Does someone feel like giving me an ELI5 why Bitcoin mining eats up so much electricity these days? Is it just because the problems the machines need to solve have gotten more complex? Do other cryptos tax the resources as bad? Is there a viable crypto that would be considered “green” at this point?
Sorry for overboarding my questions if anyone even attempts to answer this lol
the power is needed because trustless distribsuted ledger is mathematically impossible.
So there has to be some mechanism that actually prevents someone being able to just change anything at will. This is the mathematical impossibility part. What bitcoin does to get around it is to (artificially) make it cost resources to write into the ledger by making everyone solve a random useless puzzle. And with each block depending on the one preceding it, changing implies also changing all the subsequent ones.
This of course assumes that the chain is ever growing, otherwise the attacker just needs time to catch up. Bitcoin’s security guarantees come from ensuring the network keeps growing faster than any one single entity could write to it. The only thing that keeps anyone from writing whatever is that they just can’t do it fast enough.
This implies that the network is only (probabilistically) secure as long as there are people mining it. If people stop mining, bitcoin instantly loses all of its security.
It then follows that the security of the chain depends on its ability to keep its users wanting to mine it. This is handled by it being a currency. something that humans would have a psychological need to hoard.
This is also why any non-cryptocurrency application of blockchain simply cannot possibly work.
If you want to have rather green cryptos, you need to exclude those who rely on proof-of-work to secure the network.
Btw. Ethereum showed that a transition from proof-of-work to proof-of-stake is possible.
If you’re not interested in the complexities that a lot of cryptos have, because you just want to transfer value efficiently, have a look at Nano (https://nano.org)
the power is needed because trustless distribsuted ledger is mathematically impossible.
So there has to be some mechanism that actually prevents someone being able to just change anything at will. This is the mathematical impossibility part. What bitcoin does to get around it is to (artificially) make it cost resources to write into the ledger by making everyone solve a random useless puzzle. And with each block depending on the one preceding it, changing implies also changing all the subsequent ones.
This of course assumes that the chain is ever growing, otherwise the attacker just needs time to catch up. Bitcoin’s security guarantees come from ensuring the network keeps growing faster than any one single entity could write to it. The only thing that keeps anyone from writing whatever is that they just can’t do it fast enough.
This implies that the network is only (probabilistically) secure as long as there are people mining it. If people stop mining, bitcoin instantly loses all of its security.
It then follows that the security of the chain depends on its ability to keep its users wanting to mine it. This is handled by it being a currency. something that humans would have a psychological need to hoard.
This is also why any non-cryptocurrency application of blockchain simply cannot possibly work.
It is the cost of securing the network. It is intentional as if it was low power and easy to mine, 1 person or organization could take over the network and thus it would loose its decentralization. Nothing wrong with using power as long as it is green. No one is complaining about how much energy social media uses, or electric cars, or the fiat banking systems or all the lights left on etc etc. Power usage is not the issue here, it is power generation. You best believe that big money is spinning Bitcoin as negative as possible as it is a threat to their establishment. Don’t be a sucker for the BS.
It still a problem if it’s using green power as it’s preventing that green power from replacing fossil fuels in more useful and essential parts of the economy. Therefore essentially increasing demand for fossil fuels. Additionally by increasing the nations total energy use it’s making the task of decarbonising energy just that little bit harder.
The problem with green energy is that it produces on its own schedule, divorced of when people actually want electricity. Bitcoin miners are “buyers of last resort”. They have to compete with every other miner on the planet, they don’t buy electric at peak usage hours (which is when you fire up the non-renewables to meet demand). If anybody else was there to buy that electricity, Bitcoin miners don’t. They can only afford the cheapest electricity and electricity which has nowhere else to go.
Bitcoin mining is part of the green revolution. By always having a buyer of last resort, it makes it easier to invest in renewable infrastructure knowing that somebody will always buy the power even if demand isn’t ordinarily there to meet supply. It allows you to build your grid out to be almost entirely renewables. It’s a form of energy storage. And it means when regular people buy power, it’s cheaper, because they don’t have to make up for that time period when electricity was being produced but there was nobody to buy it. Regular people don’t have to subsidize the cost of a solar panel farm that is only useful for a few hours a day when demand is at the peak and otherwise produces energy there is no use for.
Energy use is going up with or without crypto. It is a solvable problem. We just have to have the will. The focus should be on more green power, not restricting those who use it already.
Yeah, but the problem is that the green energy could have gone to powering a hospital or a factory, something actually useful. But instead it’s going to crypto. The hospital and the factory still need power and they are likely to pull it from a fossil fuel source. Essentially ’green’ crypto mining is creating demand for fossil fuels making it not actually green. Also we don’t have the time for our energy transition to be slowed down by crypto. Especially considering how utterly useless it is.
You can make this argument with anything that demands electricity. This is how we generate full stop. Anything else is a distraction that propaganda has placed in your mind.
