Bitcoin could cost us our clean-energy future | Grist


28 bookmarks. First posted by peteyreplies 10 days ago.


Bitcoin could cost us our clean-energy future
from twitter
3 days ago by alienlebarge
Might Bitcoin cost us our clean energy future? At the current rate of energy consumption, the network will consume as much electricity as the whole world uses today by Feb 2020. Bitcoin’s 32TWh of annual usage (growing 20-30% per month) is more than the total solar output of all but a handful of nations.
thefuture  bitcoin 
5 days ago by JohnDrake
By July 2019, the bitcoin network will require more electricity than the entire US currently uses. By February 2020, it will use as much electricity as the entire world does today.
energy  climatechange  bitcoin  cryptocurrency 
6 days ago by mirthe
Cryptocurrencies like bitcoin provide a unique service: Financial transactions that don’t require governments to issue currency or banks to process payments. Writing in the Atlantic , Derek Thompson calls bitcoin an “ingenious and potentially transformative technology” that the entire economy could be built on — the currency equivalent of the internet. In Venezuela, where rampant hyperinflation and subsidized electricity has led to a boom in bitcoin mining , rogue operations are now occasionally causing blackouts across the country. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. But as with other technological advances like irrigation in agriculture and outdoor LED lighting , more efficient systems for mining bitcoin could have the effect of attracting thousands of new miners.
7 days ago by sechilds
Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day.
bitcoin  energy  climate  carbon 
7 days ago by JFIResearch
If you’re like me, you’ve probably been ignoring the bitcoin phenomenon for years — because it seemed too complex, far-fetched, or maybe even too libertarian. But if you have any interest in a future where the world moves beyond fossil fuels, you and I should both start paying attention now.
Bitcoin  cryptocurrencies  energy  pollution  climatechange  review  critique  Grist  2017 
7 days ago by inspiral
Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day. And miners are constantly installing more and faster computers. Already, the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world’s 500 fastest supercomputers combined.

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.

That sort of electricity use is pulling energy from grids all over the world, where it could be charging electric vehicles and powering homes, to bitcoin-mining farms. In Venezuela, where rampant hyperinflation and subsidized electricity has led to a boom in bitcoin mining, rogue operations are now occasionally causing blackouts across the country.
by:EricHolthaus  from:Grist  crypto  Bitcoin  ClimateChange 
7 days ago by owenblacker
It would be pretty crazy if bitcoin became so valuable it destroyed our planet
from twitter
8 days ago by deadlyicon
If you’re like me, you’ve probably been ignoring the bitcoin phenomenon for years — because it seemed too complex, far-fetched, or maybe even too libertarian. But if you have any interest in a future where the world moves beyond fossil fuels, you and I should both start paying attention now. via Pocket
IFTTT  Pocket 
8 days ago by joostw
Digital financial transactions come with a real-world price: The tremendous growth of cryptocurrencies has created an exponential demand for computing power. As bitcoin grows, the math problems computers must solve to make more bitcoin (a process called “mining”) get more and more difficult — a wrinkle designed to control the currency’s supply.
bitcoin 
10 days ago by OverAchiever
If you’re like me, you’ve probably been ignoring the bitcoin phenomenon for years — because it seemed too complex, far-fetched, or maybe even too libertarian. But if you have any interest in a future where the world moves beyond fossil fuels, you and I should both start paying attention now. via Pocket
IFTTT  Pocket  twitter 
10 days ago by tulbox
currency manipulation By on Dec 5, 20171:32 pm Share If you’re like me, you’ve probably been ignoring the bitcoin phenomenon for years — because it seemed too…
from instapaper
10 days ago by toph
currency manipulation By on Dec 5, 2017 Share If you’re like me, you’ve probably been ignoring the bitcoin phenomenon for years — because it seemed too complex,…
from instapaper
10 days ago by matttrent
Given its rapidly growing climate footprint, bitcoin is a malignant development, and it’s getting worse.
from twitter_favs
10 days ago by david.nguyen
Eric Holthaus:
<p>As bitcoin grows, the math problems computers must solve to make more bitcoin (a process called “mining”) get more and more difficult — a wrinkle designed to control the currency’s supply.

Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day. And miners are constantly installing more and faster computers. Already, the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world’s 500 fastest supercomputers combined.

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.

That sort of electricity use is pulling energy from grids all over the world, where it could be charging electric vehicles and powering homes, to bitcoin-mining farms. In Venezuela, where rampant hyperinflation and subsidized electricity has led to a boom in bitcoin mining, rogue operations are now occasionally causing blackouts across the country. The world’s largest bitcoin mines are in China, where they siphon energy from huge hydroelectric dams, some of the cheapest sources of carbon-free energy in the world. One enterprising Tesla owner even attempted to rig up a mining operation in his car, to make use of free electricity at a public charging station.

In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants.</p>


Though I linked to the data about bitcoin mining using so much energy, the fact of its exponential increase in demand had passed me by. Only if fewer people mine will the difficulty come down, and then the demand. But that's only going to happen if the price drops precipitously.
bitcoin  energy  dystopia 
10 days ago by charlesarthur
currency manipulation By on Dec 5, 20171:32 pm Share If you’re like me, you’ve probably been ignoring the bitcoin phenomenon for years — because it seemed too…
from instapaper
10 days ago by yorlt
By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.
weekly  bitcoin  dystopia  future 
10 days ago by twwoodward
currency manipulation By on Dec 5, 20171:32 pm Share If you’re like me, you’ve probably been ignoring the bitcoin phenomenon for years — because it seemed too…
from instapaper
10 days ago by ihatemornings
"In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today."
ifttt  facebook_post 
10 days ago by peteyreplies