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Thread: Bitcoins gaining credibility and use

  1. #21
    Senior Member bae's Avatar
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  2. #22
    Senior Member razz's Avatar
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    An I reading ir correctly? Bitcoin uses 1/3 of the total world's electric consumption? Facebok wants to start a banking system based on a similar currency? What am I not understanding here?
    Gandhi: Happiness is when what you think, what you say and what you do are in harmony .

  3. #23
    Senior Member jp1's Avatar
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    It's 0.32%, not 32% of all electricity, but that's still a huge amount of electricity.

  4. #24
    Senior Member bae's Avatar
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    Quote Originally Posted by jp1 View Post
    It's 0.32%, not 32% of all electricity, but that's still a huge amount of electricity.
    Especially considering it isn't really doing any useful work.

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    Senior Member jp1's Avatar
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    Quote Originally Posted by bae View Post
    Especially considering it isn't really doing any useful work.
    Indeed. And imagine if people were actually using bitcoin in any sort of sizable numbers how much electricity that would take.

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    It’s not using bitcoin but mining that uses electricity. That actually bothered me.

  7. #27
    Senior Member jp1's Avatar
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    My understanding is that mining is essentially propagating the bitcoin transaction database, which will only become more energy intensive as the number of transactions increases, thus making the transaction database ever larger. Because of the distributed nature of the transaction database there's no way to make doing a transaction energy efficient. It's not like doing a credit card transaction where the data only gets posted to the buyer's bank and to the merchant's bank. Every bitcoin transaction gets posted to every one of countless copies of the entire transaction registry. That's the secret sauce of how cryptocurrencies work, but it also means that it's wildly inefficient energy-wise.

    The part that's not clear to me is what will happen once the finite supply of bitcoin have all been mined. At that point no one will be interested in providing mining services so it's unclear to me who will actually be providing all the processing necessary to keep the database of transactions propagated.

  8. #28
    Senior Member bae's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    It’s not using bitcoin but mining that uses electricity. That actually bothered me.
    Alas, using bitcoins uses a lot of power to verify the transaction. "Mining" also incorporates doing the transactional processing.

    https://www.economist.com/the-econom...so-much-energy

    When I looked about two years ago, it took about 200KWh to process a single transaction. That's enough to power my 4500 sq. ft. home for about 2 weeks. You can see why micropayments using bitcoin are having trouble getting off the launchpad.

  9. #29
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    Thanks Bae for the explanation)

  10. #30
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by bae View Post


    ...When I looked about two years ago, it took about 200KWh to process a single transaction. That's enough to power my 4500 sq. ft. home for about 2 weeks .
    good lord. And this transaction gets you— a bit? A coin???

    No answer needed I am too ignorant to ask real questions I just I just don’t get it.

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