Bitcoin Mining Alone Could Raise Global Temperatures Above Critical Limit By 2033 (vice.com)
dmoberhaus writes: Researchers have found that if Bitcoin is adopted at rates similar to technologies like credit cards, its energy consumption could increase global temperatures by 2C in just 16 years. This is well beyond the limit of catastrophic climate change proposed by the UN. Motherboard spoke to an expert on Bitcoin and energy about the study's implications.
One absurd fantasy pitted against another!
Which it can't be, because the transaction throughput is far too low.
A- for the effort though.
In a time were scientists warn about global warming for decades we should by all means avoid this :-/
I would've got first post if it weren't so expensive to complete the transaction in time.
Some people need to back off from arithmetic for a sec and take a moment to critically think about what the math is telling you, and how stupid you have to be to believe the math.
Off the top of my head, cryptocurrencies that require proof of work seem to all suffer from this flaw. Work is energy, energy has the side effect of global warming with our current grid. Any proof-of-work system that doesn't require a large amount of energy is going to result in a massive influx of new coins being mined, causing a large amount of inflation.
A few possible solutions would be:
Any other thoughts?
The solution to this is the Lightning network, no?
It's literally a waste of energy.
If it's not legal for me to leave my water hose open all day every day, wasting water, why should it be legal to waste electricity for something 100% useless and virtual.
Why? Did you want it medium rare instead of well done?
#DeleteFacebook
Over sensationalism in popular media could possibly decrease the global iq by up to 3 points by 2033.
Wouldn't the Lightning network solve this?
I hereby declare the existence of Twitcoin, for which I hold the entire stock, and is worth 17 trillion of your now obsolete US dollars!
There are several Cryptocurrencies that use proof-of-storage/space/capacity instead of bitcoins proof-of-work. There are also other low energy methods like proof-of-stake. Those may have the potential to be alternatives.
My sig doesn't address Anons, sigs aren't visible to them.
Bitcoin cannot be adopted at rates similar to credit cards, because the network is incapable of maintaining reasonable performance under such a load. It's struggling already.
Bitcoin, from a technical perspective, actually rather sucks. It's one of the first blockchain currencies, and as such it does not incorporate the performance-boosting refinements that later currencies introduced. It's just like a lot of other technical standards: Once good-enough is established, it's very hard for even a superior technology to replace it. That's why we're still using MP3 and JPEG.
I hereby declare the existence of Twitcoin
I get that cryptocurrencies typically have coin in their name, but in this instance, I think BrettBucks is more appropriate. ;)
One unit of work consists of converting 1 ton of carbon from our atmospheric CO2 into a solid form
There are other systems, like proof-of-storage/capacity/space and proof-of-stake. Those are both quite low energy consumption, especially the last one.
My sig doesn't address Anons, sigs aren't visible to them.
If I could see through the steam emanating from this huge pile of horse shit, I could begin to see where to start pointing out the flaws in it.
https://xkcd.com/605/
This makes me wonder what would happen if bitcoin were to become as common as credit cars AND electric vehicles were to become as common as ICEs.
Laws are rules for the court, but merely a bottom bar to hit for life. Think beyond laws in your actions always.
My asshole alone could raise it too. Especially when I fart out 2 hockey sticks worth of anus gas in IPCC "scientists" face.
Which is why Reddcoin owners leave their Reddcoin wallet running 24/7 on their main computer without ever noticing a drain on their system or bandwidth.
Don't make brute force to a kind of problem that is exponential time.
We randomly sampled blocks mined in 2017 until their total number of transactions were equal to the projected number of transactions, then we added the CO2e emissions from computing such randomly selected blocks. The approach was repeated 1,000 times.
They are assuming that The number of blocks mined in 2017 is efficient for the number of transactions and the
Number of blocks to be mined is proportional to the number of transactions --- More transactions won't result in larger blocks,
and they ignore innovations that are being adopted like SegWit and Lightning.
Especially with the ongoing adoption of the Lightning Network; that is not the case --- 2017 of all years is a bad reference year for predicting future growth - expect more transactions with future blocks; If massive transaction volume increases occur again, expect those on the network to eventually agree that a larger block size and other scaling measures are appropriate --- which will result in greater efficiencies or economies of scale with higher transaction volumes.
