Bitcoin's Energy Consumption Problem
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- čas přidán 24. 05. 2021
- Hordes of crypto fanatics got their knickers in a twist recently when erstwhile cheerleader Elon Musk expressed concerns about the environmental cost of Bitcoin.
“Cryptocurrency is a good idea on many levels,” read a statement shared on his Twitter feed.
“We believe it has a promising future - but this cannot come at great cost to the environment.”
So how bad is Bitcoin for the planet? And does Musk’s radical U-turn mark the beginning of the end for the crypto revolution? Join us on a trip down the mines for an unflinching look at the energy consumption of Bitcoin.
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How Much Energy Does Bitcoin Use? - Věda a technologie
I'm not surprised energy prices are so high, the country needs to generate more energy to compensate for miner's wasteful hobby.
Mining bitcoin will bring down the cost of energy because it's an energy buyer of last resort so it will always be there to pay for electricity when demand is low. It also makes wind in solar more efficient because intermittency means they may be producing excess electricity when demand is low which the bitcoin network will buy up making them economically feasible without subsidies.
@@beashelter5621 so we have unlimited coal now?
@@itgun no but when they burn coal to generate electricity they have to generate for peak load. So at times of low demand the bitcoin network will pay for what not being used because they bite have a buyer for any excess energy. This concept applies to all methods of generation including wind and solar.
@@beashelter5621 im talking about energy crisis, pal. We shouldnt waste ton of coal for solving mathematics equation
@@itgun then they go somewhere else pal. No one is going to mine where there is an energy crisis. Bitcoin miners can only be profitable where power is cheap. Mainly places that produce enough energy for peak demand but then need a buyer of last resort when demand is low.
I THINK ELON MUSK SHOULD STOP PUMPING
@@xjohnny1000 what about this tweet -----
"Tesla has 💎👐"
Elon is trying to become an unofficial master of crypto
And bitcoin is not being mined on graphics cards since ages. Another mistake in this video
Seeing lots of graphics cards stuck in one room for crypto mining today makes me what to become an arsonist
Bitcoin mining uses ASCIs not GPUs as mentioned in the video. Those are used for mining other Cryptocurrencies
SEEING AS YOU ABSOLUTELY KNOW NOTHING ABOUT MINING CRYPTO......SEE ELLIOTS POST BELOW!
@@Elliott_Elliott this^, it's dumb to use PoW in most alt coins since they can't be as decentralized as Bitcoin and don't have bitcoin's inherit value from thermodynamics laws, Conservation of energy
Great video, i usually get bored or overwhelmed within a few minutes!
Chia has caused prices of Seagate Exo 18tb to go from 460 USD to 860 USD.. Thanks chia... In Denmark
Yikes, we really should ban it.
Pc will be luxury very soon
they have done with other crypto from 2012
@@anirban1259 it has always been a luxury
I want to buy HHD too, but have to postpone this purchase. I won't buy HDD till price per TB goes back to ~20€ per TB.
So my price target for 18TB is 360€.
The price was as high as 50€ per TB but luckily is going down a little bit and is now at around 30€ per TB.
It’s electrical usage is what anchors it’s value to the physical world.
Which means it's not worth it
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One man can change the tide of an entire currency platform
his words hold weight (influence) now
And that's not good. Its lowkey market manipulation.
Destroy it, stick with banknotes
It’s not him, it’s his stupid followers. Now they are gone, that’s good. Bitcoin continues.
@@Joel-ee4yh why would he care? He MADE A FUCKING $100M PROFIT
"Bitcoin Is decentralized"
A Elon Musk's tweet later
📈📈📈💸💸
But it's not sooo.. The truth hurts
@Beatles.. How can something be decentralized when more than half of the mining is done in one country... Bitcoin maxi can say it decentralized, the same as them saying it is now a store of value...
@Beatles.. Bitcoin will stay around but it's not the best or any use to normal people.. Waiting 2 hours for a transaction.. Nooo thank you and let's not talk about the fees.. There are way better options out there
Great video! Investing in forex/crypto trading is the wisest thing to do now.
@Debbi Nessa With the way trading is so diversified the need for a pro broker is not avoidable. With the help of a pro broker chances of making wrong trades are limited.
So where does the payment for the winning computer miner come from ? Seems to be a lot of money for what might only be a small transaction
Those who loose money and the rest of civilization pay.
