singular_me
10th December 2017, 06:25 AM
ps: the article is only a half truth... if following tesla's vision, we shouldnt need any electric cables/wires... and of course bitcoin does not cause any carbon footprint... BUT we see another arising problem.
Knowledge will always prevent speculation, only those in the know can shift strategy before the truth catches up with the masses.
Will greed that is responsible for the "outdated" or "not inefficient enough" world power grid will also be responsible for bitcoin miners causing massive grid failures in the future, when trying to crack a code - as it takes more than 1.7billion attempts each time using an enormous amount of computing power as well as electricity.
The article below already delivers an important detail: ... for the average person, the costs involved with mining are so high that it is no longer worth getting involved.
so will the mining operations be consolidated or will bitcoin crash before that?
========================
Bitcoin mining 'is using so much energy that it is causing electricity blackouts' amid fears it will consume more power than the world by 2020 | 8 December 2017 (dailymail.uk)
Experts say Bitcoin mining is consuming more power than used by 159 countries
The hardware uses approximately 31 terrawatt hours of energy per year
That compares with 23TWh in Ireland and 309TWh for the whole of the UK
It is creating a 'colossal' carbon footprint as the value of one coin surges to more than £12,000 amid violent swings in the cryptocurrency market
http://www.dailymail.co.uk/news/article-5161765/Bitcoin-mining-causing-electricity-blackouts.html
meanwhile.....
Top Venture Capitalist Says Cryptocurrencies Could be Worth Trillions
https://www.cnbc.com/2017/12/01/cryptocurrencies-could-be-worth-trillions-of-dollars-top-vc-says.html
Knowledge will always prevent speculation, only those in the know can shift strategy before the truth catches up with the masses.
Will greed that is responsible for the "outdated" or "not inefficient enough" world power grid will also be responsible for bitcoin miners causing massive grid failures in the future, when trying to crack a code - as it takes more than 1.7billion attempts each time using an enormous amount of computing power as well as electricity.
The article below already delivers an important detail: ... for the average person, the costs involved with mining are so high that it is no longer worth getting involved.
so will the mining operations be consolidated or will bitcoin crash before that?
========================
Bitcoin mining 'is using so much energy that it is causing electricity blackouts' amid fears it will consume more power than the world by 2020 | 8 December 2017 (dailymail.uk)
Experts say Bitcoin mining is consuming more power than used by 159 countries
The hardware uses approximately 31 terrawatt hours of energy per year
That compares with 23TWh in Ireland and 309TWh for the whole of the UK
It is creating a 'colossal' carbon footprint as the value of one coin surges to more than £12,000 amid violent swings in the cryptocurrency market
http://www.dailymail.co.uk/news/article-5161765/Bitcoin-mining-causing-electricity-blackouts.html
meanwhile.....
Top Venture Capitalist Says Cryptocurrencies Could be Worth Trillions
https://www.cnbc.com/2017/12/01/cryptocurrencies-could-be-worth-trillions-of-dollars-top-vc-says.html