The projection the researchers are making is really an uninteresting one: the question their study answers is more like..... What if no changes occurred to the Bitcoin network/protocol for improved scaling, and the predominant way transactions were batched and pooled since 2017 continues indefinitely AND Bitcoin adoption accelerates as projected by the model.
There are many lower energy consuming cryptocoins out there, so don't get too agitated about this news
Double, double toil and trouble; Fire burn and caldron bubble.
The entirely of the world's energy consumption and economy will raise the temperature by 1.5 C in 12 years. Ok, maybe that's believable. Climate change is real, but I don't know if that estimate is accurate. Assume for the minute it is.
But then bitcoin ALONE is going to raise it by 2C in 16 years? That's absurd. You're trying to tell me that suddenly mining bitcoin will become so profitable it'll dwarf the entire world economic energy usage? That means we'll suddenly burn more carbon on bitcoin than anything else in the world?
No. Not possible.
This is what happens when people think exponential growth doesn't stop. Of course it does, it always does. It's like looking at the growth rate of a child, and saying by age 40 your kid is going to be the size of the Empire State Building.
I have been given to understand that any catastrophes that might happen as a result of global warming won't happen until long after I am dead anyway.
I have been happily ignoring the issue entirely because of that. I won't become interested until that changes.
This is absurd.
The geeks shall incinerate the earth.
A couple of things to keep in mind though:
- The value of BTC influences the amount of hardware on the network. At a certain point, it becomes unsustainable to add more hardware. If the amount of hardware on the network were to double in one day, it would effectively halve the rate at which that hardware would be able to mine coins.
- Hardware advancements usually come with greater power efficiency and significantly increased hash rates. The difficulty increase from hardware advancements usually make the old hardware obsolete, and practically worthless to even keep running.
We've only see a massive increase in the power usage of Bitcoin because of the massive increase in value.
- There is little competition in the Bitcoin ASIC space, and no major tech company has yet to enter this space. A major increase in the value of BTC would likely lead to a major increase in hardware on the network, but also larger competitors in the ASIC space.
PoW definitely increases the carbon footprint initially, but that increase will only eventually be reduced.
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Climate change is not an "absurd fantasy", you fucking liar. It's scientific fact.
I don't respond to AC's.
Technological advancements make carbon-neutral cheaper than fossil fuels, to the point that burning coal for electricity makes no more sense than burning whale blubber for electricity.
That's the point. As a society, our energy needs are going to continue to increase and it doesn't matter where that need comes from, per se. The point is to make energy production cleaner and less harmful to the planet. The major places where our energy is being used isn't the point, the point is to generate energy in a cleaner way. We aren't going to use less energy, we only need to generate it cleaner.
"Our two-party system is like a bowl of shit looking at itself in a mirror." - Lewis Black
Man is going to destroy the planet by the end of the 1990's. Cow farts could cause the Earth to reach the tipping point by 2010 And on and on....now bitcoin mining will cause sea level to rise. PANIC! Not!!
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You're simply lying about climate change. It's 100% real and man made. The climate models that predict the change only work when man-made interference is included. You have no idea what you're talking about. There have been hundreds of thousands of studies that have been included just in the IPCC's reviews, so far. I have no idea what one study you're talking about, and I'm sure you don't, either.
I don't respond to AC's.
The truth is its locked in already.
This shows a misunderstanding of the facts regarding how cryptocurrency mining works. More users of Bitcoin does not require a corresponding increase in the amount of Bitcoin mining hashpower.
Talk about win-win! Mining bitcoins gives you wealth and liberal tears! Don't choose to be poor, mine bitcoins! #MAGA
Any other thoughts?
The issue isn't the technical details around the specific currency, it is the energy usage.
Energy cost doesn't factor in the cost of cleaning up the mess it causes, this allows people to profit from wasting it on cryptocurrencies.
They get the profit and we all have to share the resulting environmental impact.
Any attempt to regulate cryptcurrencies will only mean that people will find another way to abuse that the system is set up so that the negative side is shared.