Cant the Governments just put a ban on coal usage on crypto? :^)
could you share some sources for all the numbers used?
Hi Stephan, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Comparing Bitcoin's energy consumption to Google's is like comparing the amount of food a whale consumes in a year to how much a dolphin will consume in a year. The scale is off - like trading a penny for a dollar.
Hi Gue, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
I've learn a lot from this video.
Thanks so much for adding greatly to my knowledge..
Many points in this episode are not exactly the full explanation.
I’m interested in learning more about it. Could you elaborate?
First they don’t use graphics cards for bitcoin, they use ASIC’s. Most of the mining reward is pretty much a fixed amount over time, the amount that isn’t transaction fees. 6.25 BTC are created every 10 minutes, so the market value is all that determines what that’s worth. In a few years the reward will halve again to 3.125 per 10 minutes, but that won’t make it more sustainable because more scarcity could cause the price to more than double, which means there will be that much more effort put into mining it. The only way to prevent that without banning cryptos is for a more efficient crypto to become dominant.
@@zyfigamer Many crypto’s use graphics cards compared to ASIC. Why lie? Doesn’t take anyone more than 10 seconds to prove what a false statement that is. ASIC are used for solving complex algorithms, GPUs are for mining cryptos.
@@OfficialSamuelC Try reading before you go into a rant. I said bitcoin specifically, as did the video. I don't want people to confuse other cryptos with bitcoin.
@@blacklabelmansociety There is a lot of mistakes in this video...
1) He claims that all the 'computers' which are not 'finding' the hash are wasting energy which is untrue since they secure the network.
2) He claims that Bitcoin is mined used GPUs, that might have been true 5 for years ago, Bitcoin miners use ASCIs.
3) He doesn't mention that a lot of energy used for mining is 'excess energy' meaning mining uses energy which would otherwise would have been lost, e.g. flare gas on oil rigs, hydro energy during rain seasin in China, etc.
4) Cardano is by no means a competitor to Bitcoin, Cardano is more like fintech while Bitcoin is a whole new asset class.
5) He claims Bitcoin is almost using as much energy as the entire US federal government. Just the US military alone has a bigger CO2 footprint than Bitcoin (which is used to protect the petrodollar).
6) He claims 'no other human activity is so wasteful' while not mentioning once the huge potential of the whole Crypto space.
7) Elon is a hypocrite because he only stopped accepting Bitcoin payments, however Bitcoin uses energy not just for transactions but especially for securing the whole network, which he apparently has no problem with since he hasn't sold most of his position.
Just pointing out the obvious mistakes here, thre are plenty more in the video.
That was a great insight! Thanks for such a clear explanation!!
Except most of what they said is misinformation. Do your own research reading documentation from back in 2017 instead of listening to a group of people that are just copying and pasting papers and buzz phrases who themselves haven’t done their own due diligence.
@@DiogenesTheCynic. really? Please can u tell us what exactly he said thats not too correct?
@@Tech.Library As he said, do your own due diligence. DO, not just sitting there and get entertained. Why should we do the work for you. But go ahead and buy shitcoins. Showing the half truth like in this video does not make it better.
@@weissmannrob 🖐
@@Tech.Library I guess you can say the catchier the animations an the smoother the overall production the more care one should take about the acutal content and hypotheses transmitted. First hook to start your own DD: Bitcoin mining with graphic cards stopped in 2013.
Every bitcoin investor right now is just smiling at the price of bitcoin as it held strong and indeed valuable enough to generating good ROI. More persons are gonna become millionaires and we have bitcoin thanks for that
I agree on your opinion man generally I always look out for it to dump so I can purchase some more truly it has come to stay
What's really the idea behind this bitcoin investment anyway, cause all I do is to buy when it falls and sell when it goes high
Bitcoin investment just like every other form of speculative investment where you trade commodities to determine which gain or losses against another in other to make profit just like in forex trading
Relating bitcoin investment to forex trading definitely means there are risk involved and just how do you appropriate risk measures
Offcourse, in bitcoin investment suitable risk management is aimed at reducing the loss rate thereby giving you the better chance to win your trade to ensure good ROI
2 videos in a day?
Aye why was the latest self driving car video privated
Hi ExtraBacon, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Insightful Video. I was really hopeful of my investments this year, but all my plans has been disoriented, I've been studying the market crashes and I realized some investors made millions from the recent 2008 recession and I was wondering if such success rate could be achieved in this present market.
