Bitcoin bad for the environment

Discussion in 'The VIP Lounge' started by capsuleri, Dec 10, 2017.

  1. capsuleri

    capsuleri Well-Known Member War Zone Member

    Bitcoin Mining Guzzles Energy—And Its Carbon Footprint Just Keeps Growing

    "Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the US for one day...."

    "The total energy use of this web of hardware is huge—an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year."
     
  2. Mike B

    Mike B Well-Known Member Donor War Zone Member Top Poster

    Maybe that's why the price keeps going up?
     
  3. Saurav

    Saurav Active Member War Zone Member

    Nah, the price is going up because everyone's seeing the price going up and buying some to make a quick buck. IMO it's headed for a correction. But I'm also starting to think that this might have some legs to it. I might buy some more if/when the price drops significantly.
     
  4. CJ

    CJ Well-Known Member Admin War Zone Member

    Isn't there, by design, a finite number of bitcoin? I know there are other crypto currencies but will that fact help support continually higher valuation, sort of like buying land?
     
  5. Drew

    Drew Well-Known Member War Zone Member Top Poster

    There is a finite amount, yes.

    There are only 21 million Bitcoins that can be mined in total. Once miners have unlocked this many Bitcoins, the planet's supply will essentially be tapped out, unless Bitcoin's protocol is changed to allow for a larger supply.

    Also: The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every 210,000 blocks, or approximately four years
     
    CJ likes this.
  6. Saurav

    Saurav Active Member War Zone Member

    Right, but the finite supply has nothing to do with what the price has been doing in the last month, that's all I'm saying.
     

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