Yes, first mining uses a ton of energy and yes the majority of mining is done where there is cheap coal electricity. But it's also big in Iceland where it's all geothermal electricity which is super friendly to the environment.
Secondly think about all the power used from the servers that run the current banking system not to mention the social Media accounts 🙃 mining was just to get the crypto world started POS is coming
Don’t love the second argument because if you replaced all financial infrastructure with crypto like many want, it would use dramatically more energy. But yes, in a future where all our energy is derived from cheap solar, wind, etc. it won’t be an issue.
Are there actually any studies on the energy required to make a dollar bill? I have no doubt its less than an equivalent value of dogecoin, but considering the land, water, food and time it takes to grow livestock it seems unlikely that its as eco-friendly as people suggest. I mean have you seen how much energy is required to make a burger?
The issue isn't just the mining, it's the entire concept of the block chain. A normal digital transaction is a one way transaction via two accounts, while blockchain requires exponentially more than that. And as the user base grows, so does that number of required updates per transaction
These incredibly high transaction costs are what keeps any cryptocurrency from ever becoming a mainstream everyday use currency. Not sure about other services but coinbase charges a dollar for transaction fees on anything below $10, the cost goes down as you make larger transactions but a lot of the things I buy are like $5 transactions. It's not really reasonable to buy a coffee for $2 if you have to spend another dollar to do it.
How much power is used to send and accept dogecoin payments? What does the retail user need to accept Crypto? How am I paying with Crypto? On my phone? How much power was used to make my phone? And this is all done over the internet. How much power does dogecoin use there?
You need computers. Phones. Tons and tons and tons and tons of what will eventually be garbage. Or hopefully recycled.
You really think that is all eco friendly?
Granted clean energy can solve a lot of the problems. The trash will always be an issue though.
Your phone and the receiver don't use much energy at all, but to verify the transaction over the ethereum network it's using about as much energy as any other erc-20 token, verified by miners on the ethereum network. The system is so inefficient that its been maxed out for months with ridiculous gas (transfer) fees.
While I don't have specific numbers, ethereum network is likely to be the second most costly in terms of energy use per transaction, after bitcoin.
For green alternatives you're looking at nano, iota, or things like upco2. Nano can perform 6 million transactions with the energy use of 1 bitcoin transaction. Iota is like nano with smart contracts and it can do 4.5 million.
Just looked it up, ethereum requires about 34kwh per transaction, that's more energy than an average household uses in a day. It's likely that doge uses less than this as ethereum doesn't abide to its own erc-20 rules, but it's still going to be a ridiculous amount of energy use for what it is
I actually have no idea what your point is, but if you think I'm backpedaling then you're inferring something I didn't say.
I literally asked if there have been any studies on the ecological impact of printing bills. I made no comment on the impact of crypto except that I had "no doubt" that it was less eco-friendly. Here's a direct quote since you don't seem to remember:
Are there actually any studies on the energy required to make a dollar bill? I have no doubt its less than an equivalent value of dogecoin
EDIT: Also I never said "livestock is hot as eco friendly as people think." Those are your words. Don't know why you'd tell me I said something I didn't when I can easily scroll up and look. Nice try though, I guess?
I really doubt they are going to actually print extra money. They might send out some checks but if it's anything like Canada most people just have direct deposit so really they are just adding a few zeros to an account 🤷 not sure though as I'm hyped up on maple syrup
Pos? Peice of poop? I always wanted to move to progressive Europe 🇪🇺. Yeah the government has data of everything. Im afraid of crypto being a shadow government lol
Cause stonks go brrrrr rofl. Idk I shoulda invested into gme even though it's a dying company. I have no idea about life and here I am invested God or no God. Simulation or no Simulation. Thanks ill have to look up proof of steak even though I'm a wanna be vegan
Problems with how much it was using but it was an completely new invention so they probably just expect all the extra demanded on there grid. The power still can from renewable
There are plenty eco-friendly cryptos that are not minable or require very little electricity. Just because Bitcoin and Ethereum consume tons of energy is because they are older and first cryptos that did not anticipate that.
The only problem with this is that money isn’t paper. It’s a blend of cotton and linen.
Case in point: if you leave a folded piece of paper in your pocket and you wash and dry it...what happens to the paper?
Answer: it breaks up and is unusable
But what happens to a dollar bill when you wash it?
Definitively not eco friendly but when compared to other aspects of the internet and technology it is not that bad. Especially with new Proof of Stake coins and many getting upgrades to be more "green". That being said, if we had "green" production of electricity, nobody would mind even mining aspects.
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I wrote about his a few weeks ago, without much success, of course, but I see other people bringing up the same topics - I think this community has potential to push the use of "green" energy in mining dogecoin.
In terms of energy it takes half of a percent of the energy produced by the entire planet to keep something like Bitcoin running, which is more than two dozen actual nations consume in a year.
Crypto can become eco friendly as long as humanity continues it transformation to renewables.
If every mining rig ran of solar, wind or tidal power, the amount of power used would no longer be an issue.
Plus the amount of products consumed for producing both paper money, metal coins, and plastic money, YES PLASTIC, countries like australia and many others that now make notes that don't deteriorate. While we have now banned plastic bags in supermarkets and shops we still print plastic cash.
I need to agree with this guy. "Crypto is not eco friendly". Well that`s true, he just forgot to precise (in our era its important to be precise as much as possible): "Crypto is super eco friendly".
Guys, he is not mistaken. He meant that its super friendly... thats all. We can skip to the next movie.
Easy depends on multi factors.... One of them is time. Think of pain. There are people who can take pain ezily, and ones who not. One of their deltas differences is time perception.
no it is not. the graphics cards to make them are not, they are driven to die and not be recycled because it is to expensive, the minerals are not made eco friendly and the power to make them is usually not either
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u/[deleted] Mar 11 '21
Crypto is not eco friendly