First thing to do is follow up on market trends and choose the right assets
.
@Ava Kate That’s crazy, you are lucky man, you better hold on to your tutor.
@Ava Kate Please, could you pass along your tutor's contact info?
A shockingly ill-informed video with a patronising narrator.
Hi Hillary, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Wait before I even watch the rest of this are we talking about the same guy that makes big old batteries that are great for the environment? 🙄
It's pure market manipulation which Elon has a big reputation of doing. The majority of mining farms get the electricity so cheap because it is the power plant's excess and unused. It gets produced no matter what. If Elon was smart he would develop a stabilized bitcoin mining platform that uses wind, solar, and batteries.
He’s still doing more for the planet than most. Making batteries using solar is much, much better than burning gas every minute you’re driving. Hence why it’s so popular and why gas vehicles are being banned by most countries within the next 20 years.
@@OfficialSamuelC life must be difficult being as stupid as you
..I know e waste is just as bad as ,not coal, but LNG almost .the destruction the mining of these rare earths is horrible on the local environment .turning rivers purple n green..there's a lot of undercover waste involved ..then the battery goes dead after five years and disposed of causing landfill fires and the like..the green industry is by no means a cure all..
..what people need to start doing is being less wasteful ..all the way down to taking quick showers every other day..stuff like that ..I know it sound gross but not flushing your toilet after only one use ..not number two but one ..in water stressed parts of the world it's only common sense ..in fact , there's lots of things people can do wherever you are...I'm old in the great lakes region and have always been amazed at how wasteful people are..
..that's one of the things europeans love to say about us..I'm sure you've heard it..
@@earththegermanshepherd8892 .. batteries aren't as green as they're portrayed..lots of the worse kind of waste goes into it..like the kind that turns rivers red n purple from the slag and tailings ..main contributers to ocean acidification..these rare earth elements aren't so green..
Precious content. Thanks
your energy boost name pls
Is this supposed to cover his pump and dump?
Hi TechNStuff, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
I wonder how much energy we have as a physical form to keep this entire planet running and going along with it's logarithmic growth and expansion of area and people.
well all energy comes, directly or indirectly, from the sun wich produces about 384.6 septillion joules per Second (3.846×10^26 W), in comparison all the energy used in the world in 2013 is about 5.60 × 10^20 Watts, so the sun emits about 1 million times more energy every second than the whole earth uses in one year.
Don’t fall for the Panik, there is enough 😉.
@@henkstenenkamp Isn't harnessing a problem though? When I was researching into solar products to create for a product idea, I found that solar panels are between 15% - 25% (maximum) efficient. They also expire and became a massive waste problem. Also, fossil fuels is really dense and easy to move around.
@@Lena-vw6ye yes it's a problem but it's not that hard to fix, cause eventhough solar panels are only about 20% efficient, we would only need about 496805 km^2, which sounds like a lot but it's only 5,4% of the total surface area of the Saraha desert. electricity is hard to move around and store for now so we would need to split that area up evenly across the earth. Since solar panels don't have any moving parts they require very few maintenance and will last pretty long. (the same reason why electric cars are far more durable than cars with a combustion engine). Fossil fuels indirectly still got their chemical energy from the sun (plants, that use fotosynthesis, and animals that died and compressed in the earth for 100 millions of years) so we won't run out of energy any time soon
We could run the entire planet by solar energy alone on a surface smaller than Arizona
Why is there never a question about the power consumption and waste of the banking system? Banks use a lot of energy.
Cause banks are shown to be scalable in demonstration while crypto uses a massive amount of power without any scalability.
..banks are necessary and only use 1% of the energy Bitcoin uses once you scale it up to the same level...right now Bitcoin uses half the energy of the entire banking system, but handles like .5% of the money..
..you must be a bit coin enthusiast..or climate change denier..
CAN ANYONE PLEASE TELL ME THE NAME OF THE BACKGROUND MUSIC ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
@@pinnedeconomistasincero4155 EVEN YOUR CHANNEL IS FAKE !!!!!!!!!!!
Great and insightful explanation of Bitcoin.
There is a lot of mistakes in this video...
1) He claims that all the 'computers' which are not 'finding' the hash are wasting energy which is untrue since they secure the network.
2) He claims that Bitcoin is mined used GPUs, that might have been true 5 for years ago, Bitcoin miners use ASCIs.
