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Thread: Bitcoin's energy consumption

  1. #1
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    Bitcoin's energy consumption

    I'd always suspected it would be high, not from mining as this article claims, but as a result of the storage of each Blockchain entry. If you accept that CO2, is a problem, then Bitcoin is also.

    I think there is an error in the second paragraph: "For a Bitcoin transfer to be executed and validated, a mathematical puzzle must be solved by an arbitrary computer in the global Bitcoin network. "

    As I understand it, the maths puzzle is involved *only* in the mining i.e. creating, of Bitcoins. Worse, as the number increase, the puzzles require increased computing power. Again, as I understand it, the creation of a Blockchain record as a result of a transaction requires little electricity - but how much is required to maintain that record? Go figure!

    https://www.sciencedaily.com/release...0613104533.htm

    JV
    Agtronix - the home of the Weedswiper

  2. #2
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    Re: Bitcoin's energy consumption

    Quote Originally Posted by john maddock View Post
    I'd always suspected it would be high, not from mining as this article claims, but as a result of the storage of each Blockchain entry. If you accept that CO2, is a problem, then Bitcoin is also.

    I think there is an error in the second paragraph: "For a Bitcoin transfer to be executed and validated, a mathematical puzzle must be solved by an arbitrary computer in the global Bitcoin network. "

    As I understand it, the maths puzzle is involved *only* in the mining i.e. creating, of Bitcoins. Worse, as the number increase, the puzzles require increased computing power. Again, as I understand it, the creation of a Blockchain record as a result of a transaction requires little electricity - but how much is required to maintain that record? Go figure!

    https://www.sciencedaily.com/release...0613104533.htm

    JV
    I took a quick look through the article and the question I was left with was
    "WHY are the 'factories' located where they are? Is it because they are using 'cheap' electricity which is often more-carbon intensive (i.e. coal)?"
    This is the question which needs to be asked next

  3. #3
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    Re: Bitcoin's energy consumption

    Confirmation of Bitcoin's energy consumption, and a passing comment on Libra:

    https://insidestory.org.au/a-message...e-recent-past/

    JV
    Agtronix - the home of the Weedswiper

  4. #4
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    Re: Bitcoin's energy consumption

    Quote Originally Posted by john maddock View Post
    Confirmation of Bitcoin's energy consumption, and a passing comment on Libra:

    https://insidestory.org.au/a-message...e-recent-past/

    JV
    John - just read the article and my first impression is ALL the transactions and participants will be able to be monitored by the US Homeland Security under the US Patriot Act (created after 911 to permit the US to access ALL electronic communication which passes through the US OR its holdings). I am sure other G20 countries have similar legislation to the US Patriot Act

  5. #5
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    Re: Bitcoin's energy consumption

    Quote Originally Posted by Ironhead View Post
    John - just read the article and my first impression is ALL the transactions and participants will be able to be monitored by the US Homeland Security under the US Patriot Act (created after 911 to permit the US to access ALL electronic communication which passes through the US OR its holdings). I am sure other G20 countries have similar legislation to the US Patriot Act
    More than likely the same monitoring happens here, since Aus has the western world's most repressive ant-terrorsm laws (the ABC, the national broadcaster's office, as well as a News Ltd journalist's home was raided recently by Federal police), it has a US communications monitoring base in Central Australia, and is one of the Five Eyes intelligence community. The others are NZ, UK, Canada & US.

    JV
    Agtronix - the home of the Weedswiper

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