurrency is at $ 449.19, after touching $ 518.00 on Wednesday.
Because bitcoin when reach higher level now its time to down so we have to face down level.
Sir,good idea
I think you are wrong in your facts. Besides that, Bitcoin is greatly helping third world countries whose currencies are unreliable.
check my thoughts here
https://steemit.com/bitcoin/@ai-crypto-tech/bitcoin-do-you-think-that-it-will-make-it-to-40000-usd-here-are-my-thoughts
Till date no any alternative solution..
a great article.. learned so much ,,, thank you for the sharing
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