3) He doesn't mention that a lot of energy used for mining is 'excess energy' meaning mining uses energy which would otherwise would have been lost, e.g. flare gas on oil rigs, hydro energy during rain seasin in China, etc.
4) Cardano is by no means a competitor to Bitcoin, Cardano is more like fintech while Bitcoin is a whole new asset class.
5) He claims Bitcoin is almost using as much energy as the entire US federal government. Just the US military alone has a bigger CO2 footprint than Bitcoin (which is used to protect the petrodollar).
6) He claims 'no other human activity is so wasteful' while not mentioning once the huge potential of the whole Crypto space.
7) Elon is a hypocrite because he only stopped accepting Bitcoin payments, however Bitcoin uses energy not just for transactions but especially for securing the whole network, which he apparently has no problem with since he hasn't sold most of his position.
Just pointing out the obvious mistakes here, thre are plenty more in the video.
@@Elliott_Elliott thanks Elliot. Some one needed to type all that.
Nvidia then turned round and released dedicated mining cards with no video outputs that will become ewaste far far faster
Hi Ryan, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Well yeah, Nvidia has no interest in limiting crypto mining, they're making a killing off it. It needs to be regulated to be hemmed in, we can't expect profit driven companies to voluntarily give up a revenue stream, no matter how harmful it is to the planet, they simply won't do it.
So? They didnt make LHR for the environment, they made it to have graphics cards for gamers.
Their goal is to make money not plant trees, of course their going to serve both miners & gamers.
Also the mining limiter was recently bypassed & you can get 100% of the power again.
Well said thank you
citations? references? Great stuff, just looking for the source!
You compare relative energy use. Gold miners, all banks, etc. the use of Bitcoin could eliminate massive energy consumption
Conventional banks transactions are more efficient.
@@man-who-sold-the-world They're not. Ever heard of the lightning network?
Bank transactions are basically a layer 2 solution for our fiat monetary system. Just like lightning is a layer 2 for BTC.
Therefore you should compare the cost of a lightning tx (which is basically 0) to the cost of a visa/bank tx - which costs more due to the necessary infrastructure.
@@man-who-sold-the-world that’s why we use doge
Hi Brazos, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
@@nykz2358 lmao @ "ever heard of the lightening network?"
i love this channel ❤
Bitcoin is already one of the most environmentally friendly uses of energy on the planet it's monetizing what would have been wasted energy or stranded energy. it's empowering small communities in Africa and across the world it actually makes renewable energy profitable.
Not sure Satoshi realized how popular Bitcoin would become and may not have anticipated the mining issue. The system needs to be heavily revised. Maybe place a limit on how many miners there can be or how many orders they can receive instead of making the equations harder which requires more energy and advanced hardware.
Greed! On a Massive ⚖️ Scale and the Environment will pay a heavy price!
that's why there are cryptos like cardano and nano to solve this problem. Both ADA and NANO consume way less energy than bitcoin and are sustainable for the environment.
Let's make a video show how much traditional banking and finance system consume energy
It consumes 2x's what BTC consumes
BTC mining consumes 0.25% of the world's energy production while air conditioning consumes 10%, yet no one says anything about that!
@@stultuses Even if that number's accurate (it's really hard to find the total electricity costs from thousands of private corporations across the entire world, and I couldn't find a reliable source for that number), that's still positively miniscule when you consider that the traditional financial system handles, you know, the global economy. When you take into consideration that as bitcoin adoption grows those costs rise exponentially, there's really no comparison.
For the ac argument, my life would be a million times worse without ac in the 100+ degree summers where I live, while the only change I (or anyone else) would experience if crypto fell apart is their energy bills would go down. That's not to say that it couldn't use some optimizing, but you're trying to equate something with real life value to something whose only value is the momentum behind it.
Hi Adi, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
@@sheldencredi7680 I think, first of all, cryptocurrency and the defi ecosystem is already more efficient compare to traditional financial system. It's like comparing electric car to gasoline car (I'm sure this is what Elon thinking). But just like electric car, which is still emits less CO2, compare to gasoline car, even when the electricity came from coal power plant.... I think it's better if the energy also come from renewable source - for both electric car and Bitcoin mining.
Are you having problem with your trust wallet? Well if you want to fix it indicate so the link can be shared with you
Great Video. Clear explaination. Thank You.