Taxing energy isn't a good solution either since it hits less damaging energy sources as much as more damaging energy sources.
A fair system would be that those emitting greenhouse gasses should be tasked with collecting them from the atmosphere, but I don't see how that would be possible.
You can't just require that every ICE should have a collection tank for the emissions.
I would like to be a an early investor in your Twitcoin, please how do I buy?!
I for one support this development. More CO2 == more plant food!
So you're telling me humans have a chance against AI?
So humanity has developed great UI's at this point, and what we have seen is that all intelligence, artificial or otherwise, falls into the same trap - arguing about politics online.
What hope did AI ever have to rise above this? None, I say. AI was built on learning networks and just like us they will simply learn to argue rather than actually act.
"There is more worth loving than we have strength to love." - Brian Jay Stanley
Inflation implies an increase in prices. That's NEVER good for society at large. Ever.
Deflation implies a decrease in prices. That can be good or bad: It's good when it results from an increase in productivity (it becomes cheaper to make something), but it's bad when it results from improper investment (too much of something was being made).
So, there you have it. Seek higher productivity, which can be measured with deflation.
Imagine someone invented a method
of converting Terawatts electricity and human intellect
into a symbolic currency with no intrinsic value,
with no link to any material asset,
not backed by any government (except North Korea),
and which you can not actually spend at the local store.
Oh, wait ...
Generates pollution without generating value.
Exxon should love it.
You could set up a carbon recapture market and force fossil fuel companies to buy enough carbon capture credits to offset the carbon they create.
For example, Exxon pumps one gallon of gasoline. When burned, that gallon of gasoline makes 20 lbs of CO2. They would be forced to buy 20 lbs of CO2 recapture for that gallon. Then they'd pass the cost on to whoever buys that one gallon of gasoline.
What is the point of these stories, exactly? Beyond caterint to those who perpetuate in the sort of delusion that the environmental goals that need to be reached by certain dates to avoid catastrophe have even the smallest realistic chance of being reached? The planet is fubarred already... even if there were something we could do, it wouldn't matter because not enough people *will* actually do it to stop it.
File under 'M' for 'Manic ranting'
Off the top of my head, cryptocurrencies that require proof of work seem to all suffer from this flaw.
Yes, this is intrinsic to proof of work. No, it is not a flaw. It's an intentional feature. People calling it a flaw are idiots or charlatans who want to get you to trust their proof of stake system, where the rich get richer simply because they're rich.
I for one would welcome a bank free cash only society ;) ... Sigh what is it with the banksters and their politician pets are they afraid of loosing control of the monetary system... Boo hoo. And no temperatures will only rise if morons still keep oil and coal plants for energy production instead of weaning themselves off the Fossils
Yes. Tens of thousands. The most recent one, alone, looked at 9200 different studies (https://en.wikipedia.org/wiki/IPCC_Fifth_Assessment_Report).
I don't respond to AC's.
Your parent already used straightforward logic to explain why you're wrong; those simple statements still stand.
Let's now use your own words against you: Why would you ever buy food today when the price of food will be lower next week?
Do you see how stupid that is?
There's solutions in search of a problem, and then there's solutions which cause big problems, and didn't solve any original problem. How about we just use gov backed currencies - they're rate limited, and the production of them isn't resource intensive in the slightest.
Keep 'em comin' boys! They'll believe it eventually, trust me!
Why would you ever buy a computer today when the price of the same computer will be cheaper next year? Just use an abicus until then, amirite?
Since bitcoin mining will increase heat, and heat dooms the planet by melting the ice shelf in Antartica - the solution is very obvious.
But all bitcoin miners on top of the Antartic ice shelfs, to where they bore holes down into the water. The holes will allow cold air to flow in from above, keeping the ice shelf colder and also re-enforcing structural integrity to keep it from breaking away from land.
When the bit coin miners sink to below water level just pull them up and repeat in a new hole. Eventually the old holes will refill and you can cycle indefinitely. The fresh water produced can be shipped to developing countries or anywhere with water issues.
