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Why does the producing of bitcoin needs so much energy?
I was investigating bitcoin because I would like a payment method which would be good for nature. At the beginning of bitcoin they priced their currency always as nature-friendly and good for the environmental. The newest article that a read about bitcoin, but are claiming that they need really much energy for producing them. The article also claimed that because of that they are at the moment the opposite of nature-friendly. I am sorry I am not so good at technology and also my IT wisdom is really poor so could please anyone help me?
7 Antworten
- LucasLv 7vor 3 JahrenBeste Antwort
It needs so much energy because the process of mining bitcoins involves a lot of calculations and there's a "difficulty" factor that increases from time to time, to make it harder for this process to happen, otherwise it would be too easy to mine bitcoins and it would end up worthless.
This difficulty also increases according to how many people are mining at the same moment. And it got to a point that the regular computers can't do the process of mining anymore, so it's needed to use an specific kind of equipment (bitcoin miners). These miners can do the calculation process better than regular pcs, but also takes a lot of energy to keep it running.
And since people / companies want more and more money, they have hundreds of these miners running simultaneously 24/7 so they can receive more bitcoins.
Hope I helped answering your question!
Quelle(n): http://www.cryptoslair.com/ - Anonymvor 3 Jahren
It doesn't. Bitcoin doesn't actually exist in any material way. For most people Bitcoin is something to steer clear of.
- Anonymvor 3 Jahren
That's one of the basic rules of bitcoin (and some other similar blockchain currencies). As you may be aware, blockchain currencies depend on solving complex mathematical operations in order to create the next entry in a blockchain - effectively, they're trying to crack codes.
In order to stop inflation, the difficulty of the problems that need to be solved is adjusted periodically to the available processing power so that the average time to solve these problems remains constant. But since people are people, some people keep on investing into larger and more powerful hardware (which also needs more energy) in order to be the first to solve the pronblems (and therefore be the ones who get the reward for the solution), which means that the processing power for the blockchain calculation keeps rising, which means that the difficulty of the problems keeps on being adjusted upwards.
China, of all countries, has realised this connection, and is now outphasing bitcoin mining, i.e. making it less attractive through regulatory means. That has become necessary since China gets a lot of its electrical power through coal stations, and they desperately need to cut down on power consumption in order to combat their air pollution.
At the moment, bitcoin mining is only cost effective in places where there is cheap electrical power available, using dedicated mining hardware (or "rigs"). In most other cases, the cost of electrical power far outweighs the return from the bitcoin value.
- Anonymvor 3 Jahren
no
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- don_sv_azLv 7vor 3 Jahren
Bitcoin "mining" is allowing someone else to use your computers processor and graphics card to make very difficult calculations spread over many computers. You are paid in bitcoin if your computer is the one who solves it or if your computer is part of a group that solves it. In the beginning the problems were relatively simple and the payouts were more frequent (but the value of bitcoin was lower [under $100])
Now the problems are more complex and require longer and longer calculation periods in order to earn any amount of bitcoin. Even in the early days there were people who would string multiple graphics cards together to earn more bitcoins. The would draw enough power in some serious miners cases to heat their homes in the winter. If bitcoin was still under $500 now it would cost more for the electricity to do the mining than the payout.
Fortunately for miners, the high price of bitcoin means it is still a money making proposition, until the payout goes lower than the cost either because of less frequent payouts or drop in bitcoin value. Then the miners will be losing money or the payout system will have to be reset to attract more people into the bit mining game.
Of course there are always the forward thinkers. They will set up a game or something that you want to play and use your computer to do the mining for them if you download the game. Then there are the cheaters who will maliciously use other computers by hacking or trojans to do the mining for them.
- G. WhilikersLv 7vor 3 Jahren
Bitcoin transactions are recorded in what is known as a "blockchain", a log backed by cryptography to ensure its validity. To mine a block, some math is run against the block of recent transactions to produce a "hash", a digital fingerprint of the block. If the hash meets the difficulty level in place that day, then the other miners acknowledge it, the lucky miner is credited with a handful of bitcoin, and everybody starts working on the next block. The trouble is, the math requires a lot of calculations, a miner needs to win often enough to pay for the computers and electricity, the competition to find those hashes is fierce, and the difficulty increases depending on how fast the bitcoin network is running, so that a block is mined about every ten minutes on average.
Today, prospective block hashes are being calculated at the rate of 21.59 exahashes per second. Exa as in 10^18, or a trillion million. Your desktop PC with a GPU would be lucky to get a billion per second. So there's a LOT of computing power out there dedicated to turning fuel into play money and carbon dioxide.
- Anonymvor 3 Jahren
It’s a scam don’t even bother with Bitcoin