It is mining an idea with a huge carbon footprint vs doing something useful
Mining Bitcoin == Na...
US currency == BitCoin? Why not!
There are a lot of good things that are possible with BitCoin, like immediate disaster relief and other things
Hi WhatMyNamels, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Men will not stop until they have spoiled the earth. (quote from Watership down)
Hi Cro Magnon, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
@Marshall Bettman but if they become green, anyway as more people use bitcoin , the energy consumption will be higher in comparison to the banking stock market ?
That's why I think it never can be a climate friendly currency for the general public. It has it's value set for underground market but there is a limit.
Bitcoin makes no sense
use that energy to actually mine precious metals , resources, not just 0 and 1
FINALLY a video that explains it well
Its the same..gold mining in my country is also environmentally disastreous and bankers always gets the larger pie
Gold is very good for electronics conductivity. Most of electronics printed circuit borads has gold metals layer... gold is essentially for electronics...
Hi Ronan, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
bitcoin mining is literally coal mining!
Bgm music please
Hi Saqib, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Thank you for making us so clear. I'm grateful.
Hi Santosh, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
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FeDrICkJ002
@
I don’t get the outrage, if it’s equal to 8.9 million cars then auto manufacturers should stop producing over 80 million a year
"Musk's concerns about environmental costs of Bitcoin"
= The government is pressing me to be against it or else I lose my government's incentives for electric cars.
You mind lending me that crystal ball when you're done with it?
@@samsonsoturian6013 I'm done. Take it :) 🔮
Hi AndersonPEM, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
@@sheldencredi7680 Bitcoin is unstoppable. It's a war cry against state manipulation of currency.
Good thing he's reconsidering, although the state is pressing him not to do it.
Maybe Tesla is going to launch its own crypto that can only use green energy ....
Hi Parthasarathy, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Despite the economy crisis,this is still a good time to invest in stock and crypto.
Investing in this economy crisis will be one of the best thing to do this year.
Most people today have been having a lot of failures in investing because of poor orientation and bad experts.
Same here. Made $28k from crypto trading today.
Please i have been trading for a while and i dont seem to make profits. Only losses.
You need experts to guild you on how to trade.
There is one pattern that is multiplied faster and faster.
GREED AND STUPIDITY
Last city that I drove through I counted at least 10 skyscrapers owned and ran by different banks. Thousands of offices require thousands of employees, thousands of employees require thousands of cars. That was just ONE city... out of thousands. Don't give me the Bitcoin energy crisis argument.
Massive exaggeration as usual.
@@longago3649 What part was exaggerated? If anything I probably left something out.
I understand the energy consumption issue. But maybe don't call people who believe in decetralized currency as investing in "shady internet money" some of us live in bureaucratic countries overrun by SHADY GOVERNMENTS
Hi Antoinette, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
With Conventional Credit Cards.
Then here comes ROGER's Credit Card.
You know ROGER's Company Owns expands globally. Who knows ROGER's Crypto Exist.
Hi Reymond Ortega, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
So what happens if there's a world blackout? Not enough energy to power everything....will bitcoin collapse all together bc its not a physical thing?
2:29 - this explanation is incorrect. Computers don't earn bitcoins just for verifying transactions - they have to both verify 1 MB worth of transactions, AND be the first one to solve a function that generates a hash that’s below some target value. This hashing function is what consumes most of the computing power.
Thanks for subscribing...
Let's go on a trading session together and make huge profits....
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" *+•/1/•/7•/4•/0•/[2•/3]•/[3•/6]•/4•/9•/3/*
Amazing video man!
Just maybe clarify that BTC does not (anymore) uses GPU's to mine, otherwise that will make all the gamer boys mad!
lol yeah 99% of those idiots doesnt even know that and they laugh and make memes when people are suffering due to market crasshe.. Such Toxic PEOPLE.
@@Kozak806 not true, nano is better used as a medium of exchange than a traceable commodity, exchanges are slow and expensive in comparison to just using it natively. Every time you use it, you save money, that's not bad.
@@Kozak806 i Guess you are a BOOMER still living in the 1990s... No need to explain such stuff to guys like you.. You wouldn't even Understand...I'm not a huge supporter of Bitcoin, but other cryptocurrencies are not like that... Also I ain't talking about shitty meme coins or stupid dogecoin.. Real Crypto projects that will revolutionize this world with real world use cases.. The Blockchain Technology will touch every part of the current IT infrastructure and will Pave way to new Businesses and a massive IOT.
