• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
3.2 GB Block Sizes: Developers Bash Bitcoin Climate Change 'Fake News'
Advertisement

Bitcoin Mining: Three Reasons Why Energy Consumption Rhetoric Is Pure Nonsense

Osato Avan-Nomayo by Osato Avan-Nomayo
4 years ago
in Bitcoin, Mining, News, News teaser
0
Advertisement

When they aren’t bashing Bitcoin as a bubble, nocoiners can usually be found trying desperately to prove how the activities of miners will bring about the end of the world. Here are three reasons why the energy consumption rhetoric is utter garbage.


The Global Energy Misconception

The pseudo-environmentalist brigade will have you believe that Bitcoin (BTC) [coin_price] mining would be the death of the planet. Much of their arguments revolve around the energy consumption of data centers used for carrying out the complex mathematical computations needed to validate transactions on the blockchain.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

The problem with these arguments is that they imagine the world as having a single energy grid as highlighted in a recent series of tweets by @nic_carter. To them, energy is a finite concept which means that Bitcoin miners are simply guzzling vast chunks of it to the detriment of other would-be users.

The core problem with the “bitcoin is boiling the oceans” narrative isn’t that is concern trolling by non environmentalists who hate Bitcoin. It’s logically unsound

— nic carter (@nic__carter) October 13, 2018

It is beyond puzzling even to see noted economists like Nouriel Roubini making such flawed equivalencies. So, when mining farm A in China and mining farm B in Iceland are in operation, the remaining parts of the world somehow suffer dips in energy supply?

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bitcoin mining cannot in any meaningful way affect global energy consumption more so than truly heavy industries like smelting plants and banks. Yes, you read that right, banks. Furthermore, many studies show that the process isn’t even as energy-consumptive as the critics say.

Off-Grid Utilization

Not content with ignorantly espousing misconceptions about energy consumption by Bitcoin miners, these critics go on to talk about environmental impact. Let’s make one thing clear — climate change isn’t something to be taken lightly.

However, critics who bring up this point either don’t know much about BTC mining or are deliberately misrepresenting facts. Many mining facilities around the world use off-grid renewable energy sources. There is the former Alcoa smelting plant in upstate New York which will have its own hydroelectric power source.

Huge Wind Farm to Power Bitcoin Mining Will Be Built in North Africa

In other places around the world, companies have established solar-powered and wind-powered mining centers. There is even the Upstream Data HashGen mining facility which uses natural gas to power its operations. In a recent tweet, the company revealed that it consumed 150,000 cubic meters of natural gas thereby reducing carbon emissions by more than 6,750 tons.

Today marks about 1 full year of Bitcoin mining for our prototype HashGen skid off of stranded natural gas.

We estimate it has consumed 150,000 cubic meters of natural gas and reduced the CO2e footprint of our upstream oil and gas clients by 6,750 tonnes. pic.twitter.com/mEWNNOBjGx

— Upstream Data (@UpstreamDataInc) October 12, 2018

The fact of the matter is that many mining operations utilize what other industrial processes would consider nonviable energy sources. Furthermore, the quest for cheaper electricity is advancing the development of improved utilization of sustainable energy.

The Emergence of Second-Layer Protocol Implementations

The final part of the trifecta of ignorance for Bitcoin mining critics comes from a lack of understanding of the developments in the technology itself. Sorry, but “Bitcoin for Dummies” doesn’t come quite close to capturing the totality of the innovation within the industry.

Energy consumed in mining is due to the rapidly expanding volume of transactions on the chain. Well, what if we moved a large chunk of those transactions off-chain, or at the least the larger ones? That’s what projects like Blockstream’s Liquid Network and some others are trying to achieve.

Sidechains are other second-layer payment processing protocols are becoming a reality. Technology always moves towards greater efficiency and Bitcoin isn’t any different.

What other anti-Bitcoin rhetoric do you also find mind-numbingly dull? Let us know your thoughts in the comments section below.


Images courtesy of Twitter (@nic_carter, @UpstreamDataInc).

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Osato Avan-Nomayo

Osato Avan-Nomayo

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Related Posts

Bitcoin Soars In Nigeria As Government Promotes Digital Cash

Bitcoin Soars In Nigeria As Government Promotes Digital Cash

10 hours ago
Bitcoin Crypto

Can The Federal Reserve Counterattack Stop The Crypto Bull Run?

16 hours ago
Bitcoin

Bitcoin Bearish Signal: Aged Supply Flows Into Binance

22 hours ago
Bitcoin this week

Bitcoin And Crypto This Week: Here’s What Will Be Important

1 day ago
Bitcoin price

Bitcoin Price Nears $24,000 Mark – Can Bulls Push BTC To $25K This February?

1 day ago
50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Red Pill Studio Announces Private Round for TrainCraft Game

    21 mins ago
  • California DMV Puts Car Titles On Tezos (XTZ) Blockchain...

    3 hours ago
  • Bitcoin Cash (BCH) Associates With TREZOR Wallet, Litecoin...

    3 hours ago
  • Avalanche (AVAX) price rally stalls, Polkadot (DOT) was #1...

    3 hours ago
  • Orbeon Protocol And VeChain Seek To Impact The Real World...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.