Does someone feel like giving me an ELI5 why Bitcoin mining eats up so much electricity these days? Is it just because the problems the machines need to solve have gotten more complex? Do other cryptos tax the resources as bad? Is there a viable crypto that would be considered “green” at this point?
Sorry for overboarding my questions if anyone even attempts to answer this lol
Price goes up, chances go down, more people/machines trying to mine, more electricity usage.
the power is needed because trustless distribsuted ledger is mathematically impossible.
So there has to be some mechanism that actually prevents someone being able to just change anything at will. This is the mathematical impossibility part. What bitcoin does to get around it is to (artificially) make it cost resources to write into the ledger by making everyone solve a random useless puzzle. And with each block depending on the one preceding it, changing implies also changing all the subsequent ones.
This of course assumes that the chain is ever growing, otherwise the attacker just needs time to catch up. Bitcoin’s security guarantees come from ensuring the network keeps growing faster than any one single entity could write to it. The only thing that keeps anyone from writing whatever is that they just can’t do it fast enough.
This implies that the network is only (probabilistically) secure as long as there are people mining it. If people stop mining, bitcoin instantly loses all of its security.
It then follows that the security of the chain depends on its ability to keep its users wanting to mine it. This is handled by it being a currency. something that humans would have a psychological need to hoard.
This is also why any non-cryptocurrency application of blockchain simply cannot possibly work.
If you want to have rather green cryptos, you need to exclude those who rely on proof-of-work to secure the network.
Btw. Ethereum showed that a transition from proof-of-work to proof-of-stake is possible.
If you’re not interested in the complexities that a lot of cryptos have, because you just want to transfer value efficiently, have a look at Nano (https://nano.org)
the power is needed because trustless distribsuted ledger is mathematically impossible.
So there has to be some mechanism that actually prevents someone being able to just change anything at will. This is the mathematical impossibility part. What bitcoin does to get around it is to (artificially) make it cost resources to write into the ledger by making everyone solve a random useless puzzle. And with each block depending on the one preceding it, changing implies also changing all the subsequent ones.
This of course assumes that the chain is ever growing, otherwise the attacker just needs time to catch up. Bitcoin’s security guarantees come from ensuring the network keeps growing faster than any one single entity could write to it. The only thing that keeps anyone from writing whatever is that they just can’t do it fast enough.
This implies that the network is only (probabilistically) secure as long as there are people mining it. If people stop mining, bitcoin instantly loses all of its security.
It then follows that the security of the chain depends on its ability to keep its users wanting to mine it. This is handled by it being a currency. something that humans would have a psychological need to hoard.
This is also why any non-cryptocurrency application of blockchain simply cannot possibly work.
It is the cost of securing the network. It is intentional as if it was low power and easy to mine, 1 person or organization could take over the network and thus it would loose its decentralization. Nothing wrong with using power as long as it is green. No one is complaining about how much energy social media uses, or electric cars, or the fiat banking systems or all the lights left on etc etc. Power usage is not the issue here, it is power generation. You best believe that big money is spinning Bitcoin as negative as possible as it is a threat to their establishment. Don’t be a sucker for the BS.
It still a problem if it’s using green power as it’s preventing that green power from replacing fossil fuels in more useful and essential parts of the economy. Therefore essentially increasing demand for fossil fuels. Additionally by increasing the nations total energy use it’s making the task of decarbonising energy just that little bit harder.
The problem with green energy is that it produces on its own schedule, divorced of when people actually want electricity. Bitcoin miners are “buyers of last resort”. They have to compete with every other miner on the planet, they don’t buy electric at peak usage hours (which is when you fire up the non-renewables to meet demand). If anybody else was there to buy that electricity, Bitcoin miners don’t. They can only afford the cheapest electricity and electricity which has nowhere else to go.
Bitcoin mining is part of the green revolution. By always having a buyer of last resort, it makes it easier to invest in renewable infrastructure knowing that somebody will always buy the power even if demand isn’t ordinarily there to meet supply. It allows you to build your grid out to be almost entirely renewables. It’s a form of energy storage. And it means when regular people buy power, it’s cheaper, because they don’t have to make up for that time period when electricity was being produced but there was nobody to buy it. Regular people don’t have to subsidize the cost of a solar panel farm that is only useful for a few hours a day when demand is at the peak and otherwise produces energy there is no use for.
Energy use is going up with or without crypto. It is a solvable problem. We just have to have the will. The focus should be on more green power, not restricting those who use it already.
Yeah, but the problem is that the green energy could have gone to powering a hospital or a factory, something actually useful. But instead it’s going to crypto. The hospital and the factory still need power and they are likely to pull it from a fossil fuel source. Essentially ’green’ crypto mining is creating demand for fossil fuels making it not actually green. Also we don’t have the time for our energy transition to be slowed down by crypto. Especially considering how utterly useless it is.
You can make this argument with anything that demands electricity. This is how we generate full stop. Anything else is a distraction that propaganda has placed in your mind.