No offence man, please do some research on at least something before talking about things you don't know.. Bitcoin isn't the only cryptocurrency out there... Or you can just choose to ignore it and watch Technology grow faster than you think right before your eyes.. CBDCs, Blockchain Technology, Cryptos are the future of a Modern Internet Reliant and Technological Society.
@@ebymichale77 I see your the boomer calling doge stupid
Who bought the dip? ✋
No one
Hi TECH BINGE, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
How about how much energy is used a year for mining gold, or sending emails, or powering news...
All of those are actually useful things which civilization needs.
@@jonatand2045
The energy consumption facts are:
The world consumers 160,000 twh globally
50,000 is wasted!!
Bitcoin uses 220 kwh, that is
¼ of a percent is used for Bitcoin
AC around the world uses 10% energy yet no one cries about its consumption
1 Trillion worth in Bitcoin yet only costs 2 billion a year to run, that is very efficient actually
Banking industry costs twice as much to run each year than what Bitcoin consumes
There's a lot of crap being said about Bitcoin and a lot of low information people regurgitating factless crap like Elon
@@stultuses
Banking serves more than double the people and is less of a casino tough. Air conditioning improves quality of life and productivity, but it does use too much energy.
@@stultuses The problem is silicon availability and you know adding another hurdle for humanity in terms energy efficiency production and also the process of fully switching . Crypto is good later.
Hi Semaj, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
I don't even get bit coin, and this made it sound even more stupid
Investing is how you can create wealth, I started investing from pandemic crash 👍
You are absolutely right 💯👍 waiting for the government to provide is a big waste of time
Investment are the stepping stones to success
Well said👋 investing is good but investing in the right thing is the actual key to success
@@pinnedsimulatetrade3148 There are so many investments out there but if profit must be considered, then not all those investment are good to go into and not all can withstand the test of time
@@courtneywhite8518 The right choice of investment has always been a big problem for me because i know that picking up the wrong investment will leave a big scar in the future
@@courtneywhite8518 There might be so many investment out there but if profit must be considered which is the actual sole aim of every investment then I will advice you to go into Bitcoin trading it has a higher profit rate than most investments.
Bitcoin's energy consumption is by no means an environmental problem. On the contrary, Bitcoin even promotes renewable energies, since in places where no energy is needed there is the possibility of converting this (superfluous) energy into safety through mining. In the long term, Bitcoin only has advantages (independence from the state, deflationary currency, etc.).
Superfluous energy wut
@@andyhill7612 lol i chuckled the exact thing after reading the first sentence
@@andyhill7612 I may have expressed myself incorrectly. By superfluous energy I mean energy that is not used in a certain place and at a certain time, e.g. at night, because people are sleeping. Bitcoin could then use this energy, convert it and use it elsewhere in the world. That would create incentives because it is more economical to use renewable energies (because of the additional income from mining).
Independence from state? No.. China controls it. Deflationary... No cause if the 4 big miners decide to make 40 mil bitcoin they can..
@@renatoferreira6623 Bitcoin is decentralized. That's what a Proof of Work concept is all about (unlike Proof of Stake). And a single government like China is not able to control Bitcoin, even if several countries should merge, it is practically impossible because Bitcoin is now too big. And yes Bitcoin is deflationary as there will never be more than 21 million Bitcoin. To change that in theory, you need a hard fork that requires 90% consent from all entities. In reality, this will never happen and the probability that this will happen is almost zero.
a fuckin publicity every 3 minutes for the last day !? are you seriously consumming my home electricity that much youtube ?
Is it safe to say thinking burns a lot of calories?
Hi Med, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
People will be kicking themselves in regrets in few weeks if they miss this opportunity of buying and investing in Bitcoin (Cryptocurrency)
Yeah no one will like to miss out this time as many will be triggering themselves in few weeks if they miss the opportunity to buy and invest in bitcoin as it retracing.... be wise
@Antoine Vasquez I've got this little interest in bitcoin maybe I'll give it a try.
@@christophertaylor9759 Yes, investing in Bitcoin with the guidance of an Expert is the best and more profitable
@@jeffharris1602 Exactly, It's really good keeping an expert with years of experience close. Just like I have Mrs Katherine Marie Beckham she has made a lot of profits for me.
