Bitcoin Q&A: Why “vitality consumption” math sucks




Can you've gotten a safe blockchain with out mining or vitality consumption? Do the vitality consumption statistics usually shared by the media make sense? Why ought to the main focus be on vitality era, not vitality consumption? Power consumption in Bitcoin has virtually nothing to do with the variety of transactions. Ought to we begin pricing within the externalities of carbon? How does Bitcoin mining fund different vitality options?

This query is from an occasion which befell on November 10th 2018 as a part of the ‘Web of Cash' tour on the Edmonds Middle for the Arts close to Seattle, Washington: https://antonopoulos.com/occasion/the-internet-of-money-tour-seattle/

In order for you early-access to talks and an opportunity to take part within the month-to-month reside Q&As with Andreas, develop into a patron: https://www.patreon.com/aantonop

RELATED:
Immutability and Proof-of-Work: The Planetary Scale Digital Monument – https://youtu.be/rsLrJp6cLf4
Proof-of-Work (PoW), Proof-of-Stake (PoS), Delegated Proof-of-Stake (DPoS) – https://youtu.be/3W_3AQrQEOM
The worth of proof-of-work – https://youtu.be/ZDGliHwstM8
What's mining? – https://youtu.be/t4p4iMqmxbQ
Nonces, mining, and quantum computing – https://youtu.be/d4xXJh677J0
Power consumption – https://youtu.be/2T0OUIW89II
Photo voltaic vitality and mining in area – https://youtu.be/cusakcpa8AM
What mustn't go on a blockchain? – https://youtu.be/shn9otsT-Pw
The 14nm restrict, decentralization, and renewable-energy mining – https://youtu.be/gYwc_MCC4us
Why has mining centralised in China? – https://youtu.be/8iyOKlzEe-0
Bitmain and the ASICBoost allegations – https://youtu.be/t6jJDD2Aj8k

Andreas M. Antonopoulos is a technologist and serial entrepreneur who has develop into one of the crucial well-known and revered figures in bitcoin.

Observe on Twitter: @aantonop https://twitter.com/aantonop
Web site: https://antonopoulos.com/

He's the writer of two books: “Mastering Bitcoin,” revealed by O’Reilly Media and thought of the very best technical information to bitcoin; “The Web of Cash,” a ebook about why bitcoin issues.

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Translations of MASTERING BITCOIN: https://bitcoinbook.information/translations-of-mastering-bitcoin/

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Spanish, ‘Web del Dinero' (v1) – https://amzn.to/2yoaTTq
French, ‘L'web de l'argent' (v1) – https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390
Russian, ‘Интернет денег' (v1) – https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg
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20 Comments

  • I love Andreas but he didn't address something I think might be important. Bitcoin electricity consumption isn't related to the number of transactions on the network. What is it related to? As I understand it, it's related to the hash rate. More miners = higher hash rate? Higher BTC price = more miners?
    So therefore: higher BTC price = more electricity consumption? Which could still grow at a ridiculous rate?

    Also, do second layer bitcoin applications like Liquid influence any of this?

  • "Should we start pricing in the externalities of carbon" = "should we self-appoint a violent monopoly to arbitrarily set a price on carbon emissions, and to violently force unwilling people to pay for it". Smh.

  • You are correct in theory. There should be a global cap and trade (and carbon tax perhaps). Bitcoin mining could work under a sound cap and trade model that was properly implemented. But do you expect an effective global cap and trade system to be put in place where (enough) governments are on board and where we could accurately monitor (enough large) participants to limit emissions to an acceptable level?

    In my opinion, with the law of the land: 1) We will not have such policies implemented across the globe quickly if at all. (So we are doing a lot of damage between now and then. We should be taking responsibility if we care about the planet) 2) We will not be able to monitor most miners effectively at the time of their mining. Only large and sophisticated companies would comply. Plenty of small miners are going to be burning coal in remote areas and getting around regulation. They will do whatever minimizes costs just like any greedy capitalist would (game theory).

    Would it be possible to have some kind of sustainability built into the code of the Bitcoin network? Could we be able to limit rewards in the network for only hash produced by solar power (or other renewable sources)?

  • Andreas is a true genius. Time to buy more bitcoin now

  • Everytime I watch Andreas I think he is Satoshi Nakamoto 🙂

  • Awesome speech! As for burning "fossil fuels".. that is yet another myth perpetrated by the oil barons to keep the price high through the myth of scarcity, just like DeBeers promotes the myth of scarce crystalized carbon (diamonds). Oil is most likely produced by the Earth itself and also exists in space.. there are complete interplanetary nebulas of hydrocarbons floating around in space that have been detected by spectrum analysis.. there were no dinosaurs in space BTW.

  • I consume Energy, and its Amazingk!

  • What an incredible explanation – I've been trying to come up with a cogent set of arguments against "Bitcoin takes too much energy" and Andreas compresses it all in <10 min.

    It's only a matter of time before aantonop hits 1 mil subscribers.

  • 🤣Christmas lights

  • Beautifully, eloquent my friend.

  • Why can we reward miners for using solar energy

  • To sum up "dumping waste" as just being "Capitalism" is nonsense. Waste happens in all types of political systems. Capitalism actually allows innovation in waste management. From an emissions standpoint, the US has reduced emissions the most BY FAR… I think most people are not only absolutely clueless about Capitalism because they've been taught to hate it since high school, but also clueless about the energy space… Bitcoin is extremely Capitalist and Voluntaryist at its core as well, you're sort of discrediting your argument by bashing it.

    Otherwise, great explanation.

  • How bitcoin will reach consensus if we become interplanetary species

  • While all of this is true, the "How about.." argument is not very good and usally used by people who have no real arguments. Just because there is even more energy wasted somewhere else, doesn't make it ok for the Bitcoin network to waste energy as well.

  • What to say, brilliant speech👏

  • Should be titled "Andreas ANNIHILATES the bitcoin energy consumption argument"

  • Ty

  • Mr. Antonopoulos, we couldn't wish for a better ambassador for Bitcoin and crypto.
    Great video!

  • Loved it

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