The DOWNFALL of bitcoin

[Dark Sky]

Bitcoin is already using the same amount of energy as the Netherlands. In a few years it will be catching up with China's energy usage.

Why? Well every puzzle is designed to be solved in around 10 minutes. So the more miners, means the puzzles get harder. Which means more miners. Which means harder puzzles.

Bitcoin rises > Miners increase > Puzzles get harder > Bitcoin rises > miners increase > Puzzles get harder.

160 quintillion calculations are being made every second currently. That's 160,000,000,000,000,000,000.

"If Bitcoin were to be adopted as a global reserve currency," he speculates, "the Bitcoin price will probably be in the millions, and those miners will have more money than the entire [US] Federal budget to spend on electricity."

"We'd have to double our global energy production," he says with a laugh. "For Bitcoin."

The two essential features of a successful currency are that it is an effective form of exchange and a stable store of value, says Ken Rogoff, a professor of economics at Harvard University in Cambridge, Massachusetts, and a former chief economist at the International Monetary Fund (IMF).
He says Bitcoin is neither.

With all this in mind, is the downfall of bitcoin imminent? You really think governments will allow this energy use to continue? We are already is a global climate change crisis. And two thirds of bitcoins energy is from fossil fuels.

Even if this wouldn't cause bitcoins downfall directly, governments and banks fear bitcoin. They may well use this angle to force it's downfall.

What's your thoughts on this?

 

[G]

Buy the dip!

 

[TheReviewer]

Over 74% of Bitcoin Mining is Powered by Renewable Energy.

 

[BrandingCat]

People who think small, remain small.

 

[Degen]

So you are saying invest in energy production instead of BTC

 

[Dark Sky]

Over 74% of Bitcoin Mining is Powered by Renewable Energy.

Please source this from a reliable place. Because I simply don't believe that for one second considering it's a global mining operation

So you are saying invest in energy production instead of BTC

You know what... that would actually be a lot safer LMAO! invest in renewable energy!

 

[Shamaninov]

Hey, I already told y'all. I'm ready to open orders for BTC @ $5,600-$7,000. And whether this will be the cause or regulations, or anything else. Those numbers are coming, the whales and sharks know it, too.

 

[SEOHoneyBadger]

They coming for Crypto.

 

[Iuzzu]

I don't think this is a problem, the BTC will generate more demand for renewable energy. It is as if a new big country is born, this will force the strengthening and investment of renewable energy companies.

As long as there is demand and almost unlimited natural resources like wind and sun to generate energy, I think there will be companies growing and BTC getting ever stronger.

Maybe cryptocurrencies will be the pioneers and then countries will start to invest much more in renewable energy

but I definitely don't see this as an impediment to the BTC growth... just the opposite, there is a lot of money on the table and renewable energy generation + cryptocurrencies will make many billionaires in the coming decades

 

[alternatesword]

I have a question. More miners required for quicker transaction?

 

[V]

Buy the dip!

Already did!

 

[Dark Sky]

I have a question. More miners required for quicker transaction?

omg your right, this is a bomb waiting to go of!

 

[tweak420]

Over 74% of Bitcoin Mining is Powered by Renewable Energy.

any sources for this info?

 

[KlaudiaK]

any sources for this info?

Yes, I believe it was pulled from his ass but I could be wrong, lets wait for OP to give us an update.

 

[TheReviewer]

Yes, I believe it was pulled from his ass but I could be wrong, lets wait for OP to give us an update.

thanks for assuming that it was pulled from my ass instead of googling

https://coinshares.com/research/bitcoin-mining-network-december-2019

 

[davids355]

* posts in forum suggestions and feedback

* proposes an instant ban for anyone who denounces Bitcoin

 

[Pink Smoke]

What's your thoughts on this?

What about quantum computing? Looks like China is on track to achieve this.

 

[meannn]

Of course it will gone in one day, why ?

- Bitcoin is not tracked, so ANY of illegal selling, buying, and with not paying any taxes. Of course countries will start to Ban but that will not be before 5-10 years.
So instead of being too much nature lower and optimistic person (in a blackhatworld forums ?) buy bitcoin and thank me after 1 year when you get more money from what you buy.

 

[SamLewis]

I have a question. More miners required for quicker transaction?

No, miners needed to confirm transaction.

 

[Deleted member 1333509]

I have a question. More miners required for quicker transaction?

omg your right, this is a bomb waiting to go of!

An increase in the number of miners doesn't increase tx throughput.

Miners dedicate compute power to solving each block, that's it. Once the block is solved, an amount of txs up to the limit of each block are added to the current block and added to the chain.

Every ~10 mins a block is mined, more miners doesn't speed that up (long term). More compute power does solve blocks faster because the problem space of all solutions is searched faster with higher hashes, but the BTC blockchain detects reductions in block solution time and then adjusts the difficulty parameter in in order to bring it back in line with ~10 mins solution times. It does this by removing a 0 from the target hash.. expanding the problem space significantly, and making it harder for the newly increased amount of hash power to be able to search as effectively as it did before the difficulty adjustment.



Also, regarding the idea that BTC uses too much power, no one gives a shit. People were talking about this years ago, since then the price of Bitcoin is xx,xxx% more and it's been integrated into mainstream finance since then, as well as being used by 20X more people today than it was then.

It's a mute point. Yes, Bitcoin is not environmentally friendly. No, that won't impact its usage or value, or in any way slow its growth. Over time further ways to greenify Bitcoin mining will be brought into play, until then the only people that ever care about this point are salty people looking for a drawback amongst a sea of benefits (no offence OP, not directed at you specifically).