Bitcoin Energy Consumption Index

The reward for mining a block will go down over time. In the end, all mining will be financed via the transaction fees. Then the market will figure out how much energy should be used per transaction.

Re: Bitcoin Energy Consumption Index

#5

Post by iaw » Sat, Aug 26, 2017, 8:40 PM UTC

givinguflac wrote: post #3

That is an absurd amount of energy. This really changes my opinion on this being a feasible currency.

As the network hash power increases that value will only go up.

Re: Bitcoin Energy Consumption Index

#6

Post by tehlike » Sat, Aug 26, 2017, 8:40 PM UTC

Funny way to say this. Why not 1 us household for 5.58? Any reason for this?

Edit: title seems to be fixed.

Re: Bitcoin Energy Consumption Index

#7

Post by brndnmtthws » Sat, Aug 26, 2017, 8:41 PM UTC

Long term outlook for mining isn't good. Ethereum, for example, is moving toward Proof of Stake (https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ), and Bitcoin will become less profitable for miners soon, beginning with the activation of Segwit.

The reason for the recent Bitcoin Cash fork, was that miners are terrified of losing control given the substantial investment required to maintain profitability. I don't think Satoshi ever thought mining would become so profitable, centralized, and political. If Satoshi had, he or she may have rethought the mining aspect of Bitcoin.

It's the end of days for mining as we know it.

Re: Bitcoin Energy Consumption Index

#8

Post by raffomania » Sat, Aug 26, 2017, 8:41 PM UTC

Has anyone read up on the proof-of-stakes algorithms mentioned in this article? I didn't hear of those before.

Re: Bitcoin Energy Consumption Index

#9

Post by rspeer » Sat, Aug 26, 2017, 8:41 PM UTC

Apparently "terawatt-hours per year" is a unit that people use in public policy, but it strikes me as strange. Converting 16.22 TWh/year to a "more metric" unit, that's a sustained power usage of 1.85 gigawatts.

So Bitcoin is constantly using more than enough power to make Doc Brown's eyes bug out.

Re: Bitcoin Energy Consumption Index

#10

Post by c3534l » Sat, Aug 26, 2017, 8:42 PM UTC

I'm really confused by this article. Sometimes it seems like they're talking about bitcoin mining, then they start talking about transactions.