• WANTED: Happy members who like to discuss audio and other topics related to our interest. Desire to learn and share knowledge of science required as is 20 years of participation in forums (not all true). Come here to have fun, be ready to be teased and not take online life too seriously. We now measure and review equipment for free! Click here for details.

Mining bitcoin uses more energy than Denmark

LarsS

Major Contributor
Forum Donor
Joined
Mar 23, 2016
Messages
1,081
Likes
1,017
Location
Sweden, Stockholm
#1
" Extracting a dollar’s worth of cryptocurrency such as bitcoin from the deep Web consumes three times more energy than digging up a dollar’s worth of gold, researchers said Monday.

There are now hundreds of virtual currencies and an unknown number of server farms around the world running around the clock to unearth them, more than half of them in China, according to a recent report from the University of Cambridge.

Mining virtual currencies with a real-world value, in other words, carries a hidden environmental cost that is rarely measured or taken into account.

“We now have an entirely new industry that is consuming more energy per year than many countries,” said Max Krause, a researcher at the Oak Ridge Institute for Science and Education and lead author of a study in the journal Nature Sustainability.

In 2018, bitcoin is on track to consume more energy than Denmark,” he told AFP. "

https://www.nst.com.my/world/2018/11/428708/mining-bitcoin-uses-more-energy-denmark-study
 

Grave

Senior Member
Joined
Jun 30, 2018
Messages
382
Likes
189
#2
Didn't all these cryptocurrencies crash recently?

I briefly tried mining with my expensive GPU but it produced an insignificant amount of money.
 

JJB70

Major Contributor
Forum Donor
Joined
Aug 17, 2018
Messages
2,022
Likes
4,294
Location
Milton Keynes, England
#3
I went to an ATM to get some bit coins after having been told crypto currencies were quite the thing for the dashing young chap about town but couldn't find the right button so gave up.
 

Snarfie

Addicted to Fun and Learning
Forum Donor
Joined
Apr 30, 2018
Messages
617
Likes
373
Location
Netherlands
#4
A real world value??? The money that we own (or paying the Electric cost of mining crypto currencies) is loosing it value at warpspeed by so cald quantitve easing (fiat money printing in the triljons FED ECB etc) atleast bitcoin is limited to 21 Million bitcoins. The energie that is used to mine them is seen as the intrinsic value. You can't say that from quantitive easing Which is an Ordinary rip off of your money By your national bank (read goverment) introducing negative interest rates there is the real problem. Thats one of the reasons crypto currencies are mined because there is eventualy no trust In fiat money. Saifedean wrote recently an interesting book about fiat money bitcoins the cost of mining an put it in perspective cald The Bitcoin Standard
 
Last edited:

andreasmaaan

Major Contributor
Forum Donor
Joined
Jun 19, 2018
Messages
6,376
Likes
8,332
#6
Didn't all these cryptocurrencies crash recently?

I briefly tried mining with my expensive GPU but it produced an insignificant amount of money.
There was a correction (if you could call it that) - the values approximately halved on average overnight but have remained stable since.

No single computer has near enough power to mine a bitcoin these days....
 
Joined
Feb 9, 2018
Messages
291
Likes
197
#7
A colleague of mine got into it in the early days, and I was rather bemused by it, as it seemed to be a completely pointless waste of energy, and the idea appalled me.

He filled his house with servers, and had problems with waste heat.

But he mined rather a lot of bitcoin. I suspect, if he hung on to them, he probably made a lot of money.
 

restorer-john

Major Contributor
Joined
Mar 1, 2018
Messages
5,516
Likes
12,830
Location
Gold Coast, Queensland, Australia
#8
So we recently got a new $50 note in Australia and I was trying to read the super fine hidden printing on it. Even under magnification I couldn't really read it so I put it on my scanner so I could zoom in on it.

The scanner refused to scan it! It knows its a banknote! So that led me down a hole of researching Omron Rings and counterfeit deterrence systems that have put digital watermarks in currencies all over the world. (digimarc).

So it's even getting harder to print your own money now. :) kidding.

PS. the ironic thing is, windows10 fax and scan had no problem scanning it!
 

Wombat

Major Contributor
Joined
Nov 5, 2017
Messages
6,361
Likes
5,551
Location
Australia
#9
So we recently got a new $50 note in Australia and I was trying to read the super fine hidden printing on it. Even under magnification I couldn't really read it so I put it on my scanner so I could zoom in on it.

The scanner refused to scan it! It knows its a banknote! So that led me down a hole of researching Omron Rings and counterfeit deterrence systems that have put digital watermarks in currencies all over the world. (digimarc).

So it's even getting harder to print your own money now. :) kidding.

PS. the ironic thing is, windows10 fax and scan had no problem scanning it!

Oops. I thought only Bill Gates had the password for that app. :rolleyes: Or, considering the amount of gear Amir buys ................................ ? o_O
 

Cosmik

Major Contributor
Joined
Apr 24, 2016
Messages
3,075
Likes
2,044
Location
UK
#10
Heard an interview with Craig Wright, one of the people behind the development of bitcoin recently. He set up a system for mining them in his house; they were selling them in 2010 at 0.003 cents per bitcoin.

The interviewer asked him when he first knew he was wealthy and he said "Probably when I reached my first billion US..."
 
Top Bottom