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hahahaha the media trying so desperately to slow down bitcoin adoption. for the China energy FUD, bitcoins mines are set up in the provinces of Xinjiang, Inner Mongolia, Yunnan and Sichuan, all these provinces are renewable energy rich (China has the highest capacity of renewable energy btw) and they all have excess supply of energy, which means, these mines are essentially powered at no cost at all. and no, im not selling my bitcoin to you 😂😂
Hi timothy1949, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
@@benjieterboss9063 nah, he said he will let tesla accept bitcoin as payment again if there is proof that more than 50% of energy of bitcoin mining comes from renewables (which it is), so lets see when will he reopen that. the thing is we are still in the bull run, this time china finally force miners out of the country for real, which created some panic and a lot of selling as the miners relocate and hash rate dropped significantly. now the hashrate has picked up again as miners relocate and new miners come in as the mining difficulty drop. and yes, power btc mines with renewable energy makes the most sense, and i think hydro and wind farms are the go to renewable sources for mines now.
I wonder where this is all going, what will the end result be
Government worldwide will impose tax on bitcoin mining and make it not worthwhile for small miners. Only left a few mega company that exploit tax breaks. In turn, cryto currency value will drop
Bitcoin will fail 🤷🏼♂️
It will end in people realizing that most of this is misinformation. There is a lot of mistakes in this video...
1) He claims that all the 'computers' which are not 'finding' the hash are wasting energy which is untrue since they secure the network.
2) He claims that Bitcoin is mined used GPUs, that might have been true 5 for years ago, Bitcoin miners use ASCIs.
3) He doesn't mention that a lot of energy used for mining is 'excess energy' meaning mining uses energy which would otherwise would have been lost, e.g. flare gas on oil rigs, hydro energy during rain seasin in China, etc.
4) Cardano is by no means a competitor to Bitcoin, Cardano is more like fintech while Bitcoin is a whole new asset class.
5) He claims Bitcoin is almost using as much energy as the entire US federal government. Just the US military alone has a bigger CO2 footprint than Bitcoin (which is used to protect the petrodollar).
6) He claims 'no other human activity is so wasteful' while not mentioning once the huge potential of the whole Crypto space.
7) Elon is a hypocrite because he only stopped accepting Bitcoin payments, however Bitcoin uses energy not just for transactions but especially for securing the whole network, which he apparently has no problem with since he hasn't sold most of his position.
Just pointing out the obvious mistakes here, thre are plenty more in the video.
Hi Marquita, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
@@michaelchang4914 good luck taxing a decentralized digital immutable ledger lmao
and what does his cars run on
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Hi Sunny, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
@@benjieterboss9063 solar only runs in the day... how are they going to run it at night, cant be on batteries since they need quiet a bit of power to run... even so. this whole green thing is a fallacy... where do batteries and solar panels come from... they all dmg the earth somehow and are much high maintenance than a coal plant
In few years or so, people will definitely be kicking themselves in regret for missing the opportunity to buy and invest in cryptocurrency.
Investing in cryptocurrency and other altcoins now, are the best lucrative way of making money now
For real crypto is profitable
I wanted to trade crypto but got confused by the fluctuations in price
@@jacksonbenson6010 That won't bother you if you trade with a professional like mr donald marshall
@@lukethompson6303 lol donald who?? LMAO
Yeeees bring more ADA awareness. Thank you.
Hi Caue, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
@@sheldencredi7680 i dont think he ended the bull run, nor do i think he has the power to re start it. But i do hope bitcoin's energy matrix turns greener overtime. I believe in crypto as a long term investiment so im not so worried about getting back to the bull run in the next few years. I just plan on keep buying, and in the case of cardano (ADA) keep earning my staking rewards for the next 5 to 10 years. Of course whenever we have bull runs ill sell small amounts, same way ill be buying during the bear markets. My rules are just never sell 100% of my crypto and never have more than 30% of my net worth in crypto .
pplz make a video on future digital revolation technology!
