My concern was high energy consumption with smaller rewards and the POS
mining getting popular but with all the comments here its clear that energy
is not going to be a concern in bitcoins future. As in general terms energy
generation is moving slowly away from fossil to renewable the energy bitcoin
uses will be from green sources. I guess the issue has been blown out of
proportion in the media.
Thanks for the replies.
The comments here ignoring the insane energy waste by bitcoin, well lets just say are naive instead of a harsher word. I think you fail to understand the major problem.
Bitcoin problem is the fact that it's Energy Wasting is Growing Exponentially!
https://www.pri.org/stories/2017-12-20/bitcoins-sky-rocketing-energy-use-viral-story-we-checked-mathEric Holthaus wrote for Grist that by July 2019, the bitcoin network will require more electricity than the entire United States currently uses.
By February 2020, it will use as much electricity as the entire world does today.
The Modern Fiat system of Banks and visa card payment do use electricity ,
but it has taken decades to reach it's current energy footprint and its growth rate is
Not Exponential,
Never have we heard of a bank being refused permission to operate because they used so much electricity they increase the rates for everyone else.
In Crypto , we already have coins that don't use proof of work and have more transactions capacity than bitcoin and their energy consumption is so small,
it won't even be noticed.
Trying to cover up a major bitcoin problem by saying well just because Bitcoin is destroying the planet , but the other guy is worse , is pure bullshit.
When your parents or grandparent or friends can't afford to heat or cool their homes because the bitcoin miner down the road is raising their electric rates.
Then you realize all that money bitcoin is worth is coming at the direct expense of the poor and elderly.