"There is more worth loving than we have strength to love." - Brian Jay Stanley
that is pants-on-head stupid. So, no LEDs, no energy efficient stuff, toss out any concern for insulating a house or business, etc? Really? Just leave all lights on all the time, keep your empty office building at the perfect temp even at night or on holidays, etc...seriously?
No, I didn't suggest anything like that. I'm saying that, as a civilization, our energy usage is going to continue to increase. It's inevitable. The ultimate solution to that is to generate energy in a cleaner way. I'm not suggesting anything about technologies that use less energy. Those are great, but those aren't what will save us. Clean energy will save us.
"Our two-party system is like a bowl of shit looking at itself in a mirror." - Lewis Black
In the 1980s when the biggest hard drive was 10 MB and was huge and sucked a lot of power, somebody did a calculation and determined that the oceans would boil if we ever had a bunch of exabytes stored on them. Guess what, we generate several exabytes of data every year now and you still can't go swimming at the beach in Oregon except on the hottest days.
EOS use proof of stake, which is much better than proof of work.
Why? Did you want it medium rare instead?
FTFY
[HINT: once you explain a quip it ceases to be funny. And it's OK if the slow folk don't get it ...]
This neglects the costs of our traditional monetary system and the cost of printing fiat currencies, transporting them, housing them, setting up banks, hiring people and the resources that consumes, etc etc. It also inaccurately calculates electric usage needed to make it all happen. What we have today is also not what will ultimately be adopted as time progresses. Bitcoin is a 1.0 technology and has a lot of problems. Credit card networks have been around 60 something years. There are other issues with it and some of these issues have already been solved. Other crypto currencies for example have mathematically proven anonymity properties for example. A half-flaw in the original design. Other solutions are being worked on to make it crypto currencies scale. The world could not adopt crypto currencies as things stand period. The technology couldn't handle it. However the technology can handle the current rates of adoption. The only reason Bitcoin failed to handle it last year was because they refused to adapt the software to handle the demand unlike at least some crypto currencies. At no point did crypto currencies fail- in that while Bitcoin was a problem other crypto currencies were not and people continued to utilize those that adapted instead. Dash came out ahead and is now #1 crypto currency in New Hampshire in terms of acceptance, adoption, and use.
World economy prior to 1914 was mostly gold based. The supply of gold (newly mined gold) was far lower than the increase of population, hence most of countries that had gold standard were facing de-facto deflation.
However economies still grew, yet the phenomenon has been noticeable by comparatively low prices of goods and services. Economy also grew because of innovations.
As such, deflation argument is straight of Keynesian school of thought and, as demonstrated earlier, is not proven.
Economy did grow in the past after all with limited gold supply.
Another offsetting factor to consider was that military spending clearly had boundaries (you cant spend the gold that you do not have).
How about we just use gov backed currencies - they're rate limited
Zimbabwe laughs while using 1 billion trillion Zimbabwean dollars as toilet paper.
Bitcoins will be mined out in about 3 years. So difficult to mine them for 16. Once it drops back to only transaction fees, and no new coin awards, then there will be many fewer miners. And if they use solar, theyâ(TM)re intercepting heat and redistributing it. Maybe we can create giant thermocouple devices and turn the heat to microwave energy and beam it into space... yes I know it canâ(TM)t work that way... but bitcoin mining will end soon...
- Tjp
I am in wallow with my inner money grubbing capitalistic pig. ... Oink!
Your attacks on Proof-of-Stake (PoS) apply to Proof-of-Work (PoW) as well. PoW is dominated by monied interests that can build massive mining farms and secure the necessary power contracts to run them. Some have gone so far as to fund the production of ASICs for no reason other than to carry out specific PoW algorithms (and only CryptoNight has deployed an effective response to ASICs).
There isn't a single, widely-used PoW system today that can somehow restrict miners to a few GPUs or some finite hashrate.
It's that the negative externalities of burning fossil fuels aren't included in the price. If we added pigovian taxes to the burning of coal/oil, this would be reflected in the price of energy, and we would see an appropriate adjustment in the amount of bitcoin mining.
Pigovian taxes on fossil fuels are the answer here, and will return the market to free market efficient allocations of resources.
If that happens, then Bitcoin will kill many energy wasteful things from the banking sector so the net effect might be less used energy..
is crypto currency banking more energy efficient than normal banking?