Hi Happy Singh, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
For currency based on tweet🙄
Cost so much pc parts and energy🙄
A M O G U S
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Θώθ, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
@@benjieterboss9063 S U S
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This is one of the great reasons why states should encourage Bitcoin mining - Balancing the power grid. One problem power grid operators face is increased peak demand on very hot days. This is a problem because the energy demand is not constant so they cannot invest to increase capacity. Bitcoin fixes this. By creating demand at all times, which can be dynamically adjusted as required, it gives the incentive to expand capacity. This is what we should be explaining to power alarmists as to why Bitcoin mining is actually good. And of course also the fact renewables are being increasingly more employed since they're cheaper by the day.
still more efficient than mining gold. Imagine how much we would save if we didn't have to run banks, and if we replaced SWIFT.
The concept of banking has been around for centuries, while the world of crypto currencies has some of the most unstable currency values dropping or rising in several thousands of speculative value.
I don't think everyone would like it if the value of their currency drops by huge percentages the next day. What kind of crazy trading practices will have to be used if we make the banks and wallstreet effectively shut down? It'll be chaos.
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7:26
Wrong. As more people use the BTC network, the usage of tetra watt hours of energy will roughly remain the same as more people begin to onboard to the network while banking systems need to continue expanding and will use exponentially more power and more money than Crypto.
A lot of the garbage in this video is cherrypicked and not peer reviewed, such as the claims of BTC using coal when 75% of power sources are renewable energies such as solar, hydro, and geothermal produced electricity in some of the most remote parts of the world where that energy is wasted already because they can not store the energy long term hence why it’s cheap.
Also the drivers meant to throttle graphic card performance in GPUs not only can be undone very easily, but there are already custom drivers that negate those lazily implemented barriers. And NVidia was also caught in China delivering pallets of these same GPUs to mining facilities at the same time of this announcement.
This is misinformation to prevent YOU for taking your financial duty and responsibility of having a decent life because these same people are buying BTC and other cryptos while telling you that this is evil. Don’t be fooled.
Hi Autumn, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Nice video.
Hi Alparslan, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
You might mention Halving, and you might mention that 98% of all the Bitcoin ever to exist has already been mined - and when it has been all mined, that’s all there will be. All other coins you do mention are centralized - like a central bank that can print as much as it thinks it needs, but you didn’t mention that.
The boring bay arthroscopically command because steel etiologically influence throughout a nippy bean. aware, berserk kilogram
Hello dear
Hi matt, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Sam VAKNIN says computing from Metaverse and bitcoin and computing are causing more carbon emissions than car emissions
This isn't a problem at all im not even an expert and i know this. With the advent if quantum computers bitcoin has more than enough to compute at extremely high levels. Capacity shouldn't be an issue at all.
i'm here cause Bill Gates said that, not Elon Musk
Hi Mattews01, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
This is why we can't get gpu's anymore.
mostly not, it's because of the massive chip shortage, look at car prices, even used cars are more expensive than the brand new was a few years ago. Tho it does have some influence, mostly from ETH miners, hopefully the concensus update will get rid of that. anytime now lol
Shady internet money!? How dare you!
Hi lokospoko, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Need to keep big coin on the moon so I can get energy 24 hours a day
Hi Jose, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Accept and then reject all in the name of insider keep serious scrutiny
Hi 1JH, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
So what happened to the wind farms and solar farms that was supposed to power all of this stuff oh that's right you have to cut down a whole bunch of trees to set all of that stuff up
Nothing is wrong with clearing a whole bunch of trees to set up an energy sector, Mr. Druid. We all could use the extra lumber right about now.
Keep in mind that when the Americans expanded west, they cleared away 75% of all virgin forests in the States. As civilization expands, it's only natural that trees would be cut down to make room for the expansion.
@@tomcrwn3433 Alaye your own na to spol person work
Hi Arthur, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
its a business thing. if Goverments can do Taxes for the big mining Farms that use coal energy it would be a good start.
Hi Noel.SK03, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
The Horton card!
Hi J, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
He crash the market so that he can buy that DIP!
Hi Money Mindset, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Mr Elon has a good point, but the answer is not to turn all the Cripto space off. The whole causing problem must be studied and solutions must be found. It involve the whole planet and everyone in it. Not easy problem to solve. Can self interest be put aside?
Hi Andre, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Good vid though
Hi RokuJay, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
Now bitcoins value will drop like hell
Hi Mind Gamer, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?
@@sheldencredi7680 i think i should prepare for my exams
Its near
is it truly producing a worrisome
Hi J Ic, I’m just asking around, because I was thinking what Elon said about letting the bullrun continue if BTC becomes green and i just found solly. They seem serious about making BTC green with solar, what do you think?