Crypto

How can we, as a community, reduce the energy consumption of Bitcoin?

I mean, we know, proof of work works very reliable and we are afraid of testing out something different that might endanger the network. But in the end, we use an enormous amount of energy, which no one ever thought was possible.

We have so many brilliant minds in our community. I think we must invent something better that works as reliable as proof of work and is fair (not like proof of stake, where the rich get richer).

Maybe, we can use some hybrid models in the transition phase to not totally loose control when one system fails.

What are the current plans for the future of Bitcoin in terms of energy consumption?

Unfortunately, this is nowadays a very strong counter argument against Bitcoin, which sadly blanks out all the other important properties in nearly every Bitcoin discussion.

Let’s work on a solution together.

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5 Comments

  1. https://www.enerdynamics.com/Energy-Currents_Blog/How-Much-Primary-Energy-Is-Wasted-Before-Consumers-See-Value-from-Electricity.aspx

    > Ever wonder how much of the primary energy that goes into creating electricity actual provides useful work to us as consumers? Well the answer is not much – depending on the device using electricity it’s anywhere from 30% to as little as 5%. So, where does all that wasted energy go and what can we do about it? Or is it even worth trying? To address these questions, let’s look at where electricity is lost in the delivery chain.
    >
    > Losses in generation, transmission, and distribution First, let’s consider the primary energy that enters the electric delivery system at the input to the generator and examine how much of the primary energy is delivered to the customer. According to the Energy Information Administration (EIA), the answer is 34%. In other words, 66% of the primary energy used to create electricity is wasted by the time the electricity arrives at the customer meter.

    Other sources claim that 17% of all power generated is wasted in the generation and transmission (with or without Bitcoin). Bitcoin uses one twentieth of one percent of all power:: 0.05 vs 17.0 percent.

    Bitcoin’s energy usage is not a problem – there is a lot of deception being pushed. Congratulations, you’ve been deceived.

    https://www.youtube.com/watch?v=Mvchzpbv2hE

  2. My problem with the entire Bitcoin energy complaint is the fact that everyone is forgetting how much energy and material it takes to make cash & coin, (before direct deposits and most banking went online.) The material, machines, equipment, utilities etc to generate those monies for them to need to be replaced so often is not better than mining 1 Bitcoin that stays for eternity.

  3. Consuming energy isn’t a bug that needs to get fixed, it’s a feature. If we reduced the power down to 1%, someone could create lots of miners and 51% attack the network.

  4. > Let’s work on a solution together

    There’s nothing to solve. The bikeshed is stainless steel. It doesn’t need to be painted

  5. One great way to reduce the energy cost per transaction would be to do more transactions.

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