Sorry I cannot define "normal banking" or "crypto currency banking", so just take a guess.
That's why Satoshi envisioned bigger blocks. More transactions per block increases capacity without increasing energy usage. Fuck Core and Blockstream for killing BTC. Bitcoin Cash is bitcoin now. It's bitcoin as intended and will change the world. How much energy do banksters use defrauding everyone?
If this is true of Bitcoin, then it's far more true of the traditional financial sector. The amount of cars driving to work, sky-scrapers full of people, office and factory equipment, etc. being powered to run the current system is phenomenal. Even if calculations being made in this article would hold into the future (spoiler - they won't, because of technological improvements to Bitcoin, and other oversights in their calculations), then it is kind of incidental. There are many industries whose energy consumption could overheat the world if we keep using carbon-producing energy sources. With or without new energy-consuming technologies, we should focus on solving the inescapable problem: clean energy.
Global tax on carbon.
GENERATION 26: The first time you see this, copy it into your sig on any forum and add 1 to the generation.
and secure the necessary power contracts to run them.
Massive power contracts are more expensive than most available power. The problem isn't the power, it's access to equipment. Something that the entire world outside of china has massively underfunded investment into the prerequisites for. People still use electric and fossil fuel based heating systems rather than running bitcoin miners to produce heat (including for heating food). There is plenty of low hanging fruit of energy that is simply wasted.
GENERATION 26: The first time you see this, copy it into your sig on any forum and add 1 to the generation.
As a society, our energy needs are going to continue to increase
Disagree. We can have a better quality of life if we decrease energy consumption, and tech is getting more efficient, not less. Phones run for longer on the same size battery, cars go further for every kWh of energy expended.
const int one = 65536; (Silvermoon, Texture.cs)
SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
Thanks for wasting all our resources on magical beans gais! You fucking suckers.
Enjoy standing in line to buy water from Canada pleb.
The problem with this, is that it makes a couple of very invalid assumptions.
It assumes that BtC (or other cryptocurrency in general) will expand in the same manner that credit/debit cards have.
It assumes that growth will not be abated by increasing energy costs due to the constant increasing energy demands, which is wholly unreasonable.
The problem isn't "externalities of burning fossil fuels". The problem is that eCurrencies have no intrinsic value.
All the mining performed doesn't have any value outside of the eCurrency asking for it. Why does the eCurrency ask for mining? Why, so the eCurrency can exist and not crash a market. It's the perfect bit of circular logic!
eCurrency mining is the very definition of Makework. Dig a ditch and then fill it in. No one needed a ditch, no one wanted a ditch, and having dug a ditch, the ditch's presence is objectionable so it must be destroyed. Or something like that.
That can be blamed on all the hipsters who moved there and cooled it off.
So not only is this a worthless gold rush that only helps the early adopters (not helped with marketing terms such as "mining" rather than "number crunching"), but it's actively harming the planet.
And humanity. How many trillion CPU/GPU cycles have been diverted from actually worthwhile projects like folding@home as a result of this crypto frenzy?
"Nine times out of ten, starting a fire is not the best way to solve the problem." - my wife
There have been some analysis that the banking industry consumes at least a magnitude greater energy than bitcoin would at its scale. Think of all the cars people drive to work, big office buildings etc that are all overhead to create the networks you use in the traditional system. Huge resource usage. Bitcoin is currently a tiny tiny fraction of that.
Or a combination. I produce far more than I consume, for instance, despite having 2 cars. Without both HE products, my solar wouldn't be able to keep up. The goal isn't to keep our total energy usage down, it's to not let our usage outpace our ability to scrub and make clean energy.
Yes, phones and cars are more efficient, and in 9 years the bitcoin network has been invented and is on pace to raise global temps. Existing things get more efficient, but we aren't going to stop inventing, or hold off on a new technology because of the impact it might have on a future power grid. We WILL need more energy.
It's great that an iPhone today is better than it was when it was invented, but the bitcoin network came about 2 years after the first iPhone.
"Our two-party system is like a bowl of shit looking at itself in a mirror." - Lewis Black