Electrical consumption issue or fact about bitcoin ever be addressed?

[Shaniqua]

Will the electrical consumption issue or fact about bitcoin mining  ever get solved im just wondering guys?

Is there even any plan to get it so the hash power usage in terms of kilowatt/hour go down? or something like that

i mean its crazy........... btc mining power is as high as a small country uses in electricity!@

i think thats why btc will fail or not grow as much in the end

[hui]

10 minutes ago, Shaniqua said:

Will the electrical consumption issue or fact about bitcoin mining  ever get solved im just wondering guys?

Is there even any plan to get it so the hash power usage in terms of kilowatt/hour go down? or something like that

i mean its crazy........... btc mining power is as high as a small country uses in electricity!@

i think thats why btc will fail or not grow as much in the end

It's a real issue but nothing that will ever hurt Bitcoin as such - the difficulty (amount of hash power needed for mining a block) is directly dependant on the overall hashing power of the miners. If the price of kw/h would double it would become unprofitable miners would power down. As a result the hashing power would be lower and as a result of that the difficulty would also get lower (resulting overall in the same network performance). 

This in turn would maybe at one point make it profitable again to mine even with the higher prices for power consumption and the cycle would begin again.

It's one of the many clever things that are part of the algorithms underlying Bitcoin

 

[Kate]

In my view never because for mining bitcoin it takes a lot of electricity and it is hard but if it was easy then the consumptikn of power would be less and solve the problem.

[Shaniqua]

ya but they can change the protocol somehow no>?᠎

[hui]

Just now, Shaniqua said:

ya but they can change the protocol ᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎no?

But why would they if it is good as it is? Also: >50% of miners would need to decide to change the protocol - that's not something easily done with BTC due to the sheer number of miners.

[Etude]

I think that is precisely why people have began to came up with fancy ways to use solar or hydro powered energy to power their mining rigs / farms.

[Shaniqua]

idk... i just think the world has an energy crisis and bitcoin isnt helping =/ 
but then again you can argue so many things isnt helping either, like driving cars or whatnot, playing online casinos etc lelelelle

[hui]

1 hour ago, Shaniqua said:

idk... i just think the world has an energy crisis and bitcoin isnt helping =/ 
but then again you can argue so many things isnt helping either, like driving cars or whatnot, playing online casinos etc lelelelle

True, but this is a political/social problem, not a technical one. I always like to say "there is no technical solution for social problems". Your initial question was if this could lead to being a reason for BTC failing or not growing and it isn't since it will simply adjust to whatever politics does.

An example that this is indeed a political problem is that in many countries renewable energy is sponsored by the governments in favour of conventional means of creating the electric power (i.e. coal, gas, atomic plants, ..).

From a broader perspective there is no energy crisis per-se but an energy-saving crisis in my opinion. The main reason why i.e. solar energy could be adopted more is that the energy is there when it's not so much needed (during daylight, when people are at work) - if there would be better options to efficiently store energy (also avoiding the peaks that lead to energy literally being thrown away to save the power networks) a lot of these issues would be instantly avoided. So this is an aspect where indeed new technological developments might help towards a solution. (But all this is far away from your initial question).

[williamshennie9]

It is a big problem that nobody seems to be talking about. Since most electricity production around the world is made with non renewable resources, it contributes to climate change each time you make a transaction with bitcoin.